Beat the street: NVIDIA; Tesla; US S&P Global PMI
Volumes are likely to be thin as markets prepare for an early close on the busiest shopping day of the year. NVIDIA has fallen on a report of a delay in launching an AI chip, while Tesla's Musk called Swedish strikes ‘insane’.
(Video summary)
In this episode of "Beat the Street," presented by Angeline Ong, she provides updates on various interesting market news. One thing she talks about is the upcoming Black Friday and Cyber Monday shopping seasons, particularly in the online space. It's important to be cautious during this time, as some people are worried about potential problems.
NVIDIA, Tesla
Ong also discusses the impact of a Reuters report on NVIDIA shares. It turns out that there is a delay in launching an AI chip for China, which has caused movement in the stock. She also mentions Elon Musk's comments on the ongoing strike in Sweden against Tesla. He described the strike as "insane," which has caught people's attention.
A guest on the show, IGTV's Jeremy Naylor, explains why NVIDIA's stock has been negatively impacted. He highlights concerns about China's demand for high-end AI chips, especially because of the current trade discussions with the US. Additionally, there is news about a delay in the launch of a new AI chip by NVIDIA, which has contributed to a drop in the stock's value.
Moving on, Ong discusses the escalating strike against Tesla in Sweden. Apparently, around 130 mechanics from the IF Metall union, who service Tesla's electric cars, are participating in the strike. This strike started after Tesla rejected their request for collective bargaining. Ong points out that this strike could have significant implications for Tesla, especially if it begins to affect other plants operated by the company.
Ong then shifts our focus to Volkswagen, which is launching a specific electric platform for the Chinese market. This move by Volkswagen is a response to fierce competition in China, where demands for efficiency and size are high. The company is also looking to lower costs by sourcing from Chinese suppliers.
Market trends
In terms of market trends, Ong mentions that the tech-heavy Nasdaq has been rising recently. Speculation is rife that the Federal Reserve is done with rate hikes, which is contributing to the increase. She shares analysis by IG's Axel Rudolph, who believes that the Nasdaq 100 is resuming its bullish uptrend and could reach new highs.
Ong wraps up the video by mentioning that they are still waiting for the release of the PMI numbers (a market indicator) and provides a final update on the markets, which are relatively calm due to the short session.
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