HaiKhuu Weekly Recap & Analysis
September 2 - September 6, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
Nvidia’s market cap dropped by $280 billion on Tuesday, the largest 1 day market cap loss in stock market history
Kamala Harris proposed a 28% tax on long-term capital gains for households with an annual income of $1M or more, lower than the 39.6% rate President Biden laid out in his 2025 fiscal year budget
Taiwan Semiconductor achieved production yields at its Arizona facility on par with established plants back home, an early indicator that its marquee project is on track to achieve its targets
Major Indices’ Weekly Movement:
S&P 500: -3.62%
Nasdaq: -5.51%
Dow Jones: -2.42%
Monday, September 2
Stock Related News:
Markets Closed - Labor Day
Tuesday, September 3
Stock Related News:
Tesla is set to make a 6 seat variant of its Model Y for the Chinese market, production is expected to begin in late 2025
Apple will reportedly use OLED displays for all iPhone models sold in 2025 and later, moving entirely away from liquid crystal displays
Disney leads TV companies in streaming ad war
Disney to see nearly $4.5 billion in 2024 streaming ad revenue
Nvidia’s market cap dropped by $280 billion on Tuesday, the largest 1 day market cap loss in stock market history
AMD announced that Keith Strier has joined the company as Senior VP of global AI markets
He most recently served as VP of worldwide AI initiatives at NVIDIA
The DOJ sent subpoenas to Nvidia and other companies as it seeks evidence that the chipmaker violated antitrust laws
OpenAI CEO Sam Altman’s plans to rally global investors around building infrastructure to support the growth of artificial intelligence are coming into a clearer focus, beginning with an effort in US states
Snapchat will concentrate on expanding and diversifying its underperforming advertising business with a focus on augmented reality
Economic News:
Manufacturing PMI
(Actual 47.9, Previous 48.0)
Major Indices:
S&P 500: -2.06%
Nasdaq: -3.04%
Dow Jones: -1.43%
Wednesday, September 4
Stock Related News:
Nvidia CEO Jensen Huang’s net worth dropped by $10 billion on Tuesday to $94.9B, his biggest single day net worth decline
Intel’s contract manufacturing business has suffered a setback after tests with chipmaker Broadcom failed
Qualcomm just launched the Snapdragon X Plus 8-core processor as it looks to ramp up its push into the AI PC space, taking on Intel and AMD
Microsoft investment into Inflection AI avoided in-depth scrutiny from the UK antitrust watchdog after it ruled that the hiring of ex-employees from the startup didn’t cause any regulatory concerns
Uber’s debt is now officially investment grade
Fitch Ratings has now assigned an investment-grade credit rating following S&P Global’s ratings from Monday
Bond market ‘yield curve’ returns to normal from inverted stat that had sparked fears of a recession
Citi said today it thinks a 50 point rate cut by Jerome Powell and the Fed in September is likely
Safety regulators are urging the US Consumer Product Safety Commission to investigate the ultra-cheap e-commerce platforms Shein and Temu
Verizon is in advanced talks to acquire Frontier Communications
Economic News:
Trade Deficit:
(Actual -$78.8B, Previous -$73.1B)
Job Openings:
(Actual 7.7M, Previous 7.9M)
Major Indices:
S&P 500: -0.20%
Nasdaq: -0.26%
Dow Jones: +0.04%
Thursday, September 5
Stock Related News:
TopGolf Callaway Brands just announced its plans to separate the company into 2 independent companies
Kamala Harris proposed a 28% tax on long-term capital gains for households with an annual income of $1M or more, lower than the 39.6% rate President Biden laid out in his 2025 fiscal year budget
The US, Uk, and EU are expected to sign an agreement on AI standards on Thursday
Verizon has officially agreed to buy back some of the fiber-optic lines it sold off nearly a decade ago through a $9.6 billion deal to acquire Frontier Communications
Tesla confirmed plans to launch its Full Self-Driving technology in China and Europe in Q1 of 2025, pending regulatory approval
Amazon is nearing a deal to broadcast NBA, MLB, and NHL games on Prime
Economic News:
Initial Jobless Claims:
(Actual 227k, Previous 232k)
Services PMI:
(Actual 55.7, Previous 55.2)
Major Indices:
S&P 500: -0.24%
Nasdaq: +0.09%
Dow Jones: -0.48%
Friday, September 6
Stock Related News:
Qualcomm has explored the possibility of acquiring portions of Intel’s design business
Taiwan Semiconductor achieved production yields at its Arizona facility on par with established plants back home, an early indicator that its marquee project is on track to achieve its targets
Fed’s Waller:
Current batch of data ‘requires action’ .. if appropriate, will advocate for ‘front-loading’ cuts
Important to start rate cuts at next fed meeting
Economic News:
Employment Report:
(Actual 142k, Previous 89k)
Unemployment Rate:
(Actual 4.2%, Previous 4.3%)
Hourly Wages:
(Actual 0.4%, Previous 0.2%)
Major Indices:
S&P 500: -1.68%
Nasdaq: -2.68%
Dow Jones: -0.98%
