In the latest premarket trading, the Nasdaq Composite rose by 0.53%, driven by strong earnings reports from major tech firms, including Tesla, Meta, and Microsoft. Notably, Meta announced a significant capital expenditure plan of $60 to $65 billion, supporting ongoing AI spending. This news positively impacted Broadcom shares, which were up by 5.2% following Meta's conference call. However, there are concerns for NVIDIA as they may face challenges in the evolving AI landscape, particularly with Broadcom set to provide custom ASICs for Meta's expanding data center capabilities.
Finally, we're pursuing cost efficiencies by deploying our custom silicon in areas where we can achieve a lower cost of compute by optimizing the chip design.
Meta confirmed their spending plans this year of between $60 to $65 billion in capital expenditures, a significant boost demonstrating continued AI investment.
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