Nvidia Snaps Rout and Oracle Warns of TikTok Impact | Bloomberg Technology

26 Jun 2024 (3 months ago)

NVIDIA

NVIDIA's three-day losing streak ended, but it still lost $430 billion in market capitalization.
NVIDIA's sales are difficult to predict due to supply and demand factors and the company's small number of large customers.
Steve Eisman believes that as long as the story of NVIDIA's growth remains intact, investors will continue to buy the stock despite its high valuation.

Bloomberg Technology Summit is taking place in New York City today and tomorrow, featuring notable speakers such as Saba Capital and SEC Chairman Gary Gensler.
Sonali Basak highlights the pervasiveness of AI in conversations at the Bloomberg Invest Summit and discusses the different perspectives on AI's potential.
Ian argues that the more difficult question is whether the infrastructure being put in place by AI companies is paying off or not.
Philippe Laffont believes that while there is a lot of hype around AI, there are significant opportunities in the field, particularly in the near term.

Chinese President Xi Jinping emphasizes the need for increased innovation in the country, acknowledging that China lags behind in original innovation and relies on foreign technologies.
A deeper alliance between Huawei and Optica, a century-old scientific research organization, has been revealed. Huawei secretly sponsored a research competition run by Optica, raising concerns about the potential transfer of U.S. scientific research to China.
Lawmakers are investigating the Huawei-Optica relationship due to concerns about the potential exposure or export of U.S. scientific research to China.
China's spacecraft successfully returned to Earth with samples collected from the far side of the moon, marking a significant milestone in their lunar exploration program.
OpenAI announced that it will block access to its tools and software in China starting in July, citing concerns over privacy practices.

Anduril Industries secured new capital, boosting its valuation to $14 billion. The company specializes in developing drones, autonomous weapon systems, and unmanned fighter jets.
Function Health, a personalized health platform, raised $53 million in funding. It aims to empower individuals to manage their well-being by providing access to their own health data and insights from experts.
Etch, an AI chip company, has developed a specialized AI chip for transformers, claiming it outperforms GPUs by more than 20x. Etch has already received tens of millions of dollars in preorders from major customers.
Etch has raised $120 million in Series A funding, which will be used to build products and scale up the business.

OpenAI has warned developers in China that it will begin blocking their access to its software from July, citing concerns about the use of its technology for nefarious purposes.
China has domestic champions in the field of generative AI technology, and they are appealing to developers to switch to their technology following OpenAI's decision.
Lawmakers in Washington are concerned about China's efforts to ramp up its AI capabilities, particularly in areas that could impact national security.
The US government is taking actions to curb investment in AI in certain areas and imposing curbs on chip exports to China.
The Biden administration is taking steps to undercut China's efforts to bolster its military capabilities through AI, including investing in chip manufacturing.

An activist investor discusses their strategy of targeting closed-end funds (CEFs) that trade at a discount to their net asset value (NAV).
The activist investor explains that CEFs can be "trapped" with no majority owner and can have arcane election rules that make it difficult to replace the board of directors.
The activist investor highlights the case of the "Big Z" fund (BZ), where they won a vote to replace the board but were unable to achieve the required 50% of all shares to make changes.
The activist investor criticizes BlackRock, the manager of BZ, for having nominees who sit on approximately 70 different boards, raising concerns about their ability to effectively govern.