May 21, 2024 1:52 pm
Digital World Acquisition sees 30% increase as Wall Street experiences minor drops

Wall Street witnessed slight declines at 20:15, with the Nasdaq trading around fundamental levels, the Dow Jones down 0.4%, and the S&P 500 down 0.2%. Notable stock movements included Digital World Acquisition’s jump of about 30% due to an upcoming merger with Donald Trump’s social network and Super Micro Computer’s stock increase by 10% after JP Morgan upgraded their recommendation on the stock.

Oil prices also saw a rise of 1%, with a Brent barrel priced at $86 in Europe at 19:10, where the DAX rose by 0.3%, while the KAC traded around base levels and the British FTSE fell by about 0.2%. In a notable development, electric car manufacturer Lucid Group’s stock surged after a Saudi government fund invested NIS 1 billion in the company as part of Saudi Arabia’s efforts to diversify its economic dependence on oil.

In terms of technology companies, high-performance computing applications like HBM are expected to see significant growth in the coming years. Camtech announced a new order worth approximately $25 million from a tier-1 manufacturer of HBM components for testing and measuring broadband memory components. Two investment houses published optimistic forecasts for the S&P 500 index, with Oppenheimer raising its forecast to 5,500 and Goldman Sachs increasing its forecast to 6,000 driven by large technology stocks. Boeing’s CEO announced his resignation amidst ongoing issues with the company’s planes.

In a global context, new guidelines were implemented in China to block American processors from Intel, AMD, Microsoft, and others in order to promote Chinese alternatives in the technology sector. Investigations were launched into Google, Apple, and Meta Platforms under Digital Markets Act legislation in Europe to ensure fairness in digital markets. Apple collaborated with Chinese internet giant Baidu for AI services in its software in China as part of a strategic move to increase iPhone sales in that region.

Mixed market trends continued throughout Asia and Europe during this month as oil prices traded slightly higher than usual. Companies such as Tesla faced challenges in the electric vehicle market while chip companies like Intel and AMD experienced regulatory pressures due to these new guidelines implemented by China.

Overall, it has been an interesting month for both domestic and international markets as trends have shifted across various sectors and industries while regulations have played an important role shaping these changes.

Apple’s collaboration with Chinese internet giant Baidu for AI services is seen as strategic move

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