The S&P 500 and the Nasdaq Composite closed lower on Tuesday as investors awaited quarterly earnings from Meta, Apple and Amazon later this week.
Traders work on the floor of the New York Stock Exchange on the first trading day of 2024 on Jan. 2, 2024 in New York City.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeas results from its cloud business disappointed the Street. Cloud revenue grew 29%, but fell short of consensus for the first time since 2022. Still, Microsoft beat estimates as15% from a year ago to $64.73 billion and net income rose to $22.04 billion.
Nvidia's dominance in the high-end chips used to train and deploy AI systems may be weakening, judging by Advanced Micro Device's latest results and news that Apple had trained its AI models on Google-designed chips., and said sales in its data center segment, which includes AI chips, soared 115% on year to $2.8 billion during the quarter.
"We now expect data center GPU revenue to exceed $4.5 billion in 2024, up from the $4 billion we guided in April," CEO Lisa Su said on a call with analysts. AI models underpinning Apple Intelligence, its AI system, were pretrained on processors designed by Google2024 Paris Olympics
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