The chip industry is experiencing significant growth this year, with companies like Nvidia, Broadcom, and Micron posting impressive profits. Nvidia has seen a 180% increase in its stock, while Broadcom is up 60% and Micron has risen more than 75% as of June 20, 2024. This surge in the chip industry can be attributed to … Read more
Advanced Micro Devices Inc. (AMD) confirmed that a recent cyberattack by a group called Intelbroker did not compromise any critical business information. The intrusion only obtained a limited amount of information related to the assembling of certain AMD products from a third-party vendor’s site. AMD reassured that this data breach would not have a significant … Read more
The Technology Select Sector SPDR Fund (XLK), managed by State Street Global Advisors, is increasing its exposure to Nvidia by purchasing about $10 billion in Nvidia shares. This move comes after Nvidia surpassed Microsoft to become the world’s most valuable company. The changes in the fund’s holdings are being made to align with pending changes … Read more
China is making moves to bolster its domestic semiconductor industry by creating the largest semiconductor investment fund in its history, called Gran Fondo III. This fund has raised 344 billion yuan (about $48 billion) from the Chinese central government, banks, and state-owned enterprises. The goal is to circumvent the US government’s ban on chips from … Read more
The founder of 10x Research, Markus Thielen, predicts that the Securities and Exchange Commission (SEC) may approve US-listed Ethereum (ETH) exchange-traded funds (ETFs) today. This comes after SEC Chair Gary Gensler warned cryptocurrency investors to be aware of the risks before making any investments, just hours before the approval of a Bitcoin ETF. Thielen believes … Read more
Billionaire investor Stan Druckenmiller, known for his successful investments in Nvidia, has shifted his focus towards small-cap stocks after cashing out some of his Nvidia holdings. Druckenmiller initially invested in Nvidia in late 2022 and added to his position throughout 2023, with the stock representing a significant portion of his portfolio. However, as Nvidia’s stock … Read more
Wall Street was broadly flat in Thursday midday trading in New York, with the S&P 500 Index attempting to mark its fifth consecutive day of gains as an inline PCE inflation report dispelled expectations of an impending Fed rate hike. The core PCE price index, the Fed’s preferred inflation gauge, came in at 4.2% year … Read more