JJ Kinahan is Senior Vice President, Head of Retail Expansion and Alternative Investment Products at Cboe Global Markets, Inc. (Cboe).
Key Takeaways:
- Investors seem to like tech and semiconductor stocks again
- Broadcom brokers $63 billion chip deal, shares climb
- Boeing tugs down Dow Jones Industrial Average
Many investors embraced technology and semiconductor stocks Tuesday as the afterglow of Monday's Anthropic initial public offering (IPO) filing appeared strong, pushing the Nasdaq Composite and the S&P 500 Index meaningfully higher while the Dow Jones Industrial Average finished flat.
Market activity also got a boost from a decline in oil prices amid talks about ending the war between the U.S. and Iran. WTI Crude Oil fell below $100 a barrel, down about 2%.
Broadcom shares climbed more than 4% as investors seemed to embrace the chipmaker’s leadership in assembling a $63 billion deal to finance chip purchases for Anthropic and other companies. After a weekend of tough negotiations, Broadcom brought Bank of America, Blackstone, Citigroup, and Morgan Stanley to the table to create a special-purpose vehicle that will buy Broadcom’s custom-made chips and networking equipment and lease them to Anthropic, according to reports.
As part of the deal, Broadcom also took on what might appear to be greater risk by agreeing to provide residual-value support, a commitment to cover certain losses if the equipment is worth less when Anthropic’s lease expires, according to the reports. The move underscores the growing circular relationships between chipmakers and their customers, something we’ve seen Nvidia do on a different level.
Other chipmakers gained on the reports. Advanced Micro Devices rose 5.5%, while Micron added more than 3% and Intel rose nearly 3.5%. Nvidia shares were up by 0.81%. Neocloud stocks also got bumps, with CoreWeave adding nearly 8% and Nebius Group up 11.2%.
Oracle shares advanced 4.5% after OpenAI expanded its partnership with the database company to add ChatGPT to Oracle’s business applications. OpenAI is expected to file for an initial public offering next year.
Boeing was the biggest drag on the Dow, falling nearly 10.7% after releasing earnings that missed Wall Street expectations, though it narrowed quarterly losses. The stock opened moderately lower and briefly moved into positive territory afterward.
Shares dropped when executives said on the conference call that the commercial and defense aircraft maker is cutting its Boeing 737 Max production and jet delivery targets, a move analysts said could slow its recovery. Blaming sluggish wing production, executives said it would not meet its 47 jets per month target until the second half of next year.
United Parcel Service (UPS) shares rose 5.7% after outpacing Wall Street’s profit and sales projections. The package delivery and supply chain company also raised its full-year guidance again as it works to become leaner.
Today marks the first day of the Federal Reserve’s two-day meeting, with an interest rate decision expected Wednesday. CME’s FedWatch tool shows a 92.8% probability that rates will stay steady at 3.75% to 4.0%.
Be sure to pay attention to Microsoft and Alphabet’s earnings reports after the market closes on Wednesday. Microsoft shares fell 0.24% Tuesday while Alphabet's rose 0.84%.
Happy Trading!
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