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Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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Nvidia (NVDA) is facing mounting competition from fellow tech heavyweights. A report issued yesterday suggests that Meta Platforms (META) is in talks with Alphabet (GOOGL) to use Google’s AI chips within its own data centres. The development is interesting because until now, Google has only ever rented access to its chips, so the new arrangement would indicate a more aggressive stance for Google within the AI sector. If confirmed, the deal would be worth billions, but more importantly would muscle in on Nvidia’s territory, potentially snatching a sizeable chunk of the chipmaker’s annual revenue. Nvidia and Advanced Micro Devices (AMD) both took the news badly yesterday, resulting in 2.6% and 4.2% losses respectively. Meta, on the other hand, continued to reverse its recent downtrend, closing the day 3.8% higher, while Alphabet pushed to new record highs at $323 per share. Nvidia has been vocally defensive against claims of an AI bubble in recent weeks, even sending a note to financial analysts on Wall Street over the weekend, which attempted to dispel some of the accusations levelled against them. Such criticisms include parallels with Enron, which was famously involved in an accounting fraud scandal.
The changing tides evened out in the end, with the Nasdaq Composite managing to eke out a 0.7% gain on the day. The S&P 500 fared better with a 0.9% close in the green, while the Dow Jones shone the brightest with a 1.4% daily rise. Zooming out even further, the small-cap Russell 2000 index shot up 2.1% yesterday, maintaining the momentum it has enjoyed since last Friday. The pivot away from big tech towards the more understated elements of the stock market reflects a change in sentiment, in part caused by renewed expectations of a December rate cut. FedWatch is now pricing the odds of a 25-bps cut at 85% following comments from Governor Christopher Waller on Monday, who said that he would be advocating for a cut, based on his concerns about the US labour market. Cheaper financing is disproportionally beneficial to smaller companies, and the additional liquidity should help with consumption in general.
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