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Wire

Advanced Micro Devices Set to Command Half of Growing Server CPU Market, BofA Says

Advanced Micro Devices (AMD) is expected to capture about half of the total addressable market for server central processing units, which the company expects will exceed $120 billion by 2030, BofA Securities said in a note emailed Wednesday.The chip maker's updated forecast for server CPU TAM is double its previous estimate amid rising agentic artificial intelligence demand, according to the brokerage.The server CPU market is now expected to grow more than 35% annually, reaching over $120 billion by 2030, AMD Chief Executive Lisa Su said late Tuesday during an earnings call, according to a FactSet transcript.The company previously expected market growth of 18% annually over the next three to five years.BofA expects AMD to capture a roughly 50% share of the server CPU market, with the remaining half split between rivals Intel (INTC) and Arm (ARM)."Rising CPU TAM is good for all CPU vendors, but we expect AMD to maintain/expand share on (the) back of broad portfolio, rising enterprise focus, continued cloud leadership and consistent roadmap execution," BofA analyst Vivek Arya wrote. "Separately, we expect AMD to potentially announce other large customers for GPUs for (2027) and beyond."Shares of AMD surged 18% in Wednesday afternoon trade.The company reported stronger-than-expected first-quarter results late Tuesday, as demand for AI infrastructure pushed data center revenue higher year over year."Inferencing and agentic AI are increasing the need for server CPU compute as these workloads require additional CPU processing for orchestration, data movement, and parallel execution in addition to serving as the head nodes for GPUs and accelerators," Su told analysts during the earnings call. "As a result, we are seeing both stronger near-term demand and deeper engagement with customers on long-term capacity planning."AMD currently represents about 6% of the AI TAM, and that figure is expected to grow toward double digits by 2030, Arya said.Still, AMD remains "exposed to uncertain share allocation between numerous OpenAI suppliers" including Nvidia (NVDA), Broadcom (AVGO) and Cerebras Systems, he said.Following AMD's first-quarter results, BofA raised the company's 2026 and 2027 pro-forma earnings per share estimate by 9% each to $7.28 and $11.80. The brokerage is projecting AMD's 2030 EPS potential at more than $27, above management's $20-plus target.BofA reiterated AMD's buy rating and lifted the price target to $450 from $310.Price: $417.82, Change: $+62.56, Percent Change: +17.61%

$AMD$ARM$AVGO$INTC$NVDA
US Markets

Equity Markets Rise Intraday, Oil Plunges Amid US-Iran Peace Deal Optimism

US benchmark equity indexes were higher intraday, while oil prices tumbled as investors reacted to reports saying that Washington and Tehran are nearing a potential agreement to end the war.The Nasdaq Composite was up 1.6% at 25,726 after midday Wednesday, while the S&P 500 advanced 1.1% to 7,339.3. Both indexes were on track for back-to-back record-high closings. The Dow Jones Industrial Average rose 1% to 49,792.1.Among sectors, industrials was outperforming with a 2.2% gain, while energy saw the steepest drop of 4.1%.West Texas Intermediate crude was down 6.6% at $95.57 per barrel, while Brent slumped 7% to $102.20.The US is nearing a deal with Iran on a one-page memorandum of understanding to end their conflict in the Middle East and establish a framework for more detailed nuclear negotiations, Axios reported Wednesday, citing two US officials and two other sources familiar with the matter.The two countries are moving closer to an agreement on a short memorandum to end the war, CNN also reported, citing a regional source familiar with the negotiations."Traders in the US woke up to see some real excitement in the markets today caused by the (Axios) news," Macquarie said in a note. "The good news, for now, is that the same sources that leaked the existence of a deal to Axios said this was the closest the parties had been to an agreement since the war began."US President Donald Trump issued a fresh warning to Iran, saying the "bombing starts" again if a deal is not reached."Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective blockade will allow the Hormuz Strait to be open to all, including Iran," Trump said in a social media post.Iran said it is still reviewing the latest US proposal, according to news reports.US Treasury yields were lower intraday, with the 10-year rate down 7.4 basis points at 4.36% and the two-year rate falling 7.2 basis points to 3.88%.In company news, Advanced Micro Devices (AMD) shares surged nearly 17%, among the best performers on the S&P 500. Late Tuesday, the chipmaker reported stronger-than-expected first-quarter results as demand for artificial intelligence infrastructure pushed data center revenue higher year over year.Walt Disney's (DIS) fiscal second-quarter results came in ahead of market estimates Wednesday amid revenue gains across all business operations, while the media and entertainment giant reiterated its expectations for growth to accelerate in the second half. Disney's shares climbed 6.5%, the top performer on the Dow.Nvidia (NVDA) followed Disney on the Dow, up 4.5%. Specialty glass maker Corning (GLW) will boost its optical connectivity manufacturing capacity under a multiyear partnership with chipmaking giant to support AI factory buildouts. Corning shares jumped 14%.Arista Networks (ANET) shares tumbled 16%, among the worst S&P 500 performers. Late Tuesday, the cloud networking company issued a second-quarter revenue outlook slightly below market estimates.Arm (ARM), Applovin (APP), DoorDash (DASH) and Warner Bros. Discovery (WBD) are expected to report after the closing bell Wednesday, along with others.In economic news, employment in the US private sector grew at its fastest pace in more than a year in April, ADP (ADP) data showed."The uptick in private payroll gains from the ADP employment report not only suggests a stable labor market, but one that was potentially warming despite the outbreak of the war in Iran," Oxford Economics said in a note. "If this signal is echoed in the official measure on Friday, the unemployment rate is likely to fall given the low break-even rate, which we estimate is near zero."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 65,000 nonfarm jobs last month, which would represent a fall from a 178,000 increase reported for March, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.Gold rose 2.8% to $4,695.90 per troy ounce, while silver climbed 5.3% to $77.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$ANET$APP$ARM$DASH$DIS$GLW$NVDA$WBD
Sectors

Sector Update: Tech Stocks Gain Wednesday Afternoon

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.9% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.6%.The Philadelphia Semiconductor index climbed 3.4%.In corporate news, Advanced Micro Devices (AMD) reported stronger-than-expected Q1 results as demand for AI infrastructure pushed data center revenue higher year-on-year. Its shares jumped past 16%.Nvidia (NVDA) and Corning (GLW) said Wednesday they have entered a multiyear commercial and technology partnership to expand US manufacturing of advanced optical connectivity technology to power AI infrastructure. Nvidia shares gained 4.5%.Alphabet's (GOOGL) Google Cloud is slated to receive about $200 billion over five years from Amazon-backed (AMZN) Anthropic for computing capacity and processors, The Information reported. Alphabet shares climbed 2.4%.

$AMD$GOOGL$NVDA
US Markets

Corning to Expand Optical Connectivity Capacity Under Nvidia Deal

Specialty glass maker Corning (GLW) will boost its optical connectivity manufacturing capacity under a multiyear partnership with Nvidia (NVDA) to support artificial intelligence factory buildouts.The deal includes the construction of three new facilities in North Carolina and Texas, according to a joint statement released Wednesday. The expansion is expected to create more than 3,000 jobs.The partnership will boost Corning's optical connectivity manufacturing capacity in the US by 10 times and its domestic fiber production capacity by more than 50%.Shares of Corning surged 12% in Wednesday trade, while Nvidia was up 4.4%. Corning's share price has more than doubled year to date, while Nvidia is tracking 10% higher so far this year.Corning's expanded capacity will allow hyperscale data centers to deploy Nvidia-accelerated computing at scale, the companies said.Modern AI workloads require thousands of Nvidia's graphics processing units, and as AI factories grow larger, "optical connectivity becomes an important component of the AI infrastructure," according to the statement.Corning issued warrants to Nvidia, giving the chipmaker an option to buy up to 15 million shares of Corning at $180 per share, according to a filing from the specialty glass and fiber-optics maker. Nvidia also received a pre-funded warrant to purchase up to 3 million common shares for a total price of $500 million.The warrants are exercisable at any time, the filing showed.In January, Meta Platforms (META) and Corning announced an up to $6 billion deal to accelerate the buildout of US data centers.Corning is looking at building a $10 billion revenue stream by 2030, Chief Executive Wendell Weeks said in a separate statement on Wednesday.Price: $204.42, Change: $+7.92, Percent Change: +4.03%

$GLW$META$NVDA
Wire

Top Midday Stories: AMD Q1 Earnings, Q2 Guidance Top Estimates; Nvidia, Corning Enter Multiyear Commercial and Technology Partnership

All three major US stock indexes were up over 1% in late-morning trading Wednesday, as investors showed optimism that the US and Iran were nearing an agreement to end the war.In company news, Advanced Micro Devices (AMD) reported Q1 adjusted earnings late Tuesday of $1.37 per diluted share, up from $0.96 a year earlier and above the FactSet consensus analyst estimate of $1.29. First-quarter revenue was $10.25 billion, up from $7.44 billion a year ago and above the FactSet consensus of $9.90 billion. For Q2, the company said it expects revenue of $11.2 billion, plus or minus $300 million, above the FactSet consensus of $10.54 billion. AMD shares were up 17.7% around midday.Nvidia (NVDA) and Corning (GLW) said Wednesday they have entered a multiyear commercial and technology partnership to expand US manufacturing of advanced optical connectivity technology to power AI infrastructure. Under the partnership, Corning will increase its US-based optical technology production capacity by 10x and expand its US fiber production capacity by over 50%, the companies said. In connection with the partnership, Corning said Wednesday in an SEC filing that it sold a warrant to Nvidia to buy up to 15 million shares of its common stock at an exercise price of $180.00 per share. Nvidia also acquired a pre-funded warrant to buy up to 3 million shares of common stock at an exercise price of $0.0001 per share, for an aggregate purchase price of $500 million, Corning said. Nvidia shares were up 5.2%, while Corning shares were up 13.8%.Uber Technologies (UBER) reported Q1 non-GAAP earnings Wednesday of $0.72 per share, up from $0.50 a year earlier and above the FactSet consensus of $0.69. First-quarter revenue was $13.2 billion, up from $11.53 billion a year ago and compared to the FactSet consensus of $13.28 billion. For Q2, Uber said it expects non-GAAP EPS of $0.78 to $0.82, compared to the FactSet consensus of $0.79. The company said it expects Q2 gross bookings of $56.25 billion to $57.75 billion, above the FactSet consensus of $56.17 billion. Uber shares were up 8.2%.Walt Disney (DIS) reported fiscal Q2 adjusted earnings Wednesday of $1.57 per diluted share, up from $1.45 a year earlier and above the FactSet consensus estimate of $1.49. Fiscal Q2 revenue was $25.17 billion, up from $23.62 billion a year ago and above the FactSet consensus of $24.87 billion. For fiscal 2026, the company said it expects adjusted EPS growth of about 12%, excluding the impact of the 53rd week. Disney shares were up more than 6%.IBM (IBM) said Wednesday it is working with Oracle (ORCL) to bring the power of its watsonx to Oracle Cloud Infrastructure, or OCI, in hopes of fueling "multi-agentic, AI-driven productivity and efficiency across the enterprise." Watsonx Orchestrate Ai agent offerings will be available on OCI in July, the company said. IBM shares were down 0.9%, while Oracle shares were up 1.9%.Price: $416.71, Change: $+61.45, Percent Change: +17.30%

$AMD$DIS$GLW$IBM$NVDA$ORCL$UBER
Equities

TotalEnergies Signs Contract With Dell, Nvidia To Build $117 Million Supercomputer

TotalEnergies (TTE) said Wednesday it signed an agreement with Dell Technologies (DELL) and Nvidia (NVDA) to design and install its next high-performance supercomputer, called Pangea 5, in southern France.The hardware carries an investment of more than 100 million euros ($117 million) and will multiply the computing capacity of the company by six, expanding its seismic engineering capabilities, improving underground imaging, and accelerating exploration for lower-emission hydrocarbon production, the company said.The new supercomputer will also support artificial intelligence research applications and optimize processing times for complex digital models, TotalEnergies said.The company also said the new processors will cut energy consumption by around 40% while capturing residual heat to warm facility buildings when operations begin in 2027.Shares of TotalEnergies were down 4.2%, while shares of Dell were up 2.8% in Wednesday premarket activity.

$DELL$NVDA$TTE
Wire

ServiceNow Expands Strategic Agreements Across Multiple Partnerships

ServiceNow (NOW) said Tuesday it is significantly expanding its partnership with Nvidia (NVDA) to extend agentic artificial intelligence governance from desktops to data centers.This includes the introduction of Project Arc, a new enterprise autonomous desktop agent secured by the Nvidia OpenShell runtime, that will autonomously complete complex work for employees, according to the company.Also, ServiceNow entered an expanded multi-year strategic agreement with Lenovo to allow enterprises to cut costs, increase productivity, improve governance through AI-native workflow automation, according to a statement.ServiceNow and FedEx (FDX) are also expanding their collaboration by embedding trusted logistics intelligence from FedEx Dataworks directly into existing ServiceNow Source-to-Pay journeys, as well as building net-new supply chain management workflows, the company added.Additionally, ServiceNow announced an expansion of its strategic partnership with Microsoft (MSFT) for a deepened product integration between ServiceNow AI Control Tower and Microsoft Agent 365.Price: $91.54, Change: $-0.43, Percent Change: -0.47%

$FDX$MSFT$NOW$NVDA
Wire

Market Chatter: US Seeks to Ease Global Memory Chip Shortage Through Coalition With Allies

The US is trying to ease the global memory chip shortage through a supply chain coalition with allies in Asia, Europe, and the Middle East, Nikkei Asia reported Tuesday, citing Undersecretary of State for Economic Affairs Jacob Helberg.The Pax Silica initiative, which was launched in December, aims to secure supply chains for semiconductors, artificial intelligence, and critical minerals, while reducing reliance on China, according to the report. Fourteen countries, including India, Japan, South Korea, Singapore, and the Philippines, have joined, with Norway expected to join this week, Nikkei Asia said.The report added that President Donald Trump is expected to visit Beijing on May 14 to 15, and may discuss semiconductor and rare earth export controls with Chinese President Xi Jinping. "Regardless of the outcome of the meeting, initiatives such as Pax Silica that support supply chain de-risking from China will continue," Helberg was quoted as saying.The US Department of State didn't immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $197.71, Change: $-0.83, Percent Change: -0.42%

$NVDA
US Markets

AI Chipmaker Cerebras Targets Raising Up To $4 billion in IPO

Cerebras Systems plans to kick off the roadshow for its proposed initial public offering as the artificial intelligence chipmaker targets raising up to a little over $4 billion.The company is looking to offer 28 million class A common shares at between $115 and $125 per share, according to a preliminary prospectus filed with the Securities and Exchange Commission on Monday. The underwriters will have a 30-day option to purchase up to an additional 4.2 million class A shares.The aggregate share count yields about $4.03 billion, based on the top end of the expected price range' calculations showed.Cerebras has applied to list its class A shares on the Nasdaq Global Select Market under the symbol "CBRS," according to the filing.The company in October 2025 dropped its plans to go public, shortly after it raised $1.1 billion in a funding round at $8.1 billion post-money valuation.Cerebras, which competes with companies including Nvidia (NVDA) and Advanced Micro Devices (AMD) in the hardware category, reported 2025 net income of $1.38 per share on revenue of $510 million. That compares with a loss of $9.90 per share and revenue of $290.3 million in 2024.It also competes with cloud service providers such as Amazon (AMZN) Web Services and Microsoft's (MSFT) Azure, according to the filing.In April, the company said it had raised $2.85 billion in capital over a period of eight months, including a new credit facility for up to $850 million.Price: $196.70, Change: $-1.76, Percent Change: -0.88%

$AMD$AMZN$MSFT$NVDA
Asia Markets

US Equity Indexes Scale New Peaks This Week Amid Lift From Mega-Cap Earnings, Crude Oil

US equity indexes jumped this week as communications services and energy topped sector charts in a broad-based rally, reflecting the positive impact of mega-cap earnings and crude oil.* The S&P 500 closed at 7,230.12 on Friday versus 7,153.06 a week ago. The Nasdaq Composite stood at about 25,114.44, compared with 24,774.11 a week earlier. The Dow Jones Industrial Average ended at 49,499.27, versus 49,153.47 at the end of last week.* All but one sector, basic materials, rose this week. The top five sectors included financials, consumer defensive, and real estate, which shows a broadening of leadership to value-oriented areas.* Three Magnificent-7 stocks ended the week lower -- Meta Platforms (META), Nvidia (NVDA), and Microsoft (MSFT), according to data compiled by Finviz. Of the remaining four mega-caps, Alphabet (GOOG, GOOGL) led the pack with a gain of almost 12%. Except for Nvidia, all Mag-7 companies have so far reported quarterly results, with four of the six firms trading higher this week.* Among companies with a market capitalization of more than $200 billion, the top gainer was Intel (INTC), whose strong quarterly results translated into a weekly gain of almost 21%.* Brent crude oil futures soared to a four-year high this week before retreating, and West Texas Intermediate futures remained above the psychologically important $100 mark.* On Friday, Iran handed Washington a new proposal for ending the war, offering hints of compromise, The Wall Street Journal reported. The two sides remain far apart, however, on substantive issues of reopening the Strait of Hormuz and Iran's nuclear program, people familiar with the matter told the WSJ.* "They want to make a deal but I'm not satisfied with it," Trump told reporters at the White House Friday, according to Bloomberg. "We just had a conversation with Iran. Let's see what happens. But I would say that I am not happy."

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$INTC$META$MSFT$NVDA
Wire

Top Midday Stories: Apple Tops Fiscal Q2 EPS, Revenue Estimates, Raises Dividend; Pentagon Strikes Deals With 7 AI Companies

All three major US stock indexes were up in late-morning trading Friday, as The Street looks to close out a tumultuous week of trading on a high note.In company news, Apple (AAPL) reported fiscal Q2 earnings late Thursday of $2.01 per diluted share, up from $1.65 a year earlier and above the FactSet consensus of $1.95. Fiscal Q2 revenue was $111.18 billion, up from $95.36 billion a year ago and above the FactSet consensus of $109.46 billion. Apple's board raised its quarterly dividend by a cent to $0.27 per share, payable May 14 to stockholders of record as of May 11. The board also authorized an additional program to repurchase up to $100 billion of common shares. Apple shares were up 4.5% around midday.The US Department of Defense said Friday it has entered into agreements with seven of the largest artificial intelligence companies to deploy their AI capabilities on its classified networks. The Pentagon said it reached deals with Alphabet's (GOOG, GOOGL) Google, Nvidia (NVDA), Microsoft (MSFT), Amazon's (AMZN) Amazon Web Services, SpaceX, OpenAI and Reflection. Alphabet's Class C and Class A shares were down 0.1% and up 0.1%, respectively. Shares of Nvidia, Microsoft and Amazon were down 0.3%, up 1.7% and up 1.7%, respectively.Exxon Mobil (XOM) reported Q1 adjusted earnings Friday of $1.16 per diluted share, down from $1.76 a year earlier but above the FactSet consensus of $0.98. First-quarter revenue and other income was $85.14 billion, up from $83.13 billion a year ago and above the FactSet consensus estimate of $81.13 billion. Exxon Mobil shares were down 0.8%.Chevron (CVX) reported Q1 adjusted earnings Friday of $1.41 per diluted share, down from $2.18 a year earlier but above the FactSet consensus of $0.97. First-quarter revenue and other income was $48.61 billion, up from $47.61 billion a year ago but below the FactSet consensus of $51.86 billion. Chevron shares were down 1.2%.SanDisk (SNDK) reported fiscal Q3 adjusted earnings late Thursday of $23.41 per diluted share, up from a loss of $0.30 a year earlier and above the FactSet consensus of $14.62. Fiscal Q3 revenue was $5.95 billion, up from $1.70 billion a year ago and above the FactSet consensus of $4.72 billion. For fiscal Q4, the company said it expects adjusted EPS of $30 to $33 on revenue of $7.75 billion to $8.25 billion. Analysts polled by FactSet expect $23.38 and $6.62 billion, respectively. SanDisk shares were down 0.5%.Price: $284.89, Change: $+13.54, Percent Change: +4.99%

$AAPL$AMZN$CVX$GOOG$GOOGL$MSFT$NVDA$SNDK$XOM
US Markets

Stocks Mostly Up Pre-Bell as Investors Await More Corporate Earnings

The benchmark US stock measures were mostly pointing higher before the open Friday as investors await the week's final round of corporate earnings and track ongoing Middle East tensions, with no apparent signs of progress toward a peace deal between Washington and Tehran.The S&P 500 rose 0.1% and the Dow Jones Industrial Average added 0.2% in premarket activity, while the Nasdaq was off 0.1%. The indexes finished Thursday's trading session in the green, with the S&P 500 and Nasdaq logging new closing highs.Oil giants Exxon Mobil (XOM) and Chevron (CVX) are scheduled to release their latest quarterly results before the bell, along with Colgate-Palmolive (CL), Estee Lauder (EL), Moderna (MRNA), Magna International (MGA) and Newell Brands (NWL).Shares of Apple (AAPL) advanced 2.8% pre-bell as the iPhone maker's fiscal second-quarter results topped market estimates. Reddit (RDDT) climbed 16% after the social media platform recorded better-than-expected first-quarter results and issued an upbeat revenue outlook for the ongoing three-month period at the midpoint. Nvidia (NVDA) rebounded 0.4% following a 4.6% decline at the close of Thursday.President Donald Trump told reporters at the White House on Thursday that the US will maintain its naval blockade of Iranian ports, according to Bloomberg News. "Their economy is crashing, the blockade is incredible," Trump reportedly said. "So we'll see how long they hold out."Iran's new supreme leader, Mojtaba Khamenei, reportedly said Thursday that Iran will defend its nuclear and missile capabilities.West Texas Intermediate crude oil inclined 0.3% to $105.43 a barrel before the opening bell, while Brent increased 0.9% to $111.37.US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures, government data showed Thursday.Separate official data showed that inflation, as measured by the personal consumption expenditure price index, accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring.Treasury yields were down in premarket action, with the two-year rate nudging 0.1 basis point lower to 3.88% and the 10-year rate decreasing 0.8 basis point to 4.38%.Friday's economic calendar has the final Purchasing Managers' manufacturing index for April at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am. The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.Gold fell 1.1% to $4,578 per troy ounce, while bitcoin rose 1.1% to $77,248.

Dow JonesNasdaq CompositeS&P 500$AAPL$CL$CVX$EL$MGA$MRNA$NVDA$NWL$RDDT$XOM
Treasury

Market Chatter: Nvidia-Linked Data Center Raises $4.6 Billion From Junk Bond Sale

A Nevada data center project tied to Nvidia (NVDA) has raised $4.59 billion through a junk-bond sale, underscoring a rise in deals for AI infrastructure funding, Bloomberg reported on Tuesday, citing a person familiar with the matter.The deal, backed by Tract Capital Management and Fleet Data Centers, priced five-year notes at a 6.74% yield, the report said.The project, a 200-megawatt facility in Nevada, is expected to be leased to Nvidia.The deal was priced during broader volatility in data center-linked stocks and bonds, as concerns grow over whether the rapid expansion in AI-related spending will deliver expected returns, Bloomberg said.Nvidia did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$NVDA
US Markets

Nasdaq, S&P 500 Retreat From Record Highs as Tech Stocks Fall

The Nasdaq Composite and the S&P 500 retreated from record highs as technology stocks fell following a report flagging potential trouble at artificial intelligence leader OpenAI.The Nasdaq fell 0.9% to 24,663.8, while the S&P 500 shed 0.5% to 7,138.8. The Dow Jones Industrial Average edged down 0.1% to 49,141.9. Six of the 11 sectors were in the green, led by energy, while technology saw the steepest decline.Tech bellwether Nvidia (NVDA) lost 1.6%, the second-worst performer on the Dow. Broadcom (AVGO), Advanced Micro Devices (AMD), Oracle (ORCL), and Intel (INTC) also declined.OpenAI recently missed its own targets for new users and revenue, The Wall Street Journal reported. Chief Financial Officer Sarah Friar told other companies that OpenAI may not be able to pay for computing contracts if revenue growth doesn't accelerate, The Journal reported.Wedbush Securities dismissed such concerns."Overall, we believe OpenAI has been tracking very high demand on both the consumer and enterprise front and we strongly disagree with the notion that growth is weakening," Wedbush analyst Dan Ives wrote in a client note Tuesday. "We believe that recent concerns around OpenAI are overblown with the company having enough capital to fulfill its compute capacity needs over at least the next three years following the company's recent $122 billion funding round."In other company news, Coca-Cola (KO) lifted its full-year earnings growth outlook on Tuesday as the beverages giant posted fiscal first-quarter results above market expectations amid pricing and volume gains. The stock advanced 3.9%, the best performer on the Dow.Spotify Technology (SPOT) shares tumbled 12% after the audio-streaming platform's premium subscriber growth and outlook disappointed investors.West Texas Intermediate crude was up 3.7% at $99.89 per barrel in Tuesday late-afternoon trade, while Brent crude climbed 2.7% to $111.16.US President Donald Trump and national security officials are skeptical of Iran's new offer to open the Strait of Hormuz and delay talks on uranium enrichment, The Journal reported, citing American officials.Mediators in Pakistan expect a revised proposal from Iran in the next few days to end the war, CNN reported, citing sources close to the mediation process.Elsewhere in the world, the United Arab Emirates has decided to leave the Organization of the Petroleum Exporting Countries on Friday, in a move that Rystad Energy said makes the cartel "structurally weaker."The UAE is one of the few OPEC members, including Saudi Arabia, that have spare capacity, Rystad said in a note. OPEC uses a production quota system to stabilize global oil markets."Its departure therefore removes one of the core pillars underpinning OPEC's ability to manage the market," Rystad Head of Geopolitical Analysis Jorge Leon wrote.The Federal Reserve's monetary policy committee kicked off its two-day meeting on interest rates, with a decision due Wednesday. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a third consecutive meeting. Fed Chairman Jerome Powell will hold a post-meeting press conference at 2:30 pm ET tomorrow."Investors will be listening closely for an updated assessment of economic conditions, particularly inflation, in the wake of the ongoing conflict overseas," Stifel Chief Economist Lindsey Piegza said in a report e-mailed to."A rising level of concern could signal a willingness to hold rates steady for a prolonged period of time or even open up the possibility of a rate hike, while any mention of a temporary or expected 'transitory' impact will likely bolster expectations for a potential return to rate cuts," Piegza said.In economic news, US consumer confidence rose in April amid an improvement in labor market perceptions, though there were concerns about elevated gasoline prices driven by the Middle East conflict, according to a survey by the Conference Board.US Treasury yields were higher, with the 10-year rate up 1.1 basis points at 4.36% and the two-year rate rising 4.5 basis points to 3.85%.Gold was down 1.8% at $4,609 per troy ounce, while silver lost 2.6% to $73.10 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$AVGO$INTC$KO$NVDA$ORCL$SPOT
US Markets

Concerns Fueled by OpenAI Report Overblown as Demand Remains Strong, Wedbush Says

OpenAI continues to see strong enterprise demand, Wedbush Securities said, dismissing growth concerns that surfaced after a report showed that the ChatGPT parent missed its sales targets.Shares of several chip makers came under pressure Tuesday, including Nvidia (NVDA), Broadcom (AVGO) and Advanced Micro Devices (AMD), as The Wall Street Journal reported that OpenAI recently fell short of its own targets for new users and revenue.Chief Financial Officer Sarah Friar told other companies that OpenAI may not be able to pay for computing contracts if revenue growth doesn't accelerate, The Journal reported. OpenAI is aiming for an initial public offering, according to media reports."Overall, we believe OpenAI has been tracking very high demand on both the consumer and enterprise front and we strongly disagree with the notion that growth is weakening," Wedbush analyst Dan Ives wrote in a client note Tuesday. "We believe that recent concerns around OpenAI are overblown with the company having enough capital to fulfill its compute capacity needs over at least the next three years following the company's recent $122 billion funding round."The brokerage allayed concerns particularly about Oracle (ORCL), which counts OpenAI among its largest cloud customers. OpenAI in September 2025 signed a deal to purchase $300 billion in computing power from Oracle over a five-year period, The Journal reported at the time.That deal, which reflects the bulk of Oracle's $553 billion backlog, is expected to drive $30 billion in revenue for the cloud computing company, according to Wedbush.Oracle shares declined 3.6% in late Tuesday afternoon trade, and have slumped about 14% so far this year."We believe the pullback in (Oracle) shares represent a solid buying opportunity with OpenAI set to go public by the end of this year providing the company with fresh access to capital from public markets," Ives said.Last month, Oracle reported fiscal third-quarter results that surpassed Wall Street's estimates, buoyed by strong demand for cloud computing amid an artificial intelligence boom. Earlier this year, the company said it was planning to raise up to $50 billion to expand its cloud infrastructure business and add capacity to meet demand from some of the largest tech companies.Price: $166.51, Change: $-6.46, Percent Change: -3.73%

$AMD$AVGO$NVDA$ORCL
Sectors

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks fell late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) dropping 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) slumping 4.4%.The Philadelphia Semiconductor index shed 3.3%.In corporate news, OpenAI recently missed its own targets for new users and revenue, the Wall Street Journal reported late Monday, citing people familiar with the matter. Tech bellwether Nvidia (NVDA) fell 1.2%, Broadcom (AVGO) dropped 4.2%, Advanced Micro Devices (AMD) shed 3.1%, Oracle (ORCL) lost 3.6%, and Intel (INTC) declined 1.4%.Lam Research (LRCX), Applied Materials (AMAT) and KLA (KLAC) were among the chip equipment companies believed to have received a letter last week from the US Department of Commerce ordering them to halt certain tool shipments to China's second-largest chipmaker Hua Hong, Reuters reported. Lam declined 3%, Applied Materials dropped 5.1%, and KLA shed 4.1%.Amazon.com (AMZN) plans to make OpenAI's artificial intelligence models available to its customers after Microsoft (MSFT) relinquished its exclusive rights to resell the ChatGPT maker's products, Bloomberg reported Tuesday, citing Amazon Web Services CEO Matt Garman in a Bloomberg Television interview. Amazon shares were down 0.6%, and Microsoft rose 0.6%.Spotify Technology (SPOT) reported stronger-than-expected Q1 profit, but its premium subscriber growth and outlook disappointed investors. The stock fell 12%.

$AMAT$AMD$AMZN$AVGO$INTC$KLAC$LRCX$MSFT$NVDA$ORCL$SPOT
Sectors

Sector Update: Tech Stocks Fall Tuesday Afternoon

Tech stocks fell Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) dropping 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) slumping 4.5%.The Philadelphia Semiconductor index shed 3.7%.In corporate news, OpenAI recently missed its own targets for new users and revenue, the Wall Street Journal reported late Monday, citing people familiar with the matter. Tech bellwether Nvidia (NVDA) fell 2.2%, Broadcom (AVGO) dropped 4.7%, Advanced Micro Devices (AMD) shed 2.7%, Oracle (ORCL) lost 3.8%, and Intel (INTC) declined 1.7%.Lam Research (LRCX), Applied Materials (AMAT) and KLA (KLAC) were among the chip equipment companies believed to have received a letter last week from the US Department of Commerce ordering them to halt certain tool shipments to China's second-largest chipmaker Hua Hong, Reuters reported. Lam declined 3.5%, Applied Materials dropped 5.5%, and KLA shed 3.5%.Spotify Technology (SPOT) reported stronger-than-expected Q1 profit, but its premium subscriber growth and outlook disappointed investors. The stock fell 13%.

$AMAT$AMD$AVGO$INTC$KLAC$LRCX$NVDA$ORCL$SPOT
Sectors

Sector Update: Tech

Tech stocks fell Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) dropping 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) slumping 4.9%.The Philadelphia Semiconductor index shed 4.2%.In corporate news, OpenAI recently missed its own targets for new users and revenue, The Wall Street Journal reported, citing unnamed sources. "The WSJ in part frames this story as a concern for datacenter spend, with OpenAI having over invested while sales are slowing," Wedbush analyst Matt Bryson said in a note. "We believe infrastructure demand remains robust, driven in large part by (artificial intelligence) usage growth, creating a broad based demand driver for semiconductor and component vendors." Tech bellwether Nvidia (NVDA) fell 2.9%, Broadcom (AVGO) dropped 5.1%, Advanced Micro Devices (AMD) shed 3.8%, Oracle (ORCL) lost 3.7%, and Intel (INTC) was down 2.9%.

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US Markets

Equities Mostly Lower Intraday as OpenAI Report Sparks Tech Sell-Off

US benchmark equity indexes were mostly lower intraday, with technology stocks under pressure following a report that OpenAI missed its sales target, while oil prices rose.The Nasdaq Composite was down 1.3% at 24,575.3 after midday Tuesday, while the S&P 500 shed 0.7% to 7,127. The Dow Jones Industrial Average rose 0.2% to 49,268.9. Among sectors, technology saw the steepest decline, shedding 1.9%, while energy paced the gainers.Tech bellwether Nvidia (NVDA) was down 3% intraday, the worst performer on the Dow. Broadcom (AVGO), Advanced Micro Devices (AMD), Oracle (ORCL), and Intel (INTC) also declined. Microsoft (MSFT), however, was up 0.7%.OpenAI recently missed its own targets for new users and revenue, The Wall Street Journal reported, citing unnamed sources."The WSJ in part frames this story as a concern for datacenter spend, with OpenAI having over invested while sales are slowing," Wedbush Securities analyst Matt Bryson said in a note e-mailed to. "We believe infrastructure demand remains robust, driven in large part by (artificial intelligence) usage growth, creating a broad based demand driver for semiconductor and component vendors."In other company news, Coca-Cola (KO) lifted its full-year earnings growth outlook on Tuesday as the beverages giant posted fiscal first-quarter results above market expectations amid pricing and volume gains. The stock was up 6.3% intraday, the best performer on the Dow and the second-biggest gainer on the S&P 500.Spotify Technology (SPOT) shares were down 13% after the audio-streaming platform's premium subscriber growth and outlook disappointed investors.West Texas Intermediate crude was up 3.6% at $99.84 per barrel, while Brent crude climbed 2.8% to $111.34.US President Donald Trump and national security officials are skeptical of Iran's new offer to open the Strait of Hormuz and delay talks on uranium enrichment, The Journal reported, citing American officials.Elsewhere in the world, the United Arab Emirates has decided to leave the Organization of the Petroleum Exporting Countries on Friday, in a move that Rystad Energy said makes the cartel "structurally weaker."The UAE is one of the few OPEC members, including Saudi Arabia, that have spare capacity, Rystad said in a note. OPEC uses a production quota system to stabilize global oil markets."Its departure therefore removes one of the core pillars underpinning OPEC's ability to manage the market," Rystad Head of Geopolitical Analysis Jorge Leon wrote.The Fed's monetary policy committee kicked off its two-day meeting on interest rates, with a decision due Wednesday. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a third consecutive meeting, according to the CME FedWatch tool.US Treasury yields were higher intraday, with the 10-year rate up 1.8 basis points at 4.36% and the two-year rate rising 4.1 basis points to 3.84%.Gold was down 2.1% at $4,593.10 per troy ounce, while silver lost 2.8% to $72.95 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$AVGO$INTC$KO$MSFT$NVDA$ORCL$SPOT
Wire

Nvidia Launches Multimodal AI Model to Combine Vision, Speech and Language

Nvidia (NVDA) said Tuesday it has launched Nemotron 3 Nano Omni, an open multimodal AI model designed to combine vision, speech and language capabilities into a single system.The model can process text, images, audio and video together, eliminating the need for separate models, and it has more accuracy in tasks such as document intelligence, audio-video reasoning and computer-use applications, the company saidNvidia said the model delivers up to nine times higher throughput than comparable models, reducing costs and improve scalability while maintaining responsiveness.Nemotron 3 Nano Omni has been adopted by companies such as Foxconn and Palantir (PLTR), and others such as Dell Technologies (DELL) and DocuSign (DOCU) are evaluating the technology, Nvidia said.Price: $209.59, Change: $-7.02, Percent Change: -3.24%

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