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Yahoo
9 minutes ago
- Yahoo
Nvidia Hits $4 Trillion--And It's Still Just Getting Started
Nvidia (NVDA, Financials) just crossed a milestone no company ever has before; on Wednesday, it became the first public firm in history to hit a $4 trillion market cap. Shares popped 2.5% to an all-time high of $164; the message from Wall Street is clearAI is here, and Nvidia is leading the charge. Warning! GuruFocus has detected 4 Warning Signs with NVDA. This time last year, Nvidia had just hit $1 trillion; now, in just over 12 months, it's quadrupled that figurefaster than either Apple (AAPL, Financials) or Microsoft (MSFT, Financials) ever managed. Once known for gaming GPUs; then for powering crypto mining rigs; Nvidia has reinvented itself againnow as the engine room of global AI infrastructure. The company now carries the biggest weight on the S&P 5007.3%; that's more than Apple; more than Microsoft. The stock is up 22% year-to-date; and after getting knocked down in Aprilthanks to Trump-era tariffs and Chinese AI jittersit's bounced back fast, gaining 74% from those lows. That rebound wasn't just hype; Q1 revenue jumped 69% to $44.1 billion, with earnings of 81 cents per share. And for Q2, Nvidia expects $45 billion in revenue, give or take 2%; it'll report those numbers on August 27. Despite the monster rally, the stock trades at a forward P/E of 32below its three-year average of 37; that suggests investors don't think it's overheated just yet. With that kind of trajectoryand dominancesome would argue this is Nvidia's world now; the rest of us are just living (and computing) in it. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
19 minutes ago
- Los Angeles Times
Gains for tech stocks push Nasdaq to another record
A rally in big tech stocks led the broader market to a higher close Wednesday, lifting the Nasdaq to an all-time high and helping Wall Street claw back most of its losses from earlier in the week. The S&P 500 rose 0.6% for its first gain this week. The benchmark index remains near the record it set last week after a better-than-expected U.S. jobs report. The Dow Jones Industrial Average added 0.5%. The Nasdaq composite, which is heavily weighted with technology stocks, closed 0.9% higher. The gain was good enough to nudge the index past the record high it set last Thursday. Nvidia rose 1.8% and became the first public company to exceed $4 trillion in value after its share price briefly topped $164 each in the early going. Shares in the AI boom poster child were going for around $14 per share at the start of 2023. The tech rally came as Wall Street continued to weigh the latest developments in President Donald Trump's renewed push this week to use threats of higher tariffs on goods imported into the U.S. in hopes of securing new trade agreements with countries around the globe. Wednesday was initially set as a deadline by Trump for countries to make deals with the U.S. or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has been extended to Aug. 1. This latest phase in the White House's trade war heightens the threat of potentially more severe tariffs that's been hanging over the global economy. Higher taxes on imported goods could hinder economic growth, if not increase recession risks. On Tuesday, Trump said he would be announcing tariffs on pharmaceutical drugs at a 'very, very high rate, like 200%.' He also said he would sign an executive order placing a 50% tariff on copper imports, matching the rates charged on steel and aluminum. Copper prices eased Wednesday after spiking a day earlier. Shares in mining company Freeport-McMoRan fell 1.5%. Financial markets swooned from day-to-day for weeks after the White House rolled out its proposed tariff hikes in the spring. With the new batch of U.S. taxes on imports not set to kick in until next month, that gives Wall Street a breather just as the next corporate earnings season is set to begin. 'I think most people are tired of tariff news and they're starting to realize it just doesn't matter much,' said Jay Hatfield, CEO of Infrastructure Capital Advisors. 'We're pretty bullish about earnings. I think the rest of the market is too.' Wall Street analysts predict that companies in the S&P 500 will deliver a combined 5% annual growth in second-quarter earnings, according to FactSet. That would mark the lowest growth rate for the index since the fourth quarter of 2023. Delta Air Lines kicks off earnings season on Thursday, with most analysts expecting the airline's second-quarter profit to decline from a year ago. Delta and other major U.S. carriers have trimmed their flight schedules and pulled their forecasts this year as consumers pull back on travel and other nonessential spending due to uncertainty about how Trump's tariffs will affect their budgets. Gains in technology and communication services stocks outweighed declines in energy and other sectors Wednesday. Microsoft rose 1.4%, Meta gained 1.7% and Google parent Alphabet added 1.3%. Amazon rose 1.4% a day after the online retail giant kicked off Prime Day, extending it for the first time to four days. All told, the S&P 500 rose 37.74 to 6,263.26. The Dow added 217.54 to 44,458.30, and the Nasdaq gained 192.87 to close at 20,611.34. In bond market trading, the yield on the 10-year Treasury slid to 4.34% from 4.40% late Tuesday. In overseas markets, stock indexes closed broadly higher in Europe after a mixed finish in Asia. Outside of trade talks, some corporate news surfaced Wednesday after a typically quiet early summer stretch. Pharmaceutical giant Merck is buying Verona Pharma, a U.K. company that focuses on respiratory diseases, in an approximately $10 billion deal. If approved by Verona shareholders and U.K. officials, Merck will get access to Verona's chronic obstructive pulmonary disease medication Ohtuvayre. Verona shares jumped 20.6% on the news, while Merck shares rose 2.9%. Veiga writes for the Associated Press.
Yahoo
21 minutes ago
- Yahoo
Trump's tariff changes leave Big Tech in limbo
The tech industry is once again on a knife's edge after President Trump signed an executive action on Monday delaying the implementation of his reciprocal tariffs on countries around the world until Aug. 1. The decision came just days before the prior July 9 deadline when many of Trump's original "Liberation Day" tariffs were to take hold. Trump also began sending out letters to select trading partners, including Japan and South Korea, which he said will face 25% levies if they don't reach agreements with the United States by Aug. 1. For the tech industry, the announcements mark a return to the uncertainty of April, which sent both the S&P 500 and Dow plummeting, as Trump seeks to remake the country's various trade relationships. 'It's been two steps forward, one step back,' explained Deepwater Asset Management managing partner Gene Munster. Read more: 5 ways to tariff-proof your finances 'We're still moving forward, but what it means for Big Tech is that it opens up this unknown about what happens now and in that … December quarter, because any changes probably won't really start to take effect until midway through the September quarter,' Munster added. What happens after the Aug. 1 deadline, though, is anyone's guess. For now, Trump says he won't extend the deadline, but he's also pushed it out twice already. If there's one bright side to the tariff changes, it's that they don't impact the ongoing trade negotiations between the US and China, which could have resulted in price hikes on tech products. According to the US International Trade Commission, Trump's tariffs on the country will largely remain suspended through Aug. 10. Then there are companies like Nvidia (NVDA) and Apple (AAPL), which have won a reprieve from the immediate threat of tariffs but face individual actions from the Trump administration. Nvidia is contending with a ban on the sale of its chips to China, while Apple is staring down an additional 25% tariff if it doesn't begin building its devices in the US instead of relying on manufacturing in other countries, including China and India. And every tech company is waiting on tenterhooks for the administration to announce its tariffs on semiconductor imports. It all adds up to a confusing summer for Big Tech. Among the biggest challenges for Big Tech is the inability to plan how to address the impact of tariffs in the coming months. What's more, with the US pushing for countries to exclude China from their supply chains, there's no guarantee the current cooling in the trade war between the two superpowers won't go hot again. 'I think the uncertainty, in some ways, is arguably even worse than the tariffs, certainly in the near term, because when you don't know what's going to happen, and there's a threat of relatively high numbers, then people … are going to be more cautious and wait to see what happens,' TECHnalysis Research president and chief analyst Bob O'Donnell told Yahoo Finance. 'And so the question will be, does it just go away again? Is it more TACO tariffs or not?' he added, referring to the acronym for 'Trump Always Chickens Out,' a line of thinking on Wall Street that says Trump's tariff threats are more bluster than actual economic policy. While Apple and Nvidia often come up in tariff discussions, they're far from the only tech companies that could take a hit with the latest round of levy threats. Dell (DELL), for instance, manufactures some of its PCs in Malaysia, which is facing a 25% tariff, and Samsung, which is set to launch its latest smartphones, could get hit with a 25% tariff on devices it ships to the US from its home country of South Korea. Semiconductor companies also face the prospect of tariffs related to the Commerce Department's ongoing Section 232 investigation into the national security implications of producing chips abroad. That puts chip manufacturers in a difficult position as, despite recent announcements that companies like TSMC (TSM) and Samsung are building plants in the US, the majority of semiconductors are still fabricated in Asia. According to Bernstein senior analyst Stacy Rasgon, even if the Section 232 investigation doesn't result in new chip tariffs, semiconductor manufacturers could still be hurt if tariffs on other tech goods push prices higher and force consumers to cut back on spending. Read more: What Trump's tariffs mean for the economy and your wallet Tech companies aren't the only ones left in the lurch amid the latest tariff uncertainty. Levies cloud corporate executives' vision as to the timing of large purchase orders. 'The example we like to use is you're about to do a major Windows 11 refresh on a fleet of a few 1000 laptops,' Forrester vice president and research director Mark Moccia explained. 'Now, all of a sudden, you get tariffs on the entire machine itself, or parts of the machine that are assembled. Now that means you're going to be paying a lot more potentially for that laptop replacement fleet.' Moccia added. Consumers and corporations are also left wondering what tariffs mean for their wallets. Fears that the levies will send prices of everything from smartphones and PCs to monitors and other accessories have already impacted sales and could hurt them in the second half of 2025. 'In the near term, probably the biggest dynamic we have seen is pull-in activity, not only on products, but also [on] chips,' explained KeyBanc Capital Markets analyst John Vinh. Pull-in, or pull forward, refers to sales of products that customers purchase before they might otherwise choose to in an effort to get ahead of price hikes. 'The three areas where we've seen the most amount of pull-in activities have been in PCs, smartphones, and in data centers. And since it's a pull-forward demand, it doesn't create any new demand,' Vinh explained. 'We've seen the overall supply chain, and the outlook for the second half, and even full-year, to some extent, down ticked a little bit.' Now, countries, industries, and companies have to wait to see how Trump's tariff plan plays out. Email Daniel Howley at dhowley@ Follow him on X/Twitter at @DanielHowley. Sign in to access your portfolio
