Stock Market Daily ·
Apple overtakes Nvidia as China DUV threat rattles chip market
Stocks closed mixed on Monday as a sustained US-Iran ceasefire sent crude prices tumbling, boosting the Dow, while a Chinese DUV lithography breakthrough triggered a sharp selloff in semiconductor stocks that dragged on the Nasdaq. Apple overtook Nvidia as the world's most valuable company, while Meta and Amazon separately announced massive new infrastructure projects.
5 sources1 min read
Apple ends trading as the world's most valuable company, topping Nvidia. Apple's market cap reached $4.95 trillion as shares rose 1%, while Nvidia fell 5% amid a deepening AI-chip selloff, dropping its valuation to $4.77 trillion. Apple's highly-anticipated quarterly earnings are due Thursday. 1
China DUV breakthrough sends ASML and chip stocks sharply lower. Shanghai state-backed firms have begun mass-producing immersion DUV lithography equipment, threatening ASML's near-monopoly in the chipmaking tool market. The news triggered an over 8% plunge in ASML shares and dragged the PHLX semiconductor index down over 2%. 23
Meta joins forces with BlackRock on an El Paso data center venture. Meta announced a strategic venture with BlackRock to develop a new data center in El Paso, Texas. It represents the latest massive capital commitment by big tech to expand AI infrastructure amid intense competition for computing capacity. 4
Amazon unveils ambitious Leo satellite project for direct phone connectivity. Amazon filed with the FCC to deploy up to 5,105 low Earth orbit satellites under Project Leo. The direct-to-device system aims to bring voice, data, and emergency messaging to compatible smartphones globally, with deployment beginning in 2028. 5
Stock Market Daily
Equities, earnings, and the movers — the market's day in a cited morning read.