Nvidia’s new chip, GameStop soars

[Pelican Press 0]

Nvidia’s new chip, GameStop soars

Traders work on the floor of the New York Stock Exchange during morning trading on Feb. 23, 2024 in New York City.

Michael M. Santiago | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

OPEC+ extends cuts
OPEC and it allies agreed to

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into 2025 amid lackluster demand. A smaller group from the alliance, including Saudi Arabia and Russia, will also extend voluntary cuts of 1.7 million barrels per day. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said OPEC+ wants

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before factoring in the potential impact on energy demand. Separately, oil giant Saudi Aramco began a

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to raise around $12 billion to fund the country’s continued attempts to diversify its economy.

New AI chip Rubin

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unveiled its

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, Rubin, a mere three months after launching its Blackwell model. This accelerated pace of development comes as competition intensifies from

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and

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 and tech giants like

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,

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 and

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invest in their own AI chip designs. Rubin, slated for a 2026 rollout, will feature new graphics processing units, central processing units and networking chips.

Dow posts best day in 2024
The

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was

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after the Federal Reserve’s

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.

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and

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gave the Dow the upward momentum. The

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added 0.8%, while the

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ticked lower as

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and Tesla declined. The S&P 500 and the Nasdaq posted losses for the week, ending a five-week winning streak. For the month, the Dow was up 2.3%, the S&P gained 4.8% and Nasdaq climbed 6.8%. With inflation matching economists expectations, the yield on the 10-year

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. 

GameStop soars, again
Shares of

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jumped more than 19% on Robinhood’s 24-hour exchange Sunday evening on speculation that

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in the video game retailer. Gill, who goes by DeepF——Value on

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and Roaring Kitty on

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and X, reappeared Sunday night, posting a screenshot of his account holding 5 million shares of GameStop worth $115.7 million as of Friday’s close. The post was not independently verified by CNBC.

Kospi soars on oil discovery
South Korea’s

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rose 1.8% after President Yoon Suk Yeol announced there was

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off the east coast that could meet the country’s gas demand for 29 years and oil demand for four years. Hong Kong’s

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jumped 2.32% after a private survey showed

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at its fastest pace in nearly two years. Mainland China’s CSI 300 index inched lower, down 0.14%, after briefly turning positive on the data. Japan’s

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rose 1.3% and Australia’s

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added 0.78%.

[PRO] Buying volatility
Have you ever wondered what institutional investors mean when they say “

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” or “selling volatility?” And is this something retail investors can do? CNBC’s Michael Khouw explains all.

The bottom line

Indian Prime Minister Narendra Modi is on course to

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, while South *******’s ruling

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its 30-year parliamentary majority. U.K. Prime Minister Rishi Sunak looks set for defeat in next month’s election.

As significant as these elections are, there is one that will have truly global resonance: the election of the leader of the free world in the world’s biggest economy. Last Thursday, a New York jury found former President

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of falsifying business records in his ********* hush money trial.

Shockwaves from the jury’s decision immediately rocked

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shares, which

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. Trump owns about 65% of the company, a stake valued at approximately $5.7 billion. On Friday, the

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, valuing Truth Social’s owner at $8.7 billion. This valuation is entirely based on Trump’s brand and personal following.

 According to the company, most of its 621,000 shareholders are retail investors. Its first filing as a public company revealed first-quarter losses of $327.6 million on less than $1 million in revenue.

 “It’s a meme stock that has no fundamentals,” Art Hogan, chief market strategist at B Riley Wealth, told Reuters. “The valuation of that stock has always been a bit of a question mark. It certainly isn’t making any money and is trading almost at an unfathomable level.”

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. Ahead of the decision, Blackstone CEO Steve Schwarzman told Axios that he planned to vote for Trump, and hedge fund executive and billionaire

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, according to people familiar with the matter. 

While the verdict had little impact on the broader market, it did make global headlines and had social media abuzz. After all, Trump’s legal problems will not prevent him from running for president, and if his first term is any indication, world leaders will be wary. 

His presidency saw a trade war with China, a

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and tweets warning OPEC about “

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.” His pronouncement were, often, market moving events.  

As earnings season winds down, attention will shift to

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report on Friday, which will shed light on the health of the labor market and the economy.

 But strategists anticipate increased market volatility in the coming months as the 2024 election approaches, potentially becoming a significant market mover. “Without a near-term catalyst, stocks will continue to ‘chop around,'” wrote Wells Fargo equity analyst Christopher Harvey in a Friday note. “Politics remain a wild card.”  

— CNBC’s Ruxandra Iordache, Natasha Turak, Brian Schwartz, Alex Harring, Sarah Min, Rebecca Picciotto, Annika Kim Constantino Shreyashi Sanyal and Yun Li contributed to this report.

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OPEC,Dow Jones Industrial Average,NASDAQ 100 Index,FDA,Local elections,Elections,Energy policy,Government and politics,British Government,Narendra Modi,Tesla Inc,Breaking News: Technology,World Markets,Markets,Breaking News: Markets,STOXX 600,Prices,******* States,Technology,Energy,business news
#Nvidias #chip #GameStop #soars

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