Expectations now focus on the AI chip maker’s quarterly report to understand the fundamentals of the AI cycle.
Wall Street interprets this move by the tech giant as a boost for its prospects in the field of AI, especially if it manages to capitalize on the threat of an employee exodus from OpenAI.
New York Stock Exchange
This Tuesday, Wall Street collapses, marking a pause in the november rally. Investors’ eyes are fixed on two key events: results from artificial intelligence chip maker Nvidia (NVDA) and the publication of the minutes of the Federal Reserve.
The benchmark S&P 500 index fell about 0.3% after closing at its highest level since August. Meanwhile, the Dow Jones Industrial Average (^DJI) and the Nasdaq Composite (^IXIC), the latter with a significant technological weight, also experienced declines, decreasing 0.2% and 0.5%, respectively.
The disappointing figures from the retail sector have a negative impact, influencing the collapse of the shares of prominent companies such as Lowe’s (LOW), Best Buy (BBY), American Eagle Outfitters (AEO) and Khol’s (KSS). The drop in consumer spending clouds the outlook and affects sales, generating this decline.
Wall Street awaiting Nvidia results
Expectations now focus on the quarterly report of Nvidia to understand the fundamentals of the artificial intelligence cycle. After the record close of the company’s shares on Monday, this analysis is awaited with high expectations, considering that the chip giant has become the symbol of the history of AI in 2023. Its previous results fueled a notable rally in the stock, generating significant interest in this report.
Meanwhile, the drama around OpenAI continues to garner attention. Following Microsoft’s (MSFT) CEO’s hint about the possibility of Sam Altman rejoining the ChatGPT maker, shares of Microsoft se remain stable at the beginning of the day on Tuesday. These shares had hit an all-time high on Monday after the abrupt and controversial hiring of OpenAI’s CEO.
Wall Street interpret this movement of the technological giant as a boost to your prospects in the field of AIespecially if it manages to capitalize on the threat of employee exodus from OpenAI.
Source: Ambito
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