Nvidia ((NASDAQ: NVDA) shares have tumbled in early Monday trading, extending the stock’s one-month decline to around 23%.

This downturn comes amid a major pullback in global tech stocks and reports of a delay in the delivery of Nvidia’s newly designed AI chips known as Blackwell.

Source: TradingView

Nvidia’s Blackwell chip delay impacts stock performance

Nvidia unveiled the Blackwell line of processors earlier this year, boasting that these flagship chips could perform artificial intelligence tasks at more than twice the speed of its current Hopper chips.

These new chips also promised to use less energy and provide more bespoke flexibility, positioning them as a significant upgrade over the existing technology.

Despite the promising capabilities of Blackwell, a report from tech-focused news outlet The Information indicated that Nvidia had informed key clients, including Microsoft and an unnamed cloud service provider, about a design flaw in the Blackwell architecture.

This flaw could potentially delay production ramp-up and delivery dates by around three months.

Hyperscalers’ investment and Nvidia’s production plans

Hyperscalers, which are major providers of massive data centres and cloud services, are projected to spend around $500 billion over the next two years building out their infrastructure, according to estimates from Barclays.

Nvidia had planned to ramp up production of the Blackwell processors over the second half of this year, continuing to sell its H100 Hopper series to major clients such as Microsoft, Meta Platforms, and Google parent Alphabet.

Analysts had expected Blackwell to start generating revenue for Nvidia in the third quarter, with global customer data centres receiving the chips by the final three months of the year.

Nvidia’s commanding market share and high demand for AI technology were predicted to drive the group’s data centre revenue to as high as $150 billion next year, largely powered by the Blackwell launch.

Nvidia’s strategic outlook amid production challenges

Despite the reported delay, Nvidia’s strategic outlook remains focused on long-term growth and market leadership.

Jensen Huang, co-founder and CEO of Nvidia, emphasized the company’s commitment to upgrading its AI accelerators annually.

During an event in Taipei, Huang announced plans for a Blackwell Ultra chip for 2025 and a next-generation platform called Rubin for 2026.

Benchmark analyst Cody Acree noted that Nvidia aims to have Blackwell in full production by the second quarter, with global availability expected later this year.

Acree highlighted that demand for the H200 and Blackwell chips is well ahead of supply, and the company anticipates that this demand may exceed supply well into the next year.

Analyst perspectives on Nvidia’s near-term performance

Goldman Sachs analyst Toshiya Hari reiterated his conviction-buy rating and $135 price target on Nvidia stock, expressing confidence in Blackwell’s role in Nvidia’s growth.

Hari acknowledged that the reported delay could cause near-term volatility, potentially leading to muted growth in the October and January quarters.

However, he expects minimal impact on Nvidia’s earnings for the calendar year 2025 and believes the company’s long-term competitive position will remain strong.

Nvidia, which is set to report its fiscal third-quarter earnings later this month, had previously assured investors that current-quarter revenue would rise to around $28 billion.

This stronger-than-expected revenue forecast had helped assuage concerns about an “air pocket” caused by the Blackwell launch.

Market reactions and Nvidia’s stock trajectory

Nvidia shares were marked 9.5% lower in premarket trading, indicating a Monday opening bell price of $97.08 each.

If this decline holds through the trading session, it would push Nvidia’s stock into bear market territory, typically defined as a 20% decline from a stock’s recent peak.

Nvidia shares had closed at an all-time high of $135.58 each on June 18.

The reported delay in Blackwell production has undoubtedly contributed to the recent decline in Nvidia’s stock.

Some investors had expressed concerns that customers might cancel orders for the older H100 chips and wait for the newer Blackwell processors to become available later in the year.

However, Nvidia’s continued focus on innovation and its strong position in the AI and data centre markets suggest that the company remains well-positioned for future growth.

Nvidia’s long-term prospects and industry dynamics

As the tech industry continues to evolve, Nvidia’s role in shaping the future of AI and data-center technology remains critical.

The company’s ability to navigate production challenges and maintain its market leadership will be key to its long-term success.

The anticipated investments by hyper scalers and the growing demand for advanced AI processors underscore the significant opportunities in this sector.

Despite the near-term challenges posed by the reported delay in Blackwell production, Nvidia’s strategic focus on innovation and its robust market position suggest a positive long-term outlook.

As the company addresses the reported design flaw and ramps up production, it is likely to continue driving advancements in AI technology and capitalizing on the growing demand for high-performance processors.

Nvidia’s recent stock decline reflects both broader market trends and specific challenges related to the production of its new Blackwell AI chips.

While the reported delay has raised concerns among investors, the company’s strategic focus on innovation and its strong market position provides a solid foundation for future growth.

As Nvidia continues to navigate these challenges and capitalize on opportunities in the AI and data-centre markets, it remains a key player in the evolving tech landscape.

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Infineon Technologies, the leading German chipmaker, announced on Monday plans to cut 1,400 jobs globally and relocate another 1,400 positions to countries with lower labour costs. This decision is part of a previously announced cost-savings programme to improve operational efficiency and reduce expenses.

The job cuts will include several hundred positions at Infineon’s plant in Regensburg, located in southern Germany, which had been previously announced.

The relocation of jobs is intended to shift operations to regions where labour costs are significantly lower, thus allowing the company to maintain competitiveness in the highly competitive semiconductor market.

Infineon’s decision comes when the semiconductor industry is experiencing rapid changes and facing various challenges.

The global demand for semiconductors has surged, driven by the proliferation of technologies such as artificial intelligence (AI), electric vehicles, and advanced telecommunications.

This demand has also highlighted vulnerabilities in supply chains and the need for companies to optimise their operations to remain competitive.

Major tech firms’ shares plunge

The announcement of Infineon’s cost-saving measures coincided with a significant sell-off in Taiwan’s stock market.

The Taiex index fell more than eight per cent on Monday, closing at 19,830.88, driven by recession fears following poor US jobs data.

Major tech firms, including Amazon and Microsoft, experienced substantial losses, contributing to the market downturn.

Taiwan Semiconductor Manufacturing Company (TSMC), a key player in the global semiconductor industry, saw its shares drop by 9.3 per cent.

TSMC, which controls more than half of the world’s output of silicon wafers, has been a major beneficiary of the AI-driven tech rally.

The company briefly surpassed the $1 trillion market capitalisation mark in July, positioning it ahead of Tesla as the seventh most valuable technology firm.

TSMC’s performance and outlook

Despite the recent market volatility, TSMC reported robust financial performance.

Profits jumped more than a third in the second quarter of 2024, with revenues rising 32 per cent year-on-year to $20.82 billion.

The company expects third-quarter revenue to reach $23.2 billion, surpassing analysts’ expectations.

TSMC’s major clients, including Apple, Nvidia, and AMD, are central to the current explosion of generative AI products, spurred by the success of technologies such as ChatGPT.

However, concerns about the sustainability of the AI-fuelled rally have led to speculation that tech stock valuations may be too high, potentially prompting a market correction.

Infineon’s job cuts and relocations are part of a broader strategy to enhance efficiency and remain competitive in the dynamic semiconductor industry.

Meanwhile, the recent market sell-off in Taiwan reflects broader economic uncertainties and concerns about tech stock valuations.

As the semiconductor industry continues to evolve, companies like Infineon and TSMC must navigate these challenges to sustain growth and profitability.

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Jesper Koll – an expert director for Monex Group is open to “start buying Japan” after the benchmark Nikkei 225 tanked more than 12% on Monday. 

Japanese stocks saw their worst day since the “Black Monday” of 1987 as the Yen recorded a new year-to-date high of 142.09 against the US dollar today. 

Part of the weakness in Nikkei 225 may have been related to the global funds that moved to de-risk their portfolio amidst concerns of a looming US recession. The benchmark index is now in the red for the year after losing more than 20% in total over the past four weeks. 

Still, Jesper Koll remains positive about the prospects of Japanese stocks. 

Why is Jesper Koll bullish on Japanese stocks?

Jesper Koll cited increased investments, higher real estate prices, and improvements in capital stewardship as well as corporate governance for his constructive view on Japanese stocks despite the recent turmoil. 

He agreed that a stronger Yen could result in downward revisions in earnings but said the economic fundamentals of Japan remain “much, much more solid”. 

The Jesper Koll expert cited continued growth in domestic business investment expenditure and potential decline in the unemployment rate and tagged the land of the rising sun as “recession-proof” in his interview with CNBC today. 

Such strengths will eventually begin reflecting positively in the country’s capital markets, he added. 

UBS Global Wealth disagrees with Jesper Koll

Last week, the Bank of Japan raised its key interest rate to the highest level since the global financial crisis. The central bank also announced plans of cutting its pace of buying government bonds further rendered strength to the Yen. 

Against that economic backdrop, Kelvin Tay – the regional chief investment officer at UBS Global Wealth has a view on Japanese stocks that starkly contrasts that of Jesper Koll. 

He likened investing in Japan at present to catching a falling knife in a separate interview with CNBC on Monday. 

The only reason why the Japanese market is up so strongly in the last two years is because the Japanese yen has been very, very weak. Once it reverses, you have to get out. I think they’re all getting out right now.

The yen has gained sharply after the BOJ rate hike from its 38-year low of 162 to a higher of 142 this morning. 

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TikTok has agreed to permanently withdraw its ‘Lite Rewards’ program from the European Union in response to concerns raised by the EU Commission.

This decision, made under the Digital Services Act (DSA), highlights the growing scrutiny of digital platforms, particularly regarding the safety and well-being of users, especially children.

In April 2024, the EU Commission initiated formal proceedings against TikTok, focusing on its “Task and Reward Program” of TikTok Lite, a lighter version of the main app launched in Spain and France.

The program allowed users to earn points by performing tasks such as watching videos and liking content.

The Commission was concerned that this program might infringe upon Articles 34 and 35 of the DSA, particularly regarding the lack of prior diligent assessment of physical and mental risks, the addictive nature of the platform, and the absence of effective risk mitigation measures.

Concerns over child safety

One of the primary issues was the suspected lack of effective age verification mechanisms on TikTok, raising alarms about the potential impact on children.

To comply with the DSA, TikTok has committed to permanently withdraw the Lite Rewards program from the EU and agreed not to launch any similar program that could circumvent this withdrawal.

The commitments made by TikTok are legally binding, and any breach would immediately constitute a violation of the DSA, resulting in fines.

Thierry Breton, EU Commissioner for Internal Market, emphasized the importance of this decision, highlighting the addictive potential of such programs and the need to protect young Europeans’ “brain time.”

The DSA, which came into force for all online platforms in the EU on February 17, 2024, aims to ensure a safer digital space.

The TikTok proceedings represent the first case closed under the DSA and mark the first time the EU Commission has accepted commitments from a designated online platform against which it had opened formal proceedings.

Ongoing scrutiny of TikTok practices

Separate proceedings against TikTok, launched by the EU Commission in February 2024, are still ongoing.

These proceedings are assessing whether TikTok has breached provisions related to the protection of minors, advertising transparency, data access for researchers, and the risk management of addictive design and harmful content.

A lawsuit was filed by the US government against TikTok and its parent company ByteDance in August 2024.

The lawsuit alleges widespread violations of the Children’s Online Privacy Protection Act (COPPA).

Western governments have also expressed significant concerns about ByteDance’s links to the Chinese Communist Party, leading to the app being banned on official devices.

In March 2024, the US Congress approved a bill compelling ByteDance to divest the social media platform or face a complete ban in the US.

This legislative pressure underscores the global scrutiny TikTok is under regarding privacy and security concerns.

TikTok’s decision to withdraw the Lite Rewards program from the EU marks a significant step in aligning with regulatory expectations and addressing safety concerns.

The latest development sets a precedent for how digital platforms may need to adapt their practices to comply with stringent regulations designed to protect users, particularly the younger demographic. The move also reflects the broader trend of increasing regulatory scrutiny on tech giants globally, emphasizing the importance of responsible digital practices in safeguarding user well-being.

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The S&P 500 faced its worst session in nearly two years on Friday, spurred by recession fears following a surprisingly weak jobs report for July. 

The broad-market index fell by 1.8%, the Nasdaq Composite dropped by 2.2%, and the Dow Jones Industrial Average decreased by 729 points, or 1.8%. 

The sharp decline highlights growing economic concerns as investors brace for potential market turbulence.

Major indices plummet amid economic worries

The sharp decline in stocks was driven by the July job growth figures, which showed a slower-than-expected increase. 

The Labour Department reported that nonfarm payrolls grew by only 114,000 last month, a significant drop from the 179,000 jobs added in June and below the 185,000 anticipated by economists. The unemployment rate also rose to 4.3%, the highest since October 2021, further intensifying recession fears.

Several major technology companies suffered substantial losses during the day. Amazon’s second-quarter results failed to meet revenue estimates, and the company issued a disappointing forecast, resulting in a 12.5% drop in its stock price. 

This decline significantly impacted the consumer discretionary sector, which experienced its worst day since May 2022, when it fell by 6.6%.

Intel’s stock plummeted by 29% after the company announced weak guidance and planned layoffs. 

Nvidia also saw a decline of more than 5.5%, following a 6% loss the previous day. 

These losses were compounded by growing concerns about the high levels of artificial intelligence-related capital spending by Big Tech companies.

Bond market reacts to stock sell-off

As investors sought safety, the 10-year Treasury yield fell to its lowest level since December, settling at 3.82%. 

This shift towards bonds is seen as a natural course in a bull market experiencing a reversion after a steep uptrend. 

The week has been marked by significant volatility, with a heavy sell-off in the previous session affecting global stock markets. 

On Wednesday, the stock market rallied after the Federal Reserve hinted at a potential rate cut in September while maintaining current rates. 

The weak job figures reported on Friday have led many investors to believe that the central bank should have taken action sooner.

The recent stock market declines underscore the ongoing uncertainty in the economy. 

While some investors view the current downturn as a natural correction, others are concerned about the broader implications of weak job growth and rising unemployment. 

The upcoming Federal Reserve meeting in September will be closely watched for further indications of potential rate cuts and the central bank’s assessment of the economic landscape.

As the market continues to navigate these turbulent times, investors will need to remain vigilant and adaptable to changing conditions. 

The interplay between economic indicators, corporate performance, and central bank policies will be crucial in shaping the future direction of the market.

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Chevron Corp (NYSE: CVX) has announced plans to move its headquarters from California to Texas, a strategic relocation that aligns with the company’s response to the evolving political landscape. This move comes as Vice President Kamala Harris’ prospects in the upcoming November elections appear increasingly robust.

The decision to shift headquarters reflects broader political tensions. While former President Donald Trump is a staunch supporter of the oil industry, Kamala Harris has been associated with progressive policies that may challenge traditional oil and gas interests.

The presidential race is increasingly framed as a contest between pro-oil and tech-friendly agendas, underscoring the impact of Harris’ strong ties to Silicon Valley in California.

Texas is happy

The state of Texas, which votes mainly Republican, is welcoming the move. The governor Greg Abbott took to X to express his joy at the decision.

The company’s CEO Mike Wirth and VC Mark Nelson will move to Texas well before the January 1st relocation date in order to ensure a smooth transition of the workforce. Around 2000 employees of the company are currently located in San Ramon, California.

This isn’t the only incident of a company moving out of Texas. Recently, big companies like Tesla, Oracle, Hewlett Packard Enterprises, and Elon Musk’s SpaceX have all moved out of California.

For Chevron, the reason is mainly last year’s lawsuit that was filed last year by an industry group over climate change. Chevron was one of five oil companies party to that lawsuit.

By moving out of the state, these companies can now improve their corporate decision making and have less to worry about when dealing with State authorities.

As companies change their locations, the cities that house them will likely benefit from any government support given to these companies.

However, the reason for moving out of the state could also be Kamala Harris’ increasing popularity in the presidential race.

Kamala Harris looking strong

This move by Chevron, and Texas governor’s ‘drill baby drill’ post also suggest there is political motive behind this move. Trump is obviously a friend of the big oil companies and he doesn’t hesitate to say it as it is.

Kamala Harris, on the contrary, has roots in California and also has good relationships with the Silicon Valley executives. The politically charged environment is making companies take extreme decisions, even though they would like to pretend they are apolitical.

Trump’s $1 billion ‘demand’ from oil companies to support his nomination will result in friendly policies for these companies if the money helps him come to power. With these policies, the oil companies can make many more billions, making themselves richer than before.

Chevron stock hasn’t had a special year so far with the price stuck in the $140-$160 range. The company announced its earnings today and reported $4.4 billion in profits for the quarter, down significantly from the $6 billion in the same period last year.

The earnings came in below expectations and the stock price is going down as a result.

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Revolut, Europe’s most valuable startup, has informed its staff of an upcoming sale of up to $500 million worth of existing shares.

The sale, which values the company at $45 billion, will allow eligible employees to sell a portion of their vested share options.

This move marks a significant milestone for Revolut, reinforcing its position in the fintech industry.

Share sale details and eligibility

Employees who have been with Revolut for at least a year and are not on gardening leave can sell up to 20 percent of their vested share options.

The shares will be priced at $865.42 each, according to sources familiar with the matter.

Unlike previous sales, this opportunity is not extended to former employees, emphasizing the company’s focus on rewarding current staff.

Revolut’s commitment to employee participation in its success was highlighted in a statement:

We are committed to enabling our employees to share in the company’s success by becoming shareholders while also providing them with regular opportunities to sell shares.

Recent UK banking license boosts Revolut’s growth

The share sale announcement follows Revolut’s recent achievement of obtaining a banking license in the UK. This milestone is a significant step for the fintech company, which already boasts 9 million customers in the country.

The banking license not only enhances Revolut’s credibility but also expands its service offerings, potentially attracting more customers and investors.

Impact on Revolut’s market position

The $45 billion valuation cements Revolut’s status as Europe’s most valuable startup, reflecting its rapid growth and strong market presence.

The fintech company has continually expanded its product range, from banking services to cryptocurrency trading, catering to a broad customer base.

This share sale is expected to further solidify its market position by retaining and motivating top talent through financial incentives.

Employee and market reactions

The share sale has been well-received internally, with many employees viewing it as a reward for their contributions to the company’s growth.

External market analysts also see this move as a strategic effort to boost employee morale and loyalty, essential for sustaining long-term growth in the competitive fintech landscape.

However, some analysts caution that the exclusion of former employees from the share sale might raise concerns about fairness and inclusivity. This decision, they argue, could affect Revolut’s reputation as an employer.

Nonetheless, the overall sentiment remains positive, given the company’s impressive valuation and growth trajectory.

Future prospects for Revolut

With the new banking license and the successful share sale, Revolut is well-positioned for further expansion.

The company plans to leverage its enhanced capabilities to introduce new financial products and services, potentially increasing its customer base and market share.

The influx of capital from the share sale will likely be reinvested into innovative projects, fueling Revolut’s ambition to become a global financial powerhouse.

Revolut’s announcement of a $500 million share sale at a $45 billion valuation marks a pivotal moment for the fintech giant.

By enabling current employees to sell a portion of their vested shares, Revolut demonstrates its commitment to sharing its success with its workforce.

The recent UK banking license further strengthens its market position, setting the stage for continued growth and innovation in the fintech industry.

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The US Department of Justice (DoJ) has launched an investigation into Nvidia’s acquisition of the Israeli artificial intelligence startup Run:ai (Run), probing potential antitrust violations.

The inquiry highlights growing concerns over Nvidia’s market dominance and the competitive implications of its strategic moves in the AI sector.

Competitive concerns and market impact

Nvidia announced its acquisition of Run in April, with the transaction estimated at $700 million by TechCrunch.

The DoJ’s investigation, however, raises questions about whether this deal could stifle emerging competition and further entrench Nvidia’s dominant position in the AI hardware market.

The person familiar with the discussions indicated that the DoJ has approached market participants to assess the competitive impact of the transaction.

The scope of the probe includes examining whether Nvidia’s acquisition could suppress potential competitors in the rapidly evolving AI sector.

Nvidia’s response to the investigation

In response to the investigation, Nvidia emphasized its commitment to compliance and support for innovation.

The company stated,

“Nvidia wins on merit and scrupulously adheres to all laws. We’ll continue to support aspiring innovators in every industry and market and are happy to provide any information regulators need.”

Increased scrutiny on AI and big tech

The investigation into Nvidia’s acquisition of Run comes amidst heightened scrutiny by US regulators on anti-competitive behaviour in the AI industry, particularly concerning major tech companies.

Jonathan Kanter, head of the DoJ’s antitrust division, expressed concerns in June about “monopoly choke points” in the AI sector, focusing on access to essential hardware like GPUs and the data used to train large language models (LLMs).

Nvidia dominates the market for advanced GPUs, which are critical for training and deploying AI systems. Run, which previously collaborated with Nvidia, has developed a platform that optimizes GPU utilization, potentially enhancing Nvidia’s capabilities in the AI market.

Probing Nvidia’s practices

As part of the probe, the DoJ is seeking detailed information on how Nvidia allocates its chips, a key area of interest given the GPUs’ scarcity and their vital role in AI development.

Additionally, government lawyers are investigating Nvidia’s software platform, Cuda, which allows GPUs to accelerate AI applications and is considered one of the company’s most important tools.

The investigation is part of a broader effort by US regulators to address potential antitrust issues in the AI industry.

In June, the DoJ and the Federal Trade Commission (FTC) reached an agreement to divide antitrust oversight of critical AI players, with the DoJ focusing on Nvidia and the FTC overseeing Microsoft and OpenAI, the developer behind ChatGPT.

Implications for Nvidia and the AI industry

The outcome of the DoJ’s investigation could have significant implications for Nvidia and the broader AI industry.

If the probe finds that Nvidia’s acquisition of Run is likely to harm competition, it could lead to regulatory actions designed to prevent the consolidation of market power and ensure a level playing field for emerging AI startups.

Nvidia’s dominance in the AI hardware market and its strategic acquisitions underscore the importance of regulatory scrutiny in maintaining competitive market dynamics.

The investigation highlights the challenges regulators face in balancing the promotion of innovation with the prevention of monopolistic practices.

The DoJ’s investigation into Nvidia’s acquisition of Run reflects growing concerns about anti-competitive behaviour in the AI sector and the strategic manoeuvres of major tech companies.

As regulators continue to scrutinize the actions of industry giants like Nvidia, the outcome of this probe could shape the future landscape of AI development and competition.

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On August 1, 2024, Cathie Wood’s ARK Invest executed a substantial $21 million purchase of the 3iQ Ether Staking ETF (ETHQ.U), while simultaneously offloading $14.6 million worth of Coinbase (Nasdaq: COIN).

These transactions signal a strategic realignment in ARK’s crypto-related investments.

The purchase of 1.7 million shares of the 3iQ Ether Staking ETF, worth $21 million, marks ARK’s inaugural investment in this Canadian-based fund. The ETF, which aims to offer long-term capital appreciation through investment in Ether and generates passive rewards via staking, has gained traction in recent months.

Since its launch as the 3iQ Ether ETF in 2021, and its subsequent expansion to include staking in 2023, the fund has seen significant growth, with its value surging approximately 40% year-to-date.

Ark’s investment in 3iQ Ether Satking ETF was allocated primarily to ARK’s Next Generation Internet ETF (ARKW), which acquired around one million shares, while the remaining shares were purchased through the ARK Fintech Innovation ETF (ARKF).

This move highlights ARK’s growing interest in diversifying its portfolio with Ethereum-based assets.

Ark sold $14.7 million Coinbase shares

ARK sold 69,069 shares of Coinbase on August 1, valued at $14.7 million based on the stock’s closing price.

The stock sale coincided with Coinbase reporting a robust $1.4 billion in revenue for the second quarter of 2024, highlighting the firm’s progress in advancing regulatory clarity globally. It was ARK’s largest disposal of Coinbase shares (Nasdaq: COIN) since early April.

However, despite this, Coinbase remains a major component of the ARK Fintech Innovation ETF, constituting nearly 10% of its holdings.

Ark also offloaded ARK 21Shares Bitcoin ETF and Robinhood shares

On the same day (August 1), Ark Invest also sold 108,751 shares of the ARK 21Shares Bitcoin ETF (ARKB) for approximately $6.9 million and offloaded 282,435 Robinhood shares, totalling $5.7 million.

These strategic moves by ARK Invest underscore a dynamic approach to cryptocurrency investments, reflecting both a repositioning towards Ethereum and a reevaluation of their stake in prominent crypto and financial platforms.

Notably, Ark’s investment in 3iQ Ether ETF came on a day that saw Ether ETFs post a net inflow of $26.7 million, with inflows into BlackRock’s Ether ETF fund outpacing outflows from Grayscale’s Ethereum Trust according to data on Faride Investors.

Also, it comes at a time when the crypto market is experiencing a significant drop with Ethereum (ETH) testing a daily low of $2,988.65 and Bitcoin testing a daily low of $62,248.94 according to Coinmarketcap.

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