TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Nvidia has a lot to do in the new year.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Stocks were down across the board as traders await the outcome of this week's Federal Reserve
00:09meeting.
00:10The Dow Jones Industrial Average closed lower for the ninth straight day on Tuesday.
00:15That's something that has not happened since Jimmy Carter was in office all the way back
00:19in 1978.
00:20In other news, there are mounting worries about NVIDIA's throne on top of the artificial
00:26intelligence kingdom.
00:28Traders have fallen 13 percent since hitting a record high in November.
00:32That kind of move is what Wall Street calls a stock correction.
00:36So what's going on with companies?
00:38Some of NVIDIA's top customers have set their budgets for 2025, and there are indications
00:43AI spending will start to slow from its heady pace.
00:46There are also concerns about Blackwell, NVIDIA's latest and greatest chip.
00:51There could be some delays in full production due to a rumored flaw.
00:56Any rollout delays would hinder sales for a company that has little room for error.
01:01This leads to the third concern about NVIDIA's reign.
01:05Competition is heating up.
01:06Broadcom is focusing on making AI chips for large cloud computing companies known as hyperscalers.
01:13A bullish sales forecast from Broadcom is prompting concerns its success could come
01:19at NVIDIA's expense.
01:21Finally, NVIDIA's kingdom is also feeling the heat from Chinese regulators.
01:26Beijing has opened an antitrust probe into NVIDIA's purchase of a tech company called
01:31Mellanox.
01:33Though NVIDIA is down sharply since November, it's still up 162 percent for 2024.
01:40And that'll do it for your daily briefing from the New York Stock Exchange.
01:43I'm Conway Gittens with the Street.