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Stocks in chipmakers are on an upward trend after Foxconn reported record revenue due to strong AI demands. Super Micro Computer shares (SMCI), which soared nearly 11% last Friday, are now rising even more during premarket trading. What investors should know about today.
1. Investors Wait for Jobs Data during the Memorial Trading Week
Investors prepare themselves for a second shortened week of trading as Thursday is a day for national mourning in honor of the former U.S. Presidency Jimmy Carter. Bond markets might end their trading earlier, as the federal government may also close on this day. The market will be able to get important labor data, including the private sector payrolls as well as initial unemployment claims and December’s jobs report, this week. Investors are also interested in the minutes of Federal Open Market Committee meetings and comments from Fed speakers.
2. US Stock Futures Point Up After Week of Downturn
U.S. Stock Futures point higher, after major indexes posted gains on Friday despite recording losses in the previous week. Nasdaq and S&P 500 futures are about 1% and 0.8% higher, respectively, after snapping five-session skids Friday, while Dow Jones Industrial Average futures are 0.4% higher after ending a four-session losing streak in the last session. Bitcoin (BTCUSD), up by 1%, is now approaching $100,000. Yields for the 10-year Treasury Note are about 4.6%. The price of oil futures is slightly higher, while the gold futures have not changed.
3. Nvidia CEO Huang To Deliver Keynote Address at CES Today
Today, investors are looking forward to a keynote speech from Nvidia’s (NVDA) CEO Jensen Huang during the CES show in Las Vegas. Analysts expect that Huang’s remarks will serve as a potential growth catalyst for the chipmaking giant and focus attention on the company’s Blackwell GPUs, which are used to power generative artificial intelligence (AI) processes like large language models (LLMs). Nvidia’s stock has risen 2% during premarket trading.
4. Record Foxconn Revenue Pushes Chip Stocks Higher
Stocks of chipmakers are rising in premarket trading after Foxconn (a Taiwanese supplier for several large firms) reported record revenues during the fourth quarter due to continued demand from AI. Shares of Advanced Micro Devices, Micron Technology and Micron Technology are each up 3% to 4.5%. Shares of Taiwan Semiconductor Manufacturing Co., ASML Holding, and ASML, the Dutch semiconductor machinery manufacturer, which is listed in the U.S., have also increased by 5% and 6.5%, respectively.
5. Super Micro Computer Stocks Rise Further Following Friday’s Soaring
Super Micro Computer’s (SMCI) shares are up 5% on premarket trade, continuing the momentum that was established at the close of last week. Supermicro surged nearly 11% on Friday as Microsoft announced its plans to invest about $80 Billion in AI datacenters this fiscal year. This could be a boon for the server manufacturer through more partnerships and increased hardware sales. Supermicro’s stock recovered from its fall in 2024, when it was worried that the company could lose Nasdaq status due to accounting problems. It ended the year with a 7% gain. Microsoft stock is 1% higher.
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