US stock markets opened with mixed performance on Monday evening, Beijing time. Technology stocks gained ground following news of Nvidia's new PC chip launch. Meanwhile, crude oil prices, including US WTI and London Brent, saw a rapid increase after Iran halted information exchanges with the US in protest against Israel's actions.
**NVIDIA (NVDA)**
Nvidia's stock price rose over 2% after the company unveiled its new personal computer processor. This announcement triggered a significant shift in the chip market landscape, putting pressure on traditional giants.
**Dell Technologies Inc. (DELL) & HP Inc (HPQ)**
Dell and HP followed Nvidia's upward trend, with their shares rising more than 1% and approximately 4%, respectively.
**Qualcomm (QCOM)**
Qualcomm's stock fell sharply. The company has long championed the Windows on Arm platform, with its Snapdragon X series showing strong performance and battery life. However, Nvidia's entry into the market with its software ecosystem advantages poses a direct threat to the Snapdragon X Elite in the high-end segment with its RTX Spark chip. Despite Qualcomm executives welcoming the competition, investors are concerned that Nvidia's move will severely limit Qualcomm's growth potential in the Windows PC space.
**Intel (INTC)**
Intel's shares declined. As the dominant force in the PC chip market for decades, Intel is facing unprecedented competitive pressure. At the same event, Intel launched its Xeon 6+ processor based on the 18A process, but the spotlight was completely taken by Nvidia's RTX Spark. Analysts note that Intel's stock has already surged over 200% year-to-date, leaving it with a high valuation and significant downside risk if competition intensifies.
**Advanced Micro Devices (AMD)**
AMD's stock dropped over 4%. In addition to new competition from Nvidia in the PC sector, AMD is also under pressure from expanded US restrictions on AI chip exports. New rules requiring export licenses for sales of advanced AI chips to buyers whose ultimate parent companies are based in China are impacting AMD's sales outlook.
Analysts believe Nvidia, with its market cap of around $3.2 trillion and AI prowess, is reshaping the chip industry's decades-old structure by entering the PC market. Laptops equipped with RTX Spark are expected to launch from major manufacturers like Dell, HP, Lenovo, and Asus this fall, which could further clarify the competitive landscape.
Simultaneously, US-Iran tensions remain a potential risk factor for markets. Iran has resumed production at three South Pars offshore gas platforms, while oil prices rebounded over 3% on Monday after falling the previous Friday. However, investors appear more inclined to bet on AI-driven growth prospects rather than worry about geopolitical conflicts impacting energy markets.
Regarding Federal Reserve policy, the market widely expects the central bank to hold interest rates steady at its meeting next week. The non-farm payrolls report due this Friday may provide crucial insights into the labor market's health, influencing future interest rate decisions.
Market observers point out that the AI narrative from tech giants like Nvidia is supporting US stocks, but geopolitical uncertainty and high valuations remain potential risk factors. As June trading begins, investors will seek a balance between tech optimism and macroeconomic risks.
US stocks performed strongly in May, with all three major indices posting solid monthly gains. The tech-heavy Nasdaq Composite led the way, rising over 8% for the month. The S&P 500 gained about 5%, and the Dow Jones Industrial Average increased nearly 3%.
On Friday, following a US-Iran memorandum of understanding to extend a ceasefire by 60 days, the major indices closed at record highs.
Oil prices rose on Monday. West Texas Intermediate crude futures increased by 3% to around $90 per barrel in early trading. Brent crude also rose 3% to about $93 per barrel. In May, the US benchmark oil price fell nearly 17%, marking its largest monthly decline since April 2025.
This week, investor attention will shift to the highly anticipated non-farm payrolls report on Friday for the latest information on the labor market and the Fed's policy outlook.
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