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☆ Nvidia faces stiff test on Wall Street this week after 'parabolic' stock rally
▼ + stars: | 2024-02-20 | by ( Kif Leswing | ) www.cnbc.com time to read: +5 min

Jensen Huang, CEO of Nvidia, arrives for the Inaugural AI Insight Forum in the Russell Building on Capitol Hill on Sept. 13, 2023. Nvidia's stock price has soared fivefold since the end of 2022, as demand has skyrocketed for its graphics processing units that sit at the heart of the artificial intelligence boom. Nvidia's chips, such as the H100, are used by AI developers to create cutting-edge models like the ones OpenAI used to develop ChatGPT. The company's market cap climbed to about $1.8 trillion last week, surpassing Alphabet and Amazon and now trailing only Microsoft and Apple . "NVDA's stock appreciation has been parabolic," analysts at Bank of America wrote in a report Thursday.

Persons: Jensen Huang, Davidson, Gil Luria, Luria, Thomas O'Malley, O'Malley, There's, Ben Reitzes Organizations: Nvidia, Investors, Microsoft, Apple, Bank of America, Google, Barclays, Taiwan Semiconductor Manufacturing Company, Melius Locations: FactSet

☆ Nvidia earnings, Fed minutes on deck next week as Wall Street assesses interest rate outlook
▼ + stars: | 2024-02-16 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

The Dow Jones Industrial Average, S & P 500 and the Nasdaq Composite each snapped a five-week advance. On average, market strategists on Wall Street anticipate the S & P 500 will end the year at 4,936, according to a CNBC survey . The equal-weighted S & P 500 index is up just 1.7% in 2024, trailing far behind the market-cap weighted benchmark. Initial Claims (02/17) 9:45 a.m. PMI Composite preliminary (February) 9:45 a.m. S & P PMI Manufacturing preliminary (February) 9:45 a.m. S & P PMI Services preliminary (February) 10 a.m. Existing Homes Sales (January) Earnings: Booking Holdings , Live Nation Entertainment , Intuit , Edison International , Dominion Energy , Moderna , PG & E , Keurig Dr. Pepper Friday, February 23, 2024 Earnings: Warner Bros.

Persons: chipmaker, Ayako Yoshioka, Yoshioka, Jerome Powell, Josh Emanuel, everybody's, Emanuel, Russell, They're, Chris Chen, Chen, Dr, Pepper, Nick Wells, Kif Leswing Organizations: Nvidia, CNBC, Dow Jones, Nasdaq, Federal Reserve, Investor, Treasury, Wilshire Associates, American Association of, Insight Financial, Walmart, Home, Alto Networks, Diamondback Energy, Caesars Entertainment, Marathon, Devices, Chicago, PMI, Holdings, Nation Entertainment, Intuit, Edison International, Dominion Energy, Moderna, Warner Bros Locations: U.S, Santa Monica, Calif

☆ Jeff Bezos sells more than $2 billion in Amazon stock for third time this month
▼ + stars: | 2024-02-15 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Amazon founder Jeff Bezos sold roughly $2.03 billion of shares in his company over the past few days, according to a regulatory filing, bringing his total sales this month to over $6 billion. On Tuesday and Wednesday, Bezos sold about 12 million Amazon shares at an average price of $169.50 a share. Bezos sold about 12 million shares, worth $2 billion, between Friday and Monday, and sold another 12 million shares the week before that. The sales this month mark the first time Bezos has sold Amazon stock since May 2021, the year he stepped down as Amazon CEO, although he gifted about $240 million in Amazon shares last year. WATCH: Jeff Bezos sells $2 billion of Amazon shares

Persons: Jeff Bezos, Bezos, fiancée Lauren Sanchez's, Forbes, —, Annie Palmer Organizations: Kansas City Chiefs, Los Angeles Chargers, Arrowhead, Amazon Locations: Kansas City , Missouri, Seattle, Miami

Nvidia CEO Jensen Huang speaks at the Supermicro keynote presentation during the Computex conference in Taipei on June 1, 2023. Nvidia shares are up more than 200% over the past 12 months due to seemingly limitless demand for its AI chips, which underpin powerful AI models from Google, Amazon, OpenAI and others. TuSimple, an autonomous trucking company, rocketed 40% on Thursday after the disclosure of Nvidia's $3 million stake. Nvidia bought $50 million worth of shares in 2023 and now has an investment worth $76 million, according to its filing. In recent years, Nvidia has backed hot AI startups including Cohere, Hugging Face, CoreWeave and Perplexity.

Persons: Jensen Huang, SoundHound, TuSimple, what's, Nvidia's, they're, Jonathan Cohen Organizations: Nvidia, Investors, Apple, Microsoft, Google, Zebra, Nasdaq, Committee Locations: Taipei, U.S, SoundHound, TuSimple

☆ Nvidia passes Alphabet in market cap and is now the third most valuable U.S. company
▼ + stars: | 2024-02-14 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Nvidia surpassed Google parent Alphabet in market capitalization on Wednesday. Nvidia rose over 2% to close at $739.00 per share, giving it a market value of $1.83 trillion to Google's $1.82 trillion market cap. The move comes one day after Nvidia surpassed Amazon in terms of market value. Nvidia shares are up over 221% over the past 12 months on robust demand for its AI server chips that can cost more than $20,000 each. Before the recent AI boom, Nvidia was best known for consumer graphics processors it sold to PC makers to build gaming computers, a less lucrative market.

Organizations: Nvidia, Google, U.S ., Apple, Microsoft

☆ Nvidia is now worth more than Amazon thanks to the AI chip boom
▼ + stars: | 2024-02-13 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Nvidia surpassed Amazon in market capitalization on Tuesday. Nvidia closed at $721.28 per share, giving it a market value of $1.78 trillion to Amazon's $1.75 trillion market cap. While Nvidia also briefly passed Amazon on Monday, this is the first since 2002 that Nvidia is worth more after the market close. But Nvidia shares are up over 246% in the last 12 months on robust demand for its server AI chips that can cost more than $20,000 each. Amazon shares are up about 78% in the past 12 months.

Persons: Jensen Huang, It's, OpenAI Organizations: Nvidia, Amazon, Microsoft, Apple, CNBC PRO Locations: U.S

☆ Arm shares jump 29% as post-earnings rally extends to second week
▼ + stars: | 2024-02-12 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Arm shares soared 29% on Monday, extending last week's rally as investors continue to applaud the chipmaker's better-than-expected third-quarter earnings and its position in the artificial intelligence boom. Arm is now up 93% since it reported quarterly financials on Feb. 8, though without any clear catalyst for Monday's move. Last week, Arm said it could charge twice as much for its latest instruction set, which accounts for 15% of the company's royalties, suggesting it can expand its margin and make more money off new chips. Its royalty strength combined with Arm's optimistic growth forecast has made the company the latest AI darling among investors, despite a higher earnings multiple than Nvidia or AMD. For the second time in three trading sessions, Arm's daily volume exceeded 100 million shares, or more than 10 times the average for the stock .

Persons: SoftBank Organizations: Nvidia, AMD

☆ Arm shares soar after company reports strong earnings and forecast
▼ + stars: | 2024-02-08 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

Shares of chip designer Arm climbed more than 60% on Thursday morning after the company reported better-than-expected earnings Wednesday and a strong profit forecast for the current quarter. The company reported higher-than-expected earnings per share and revenue for the quarter that ended in December. Earnings per share came in at 29 cents adjusted versus the 25 cents expected by analysts, according to LSEG, formerly known as Refinitiv. The company also forecast earnings per share for the current quarter to be between 28 cents and 32 cents on sales of $850 million to $900 million. The company sold shares at $51 apiece in its initial public offering and was trading at just below $100 a share Thursday morning.

Persons: Rene Haas, Softbank, —, Kif Leswing Organizations: Nasdaq, Revenue, Softbank Locations: New York

☆ Arm's post-earnings pop leaves stock trading at over 100% premium to Nvidia
▼ + stars: | 2024-02-08 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

That agreement would have involved selling Arm for $40 billion, or just $8 billion more than SoftBank paid in 2016. Instead, Arm went public last year, and the company is now worth over $116 billion after the stock soared 48% on Thursday. SoftBank still owns roughly 90% of the outstanding stock, meaning its stake in Arm increased by over $34 billion in a day. watch nowChipmakers Nvidia and AMD have been Wall Street darlings of late due to their central position in the artificial intelligence boom. 'Gain market share'Arm has a different business model than Nvidia and AMD in that it's largely a technology licensing company.

Persons: Jakub Porzycki, Arm, SoftBank, Lisa Su, Steve Marcus Organizations: Nurphoto, Nvidia, AMD, Intel, Qualcomm Locations: SoftBank, Las Vegas , Nevada, U.S

☆ Arm shares soar 39% after chip designer gives strong forecast, says AI is increasing sales
▼ + stars: | 2024-02-07 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Arm reported fiscal third-quarter earnings that beat estimates and gave a strong profit forecast for the current quarter. Analysts expect earnings of 21 cents per share on sales of $780 million. Arm makes money through royalties, when companies pay for access to build Arm-compatible chips, usually amounting to a small percentage of the final chip price. Arm said its customers shipped 7.7 billion Arm chips during the September quarter, the most recent period for which figures are available. Arm says companies including Apple, Google , Microsoft and Nvidia use its technology.

Persons: Arm Organizations: SoftBank, Apple, Google, Microsoft, Nvidia Locations: San Jose , California, LSEG

☆ Disney to take $1.5 billion stake in Epic Games, work with Fortnite maker on new content
▼ + stars: | 2024-02-07 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Disney is investing $1.5 billion for a stake in Epic Games, CEO Bob Iger said Wednesday, in its biggest bet yet on the gaming space. "Our exciting new relationship with Epic Games will bring together Disney's beloved brands and franchises with the hugely popular Fortnite in a transformational new games and entertainment universe," said Iger in a statement. Disney did not say what the valuation of Epic, a private company, would be after the Disney funding. "Now we're collaborating on something entirely new to build a persistent, open and interoperable ecosystem that will bring together the Disney and Fortnite communities." Aside from Fortnite, Epic Games is well-known for challenging Apple and Google in court to force them to lower their app store fees.

Persons: Bob Iger, Disney, Iger, Fortnite, Tim Sweeney, Sweeney, Kif Leswing Organizations: Disney, Epic Games, Pixar, Marvel, Star Wars, Star, Lego, Harmonix, Apple, Google, CNBC PRO Locations: Fortnite

☆ Sonos shares rise 12% on earnings and revenue beat
▼ + stars: | 2024-02-06 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Patrick Spence, president and CEO of Sonos, speaks during a Bloomberg Technology Television interview in San Francisco on Feb. 11, 2019. Sonos shares rose over 12% in extended trading Tuesday after the speaker company reported fiscal 2024 first-quarter sales and earnings that exceeded Wall Street expectations. Here's how Sonos did versus consensus expectations from LSEG, formerly Refinitiv:Earnings per share: 64 cents vs. 40 cents expectedRevenue: $613 million vs. $587 million expectedSales fell 9% from the same period last year. Sonos reported $80.9 million in net income, or 64 cents per share, versus $75.2 million, or 57 cents per share, last year. "Despite the challenging environment, we are winning in the market and outperforming the competition," Sonos CEO Patrick Spence said in a statement.

Persons: Patrick Spence, Sonos, Bose, Spence Organizations: Sonos, Bloomberg Technology Television, Apple, Google Locations: San Francisco

☆ Tim Cook teases Apple AI announcement 'later this year'
▼ + stars: | 2024-02-01 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple CEO Tim Cook teased that Apple may have an artificial intelligence announcement later this year during a call with analysts after the company reported fiscal first-quarter earnings. "That includes artificial intelligence where we continue to spend a tremendous amount of time and effort, and we're excited to share the details of our ongoing work in that space later this year." Generative AI started drawing significant attention from technology companies and investors starting in 2022, after OpenAI released ChatGPT and image generators rapidly improved. But Apple never used the phrase "artificial intelligence" during the presentation, preferring the more academic term "machine learning." "Let me just say that I think there's a huge opportunity for Apple with Gen AI and AI, without getting into more details and getting out in front of myself," Cook said.

Persons: Tim Cook, Cook's, Cook, OpenAI Organizations: Apple, Microsoft, Google, CNBC PRO

☆ Apple will report earnings after the bell
▼ + stars: | 2024-02-01 | by ( Kif Leswing | ) www.cnbc.com time to read: +5 min

Apple reports fiscal first-quarter earnings after the bell. Investors will be closely watching to see if Apple guides to growth again in the current quarter. Some analysts believe Apple's iPhone revenue may look good in a soft market quarter, outperforming rivals that are also seeing weak demand. But a strong quarter of iPhone sales over the holiday season could mean a seasonally weak March quarter. "We remain comfortable with our current assumption of muted uptake for the device under 1% of Apple sales this year and next," Rosenblatt analyst Barton Crockett wrote in a note Wednesday.

Persons: Tim Cook, Samik Chatterjee, Apple hasn't, Apple, Morgan Stanley, Erik Woodring, IPhones, Chatterjee, Rosenblatt, Barton Crockett Organizations: Apple, Management, Vision, JPMorgan, Apple Watch, Huawei, Amazon, Apple's, CNBC PRO Locations: Cupertino , California, China, F1Q24, U.S, F4Q, C4Q

☆ Qualcomm earnings beat estimates as smartphone chip sales suggest recovery
▼ + stars: | 2024-01-31 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Qualcomm reported fiscal first-quarter results on Wednesday that topped analysts' estimates as sales of handset chips jumped 16% from a year earlier. Consensus expectations, according to LSEG, were for earnings of $2.25 per share on $9.3 billion of revenue. Qualcomm is best-known for making smartphone chips — both the modems that connect them to cellular networks, as well as the processors at the heart of high-end Android devices. QCT, the company's chip sales business that includes automotive, Internet of Things and handsets, totaled $8.42 billion in revenue during the quarter, up 7% on an annual basis. Qualcomm said it spent $800 million in share repurchases and $900 million on dividends during the quarter.

Persons: Cristiano Amon, it's, Amon Organizations: Qualcomm, Galaxy, Apple Locations: Las Vegas , Nevada, QCT

☆ AMD shares fall as first-quarter forecast comes in light
▼ + stars: | 2024-01-30 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

AMD reported fourth-quarter earnings on Tuesday that were in line with analyst expectations, while the company's revenue beat estimates, but AMD offered a first-quarter forecast that fell short of expectations. It said that its data center revenue would be flat as server chip declines would be offset by AI GPU sales. Net income in the fourth quarter was $667 million, or $0.41 per share, versus $21 million, or $0.01 per share a year ago. AMD gave a positive update on its AI chips sales. Data center, which includes server CPUs and AI chips, rose 38% on an annual basis to $2.28 billion in sales.

Persons: Lisa Su, It's Organizations: AMD, Nvidia, Data Center, Microsoft Xbox, Sony Locations: Las Vegas , Nevada, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe evolution of Apple's iPhone and how it changed the worldApple's iPhone was first announced by Steve Jobs in January 2007. Today, research by Demand Sage shows that the company has over 1.5 billion active users. The 2008 launch of the App Store was a pivotal turning moment for the company and now Apple has surpassed Samsung as the world's leader of smartphones for the first time.

Persons: Steve Jobs Organizations: Demand Sage, Apple, Samsung

☆ Intel on pace for worst day since 2020 on weak outlook
▼ + stars: | 2024-01-26 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Intel CEO Pat Gelsinger speaks during an event called AI Everywhere in New York, Thursday, Dec. 14, 2023. Intel shares slumped 12% on Friday and headed for their steepest drop since July 2020, after the chipmaker issued a forecast for the current quarter that came in far short of analysts' estimates. Analysts were expecting earnings of 33 cents per share on $14.15 billion of revenue, according to LSEG, formerly Refinitiv. As of Friday afternoon, Intel shares were trading at $43.68. WATCH: Intel stock sinks as early 2024 outlook comes up short

Persons: Pat Gelsinger, Patrick Gelsinger, Seymour Ross Organizations: Intel, CNBC, PC, Deutsche Bank Locations: New York

☆ Apple opens up iPhone app store in Europe, a major crack in its 'walled garden'
▼ + stars: | 2024-01-25 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple announced plans to open up its iPhone App Store in Europe to competitors on Thursday, a move that opens up cracks in the company's famous "walled garden," with which it controls app distribution on its devices. Apple said on Thursday that it believes the new regulation puts its users at risk for scams, fraud and abuse, because apps that don't go through Apple's App Store aren't reviewed for content and could contain malware. Developers in general are likely to celebrate, as many have chafed for years over Apple's fees and rigorous App Review program that frequently rejects app updates. The changes are restricted to Europe and accounts that are registered in the E.U., rather than changes to the way iPhone app distribution works in the U.S. "Developers can now learn about the new tools and terms available for alternative app distribution and alternative payment processing, new capabilities for alternative browser engines and contactless payments, and more," said Apple App Store boss Phil Schiller in a statement.

Persons: Tim Cook, Apple, Phil Schiller Organizations: Apple, National Committee, China Relations, China Business Council, Economic Cooperation, APEC, Digital Markets, Spotify, Microsoft, U.S Locations: Asia, San Francisco , California, Europe, U.S

☆ Intel stock sinks as early 2024 outlook comes up short
▼ + stars: | 2024-01-25 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Pat Gelsinger, CEO Intel, speaking on CNBC's Squawk Box at the WEF Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Intel posted net income of $2.7 billion, or 63 cents per share, compared to a net loss of $0.7 billion, or 16 cents per share, last year. Intel CFO David Zinsner said in a statement that Intel had cut $3 billion in costs last year. Intel's Network and Edge department, which sells parts for carriers and networking, reported $1.5 billion in sales, down 24% from last year. Intel foundry services, its business making chips for other companies, remains nascent, with $291 million in revenue, a 63% annual increase.

Persons: Pat Gelsinger, Gelsinger, David Zinsner Organizations: Intel, Wall, Gartner, Nvidia, AMD, Taiwan Semiconductor Manufacturing Company, Intel's, Computing, Data Center, Edge Locations: Davos, Switzerland

☆ Spotify to begin in-app sales on iPhone in Europe after new EU law requires Apple to allow it
▼ + stars: | 2024-01-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Spotify said Wednesday it will update its iPhone app in Europe to allow users to buy in-app subscriptions and audiobooks. In most regions, Apple's App Store rules prohibit companies such as Spotify from billing users directly within the app. Apple says app makers should instead use Apple's App Store billing service, which takes a cut of up to 30%. Spotify said it will use the new regulation to allow users to subscribe to Spotify Premium, allow users to buy audiobooks, and run promotional campaigns, all within the app. The company will also allow iPhone users to directly download other Spotify apps from its website, such as Spotify for Artists, it said.

Persons: gatekeepers, Tim Cook, Morgan Stanley, Erik Woodring Organizations: Spotify, Apple, Markets, SEC, Artists, App Locations: Europe

☆ AMD's stock surge in past year leads analyst to a 'heck if we know' rating
▼ + stars: | 2024-01-22 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

But elevated expectations for AI chip growth has led Northland Capital Markets analyst Gus Richard to admit that he's not sure where AMD shares should go from here. "We downgrade on valuation to 'a heck if we know' rating," Richard wrote in a note on Monday. Richard's call is based on his view that investor expectations for AI chip growth have spilled into "irrational exuberance." AMD shares fell about 3.5% to $168.17 as of Monday afternoon. Nvidia shares were up less than 1%.

Persons: Lisa Su, —, Gus Richard, he's, Richard, Jim Breyer Organizations: AMD, Nvidia, Microsoft, Meta, Northland Capital Locations: Las Vegas , Nevada, Northland, U.S, China

☆ Mark Zuckerberg indicates Meta is spending billions of dollars on Nvidia AI chips
▼ + stars: | 2024-01-18 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023. Meta is spending billions of dollars on Nvidia's popular computer chips, which are at the heart of artificial intelligence research and projects. In December, tech companies like Meta, OpenAI and Microsoft said they would use the new Instinct MI300X AI computer chips from AMD. Meta is currently training Llama 3 and is also making its Fundamental AI Research team (FAIR) and GenAI research team work more closely together, Zuckerberg said. Shortly after Zuckerberg's post, LeCun said in a post on X, that "To accelerate progress, FAIR is now a sister organization of GenAI, the AI product division."

Persons: Mark Zuckerberg, Zuckerberg, Raymond James, Meta, Yann LeCun, LeCun, Jensen Huang, Zuckerberg's, Kif Leswing Organizations: Meta, Nvidia, Zuckerberg, eBay, Microsoft, AMD, AI Research, FAIR, Apple Locations: Menlo Park , California, San Francisco

☆ Nvidia and AMD shares hit record highs on AI chip surge
▼ + stars: | 2024-01-18 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

AMD and Nvidia hit all-time highs on Thursday as investors continue to clamor for shares of the companies building chips that power artificial intelligence. AMD shares rose over 1% during trading on Thursday to reach its highest-ever closing price, $162.67, while Nvidia, rose just under 2% to $571.07. Both companies have notched double-digit percentage gains to start the year after an explosive 2023 in which AMD shares popped 127.6% and Nvidia stock rocketed 238.8%. Analysts also see AMD improving its AI software, eliminating one major reason why Nvidia chips were preferred over AMD's. On Thursday, Taiwan Semiconductor Manufacturing Company , which manufactures Nvidia and AMD chips, reported better-than-expected sales.

Persons: Jensen Huang, they're, C.C, Wei, Goldman Sachs, Toshiya Hari, Mark Zuckerberg Organizations: Nvidia, AMD, Investors, Taiwan Semiconductor Manufacturing Company, Meta

☆ Apple will avoid ban by selling latest Apple Watches without blood oxygen feature
▼ + stars: | 2024-01-17 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple will remove the blood oxygen feature from its latest Apple Watches, a move that will allow the company to continue importing and selling the devices in the U.S. as it battles with Masimo in court. Modified versions of the Apple Watch Series 9 and Ultra 2 will go on sale Thursday, Apple said in a statement. "These steps include introducing a version of Apple Watch Series 9 and Apple Watch Ultra 2 in the United States without the Blood Oxygen feature. There is no impact to Apple Watch units previously purchased that include the Blood Oxygen feature." WATCH: Apple again banned from selling watches in U.S. with blood oxygen sensor

Persons: Masimo, Apple Organizations: Apple Inc, Apple, Steve Jobs, International Trade Commission, ITC, Apple Watch, CNBC Locations: Cupertino , California, U.S, United States

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