💻 Tech ETF Climbs as Cooling Inflation and Rate-Cut Hopes Drive Record Highs; Oracle, Broadcom, Microsoft in Focus | Tech Sector Insights
(VGT) rose 1.0% as softer August PPI data and weaker job revisions boosted expectations for Fed rate cuts. Oracle reported $7.2B in cloud revenue despite missing Q1 estimates, Broadcom unveiled a four-year AI-driven $120B revenue target, and Microsoft advanced AI education initiatives.
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Wednesday, September 10
VGT [+1.0%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has seen a price increase of 1.0% since Tuesday. The U.S. Producer Price Index (PPI) unexpectedly fell by 0.1% in August, contrasting with expectations of a rise, suggesting easing inflationary pressures. This decline in PPI, along with weaker-than-expected jobs data revisions, has contributed to optimism regarding potential Federal Reserve rate cuts. Major stock indices reached new record highs today, further supporting a favorable environment for technology investments like VGT. Among the ETF's holdings, Oracle's cloud revenue reached $7.2 billion despite missing first-quarter estimates, while Broadcom set a four-year revenue target exceeding $120 billion tied to AI initiatives. Additionally, Microsoft is fostering innovation in AI through collaborations aimed at enhancing AI literacy among educators.