CNBC TV’s producers closely monitored the tech earnings parade on Thursday, with a particular focus on Marvell Technology. The stock surged about 8% after hours following better-than-expected revenue and a strong forecast for the latest quarter. Despite this positive news, Marvell is still down 18% from its March high. Interestingly, Marvell is the 17th biggest holding in the VanEck Semiconductor ETF (SMH), composing 1.78% of the ETF. The SMH itself is currently 16% below its July 11 high, yet has seen a substantial 36% increase year to date.
On Friday, CNBC TV’s Pippa Stevens will delve into a lesser-known area of the tech industry: the companies providing cooling technology for chipmakers like Nvidia. Companies in this space, such as Vertiv, Schneider Electric, and nVent Electric, have seen varying stock performances. Vertiv has experienced a 27% drop from its May high but has also soared by 66% in 2024. Schneider Electric is currently 2% below its May high but has seen a 26% increase this year. Similarly, nVent Electric is down 23% from its May high while still managing a 13% gain in 2024.
CNBC TV’s China correspondent Eunice Yoon is set to report on the tensions in China’s “iPhone City” amid fears that more businesses may leave the nation for other global destinations, such as India. This report comes as Apple shares sit 3% below their July 15 high, marking a significant 20% increase in the last three months.
In the last 24 hours, big tech names like Apple and Nvidia have expressed interest in the OpenAI platform. Microsoft, a current player in OpenAI, is experiencing its own stock fluctuations, standing 12% below its July 5 high. The stock has dipped by 3.2% in the last month but has seen a 10% increase so far in 2024.
Social media platform X’s presence in a major city has sparked other tech giants to relocate, affecting office real estate investment trusts like BXP and CBRE. Both BXP and CBRE hit new highs on Monday, with BXP up by 30% and CBRE up by 33% in the last three months.
French software maker Electronic Arts is gearing up to launch the “Star Wars Outlaws” video game on Friday. The stock is currently 43% below its November high and has seen a 26% decline this year. On the flip side, Electronic Arts is up 14% in the last three months and has experienced a 10% rise in 2024.
The 30-stock Dow reached another record high on Thursday, marking a 2% increase in one month. Surprisingly, the top performers in the Dow are not tech companies, with Nike leading the pack with a 13% increase in a month. Other notable performers include McDonald’s, Walmart, Coca-Cola, 3M, Travelers, and JPMorgan, all showing positive gains in the last month.