As the tech earnings parade rolls along, investors are closely watching Marvell Technology. The stock surged by about 8% after hours following the company’s report of better-than-expected revenue in the latest quarter. Despite this positive news, Marvell is still down by 18% from its March high. This increase in stock value also reflects positively on the VanEck Semiconductor ETF (SMH), which is currently up by 36% year-to-date. Marvell holds the 17th position in SMH, making up 1.78% of the ETF.
Performance of Major Tech Companies
On a recent Thursday, Marvell Technology’s stock took a hit as shares closed 6.4% lower. However, Nvidia reported a significant increase in revenue compared to the year-ago period, leading to a boost in their stock value. Nvidia’s stock is now 16.5% down from its peak on June 20. Moving forward, CNBC TV will be focusing on the companies that provide cooling technology for Nvidia, including Vertiv, Schneider Electric, and nVent Electric.
Tensions in China’s Tech Industry
CNBC TV’s China correspondent, Eunice Yoon, will be reporting on the growing tensions within China’s tech industry. Many fear that businesses will start moving out of China to other regions like India. This uncertainty has impacted companies like Apple, which are currently 3% down from their peak on July 15. Despite this, Apple’s stock has seen a steady increase of 20% over the past three months.
In the last 24 hours, big tech names like Apple and Nvidia have expressed interest in joining OpenAI, a notable artificial intelligence platform. This move comes after the success of Microsoft, which is already part of the initiative. Microsoft’s stock has seen fluctuations, currently standing 12% down from its peak on July 5. Despite this, the stock has still managed to stay positive, with a 10% increase in 2024.
AI Companies Taking Over Real Estate
Social media platform X has made its mark in the tech scene, prompting other big names to make room for upcoming AI companies. CNBC TV’s Kate Rooney will be covering this phenomenon. Real estate investment trusts like BXP and CBRE have seen significant changes, with BXP hitting a new high recently, reflecting a 30% increase in three months. CBRE has also seen a similar trend, hitting a new high and experiencing a 33% increase in three months.
Developments in the Gaming Industry
A French software maker is gearing up to release a new video game titled “Star Wars Outlaws” on Friday, generating buzz in the gaming industry. Despite this exciting launch, the company’s stock is currently down by 26% in 2024. Electronic Arts, another player in the gaming sector, is up by 14% in the last three months and maintaining a positive trajectory in 2024.
The Dow Jones, consisting of 30 major companies, reached a new record high on Thursday, showcasing the overall positive trend in the stock market. Among the top performers in the Dow, tech companies are notably absent. Companies like Nike, McDonald’s, Walmart, Coca-Cola, 3M, Travelers, and JPMorgan have seen significant increases in their stock values over the past month, contributing to the overall success of the index.