Yahoo Finance
Tech stocks were moved lower on Wednesday, despite the AI trade helping to catapult Micron (MU) and SK Hynix (000660.KS) to hit a $1 trillion valuation for the first time on Tuesday.
Micron stock surgedafter UBS analysts published a note that nearly tripled their price target on the stock, arguing that artificial intelligence has changed the way investors should value the company.
Micron and SK Hynix’s peer in the memory chip space, Samsung (005930.KS), reached a $1 trillion valuation earlier this month.
Samsung stock rose on Wednesday after the company reached a bonus pay deal with unionized workers, ending a five-month dispute.
Among semiconductor stocks, Qualcomm stock (QCOM) fell on Wednesday following a report that the chipmaker reached a deal with TikTok owner ByteDance to supply AI data center chips.
Nvidia (NVDA) was also in the red, as the AI industry leader continued to see muted stock action following itsquarterly resultsthat beat Wall Street expectations last week.
Meanwhile, investors continue to assess what looming mega IPOs from SpaceX (SPAX.PVT), OpenAI (OPAI.PVT), and Anthropic (ANTH.PVT) mean for the booming AI and tech trade.
Last week, Elon Musk’s rocket company SpaceXfiled its S-1 IPO prospectus, revealing details of its financials.
ChatGPT creator OpenAI is reportedly planning to file for an initial public offering in the coming weeks, and its competitor, Anthropic, is expected to follow soon, with an IPO as early as this fall.
Samsung’s (005930.KS) unionized workers approved a bonus pay deal on Wednesday, averting an 18-day work stoppage that would have rippled across global supply chains.
Shares of the South Korean memory chip maker jumped 2.6% in Seoul on Wednesday.
Nearly three-quarters of Samsung’s workers were in support of the deal, according tothe Korea Herald.The agreement awards unionized workers an average bonus of about $340,000, ending a five-month dispute between the company and its workers.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
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| EN590 Diesel | $846/MT | +0.18% |
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| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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