Tech stocks rebounded on Monday morning as chip stocks recovered from a $1 trillion wipeout on Friday that dragged the Nasdaq Composite index (^IXIC) 4% lower.
Comments from Nvidia CEO Jensen Huang in Seoul, South Korea, lifted semiconductor names on Monday. The AI kingmaker said investors should be “excited” about the market pullback, saying that it offers traders a buying opportunity.
“We’re at the beginning of it, and whatever happened to the stock market, you should be very happy because now you can buy at a discount,” Huang said about the future of artificial intelligence.
Oracle (ORCL) earnings on Wednesday and the company’s update on demand offer another catalyst for the AI trade this week.
In other tech news, Apple (AAPL) will host its annual Worldwide Developers Conference (WWDC) on Monday at its Cupertino, Calif., headquarters. The event will be Tim Cook’s last Apple developers conference as CEO and could reveal a reboot of Apple’s AI strategy. In particular, investors will be searching for Apple’s launch of an AI-infused version of Siri.
Anticipation also continues to build ahead of the SpaceX (SPAX.PVT) initial public offering on Friday. The IPO is expected to be the largest on record, valuing Elon Musk’s rocket, satellite, and AI company at roughly $1.8 trillion. It could also mint Musk as the world’s first trillionaire.
