04/09/2024 Daily Reports
Asian stocks tumbled, tracking the sharp decline in US markets, as Nvidia’s 9.5% plunge erased $279 billion in market value, leading chipmakers like TSMC and SK Hynix to drop over 4%. The risk-off sentiment was fueled by concerns over AI and soft US manufacturing data, sparking fears of an economic slowdown.
The S&P 500 and Nasdaq 100 saw their worst starts to September in years, with recession worries rising. Meanwhile, oil prices dipped, and Treasury yields steadied. Traders now await key US jobs data, expected to show 165,000 payroll additions.
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Nvidia is under increased scrutiny as the U.S. Department of Justice intensifies an antitrust investigation into its dominant position in the artificial intelligence market. According to Bloomberg, the DOJ has issued subpoenas to Nvidia, signaling ongoing efforts to determine whether the company is leveraging its market influence to hinder potential competitors in the AI sector. Previously, the department had sent letters to Nvidia and other companies requesting information.
In response, Nvidia denied any unlawful activity but did not confirm whether it had received a subpoena. The company stated that its success is based on merit, citing strong benchmark results and customer value as evidence of its competitive edge. The DOJ has yet to comment on the matter.
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