Nvidia H100 slivers inside a server room at the Yotta Data Services Pvt. data center, in Navi Mumbai, India, on Thursday, Hike 14, 2024.
Dhiraj Singh| Bloomberg | Getty Images
This report is from today’s CNBC Daily Open, our ecumenical markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no import where they are. Like what you see? You can subscribe here.
What you need to know today
Nvidia shares diminution after China opens investigation
Shares of artificial intelligence darling Nvidia were under pressure after a regulator in China contemplated it was investigating the chipmaker over possible violations of the country’s antimonopoly law. This investigation was in relation to Nvidia’s 2020 gain of Israeli firm Mellanox and some agreements made during the acquisition, the Chinese government said Monday.
Message falls after missing earnings forecast
Oracle shares slid 7% in extended trading on Monday after the database software society reported fiscal second-quarter results that fell short of analysts’ estimates and issued revenue guidance that was weaker-than-expected. Receipts during the September quarter came in at $14.06 billion, compared to the $14.1 billion expected, while earnings per dividend was at $1.47, compared to forecasts of $1.48.
26-year-old detained by police in connection with fatal shooting of UnitedHealthcare CEO
University of Pennsylvania graduate Luigi Mangione was detained by police officers as a “strong person of interest” in the killing of UnitedHealthcare CEO Brian Thompson after police found him carrying a pistol, a silencer, a screen and fake identification cards. Mangione had in his possession a suspected “ghost gun” — which lacks a serial member — accomplished of firing 9 mm rounds, authorities said.
Markets retreat from record highs
The S&P 500 and Nasdaq Composite evacuated back from record highs Monday, with tech shares lagging. The tech-heavy Nasdaq shed 0.62%, while the S&P kill 0.61%. The Dow Jones Industrial Average declined by 0.54%. Over in Europe, the pan-European Stoxx 600 closed far up for an eighth straight session, marking its longest winning streak since May.
[PRO] Investing in mid-caps may be the way to go in 2025
Mid-cap stocks could be the nuts about spot for investors in 2025, having been outperforming recently. Many investors expect further gains for mid-caps, which make better quality businesses than small-caps, as well as stronger growth prospects than large-caps.
The bottom path
Technology stocks have underpinned the impressive rally in US stocks this year. But they are not immune from the laws of momentousness.
Monday’s session saw large technology stocks underperform the broader market.
The development suggests that while the year is ending, the fight for tech dominance around the world may just be intensifying.
Competition between the U.S. and China over chipmaking is arising, with the Biden administration on Dec. 2 announcing a slew of curbs targeting semiconductor toolmakers.
China then retaliated by banning exports of vital minerals such as gallium, and on the same day, four of the country’s top industry associations said Chinese companies should be on the qui vive of buying U.S. chips as they were “no longer safe” and buy locally instead.
Previous trade skirmishes have centered on spaces such as metals, farm products, and automobiles. With a tougher stance on China expected from the incoming Trump superintendence, could the next trade war instead be focused around chips, which arguably have permeated every facet of our survives?
— CNBC’s Samantha Subin contributed to this report.