Technology stocks fell after The Wall Street Journal reported that former Nvidia Chief Executive Jensen Huang may have pushed through questionable artificial-intelligence chip deals amid fears of an “avalanche” of component orders. The report added pressure to Nvidia-linked companies, while strong results lifted rival Cerebras.
Nvidia customer CoreWeave shares fell sharply and are down roughly 40% year to date, amid concerns about backstop deals with its larger partner. Shares of Nvidia rival Cerebras moved higher after the chip maker reported third-quarter earnings above Wall Street targets. Cerebras executives described AI demand as “extraordinary.”
Data center builder Nscale unveiled plans to seek additional financing in capital markets, aiming to fund a sharp increase in short-term spending ahead of its planned IPO.
OpenAI introduced a wallet feature in ChatGPT that allows users to save payment cards and complete transactions through AI agents without entering card details again. Microsoft, meanwhile, said its systems had broadly recovered after an outage affecting services including Outlook disrupted governments, schools and businesses.
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