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Market US stocks closed lower on February 4th, with the technology sector experiencing a sell-off that nearly erased the Nasdaq's gains for the year. Among the top 20 stocks by trading volume on February 4th, NVIDIA's Jensen Huang stated the company would participate in OpenAI's next round of financing. Popular US-listed Chinese stocks were mixed; XPeng Motors rose 4.06%, while Alibaba fell 2.82%. Oil prices closed higher on Tuesday as investors weighed supply recovery prospects against the potential for US-Iran negotiations. Gold and silver rebounded, leading a broad surge in precious metals, with silver futures climbing over 11%. European stocks showed little change, though concerns about artificial intelligence weighed on the technology sector.
Macro Trump signed a funding bill, ending a partial government shutdown. Trump claimed that negotiations with Iran are currently underway. Trump met with Colombian President Petro to discuss combating drug trafficking. The US military stated it shot down an Iranian drone that conducted a "deliberate approach" on an aircraft carrier. US Central Command confirmed the downing of an Iranian drone. The US plans to issue licenses to companies for oil extraction in Venezuela. The White House stated that US talks with Iran will proceed as scheduled. Not to be outdone by Europe, Trump signed a dedicated US-India trade agreement. US Interior Secretary Bergum announced that the US will unveil a critical minerals trade agreement. US builders plan to launch a "Trump Homes" initiative, aiming to supply up to 1 million houses to the market. The House of Representatives passed a funding agreement brokered by Trump, moving the US government closer to ending its shutdown. Iran reported that a vessel illegally entered its territorial waters and departed after receiving a warning. Iran's Foreign Ministry stated that a venue for talks with the US is being negotiated. A meeting between the Israeli Prime Minister and a US envoy on Iran lasted over three hours. UK senior politician Mandelson resigned from the House of Lords over allegations of leaking government information to Epstein. Greenland's Premier reiterated that the autonomous government will not cede any territory.
Company NVIDIA CEO Jensen Huang denied rumors of a deal with OpenAI, calling it "a complete non-event." Intel's CEO outlined plans to enter the GPU market and predicted the memory chip shortage would not ease until 2028. AMD issued its current-quarter outlook, with its AI returns failing to meet some investors' expectations. Novo Nordisk forecast a sales decline for the year, triggering an 11% plunge in its share price. Apple integrated AI agent capabilities from Anthropic and OpenAI into its programming tools. Reports indicate Texas Instruments is in advanced talks to acquire Silicon Labs for approximately $7 billion. A Centerview Partners co-founder acknowledged the reality of the AI transformation but suggested its pace may be slower than expected. Citadel founder Ken Griffin remarked that CEOs generally dislike flattering the US President. Canada claimed that Stellantis and General Motors owe the government hundreds of millions of dollars. Waymo raised $16 billion for global expansion. Oracle's $5 billion mandatory convertible preferred stock offering was multiple times oversubscribed.
Commentary Bitcoin fell to its lowest level since Trump's return to the White House. Fears of an AI-induced industry apocalypse triggered a broad sell-off in US software stocks. Commodities Summary: Oil prices rose, copper rebounded, and gold and silver staged a recovery. Viewpoint Summary: Milan suggests the need for over 100 basis points of rate cuts this year; CEOs dislike flattering the US President. Citadel Securities noted US stocks are entering a seasonally weak February, with retail buying momentum potentially showing signs of fatigue. Bank of America warned that volatility in gold and silver is likely to persist even after the price plunge. AI is disrupting private equity investment logic, prompting Apollo Global Management to question "is software dead?" Blackstone's Gray identified AI disruption risk as the firm's "number one issue." Bridgewater founder Ray Dalio warned that the world is on the brink of a "capital war."
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