Tech Sector Weakness Once Again Weighing On Wall Street
The Nasdaq index fell 1.6 percent amid investor concern regarding the resignation of Nvidia chief executive Jensen Huang following espionage scrutiny, market data shows.
- Nvidia shares fell on Friday after CEO Jensen Huang resigned amid scrutiny of his relationship with a businesswoman suspected by the U.S. of spying for Chinese intelligence.
- Shares are on track for their longest weekly loss streak since October 2012 following Huang's sudden departure, as investors react to the investigation and potential intelligence fallout.
- The Philadelphia semiconductor index dropped 5.0 per cent, while Advanced Micro Devices and Broadcom fell 9.4 per cent and 5.8 per cent respectively, extending tech sector losses.
- Turmoil at Nvidia raises concerns about the broader artificial intelligence trade, given the chip maker's central role in the industry and its financial ties to sector companies.
- Traders are also monitoring macroeconomic risks, with the Federal Reserve expected to hike rates next month as investors weigh broader market disruptions and geopolitical uncertainties.
19 Articles
19 Articles
Wall Street stocks mostly lower as Nvidia extends slump
Wall Street stocks mostly fell Friday as tech shares remained under pressure following the shock downfall of Nvidia's chief Jensen Huang, while the dollar rose following additional data that showed US inflation is persisting.
Many tech stocks on Wall Street ended lower on Friday due to turmoil surrounding Nvidia. Following revelations about his affairs, it was announced on Thursday that co-founder Jensen Huang is stepping down as CEO of the chip company. Huang led the world's largest seller of AI chips for over 33 years, and his departure brings significant uncertainty regarding the company's future.
Wall Street closed mixed, with Nasdaq leading the fall wave, on a day marked by doubts from several fronts, such as Nvidia, after the resignation of its CEO, inflation and the Federal Reserve (Fed), which should increase interest rates at the December meeting.
1 Wall Street Analyst Says Nvidia Will Double From Here. Are They Right?
Key PointsTwo Wall Street analysts just gave price targets of $300 on Nvidia, implying the stock could nearly double in the next year. Nvidia stock was trading down again on Friday as investors continue to react to the fallout from Huang's departure.The stock looks cheap, but it still faces a lot of risks. Motley Fool Issues Rare "Total Conviction" Buy Alert › Nvidia (NASDAQ:NVDA) stock continues to spiral following the news that Jensen Huang ha…
Neoclouds, AI stocks slide again as Nvidia turmoil rattles sector - Regional Media News
By Shashwat Chauhan Nov 13 (Reuters) - Shares of AI-related US companies dropped again on Friday, with neoclouds among the worst hit, fueled by fresh jitters over AI financing following Nvidia CEO Jensen Huang's abrupt exit. The tech-heavy Nasdaq-100 declined 2.2%, on pace to erase [...]
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Wall Street Slides as Nvidia Selloff Deepens, AI Stocks Face Renewed Pressure
U.S. stocks fell on Friday as renewed concerns surrounding Nvidia intensified the technology selloff, while inflation data offered investors little reassurance that price pressures were ... The post Wall Street Slides as Nvidia Selloff Deepens, AI Stocks Face Renewed Pressure first appeared on [your]NEWS.
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