Fund manager owns just one Mag 7 stock after dumping Meta stake: ‘You have to pick the stock you really believe in'
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Yahoo
3 minutes ago
- Yahoo
Wall St futures steady, chip stocks slip on China sales deal
(Reuters) -U.S. stock index futures were little changed on Monday as investors geared up for a busy week, while major chip companies seemed caught in the middle of the latest twist in trade policy ahead of a key tariff deadline with China. Semiconductor giant Nvidia dropped 1% in premarket trading and Advanced Micro Devices lost 2%. A U.S. official told Reuters that the companies had agreed to give the United States government 15% of revenue from the sales of their advanced computer chips to China, days after the Commerce Department began issuing licenses for the sale of Nvidia's H20 chips. Sale of the semiconductors was an integral issue in the U.S. agreement with China signed earlier this year and could strain the relationship between the two economies just before Tuesday's deadline for the deal's expiration. "The Trump administration reckons higher prices and snarled-up supply chains are an acceptable price to pay to encourage more U.S. manufacturing," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. "The unusual arrangement is another example of a mega tech company acquiescing to the U.S. administration's demands, to gain an upper hand as trade relations are redrawn." Markets also await clarity on the sector tariffs U.S. President Donald Trump has announced. At 05:45 a.m. ET, Dow E-minis were up 98 points, or 0.22%, with 7,922 contracts changing hands, S&P 500 E-minis were up 6.25 points, or 0.10%, and Nasdaq 100 E-minis were up 11.5 points, or 0.05%. Traders took breather after last week's rally helped the S&P 500 and the Nasdaq log their strongest weekly performance in more than a month. Investors expect the recent shake-up at the U.S. Federal Reserve and signs of labor market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fueling much of the optimism. Tuesday's consumer inflation report will either cast more doubt or offer clarity for investors, who are currently anticipating the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. A better-than-feared earnings season was also a relief and BofA's monthly fund manager survey showed that owning megacap stocks was once again the most popular trade. Apple was a standout last week following its biggest weekly showing in five years, after the iPhone maker unveiled a series of U.S. investment pledges. The company's shares were down 0.7% on Monday. Gene therapy developers fell, with Sarepta Therapeutics dropping 7.6% and Capricor Therapeutics declined 9% as Vinay Prasad, a fierce critic of U.S. COVID-19 vaccine and mask mandates, was expected to return to the Food and Drug Administration. Intel was up 1.6% and focus turned to a report that said CEO Lip-Bu Tan was expected to visit the White House after Trump called for his removal last week. In geopolitical news, Trump and Russia's President Vladimir Putin are expected to meet on Friday to try and negotiate an end to the Ukraine war, which could also affect the outlook for crude prices. [O/R]
New York Post
4 minutes ago
- New York Post
Millionaire's wild advice to new entrepreneurs: ‘Quit your job'
As a teenager, Simon Squibb lost everything. He was homeless, grieving and isolated. His world was in ruins following the sudden death of his dad. 'I was 15 when my dad died of a heart attack in front of me. Eight minutes after saying he didn't feel well, he was gone,' Squibb recalled. What followed was eight weeks of homelessness where he was left sleeping in phone boxes, stairwells and on park benches in London. But it was in that dark period that the entrepreneurial 'muscle' in his brain kicked in. 'I walked past a big house one day, the garden was messy, and my brain said: 'maybe they'll pay you to clean it.' I'd never thought like that before,' he said. 'I didn't want to knock on the door, I was terrified, but I did. And they said yes.' That moment didn't just earn him his first dollar. It planted a seed that would shape the rest of his life. 5 As a teenager, Simon Squibb was left homeless, grieving, and alone after his father's sudden death shattered his world. @SimonSquibb/Instagram 'I realized I didn't need someone to give me a fish. I could build my own pond.' Now a multi-millionaire entrepreneur with a string of flashy accolades to his name, Squibb spends his days encouraging others to do the same, to 'build their own pond,' whatever that may look like. He has built 19 companies in his lifetime, including creative agency Fluid, which he sold to PwC in a rumored six-figure deal. He's invested in more than 80 start-ups, authored a best-selling book called 'What's Your Dream?' and recently launched an app of the same name where users can get free advice from an AI version of him. But ask him what drives him now, and it's not money. 5 Squibb is now a multi-millionaire entrepreneur with countless accolades to his name. @simonsquibb/Instagram 'I plan to give it all away before I die,' he said. 'I don't want to leave behind wealth. I want to leave behind people who believe in themselves.' Later this year, he's bringing that message to Australia as part of his 'What's Your Dream?' tour, which he hopes will ignite something in those feeling stuck. 'We've been sold a lie,' he argued. 'The university, the job, the retirement plan … it's all part of a packaged narrative that keeps you trapped.' 'People end up following a life path they didn't even choose. They just went along with what they were told was 'safe' or 'smart.'' 5 Squibb has built 19 companies in his lifetime, including creative agency Fluid, which he sold to PwC in a rumored six-figure deal. @SimonSquibb/Instagram It's a sobering statement given the current economic climate, where even highly skilled Aussies and educated university graduates are battling to get ahead financially. 'University teaches us to conform. They sell us a degree, a job, a life plan. But universities are a business. Of course they'll market themselves as the path to happiness, that's how they survive,' he said. Which is exactly why, according to Squibb, young people should feel empowered to walk away from unfulfilling jobs. 'Quit your job? Maybe. But do it with purpose,' he said. 'If they're in jobs that don't align with their values or dreams, absolutely.' 5 Squibb said that anyone 'with a phone in their hand can build a new life.' @simonsquibb/Instagram 'But I'm not romanticizing it. It's not easy. You'll face rejection, failure. That's the point. You grow through the challenge.' He added that anyone 'with a phone in their hand can build a new life.' It might not happen overnight, and it might not look like what their parents envisioned, but it's possible. 'We live in a time where opportunity is more accessible than ever. You can start a business on your phone. You can find an audience online. You can monetize your skills without needing permission,' he said. He's not suggesting everyone throws in the towel immediately, but he is calling for a mindset shift. A move away from doing what's expected, and toward doing what feels meaningful. 5 'The purpose of life is not to retire with a pile of money. It's to wake up excited about what you get to do that day,' Squibb added. Andrii Iemelianenko – 'Being rich isn't a dream, it's the by-product of one,' he said. 'Your purpose is usually buried under pain you've lived through. People wait until they're in crisis before they change direction. I want to get to them earlier, before the burnout and breakdown.' For many in their twenties and thirties, his message is sobering. Skyrocketing living costs, stagnant wages, and a spiraling housing market have forced younger generations to question what exactly they're working towards. 'The purpose of life is not to retire with a pile of money. It's to wake up excited about what you get to do that day,' he said. 'If you don't have that, it's time to start dreaming again.' Squibb said clarity often came from action. 'Take a small step. Knock on a door. Try something that scares you. That's where confidence comes from, not from reading books or watching TED Talks, but from doing,' he said. And if there's one message he hoped people would walk away with from his tour, it's that, you don't have to wait for permission to change your life. 'You don't need to be the smartest, the richest, or the best connected,' he said. 'You just need to be brave enough to begin.'
CNBC
6 minutes ago
- CNBC
Nvidia will jump another 20% after report of China export license agreement, Wells Fargo says
A couple of catalysts could propel shares of Nvidia higher in the coming months, according to Wells Fargo. As investors gear up for the artificial intelligence's earnings after the bell Aug. 27, the firm increased its price target to $220 from $185 and reiterated an overweight rating on the stock. The firm's updated target implies 20.4% upside potential from Friday's close. This comes after The Financial Times reported that Nvidia and Advanced Micro Devices agreed to give the federal government a 15% share of their revenue from selling certain chips in China — namely Nvidia's H20 chips and AMD's MI308 chips. The agreement allows the two companies to receive export licenses to sell those chips. "We would assume NVDA can recapture the full $8B/qtr revenue impact the H20 China ban was expected to have on the F2Q26 (July) qtr by F4Q26 (Jan)," analyst Aaron Rakers wrote in a note on Monday. "We would expect China demand to grow from the $8B/qtr level going forward." Along with the report of approved licenses to resume H20 chip sales in China, Rakers pointed to strength in U.S. imports of automated data processing (ADP) machines in June and Taiwanese exports of ADP machines in July "We see our analysis of highly correlated macro data points coupled w/ strong rptd + guided hyperscale capex trends as supporting solid upside," the analyst wrote. "We also appreciate that there has been increasing upside bogey sentiment into upcoming (8/27) F2Q26 print." NVDA 3M mountain NVDA, 3-month Shares of Nvidia were nearly 1% lower in the premarket Monday. Overall, the stock has had a solid year, outperforming the broader market with a 56% gain in the last three months and a 36% rise year to date.
