Nvidia Stock Declines as Huawei Develops Competing AI Chip
54 minutes ago
Shares of Nvidia (NVDA) experienced significant losses this afternoon within the Dow and S&P 500 indices. This downturn followed reports that Huawei Technologies in China is preparing to test a competing artificial intelligence chip.
As reported by The Wall Street Journal, Huawei is planning to trial its latest and most robust AI processor, which it aims to position as a substitute for some of Nvidia’s high-end products.
Individuals familiar with the situation told the Journal that Huawei has contacted various Chinese tech corporations to assess the new chip’s technical viability, named the Ascend 910D.
Nvidia’s stock fell over 4% at one point and has decreased by approximately 20% since the beginning of the year. The stock is still recovering from a massive drop on January 27, which erased nearly $600 billion from its market capitalization, following the launch of AI models by Chinese startup DeepSeek that rivaled OpenAI’s ChatGPT at significantly lower costs.
Earlier this month, Nvidia announced an expected $5.5 billion charge for the first quarter due to U.S. restrictions on its H20 chips exports to China.
IBM to Allocate $150 Billion for U.S. Investment over Next Five Years
1 hr 41 min ago
International Business Machines (IBM) announced its intention to invest $150 billion in the U.S. over the next five years, marking a trend of significant corporate investment in the country coinciding with President Donald Trump’s renewed leadership.
This planned investment includes over $30 billion dedicated to research and development focusing on mainframe and quantum computing conducted in the U.S.
“Our commitment to American jobs and manufacturing dates back 114 years, and this investment ensures that IBM remains at the forefront of advanced computing and AI capabilities,” stated IBM CEO Arvind Krishna.
Other companies have also announced plans to enhance their U.S. presence amidst the evolving trade landscape, including Apple (AAPL) with a proposed $500 billion investment in the U.S. over four years; Taiwan Semiconductor Manufacturing Company (TSM) with a commitment of $100 billion for U.S. chip manufacturing; and Swiss pharmaceutical giant Roche planning a $50 billion investment over the same period.
MGM Stock Gains on Positive BetMGM Outcomes
2 hr 43 min ago
Shares of MGM Resorts International (MGM) rose on Monday following strong demand for its BetMGM sports betting and online gaming service.
BetMGM reported first-quarter revenues of $657 million, a 34% increase from the previous year, bolstered by a 68% increase in Online Sports revenue to $194 million and a 27% boost in iGaming revenue to $443 million. The service also achieved a positive Q1 EBITDA, solidifying expectations for a positive EBITDA performance for the full year 2025.
According to BetMGM CEO Adam Greenblatt, the year has begun on a “promising note,” continuing the momentum from the latter half of 2024 despite some unfavorable outcomes in sports.
BetMGM expressed confidence in surpassing revenue guidance for the year, reaffirming an overall revenue target of $2.4 billion to $2.5 billion.
Intel Stock Rises Ahead of Upcoming Foundry Presentation
3 hr 51 min ago
Intel’s shares (INTC) gained ground during early trading on Monday, following a setback the previous day linked to a disappointing financial forecast. The company is set to present at an event centered on its Foundry business, which manufactures chips for other businesses.
CEO Lip-Bu Tan will deliver a keynote address on Tuesday, potentially unveiling partnerships with major tech firms, as noted by Bank of America analysts.
Intel has ambitious targets for its Foundry business, aiming to be the second-largest foundry globally by 2030. However, foundry revenue decreased in 2024, reaching over $17 billion, approximately 30% of total revenue, and operating losses widened.
Market speculation indicated Intel might consider selling a stake in its Foundry division, though TSMC has publicly denied any discussions on this matter.
S&P 500 and Dow Jones Still Down for April
4 hr 18 min ago
Despite posting gains in two of the last three weeks, the S&P 500 and Dow Jones Industrial Average remain in negative territory for April.
As of Friday’s market close, the S&P had dropped 1.5% this month, while the Dow was down 4.5%. In contrast, the Nasdaq Composite had recorded a 0.5% gain for the month.
