Dollar strength, Broadcom, Musk charges - what's moving markets
Investing.com -- Wall Street is seen trading slightly higher Friday, helped by positive guidance from chipmaker Broadcom. The dollar is on course for a positive week, while Elon Musk appears to be in the crosshairs of the SEC once more.
The economic data slate is largely empty Friday, while on the corporate front the likes of chip giant Broadcom (NASDAQ:Broadcom stock soared premarket after the chipmaker forecast higher-than-expected revenue for the current quarter, citing increased chip demand from growing interest in artificial intelligence.
Broadcom CEO Hock Tan highlighted the significant role AI played in the company’s growth. “Semiconductor revenue was a record $30.1 billion, driven by AI revenue of $12.2 billion,” Tan said. “AI revenue grew 220% year-on-year, fueled by our leading AI XPUs and Ethernet networking portfolio.
Musk has a long history with the SEC, having paid the agency $20 million in 2018 over his Tweets claiming that Tesla (NASDAQ:Musk is also facing an investigation over his Twitter takeover, while lawmakers were also looking into Tesla’s self-driving claims.Crude prices edged higher Friday, heading for their first weekly rise since the end of November, as additional sanctions on Iran and Russia ratcheted up supply worries.
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