This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Live coverage has ended. The full story is below.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are eking out what are proving to be fleeting gains this morning as the AI revolution heats up once again. Big Technology stocks are out front, capturing headlines but failing to ignite bullish sentiment. Stocks are attempting to turn the markets rudder after yesterday’s losing session but are struggling to gain traction.
Google has unveiled plans to bolster its data center footprint in the state of Texas with the development of a new clean energy facility in Wilbarger County. Google is also breaking ground on its inaugural data center in Minnesota. Alphabet (Nasdaq: GOOGL | GOOGL Price Prediction) stock is tumbling by 1.7% today but is managing to hover above the $300-per-share level.
Meta Platforms (Nasdaq: META) has inked its latest AI chip partnership with Advanced Micro Devices (Nasdaq: AMD) on top of its existing agreement with industry leader Nvidia (Nasdaq: NVDA). According to the announcement, Meta will use the chips to power its “next gen of AI infrastructure across multiple generations of AMD Instinct GPUs.”
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 48,923.97 Up 119.91 (+0.25%)
Nasdaq Composite: 22,577.26 Down 14.22 (-0.24)
S&P 500: 6,843.91 Up 4.16 (+0.07%)
Market Movers
Chip industry stalwart Intel (Nasdaq; INTC) has joined a $350 million Series E Financing in AI chip company Samba Nova with “strong participation,” according to the announcement. Intel CEO Lip-Bu Tan was an early backer of the startup and is chairman of its board.
Apple (Nasdaq: AAPL) is scooping up semiconductor sets from Taiwan Semi, purchasing over 100 million advanced chips for its Arizona plant, where it is ramping up manufacturing.
Citron is bearish on SanDisk (Nasdaq: SNDK) and is reportedly shorting the stock in anticipation of it going lower, suggesting that it is trading at Nvidia-like valuations that it hasn’t earned.
Contact [email protected] for any questions or corrections.