Market
August 17, U.S. stocks opened on a cautious note as investors parsed fresh economic data and awaited Federal Reserve minutes. The Dow Jones slipped 0.27%, the S&P 500 was little changed, up 0.02%, while the tech-heavy Nasdaq Composite added 0.22%, supported by continued strength in chip names.
Memory and semiconductor plays led early advances. Tradr 2X Long SNDK Daily ETF soared 10.56%, AXT Inc climbed 9.06%, SanDisk Corp. jumped 5.25%, SK hynix rose 4.39%, Micron Technology added 4.26%, Marvell Technology gained 4.21% and Western Digital advanced 3.82%, all buoyed by robust demand forecasts for high-bandwidth memory used in AI servers. On the downside, ServiceNow falls 1.53% after mixed channel checks, Microsoft slips 0.96% and Tesla Motors eases 0.93% after reports of a new NHTSA safety probe.
Broader movers were also chip-centric: Roundhill Memory ETF climbed 5.37%, Direxion Daily Semiconductors Bull 3x Shares rallied 4.77% and ProShares UltraPro QQQ added 1.20% as traders sought leveraged exposure to tech momentum. Among Chinese EV names, Li Auto rose 1.39% and XPeng Inc. added 1.21% following strong July delivery data, while Alphabet edged up 0.17% and NVIDIA firmed 0.85% as investors rotated into megacap AI beneficiaries.
News
Micron Technology beats revenue forecasts on AI demand. The memory maker reported preliminary fourth-quarter sales ahead of consensus as cloud customers accelerate high-bandwidth memory orders. Management also guided first-quarter revenue above Wall Street estimates, lifting the stock 4.3% at the open.
SanDisk Corp. jumps on Western Digital takeover talks. Media reports said Western Digital has reopened discussions to acquire SanDisk Corp., aiming to consolidate flash storage operations. Investors see potential synergies and scale benefits, driving SanDisk Corp. shares up 5.3%.
AXT Inc issues upbeat third-quarter outlook. The specialty semiconductor materials supplier forecast revenue growth of 15%–20% on strong demand from data-center and 5G customers. The projection sent AXT Inc shares 9.1% higher.
Western Digital clears Chinese antitrust hurdle for Kioxia deal. China’s regulator approved the restructuring of Western Digital’s joint venture with Kioxia, paving the way for a potential merger. The stock gained 3.8% as investors anticipate improved NAND pricing power.
ServiceNow downgraded on spending slowdown concerns. A major brokerage cut its rating to Neutral, citing signs of moderating enterprise software budgets going into year-end. ServiceNow shares fell 1.5% in early trade.
Tesla Motors faces expanded NHTSA probe into Autopilot crashes. The safety agency opened a new investigation after additional incidents involving driver-assist features. Tesla Motors slid 0.9% amid renewed regulatory scrutiny.
Apple schedules September launch event for next-gen iPhone. Invitations hint at AI-powered features and a new M-series chip, stoking expectations of a major upgrade cycle. Apple rose 0.2% on hopes of rekindled smartphone demand.
NVIDIA unveils roadmap for Blackwell-based AI GPUs. At its developer forum, NVIDIA detailed performance gains of up to 30% over current Hopper chips and announced new cloud partnerships. Shares added 0.9%, extending year-to-date gains.
Federal Reserve minutes reveal debate over timing of rate cuts. Policymakers acknowledged cooling inflation but remained cautious, signaling data-dependent decisions ahead. Treasury yields were steady, while equities held mixed at the open.
PDD Holdings Inc reports record Singles Day presales. The e-commerce platform said early holiday promotions boosted gross merchandise volume by 30% year on year. PDD Holdings Inc ADRs advanced 2.1% in morning trade.
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