AI Cost Worries, Leaders Gather to Honor Senator Graham, More
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News when you want it with Bloomberg News Now, I'm Amy Morris. A sell-off in semiconductor stocks deepened as signs of progress in China's advanced chipmaking compounded worries about whether AI's spending boom is sustainable.
How are AI-driven spending worries affecting semiconductor stocks?
Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence. it's more of a recognition that all of these hyperscalers are going into negative free cash flow territory now and it's going to happen for everyone hear more from mandeep singh on the bloomberg intelligence podcast the nasdaq 100 index is trading near a correction now seven tenths of a percent lower spacex shares bounced back after temporarily erasing one fifth of their value since its record-setting debut. That was a drop of more than $1.2 trillion in market value from its peak. SpaceX now 1.5% higher. Apple became just the second company ever to achieve a $5 trillion market valuation. It has since dipped back below that threshold.
If the stock closes above $340.43 today, it will cross that threshold again. Apple shares now less than 1% higher at $339 per share. NVIDIA CEO Jensen Huang reportedly met with Commerce Secretary Howard Lutnick today as the Trump administration investigates potential violations involving NVIDIA chip exports to China. Axios reports it is not immediately clear what the men discussed. Stocks climb as the oil decline has outweighed the chip sell-off. We check markets for you all day long here at Bloomberg. The S&P 500 is up a quarter percent. NASDAQ down a tenth of a percent. The Dow up 1.1 percent. The 10-year Treasury yield at 4.6 percent and the 2-year yield at 4.27 percent. WTI now at $79 a barrel and Brent crude right at $84 a barrel.
Oil prices now off those session lows, still more than 4% lower. The Philadelphia Semiconductor Index now more than 4% lower. Led by Micron, it has fallen more than 9%. Consumer confidence fell in July. Americans' views about current business conditions and the labor market deteriorating. The conference board's gauge of confidence decreased 1.4 points. That's down to 90.8. That's after an upward revision the month before. Senior U.S. economist Yelena Sheleteva with the conference board says it's still part of a downward trend.
Remember that the previous number was revised up slightly, but overall consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021.
Senior U.S. economist Yelena Shileteva with the conference board on Bloomberg Intelligence. Washington today is bidding farewell to longtime South Carolina Senator Lindsey Graham. The funeral service taking place at this hour at the National Cathedral.
What does negative free cash flow mean for hyperscalers and Nvidia?
Earlier, a ceremony was held at the Capitol Rotunda. Vice President J.D. Vance.
Lindsey Graham loved people from all walks of life. I think in part because of the way that he grew up, because of the fact that he wasn't handed everything. He was fascinated in everybody.
Vice President Vance. President Trump is to give the eulogy. Ukrainian President Vladimir Zelensky and Israeli Prime Minister Benjamin Netanyahu are there. Netanyahu and President Trump had a lengthy meeting at the White House. Bloomberg's Jerusalem correspondent Dan Williams.
This is their first meeting since they launched that war against Iran. The Israeli prime minister, at the very least, wants to close ranks with his chief ally, President Trump, to speak to Trump and make sure that the bilateral relationship is still on track, given Trump's obvious exasperation with so far failed attempts to wrest back control of the strategic Strait of Hormuz.
Bloomberg's Dan Williams on balance of power. A spokesman for Netanyahu says the U.S.
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