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● LIVE Updated 27d ago · 12 sources tracked

Nasdaq drops as tech megacap declines outweigh upbeat chip outlook

The Nasdaq dropped on Thursday despite positive AI demand signals from Micron and Qualcomm. Big Tech shares fell due to concerns over hyperscaler spending and potential interest rate hikes. The Dow Jones Industrial Average rose 87.33 points to 51,936.23.

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What changed

Recent losses in megacap tech stocks have outweighed early gains triggered by upbeat chip sector outlooks.

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  1. Nasdaq Falls as Big Tech Losses Offset Strong Chip Forecasts

    The Nasdaq dropped on Thursday despite positive AI demand signals from Micron and Qualcomm. Big Tech shares fell due to concerns over hyperscaler spending and potential interest rate hikes. The Dow Jones Industrial Average rose 87.33 points to 51,936.23.

    What's confirmed:

    • The Nasdaq closed lower on Thursday.
    • The Dow Jones Industrial Average rose 87.33 points, or 0.17 per cent, to 51,936.23.
    • Micron shares rose 14% and Qualcomm shares rose 5%.
    • The S&P 500 closed near flat.
    • Micron reported a 346% sales jump.
    • Apple shares fell nearly 5% after increasing prices for MacBooks and iPads to offset rising memory and storage chip costs.
    • Shares of Alphabet, Microsoft, and Nvidia declined between 1.2% and 2.7%.

    Still unconfirmed:

    • Wall Street believes the boom-bust chip cycle is dead.
    • Micron has locked in $100 billion in sales.
    confidence 95%