Equities Mixed, AI Worries, Trump Meets Netanyahu, More
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What is the main topic discussed in this episode?
Next week on Leaders, with me, Francine Lacqua. I speak with investor and entrepreneur Amanda Stavely on the boldest deal of her career.
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. It was a mixed day for the equity market given a rotation out of chip makers and into more economically sensitive industries. On one hand, we had the Dow jumping 1%. However, the Philadelphia Semiconductor Index, or SOX, was down 4.5%. Now, the SOX has fallen more than 24% since hitting a high back on June 22nd. Here is Bloomberg's Mike Regan.
i think at this point there's a lot of people are just trying to sort out exactly what we're looking at is it just a correction in you know a so-called crowded trade an overheated sector or is it the beginning of something more and you know obviously when the momentum shifts to the downside uh a lot of these stories that we see in the news uh tend to have an exaggerated reaction you know there was a report in the information earlier this week that China was making some progress in building their own certain type of chip making machines, which really hit a lot of the chip making stocks pretty heavy.
That is Bloomberg's Mike Regan. NVIDIA CEO Jensen Huang defended open weight AI systems as being crucial to developing the nascent artificial intelligence industry. Huang's remarks came after a meeting with U.S. lawmakers in Washington as the government considers how to respond to a surprise breakthrough from the Chinese AI startup Moonshot. Here is Huang.
We need open weight for the American industry. We need open weights for security. We need open weights for safety. And it's really important for for the vibrancy of the whole industry.
That is Nvidia CEO Jensen Huang. Now, Axios is reporting that Huang also met with Commerce Secretary Howard Lutnick as the Trump administration investigates potential violations involving sales of Nvidia chips to China. Employees from OpenAI and Anthropic are calling on the US government to support a mechanism to prevent AI from advancing too fast. We are told staffers from both firms signed an open letter urging the US to support an international effort to help set the pace for building more sophisticated AI systems. Now, the document also says there is a real risk that AI progresses faster than people can understand, or control.
How did US equity markets behave today and which sectors led the rotation?
Today, shares in SpaceX snapped a three-day losing streak. The stock overcame some intraday weakness to close up 2.5% to 1.1641. Even so, that's down nearly 14% from the IPO price of $135. Crude oil prices declined for a third straight session as the U.S. and Iran suspended their tit-for-tat strikes. In New York, trading WTI was down by 4.1% to 79.26%. President Trump and Israeli Prime Minister Benjamin Netanyahu met today at the White House. This was their first meeting since the beginning of war with Iran. Trump also met with Ukrainian President Volodymyr Zelensky. Now, Zelensky said they discussed licenses for Patriot interceptor production and other ideas to help Ukraine defend against Russian missile and drone strikes.
These meetings, by the way, took place before the funeral service for the late Senator Lindsey Graham, where President Trump gave the eulogy.
Lindsey Graham believed in a strong America, wanted a strong America. He had unwavering faith in the righteousness of American power and prayer. He was extremely hawkish, I will tell you. He never saw war that he didn't like. Only his true friends would understand that, but he wanted it for the good of our country.
Why did semiconductor stocks plunge and is this a broader correction?
Now, ahead of Graham's funeral, a bipartisan group of senators announced an agreement to move forward on a highly anticipated Russia and Iran sanctions bill named in honor of the late senator.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–2:50
2
How did US equity markets behave today and which sectors led the rotation?
2:50–4:12
3
Why did semiconductor stocks plunge and is this a broader correction?
4:12–7:23
4
What did Nvidia's Jensen Huang say about open-weight AI after meeting US lawmakers?
7:23–8:12
Speakers
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