One of the key highlights from the latest trading session was the tech earnings parade, particularly Marvell Technology. The stock surged by approximately 8% after hours following a stellar quarterly report that surpassed revenue expectations. However, it’s worth noting that Marvell is still down by 18% from its peak in March, although it has seen an 8% increase in the past month. The VanEck Semiconductor ETF (SMH) is also witnessing a 16% decline from its high on July 11, despite being up by 36% year-to-date. Marvell holds the 17th position in the SMH, accounting for 1.78% of the ETF.
On the other hand, Nvidia, another tech giant, experienced a slight dip in its stock performance, closing 6.4% lower. The company recently reported doubling revenue from the previous year, yet the stock is currently 16.5% below its peak on June 20. A new report by CNBC’s Pippa Stevens will shed light on the lesser-known sector of companies providing cooling technology for Nvidia’s chipmaking and other similar ventures. Vertiv, Schneider Electric, and nVent Electric are among the key players in this arena, with varied performances and growth percentages throughout 2024.
China’s “iPhone City” is currently facing tensions and anxieties over the potential exodus of business to other regions like India. CNBC TV’s correspondent Eunice Yoon will delve into these fears and their implications on Apple, which is currently 3% down from its high in mid-July. However, Apple has seen a remarkable 20% surge in its stock value over the past three months, despite the prevailing uncertainties.
Furthermore, the demand for artificial intelligence expertise is evident as more tech giants, such as Apple and Nvidia, express interest in OpenAI. The already established Microsoft is also part of this realm, witnessing a slight decline from its peak on July 5. Nevertheless, Microsoft has recorded a 10% increase in stock value so far this year, showcasing the growing convergence of big tech companies towards AI innovations.
The emergence of social media platform X in the tech epicenter has triggered a transition in office real estate dynamics. Noteworthy players like BXP and CBRE are witnessing substantial changes, with BXP hitting a new high and surging by 30% in three months. Similarly, CBRE reached a new peak and registered a 33% increase in its stock value over the same period, underlining the ongoing evolution in the tech industry’s physical infrastructure.
On the entertainment front, a French software maker is gearing up to release the “Star Wars Outlaws” video game, showcasing the industry’s continued commitment to innovation and immersive experiences. Despite being 43% below its peak, the anticipation surrounding this launch signifies a strategic move towards diversification and creative developments within the gaming sector. Electronic Arts, another key player in the video game industry, is currently 2% away from its recent high, reflecting a steady growth trajectory in the midst of sector-wide transformations.
Lastly, the Dow Jones Industrial Average reached another record high, showcasing the resilience and stability of the market amidst various global and domestic challenges. Interestingly, the top performers within the Dow are non-tech companies, with names like Nike, McDonald’s, Walmart, Coca-Cola, 3M, Travelers, and JPMorgan witnessing significant gains in stock value over the past month. This diversified performance underscores the multifaceted nature of the market and the opportunities present across various industries.