The MarketReader Minute
Significant contributions to this performance came from several holdings. Microsoft (MSFT) saw a notable return, supported by reports of its negotiations for a multi-billion dollar investment in OpenAI, potentially boosting its valuation significantly.
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Key holdings have contributed to this performance, with NVIDIA (NVDA) dropping significantly, alongside Microsoft (MSFT), which also saw a decrease but is benefiting from increased customer adoption of its generative AI-based Copilot software.
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NVIDIA, which dropped significantly, contributing negatively amid expectations of strong earnings and a notable revenue increase. Apple also fell, as it prepares for a major product launch event while addressing AI integration concerns for its iPhone 16.
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Zoom Video Communications reported better-than-expected Q2 results, surpassing analyst estimates and providing strong forward guidance for Q3 while raising its fiscal year 2025 revenue outlook beyond consensus estimates.
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the S&P 500 Index has also declined slightly, by 0.13%, suggesting broader market influences are affecting the technology sector's performance.
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Key contributors to this performance include NVDA, AMD, CSCO, MU, and AAPL, with NVDA leading the way. Analysts have recently upgraded Cisco Systems (CSCO), boosting its average 12-month price target to $54.00, supported by a solid revenue growth rate and net margin.
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Cisco (CSCO) benefited from favorable analyst actions following better-than-expected Q4 earnings, while Broadcom (AVGO) posted a solid return. Additionally, the S&P 500 Index's rise of 0.89% reflects broader market movements that may be influencing VGT's performance.
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Microsoft has announced a partnership with Ituran Location and Control and Porsche to improve real-time data telemetry for racing teams in Brazil, Argentina, and Portugal for the upcoming season.
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NVIDIA returned significantly, contributing the most to the ETF's performance. Apple maintained its $3 trillion market cap and is set to launch the Apple Intelligence and iPhone 16 series with AI capabilities.
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AMD made headlines with its acquisition of Silo AI for $665 million to enhance its AI solutions. Micron Technology faced a price target reduction by Mizuho analyst, dropping from $155 to $145, although the Outperform rating remains intact.
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Significant contributors to VGT's performance include NVIDIA, which fell sharply amid news of its CEO selling shares and competition from a new AI chip in China. Apple is facing antitrust scrutiny related to its search engine practices, potentially impacting its business model.
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VGT reacted positively to recent jobless claims data, with initial claims falling more than expected, reflecting a slight softening in the labor market. The four-week moving average for jobless claims increased, while continuing claims also rose, highlighting ongoing challenges in the labor sector.
