NEW YORK (AP) — Wall Street faded on Tuesday following drops for Nvidia and other stars that have been riding the mania surrounding artificial-intelligence technology.
The S&P 500 fell 0.6% for a third straight loss, though it remains near its all-time high set last week.
TOKYO (AP) — Asian shares retreated on Wednesday, tracking a decline on Wall Street led by technology shares including Nvidia and other stars that have been riding the mania surrounding artificial-intelligence.
Benchmarks fell in Japan, South Korea and Taiwan, pulled lower by selling of computer chip makers.
» Read more about: Asian shares retreat, tracking tech losses on Wall Street »
Outside of Hurricane Erin in the western Atlantic, the National Hurricane Center is monitoring two areas of disturbed weather in the Atlantic Ocean, but forecasters say neither appears likely to develop into a tropical cyclone that would immediately threaten any landmasses.
On this bulletin, the focus is on the repeated threats and imposition of sanctions by the United States on India. The White House states, ‘The President has taken actions to pressure Putin, like the sanctions on India, to end this Russia-Ukraine war.’ This comes amidst discussions on the Russia-Ukraine conflict. There is a perceived duality in the US administration’s policy,
Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) fell 3.5% in the afternoon session after investors took some profits off the table as markets awaited signals on future monetary policy from the Federal Reserve’s Jackson Hole symposium later in the week.
The downturn in the market was largely attributed to a significant sell-off in megacap tech and chipmaker shares.
» Read more about: Why Nvidia (NVDA) Stock Is Falling Today »
Nvidia (NVDA) may be the market’s biggest AI stock, but institutional investors are still shying away.
“NVDA is now the most under-owned large-cap tech stock,” Morgan Stanley analyst Erik Woodring wrote in a note.
Though the chipmaker has grown into the world’s most valuable company, investors don’t hold it in line with its S&P 500 (^GSPC) weight.
» Read more about: Nvidia is the most underowned megacap stock, Morgan Stanley says »
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» Read more about: FirstFT: US tech stocks fall amid wave of concerns over AI boom »
Ethereum continues to make waves in the cryptocurrency market, and recent data reveals a significant development: U.S.-listed spot Ethereum exchange-traded funds (ETFs) now hold more than 5% of the total Ethereum (ETH) supply. This milestone indicates increasing institutional interest in Ethereum and could have a substantial impact on the cryptocurrency’s market dynamics.
Spot Ethereum ETFs allow investors to gain exposure to Ethereum without directly purchasing or holding the cryptocurrency.
» Read more about: US Spot Ethereum ETFs Now Control Over 5% of ETH Supply »