"Nvidia ( Nasdaq: NVDA) stock is taking it on the chin today, falling 6.3% on some heightened competition. With Google's Gemini release turning heads, Meta platforms ( Nasdaq: META) is reportedly considering pivoting to Alphabet ( Nasdaq: GOOGL) for AI chips in the future, taking share away from market leader Nvidia. Nevertheless, with 90% market share, Nvidia continues to control the biggest piece of the AI pie."
"A changing of the guard at the Federal Reserve could be in the cards for the holidays. U.S. Treasury Secretary Scott Bessent is making the media rounds, reportedly declaring that President Trump could name a replacement for Fed Chairman Jerome Powell before year-end. Meanwhile, Powell's peers have been advocating for an interest rate cut in December. In a worrying sign for the holiday shopping season, consumers are pinching their pennies amid persistently elevated borrowing costs and prices."
Technology stocks pulled back after a comeback rally as investors rotated amid an AI competition battle, dragging the Nasdaq toward a negative November. Nvidia fell 6.3% amid reports Meta may pivot to Alphabet for AI chips, though Nvidia still holds roughly 90% market share. The S&P 500 slipped while the Dow rose modestly. U.S. Treasury Secretary Scott Bessent said President Trump could name a replacement for Fed Chair Jerome Powell before year-end, and some Fed officials favor a December interest-rate cut. Retail sales rose a softer-than-expected 0.2% in September while wholesale prices increased 0.3%, signaling consumer strain.
Read at 24/7 Wall St.
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