"No one survives"! Popular Technology stocks fell across the board, with MSTR down over 7%, Palantir down nearly 6%, and NVIDIA down almost 5%.
Last Friday, the chip stocks that led the decline in the US stock market continued to fall, with Micron Technology dropping over 6% at one point; AppLovin, which had the highest increase in the Nasdaq last year, fell over 3% intraday; Algo "meme stocks" collectively experienced double-digit declines, with D-Wave Quantum falling over 30% intraday. Following last Friday's employment report that dampened rate cut expectations, the US stock market faced additional Bearish news: the Biden administration announced AI-related export controls; NVIDIA's new generation Datacenter chip was reported to have received order cancellations from customers due to malfunction.
Express News | Shares of Technology Companies Are Trading Lower Amid the White House's Decision to Restrict AI Chip Exports
TSM Set to Report Q4 Earnings: Buy, Sell or Hold the Stock?
Before the end of Biden's term, efforts are being made to finalize the chip bill agreement, and HP Inc (HPQ.US) received $53 million in direct financing.
As part of the USA CHIPS Act, HP Inc (HPQ.US) has won up to 53 million USD in direct funding to support next-generation technologies and the domestic manufacturing of the "lab-to-fab" ecosystem.
Express News | Biden unveils the latest round of AI chip curbs aimed at China and Russia. Nvidia, ASML, and TSMC fall more than 2%.
Nvidia Says New Chip Rule 'Will Derail AI Progress for Industries'
