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Nvidia is back in focus. The Information reported that China plans to let domestic “leading AI” companies buy a pre-determined amount of Nvidia’s H200 chips. The move would mark a notable easing point in the AI chip standoff, though supply limits and export-control uncertainty keep the upside from looking wide open.
AI memory stocks are under pressure as concerns over the sustainability of hyperscaler AI infrastructure spending continue to weigh on the sector. In pre-market trading, Micron Technology (NASDAQ:MU) is shedding 3.6%, SanDisk (NASDAQ:SNDK) is off 2.5%, and Western Digital (NASDAQ:WDC) is sinking 2%. Weakness is spreading across the broader chip space as Intel (NASDAQ:INTC), AMD (NASDAQ:AMD) moving lower while Broadcom is inching higher on its expanded partnership with Apple. The selloff comes on the heels of Samsung’s record quarterly profits failing to impress investors, a dynamic that has called into question how much further the AI trade can run at current valuations.
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Markets are selling off after President Trump declared that the ceasefire with Iran is finished, sending oil prices surging and futures tumbling across the board. The president also warned that strikes would likely resume at sundown, citing Tehran’s nuclear ambitions. Dow futures are down 480 points, or 0.9%, S&P 500 futures are off 0.6%, and Nasdaq 100 futures are sliding 0.7% as traders scramble to reprice risk. Brent crude is spiking 5.2% to $78.01 a barrel and WTI is jumping 5% to $73.96. The selling stretched to South Korea’s stock market, which has now fallen 20% from its most recent highs, meeting the technical definition of a bear market.
The 10-year Treasury yield climbed to its highest intraday level since May, touching 4.583% as renewed U.S.-Iran tensions pushed investors out of bonds and into safer havens elsewhere. The yield pulled back slightly from that peak but remains elevated on the day, adding another layer of pressure to rate-sensitive growth stocks already navigating a tough session.
Here’s a look at where things stand as of pre-morning trading:
Dow Jones Industrial Average: 52,721 Down 0.89%
Nasdaq Composite: 29,220 Down 0.58%
S&P 500: 7,512 Down 0.52%
Apple (NASDAQ:AAPL | AAPL Price Prediction) and Broadcom (NASDAQ:AVGO) are building on their partnership with a deal worth up to $30 billion. Broadcom is set to deliver over 15 billion chips on U.S. soil for Apple, according to Bloomberg. The agreement will support hundreds of American jobs and includes a commitment from Apple to help Broadcom upgrade its production facilities in Colorado.
Netflix (Nasdaq; NFLX), Disney (NYSE: DIS), and Alphabet/Google’s (Nasdaq: GOOGL) YouTube are all circling the FIFA World Cup U.S. broadcasting rights, with the package expected to fetch as much as $2 billion.
TD Cowen tweaked its price target on Amazon (NASDAQ:AMZN) to $340 from $350 while holding its Buy rating, a slight adjustment that signals some tempered near-term expectations.
Nvidia (NASDAQ:NVDA) has seen its valuation compress to levels not visited since early 2019, with the stock now trading below a 20 price-to-earnings ratio, according to Bloomberg.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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