Alphabet spells trouble for Nvidia
|After yesterday's tech surge, today's session has seen Nvidia laid low by competition worries, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
Nvidia piles on the tech woes
The world’s largest company is feeling the heat today, dragging the Nasdaq down with it. Nvidia’s dominant position is unlikely to be fundamentally threatened in the short-term, but markets are all about forward expectations, and it certainly seems like Alphabet is poised to snatch market share away from Jensen Huang’s empire. The news comes after Softbank’s slump overnight on fears that its bet on OpenAI is about to come seriously unstuck, leaving tech indices under pressure even as the Dow, small caps and European markets enjoy a solid day. Such rotation in market leadership is ultimately healthy, but can lead to some tricky moves underneath the surface.
Sterling nears $1.32 ahead of Reeves’ big day
The news that bearish bets on sterling continue to increase comes as the pound enjoys a stellar day against the dollar, but this looks more like greenback weakness than a sudden surge of irrepressible optimism about the UK economy as the clock ticks down to the long-awaited/dreaded Budget. Fed speakers continue to line up behind a December cut, while today’s US data suggests the bank may have room to ease policy when it meets next month.
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