WS #11209
Chip stocks plunge with MU -10.41%, SNDK -10.50%, INTC -9.03%, KLAC -9.71%, as rotation out of AI winners continues; semiconductor index down 6.3%. Microsoft planning third major layoff round in a year, cutting <2.5% of workforce (thousands) in sales, consulting, and Xbox divisions. Meta surges 8.8% on plans to build a cloud business selling AI computing capacity, threatening CoreWeave and Nebius. Apple in talks to buy memory chips from Pentagon-blacklisted Chinese firms CXMT and YMTC for China-market devices, risking US regulatory backlash. AI guidance to be announced as soon as next week after government intervention in Anthropic and OpenAI rollouts, per FT. Palantir and Nvidia announce strategic initiative to deliver intelligent engine for running Nvidia's Nemotron open models in sovereign environments, focusing on US government and critical infrastructure.
Semiconductor Selloff and Tech Rotation
Chip stocks plunge with MU -10.41%, SNDK -10.50%, INTC -9.03%, KLAC -9.71%, as rotation out of AI winners continues; semiconductor index down 6.3%.
Microsoft planning third major layoff round in a year, cutting <2.5% of workforce (thousands) in sales, consulting, and Xbox divisions.
Meta surges 8.8% on plans to build a cloud business selling AI computing capacity, threatening CoreWeave and Nebius.
Apple in talks to buy memory chips from Pentagon-blacklisted Chinese firms CXMT and YMTC for China-market devices, risking US regulatory backlash.
AI guidance to be announced as soon as next week after government intervention in Anthropic and OpenAI rollouts, per FT.
Palantir and Nvidia announce strategic initiative to deliver intelligent engine for running Nvidia's Nemotron open models in sovereign environments, focusing on US government and critical infrastructure.