💻 Fed Rate Cut, Nvidia–OpenAI $100B AI deal, and Strong iPhone 17 Demand Drive VGT Higher | Tech Sector Insights
VGT rose 1.7% after the Fed’s 25bps cut boosted equity sentiment. Nvidia’s massive AI partnership with OpenAI fueled optimism across chipmakers, while Apple gained on strong iPhone 17 sales. Oracle reaffirmed guidance with new co-CEOs, and Applied Materials advanced on an MSCO upgrade.
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Below are AI-generated insights on moves in the information technology sector, powered by MarketReader technology.
Monday, September 22
VGT [+1.7%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) is currently up by approximately 1.7% during market hours. This movement follows the Federal Reserve's recent decision to cut interest rates by 25 basis points, which has positively influenced technology stocks and equity markets overall. Notably, Nvidia has announced a partnership with OpenAI, committing up to $100 billion for AI infrastructure development, which is expected to bolster growth prospects for companies within VGT’s portfolio, including Intel. Among the ETF's holdings, significant contributors include Apple, which saw an increase in stock price due to strong demand for the iPhone 17 series, and Nvidia, benefiting from its AI partnership. Oracle has appointed co-CEOs while reaffirming its financial guidance, and Applied Materials received an upgrade to "Overweight" from MSCO.