Closing Bell: Cerebras Soars, Nvidia Has Worst Week in 18 Months, AI-Related Stocks Slump

 

On this episode of Stock Movers: 

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Vonnie Quinn, Bailey Lipschultz, Carol Massar and Tim Stenovec.

- Cerebras (CBRS)  shares jumped by the most in five months after the company gave a sales forecast for the current quarter that exceeded analysts’ estimates, signaling that a push to challenge Nvidia Corp. in artificial intelligence chips is paying off. 

- Nvidia (NVDA) stock notched its worst week in more than 18 months, as its share price continued to reel after Jensen Huang’s ouster from the top chipmaker. In this week’s tumble, Nvidia shares erased more than $570 billion in market value, a loss that is greater than the market value of 96% of stocks in the S&P 500.

- Shares of chip and AI-related stocks were dragged down as Nvidia's leadership turmoil ripples through the tech sector. AMD, Marvell Technologies and Broadcom all saw declines in trading on Friday. A gauge of chipmakers, the Philadelphia Semiconductor Index (SOX) also fell. 

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