Semiconductor chip companies' stock futures fell as much as 5% after the opening bell on Monday, after China's memory chipmaker CXMT announced significant progress on a new, high-density chip structure, ramping up competitive pressure. Other factors include the wider selloff of South Korean AI stocks such as SK Hynix and Samsung Electronics. This comes amid rising concern regarding the return on investment from AI aftter massive infrastructure spending by companies in the sector.
SanDisk Corp. saw a decline of 5.43% to $1,495.96 after the opening bell, while Micron Technology Inc's stock price traded at a downturn of 4.14% to $986.36. SK Hynix was trading with a downturn of 3.89% at $162.45 apiece.
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Intel Corp' stock price decreased by 2.62% to $101.96 during early trade. Share price of Nvidia Corp's share price was trading at a downturn of 0.71% to $227.66 when markets began trading.
Advanced Micro Devices Inc. (AMD) saw its shares trade 2.38% lower to $593.63.
US stocks were little changed on Monday as investors assessed rising oil prices and prepared for a busy week of corporate earnings and inflation data. The major averages ended the previous week on a positive note, supported by gains in technology stocks, and market participants are now looking for fresh cues to sustain the rally.
The S&P 500 rose 0.11% to 7,819.24, while the Dow Jones Industrial Average gained 0.25% to 51,783.23. The Nasdaq Composite slipped 0.11% to 27,333.28.
Oil prices moved higher on Monday after an initial decline, as doubts emerged over US President Donald Trump's proposed energy ceasefire between Russia and Ukraine. Ukrainian President Volodymyr Zelenskyy said Moscow had already violated the ceasefire, prompting oil prices to reverse their early losses. West Texas Intermediate crude futures rose 1.05% to $92.81 a barrel, while Brent crude futures gained 0.94% to $105.70.
Prominent names in the investing space such as Ray Dalio predicted that the AI industry is nearing a "classic bubble" which is close to bursting. This is due to climbing interest rates and the need for liquidity.
Dalio noted that a large amount of debt was being taken out to fund AI endeavours at the Forbes Global CEO Conference in Singapore on Wednesday.
Traders are hoping that resilient corporate earnings will offset concerns over elevated oil prices and global bond yields, which have climbed to levels not seen in decades.
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Orai is a city and a municipal board in Jalaun district in the Indian state of Uttar Pradesh. It is the district headquarters for Jalaun District.
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