Today’s news for June 24, 2024
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The European Commission has accused Apple (AAPL) for violation of its law on digital markets; NVIDIA (NVDA) stocks have extended their decline since the end of last week while Chairman and Chief Executive Officer (CEO) Jensen Huang sells shares of artificial intelligence (AI) Dear; Broadcom (AVGO) is reportedly in talks with ByteDance, TikTok’s Chinese parent company, to produce an advanced AI chip amid growing geopolitical tensions with the United States; Bitcoin (BTCUSD) is trading around $61,000 and trailing crypto-related stocks like Robinhood Markets (HOOD), Coinbase Global (PIECE OF MONEY), Marathon Digital Holdings (MARA) and anti-riot platforms (RIOT); and China reportedly told Germany that European luxury car makers could benefit if Berlin convinced Germany. European Union (EU) drop tariffs on Chinese exports of electric vehicles (EVs). U.S. stock futures are up to start a week after the S&P 500 briefly reached the 5500 mark and Nvidia had a short-lived stint as the most valuable company in the world. Here’s what investors need to know today.
1. Apple faces EU charges for violating Digital Markets Act
Apples (AAPL) App Store rules prevent app developers from “freely directing consumers” to other channels, the European Commission said, accusing the iPhone maker of violating its recently implemented tech law . The Commission said that, in its preliminary opinion, Apple had violated its broad new law on digital markets. Apple is the first company to be accused of non-compliance with the new law, aimed at opening up the activities of technology companies to wider competition. Separately, The Wall Street Journal reported that Apple, which is lagging behind in the AI race, has held discussions with rivals Meta Platforms (META) on the integration of the generative AI model of parent Facebook into Apple Intelligence, the new technological system from the iPhone manufacturer. Apple shares were little changed in premarket trading, while Meta’s shares were up less than 1%.
2. Nvidia Falls Before Shareholders Meeting as CEO Huang Sells Stock
NVIDIA (NVDA) the actions are fall even moredown more than 2% in pre-market trading, after the artificial intelligence (AI) the star briefly overtook Microsoft (MSFT) as the the most valuable company in the world last Tuesday. According to Securities and Exchange Commission (SEC) over the past two weeks, CEO Jensen Huang has sold shares of the company. Nvidia shares, which have surged 164% this year following a wave of investor enthusiasm for all things AI, will be the center of attention this week ahead of its launch. annual meeting of shareholders Wednesday. The chip designer is also reportedly supplying its technology to Middle Eastern telecommunications giant Ooredoo.
3. Broadcom reportedly in talks with ByteDance to create advanced AI chip
Broadcom (AVGO) is reportedly in talks with ByteDance, TikTok’s Chinese parent company, to produce an advanced AI chip, an unusual partnership at a time when the United States is trying to limit China’s access to cutting-edge semiconductors. Taiwanese semiconductor manufacturer Taiwan Semiconductor Manufacturing Company (TSM) will produce the 5nm chip, which would comply with US export restrictions, according to Reuters, who reported on the negotiations. Broadcom already provides ByteDance data centers with a legacy AI processor. Broadcom shares were little changed in premarket trading.
4. Bitcoin continues to fall, drags down Robinhood and Coinbase
Bitcoin (BTCUSD) continues to decline and is now trading around $61,000, a far cry from the record high of over $73,000 set in March, following the SEC’s approval of cryptocurrency-based ETFs. turbocharged request. Bitcoin continued to lose ground even as inflation data colder than expected generally supported the stocks. Bitcoin’s decline is weighing on cryptocurrency-related stocks, according to trading app Robinhood Markets (HOOD) down 1.3% in pre-market trading and cryptocurrency exchange Coinbase Global (PIECE OF MONEY) down 3%. Bitcoin miners Marathon Digital Holdings (MARA) and anti-riot platforms (RIOT) also decrease by about 3% each.
5. China suggests German cars could benefit from Beijing’s decision to halt electric vehicle tariff hikes
China told Germany that European luxury car makers could benefit if Berlin convinced Germany. European Union (EU) lower customs duties on Chinese exports of electric vehicles (EV), Bloomberg reported. The EU has announced its intention to impose tariffs of up to 38.1% on imported Chinese electric vehicles earlier this month, weeks after the United States announced it would increase tariffs on imports of Chinese electric vehicles to 100% from 25% This year. China currently imposes 15% tariffs on passenger vehicles from the EU and has suggested to Berlin that it could reduce its existing tariffs on large engines in exchange for removing EU taxes on imports, according to the report.
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