Markets
markets
Luke Kawa

Nvidia slumps despite reassuring AI demand news from around the world

Nvidia’s business outlook is seemingly getting a boost from companies all over the world — but the stock is still retreating.

The chip designer bounced back from the worst one-day destruction of market value of a single company on Monday with a big gain on Tuesday, but is now down 2% in the premarket.

The dip comes after Dutch semi supplier ASML said its bookings were more than twice what Wall Street anticipated in the fourth quarter, and Japanese-based chip-testing equipment maker Advantest significantly upgraded its earnings outlook through March 2025. Nvidia has referred to Advantest’s US unit as one of its “industry leading suppliers.”

And DeepSeek AI isn’t the only Chinese entity to undercut the case for spending billions on Nvidia’s chips this week: Alibaba is also boasting of a best-in-class AI model.

Advantest CEO Douglas Lefever provided an indication that the AI boom may begin to lift more boats for broader semiconductor demand thanks to AI-enabled hardware (or its “edge” business), though perhaps not imminently. From the earnings call transcript (this appears to have been translated from Japanese, so it’s a little clunky):

“As far as edge, we have seen some goodness in edge compute when it comes to some of the consumer electronics in the handsets. A lot of the handsets now are equipped with a lot of AI compute capabilities and so that is leading to some business upside. But it’s clear that most of our business is going into more infrastructure level AI.”

If chipmakers are so eager to test chips and have more of the highest-power design systems, they must be pretty bullish about how much demand there’s going to be from the so-called hyperscalers, among others. But this optimism could be misplaced: reassurance from companies that are upstream from Nvidia is much less a vote of confidence than support from its downstream customers.

Thankfully, we’ve got Meta and Microsoft reporting after the close on Wednesday, which should shed some more light on this matter.

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Tasha Matsumoto
1/9/26
S&P 500 climbs to a new record high after mixed jobs report

Employers added fewer jobs than expected last month, but the unemployment rate ticked down.

CHICAGO, ILLINOIS - JANUARY 02: Isaac Okoro #35 of the Chicago Bulls dunks the ball during the second half against the Orlando Magic at the United Center on January 2, 2026 in Chicago, Illinois.
markets
Matt Phillips

Sandisk rides Wall Street price target hikes toward new record

Sandisk leapt Friday, riding a resurgent wave of AI-related market exuberance as well as two price target hikes from Wall Street analysts.

Goldman Sachs lifted its target for the stock to $320 from $280, while keeping a “buy” rating on the stock. Mizhuho lifted its target to a Street high of $410 from its previous target of $250, while maintaining an “outperform” rating on the shares.

Long considered a maker of commodity data storage products, Sandisk was spun off by Western Digital in an IPO in February.

When it dawned on the market sometime in the fall that the AI boom would mean an explosion in demand for data storage, Sandisk shares went parabolic.

Its more than 350% run-up between the ends of August and December led to Sandisk’s inclusion in the S&P 500. And its 560% gain for the year made it the index’s top performer.

markets
Luke Kawa

It looks like the stock market was expecting some tariff relief

The S&P 500 briefly dipped into negative territory and tariff-sensitive stocks swung from big gains to big losses after the Supreme Court declined to give a ruling on tariffs imposed by President Donald Trump under the IEEPA.

A basket of “Trump Tariff Losers” stocks compiled by UBS, which includes Under Armour, American Eagle, Yeti, Mattel, and Deckers Outdoor, was up as much as 1.5% in early trading before falling as much as 1.7% after news of the lack of news surfaced.

The good news is that for the market as a whole (and even this group in particular), the pain seems to have been short-lived, with both bouncing back to erase losses.

It’s a decent little snapshot or case study to show that, yes, as prediction markets imply, the stock market is pricing in tariff relief.

markets
J. Edward Moreno

Amazon pharmacy to begin offering home delivery for Novo Nordisk’s Wegovy pill

Amazon Pharmacy announced Friday that it will offer Novo Nordisk’s recently approved weight-loss pill Wegovy, the newest frontier in the drugmaker’s push toward direct-to-consumer options.

Amazon said it will offer delivery for the pill through insurance and cash-pay options. Novo’s cash-pay price for the pill is $149 a month — less than half of what its injectables cost through the same channel.

Novo has partnered with big-box stores like Costco and Walmart as well as several big telehealth companies, including Ro, Weight Watchers, and LifeMD, to distribute the pill. This comes as the Danish pharma giant is trying to regain ground after Eli Lilly surpassed it in market share, in large part because of its early emphasis on direct-to-consumer channels.

The Food and Drug Administration approved Novo’s weight-loss pill in December, making it the first approved weight-loss pill to go to market. It has the same active ingredient, semaglutide, as its injectable products, Ozempic and Wegovy. Lilly’s oral version, orforglipron, is expected to come to market later this year.

markets
Matt Phillips

Intel gains after a favorable post from Trump

Intel continued its strong 2026 start by rising early Friday, following a favorable online post from President Trump, whose administration partially nationalized the ailing American chip giant in August.

In a Truth Social post Thursday afternoon, he praised CEO Lip-Bu Tan, boasted about the amount of money the government’s 10% investment in the company has made, and said, “Our Country is determined to bring leading edge Chip Manufacturing back to America, and that is exactly what is happening!!!”

Even after adjusting for the Trumpian tendency toward hyperbole, that last comment will be intriguing to Intel watchers. The company’s search to make deals with external customers willing to use its next-generation contract chip manufacturing business, crucial to the future of Intel’s ailing foundry business, will likely be a key driver of the stock price this year.

It’s not nuts to think that having the US government as a shareholder and the president as an active cheerleader — especially one who’s not shy about putting pressure on private sector companies to get what he wants — could be helpful in corralling reticent foundry customers.

Intel is up roughly 16% year to date and has more than doubled over the last year.

Intel stock rises after Trump touts 'very successful' CEO, applauds government's investment

Intel stock rises after Trump touts 'very successful' CEO, applauds government's investment

Even after adjusting for the Trumpian tendency toward hyperbole, that last comment will be intriguing to Intel watchers. The company’s search to make deals with external customers willing to use its next-generation contract chip manufacturing business, crucial to the future of Intel’s ailing foundry business, will likely be a key driver of the stock price this year.

It’s not nuts to think that having the US government as a shareholder and the president as an active cheerleader — especially one who’s not shy about putting pressure on private sector companies to get what he wants — could be helpful in corralling reticent foundry customers.

Intel is up roughly 16% year to date and has more than doubled over the last year.

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