"Qualcomm reportedly struck a chip development agreement with OpenAI, bringing in Taiwan's MediaTek and China's Luxshare for engineering and production, with mass manufacturing expected by 2028."
"Hyperscaler infrastructure investment is forecast to hit $650 billion industrywide this year, with the PHLX Semiconductor Index completing an 18-session run of gains."
"The earnings slate this week includes reports from Microsoft, Alphabet, Amazon, and Meta Platforms, with Apple following, as investors seek proof of AI spending generating real returns."
"WTI crude oil surged 6% to $91 a barrel, while Brent briefly breached $108, adding volatility to the market amid ongoing geopolitical tensions."
The Nasdaq Composite opened lower, down 0.18%, despite a strong year-to-date performance. Traders are cautious due to significant AI partnership developments, upcoming big-tech earnings, and rising oil prices. Qualcomm has partnered with OpenAI for chip development, boosting its shares by 5%. Nvidia's stock has also risen, surpassing a $5 trillion market cap. The earnings reports from major tech companies this week are highly anticipated, as investors seek evidence of returns from AI investments amid a volatile oil market.
Read at 24/7 Wall St.
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