As Nvidia is Under Pressure From Alphabet, Stocks Ease – Europe Market Wrap
US markets are indicating a small downturn on Wall Street, with Nvidia under pressure and Alphabet gaining ground in the race to deliver AI chips.
Alphabet rose 3%, pushing the search giant closer to a $4 trillion value, after The Information claimed that Meta is in talks to invest billions of Dollars on Google’s AI chips.
The potential of a market shake-up reverberated throughout other technology organisations. Nvidia plunged more than 4%, while AMD dropped 3.3%. In Asia, SoftBank shares fell 10% on concerns that Alphabet’s Gemini model could increase competition for OpenAI, a key SoftBank investment.
The Nasdaq 100 Index futures fell 0.3%, a slight drop after the index rose 2.6% on Monday on expectations that the Fed would decrease interest rates in December. The S&P 500 fell 0.2%.
Prior to US data releases, US Treasuries were slightly altered. Gold and the Dollar plummeted, while Bitcoin dropped below $88,000. Money markets predict a 75% possibility of a Fed rate cut in December.
