STORY: Wall Street ended higher on Friday, with the Dow adding more than half a percent, the S&P 500 gaining seven-tenths of a percent and the Nasdaq climbing one percent.:: AmazonAmazon surged more than 15% after the tech giant posted its biggest quarterly revenue growth in over four years. Its results, along with a similar report from Microsoft this week, alleviated investor concerns about potential overspending on AI data centers.Meanwhile, shares of Apple tumbled more than 7% after a disappointing forecast showed that the iPhone maker was struggling to secure enough components, as the AI-driven data center boom strains global supply chains.Friday marked the end of a bumpy week for stocks that included a Fed policy meeting in which the central bank left rates unchanged - but with three dissenters pushing for a 25 basis point hike.Dean Smith is chief strategist & portfolio manager at FolioBeyond."I think there was a decent case to be made that a hike is in order. Inflation, we had a slightly softer print on the most recent one, but inflation is now running well above Fed's 2% stated target. It's higher now than it was a year ago and it seems to be reaccelerating. [FLASH] So it was a close call probably, but I think, you know, if I had been on that voting committee, I would have voted for a rate hike as well.":: ArchiveOther stocks on the move Friday included Monolithic Power Systems, which rose more than 8% after forecasting third-quarter revenue above estimates.But shares of GoDaddy slid nearly 17% after the domain registrar narrowed its annual revenue forecast.
Bitcoin (CRYPTO: $BTC) is pacing for a roughly 5% gain in July, although the largest cryptocurrency remains largely...
Nvidia stock rose after Amazon raised its capital expenditure forecast and played down competition between its custom AI chips and Nvidia’s processors.
Which is worth more: a company that’s sitting out Big Tech’s mega AI spending spree or a company that’s fueling it?
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FEATURE It shaped up to be a positive end to a bad month for stocks. The tech rebound continued, even as a big decline from Apple weighed on the major indexes. Amazon gained 15% after second-quarter earnings and revenue comfortably beat expectations.
STORY: :: Recorded on July 31:: Lisa Bernhard, Reuters:: Dean Smith, Portfolio Manager, FolioBeyondShares of Apple tumbled as much as 10% on Friday after a disappointing forecast showed that the iPhone maker was struggling to secure enough components as the AI-driven data center boom strains global supply chains.The drop, if sustained, would erase nearly $500 billion from Apple's market capitalization and return the crown of the world's most valuable company to AI chip giant Nvidia, days after reclaiming it.Meanwhile, shares of Amazon soared as much as 15% after the tech giant's solid cloud sales growth reinforced investor confidence in its massive AI bets."There's two really different trends going on," said Smith. "One is the hardware constraint, the [other is] cloud compute capacity, and those are going to continue to drive what we see in the AI investment thesis."Next week, the focus will remain on AI when SpaceX delivers its first quarterly earnings results since going public."There's no mystery about how many rockets they're firing off, we can see them," said Dean with a laugh. "So what I'm looking for in SpaceX is to see what is their plan for the AI side of the business."
Micron stock was giving up some of its huge gains from the previous day even as Apple and Amazon confirmed there’s no end in sight to the memory-chip shortage.
Stock Market Today: The Dow Jones index rises Friday even as Apple dives on a weak sales forecast. Amazon stock surges on earnings.
Apple stock tumbled 7.4% to $308.91 on Friday after its fiscal third-quarter earnings report left investors disappointed. The drop wiped out $359 billion in value, bringing Apple's market capitalization to $4.
Apple's (AAPL) supply chain-related concerns could persist into fiscal 2027, UBS Securities said, af
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But yields on the 10-year and 30-year Treasuries hit their highest levels since 2007 Friday, which kept a lid on the stock market's advance.
AI-driven component shortages limited Apple's growth outlook and threatened to erase approximately $500 billion in market value.
Apple stock fell Friday after the consumer electronics giant missed views with its September-quarter sales outlook.
1inch, a leading decentralized finance (DeFi) protocol, just announced the launch of it’s new shared liquidity protocol, Aqua. It promises to improve efficiency and unlock liquidity for users across networks. Sergej Kunz, co-founder and CEO at 1inch, joined TheStreet Roundtable to talk about the ...
Tech stocks were mixed late Friday afternoon, with the State Street Technology Select Sector SPDR ET
Higher interest rates and profit-taking outweighed evidence that cloud and device companies need increasing quantities of memory chips.
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Earnings from Microsoft and Amazon offered hope that the AI trade remains very much alive. Plus, good news for software.