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Super Micro Computer is experiencing a recovery rally on Wall Street, with the SMI higher in pre-market trading, while major Japanese chip stocks like Tokyo Electron and Advantest saw declines. Concerns linger over Nvidia"s upcoming guidance, as analysts highlight the importance of chip demand for the next quarter, with Nvidia"s performance serving as a key indicator for the tech sector"s AI trajectory.
The SMI index has turned negative, influenced by Nestlé"s performance, while Kuros sees significant gains. The DAX is expected to open higher, following a stable close at 19,189 points, amid reduced political uncertainty. Key earnings reports from Thyssenkrupp and Rheinmetall are anticipated.
Artificial intelligence is transforming healthcare, primarily benefiting large companies with extensive resources and data. While major players like Eli Lilly and Novartis lead in AI advancements, smaller firms can still find opportunities through niche applications and collaborations. Emerging markets may gain traction as technology costs decrease, potentially leveling the playing field in the future.
Nvidia will replace Intel on the Dow Jones Industrial Average next week, marking a significant shift in the semiconductor industry. This change highlights Intel's struggles, as its shares have plummeted 54% this year, while Nvidia's stock has surged seven-fold due to its pivotal role in generative AI technologies. Sherwin-Williams will also join the index, further emphasizing the evolving landscape of the market.
Jim Cramer emphasized the importance of transparency from CEOs regarding poor quarterly results, stating that management must clearly explain any earnings shortfalls to avoid investor distrust. He highlighted recent earnings reports from AMD, Eli Lilly, and Wingstop, noting that lack of clarity in their communications led to negative market reactions. Cramer likened the situation to a criminal trial, where failure to acknowledge faults can lead to harsher consequences.
Super Micro's shares plummeted 35% after the resignation of its auditor, Ernst & Young, which cited concerns over the company's governance and board independence. EY expressed it could no longer rely on management's representations, following earlier warnings about internal financial controls. The company, under federal investigation, has yet to release its financial statements for the year and previously faced regulatory issues, including a $17.5 million penalty from the SEC in 2020 for improper revenue recording.
The Philadelphia Semiconductor Index (SOX), valued at $7500 billion, is heavily reliant on Nvidia, which accounts for 47% of the index's market cap at $3520 billion. Recent performance has been weak, and a potential correction in Nvidia could significantly impact the SOX index, indicating a fragile market position.
Markets are bracing for a cautious week as uncertainties surrounding the upcoming US elections intensify, with Kamala Harris and Donald Trump in a tight race. Attention turns to Tesla's earnings, expected to show a revenue rise but a decline in EPS, while the Nasdaq 100 remains close to its record high, awaiting catalysts for further movement. Sector performances were mixed, with utilities leading gains and healthcare lagging due to disappointing profit guidance from UnitedHealth.
US September retail sales data is anticipated to show a 0.3% month-on-month growth, reflecting consumer resilience, while core sales are expected to remain at 0.1%. The Nasdaq 100 is poised to retest record highs, driven by strong tech sector performance, despite a slight dip in energy stocks due to falling crude oil prices. Overall, ten out of eleven S&P 500 sectors posted gains, with technology leading the rally.
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tock market sees mixed results as chip stocks react to nvidia outlook
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