Stock Rout Deepens On Tariff Shock
"Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guests; Charles Schwab Chief Investment Strategist Liz Ann Sonders, Lord Mayor of London Alastair King, Citigroup Global Head, Commodities Research Max Layton, and MGA Entertainment Founder and CEO Isaac Larian. (Source: Bloomberg)
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Yahoo
2 hours ago
- Yahoo
Why AI Stock Broadcom Topped the Market on Tuesday
It announced that it started shipping its latest AI chip. The chip is a vast improvement over its predecessor, the company said. Meanwhile, two analysts published bullish updates on the stock. These 10 stocks could mint the next wave of millionaires › A new product rollout is always an attention-grabbing piece of news in the corporate world, and that goes double for businesses involved with artificial intelligence (AI). On Tuesday, specialty chip maker Broadcom (NASDAQ: AVGO) announced it began shipping an advanced networking chip. Investors greeted this by pushing the company's stock up by more than 3% that trading session. That gain easily trounced the 0.6% increase of the S&P 500 index. Broadcom's Tomahawk 6 switch series is now on its way to the market, the company announced that morning (a switch, also known as a switching chip, is a highly specialized component that handles data trafficking through a computer network). According to Broadcom, the Tomahawk 6 boasts double the bandwidth of any switch available on the market just now. It's designed to handle the comparably much higher resource needs of artificial intelligence (AI) functionalities. The company said its new product has an unrivaled set of AI routing features and interconnect options. The announcement came two days before Broadcom is slated to publish its fiscal second quarter of 2025 earnings. What also helped the stock rise was a pair of bullish new analyst notes released in anticipation of those results. Both Citigroup's Christopher Danley and JPMorgan Chase's Harlan Sur maintained their equivalent of buy recommendations in their respective updates. Danley went as far as to raise his price target on the stock significantly to $276 per share from his previous $210. According to reports, Danley believes Broadcom will top analyst estimates for the quarter, especially considering that AI is an important driver of its sales, and demand for the technology remains scorching. I'd be as bullish as those two gentlemen; Broadcom is very well placed to be a main supplier expanding AI capabilities, and its fundamentals should reflect that going forward. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $356,261!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $38,291!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $657,385!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of June 2, 2025 JPMorgan Chase is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy. Why AI Stock Broadcom Topped the Market on Tuesday was originally published by The Motley Fool
Yahoo
3 hours ago
- Yahoo
Citigroup to cut 3,500 jobs at China tech centers
-- Citigroup Inc (NYSE:C) is set to decrease its workforce at two of its technology centers in China by approximately 3,500, according to a statement released on Thursday. This move is part of the bank's strategy to simplify and reduce its global technology operations in an effort to enhance risk and data management. Most of the impacted roles are within the IT services division, which supports Citi's global operations by handling software development, system testing, maintenance, and other technology-related functions. The layoffs are expected to take place at the China Citi Solution Centers located in Shanghai and Dalian. The bank anticipates the staff reduction process to be completed by the start of the fourth quarter of this year. Citigroup also announced that some of the roles from the impacted centers will be relocated to other Citi technology centers. With a goal set last year to eliminate 20,000 jobs by the end of 2026, the bank is streamlining operations and boosting profitability to better compete with its peers. Related articles Citigroup to cut 3,500 jobs at China tech centers BofA sees 62% surge in eVTOL adoption, fueling 'low-altitude' boom Procter & Gamble plans to slash 7,000 non-manufacturing jobs over next 2 years Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
6 hours ago
- CNBC
Citi plans to cut 3,500 tech roles in China as global banks cut costs
Citigroup said Thursday it plans to cut around 3,500 technology positions in China, in the latest move by a major U.S. bank to streamline global operations and reduce costs. The reduction of staff at the China Citi Solution Centers in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, Citi said in a statement. The jobs affected are mostly in the information technology services unit, providing software technology development, testing and maintenance and operational services for Citi's global business. The company said some of the roles will be moved to Citi's technology centers elsewhere, without specifying the numbers of jobs or specific locations. The layoffs in China come as Citi continues to work through a broader plan announced January last year, to reduce 10% of its workforce, or about 20,000 employees globally. It has moved to streamline operation and downsize office in the U.S., Indonesia, the Philippines and Poland, the company said. Led by CEO Jane Fraser, Citi has undertaken a sweeping reorganization aimed at improving profitability and restoring investor confidence after years of lagging behind major U.S. banking peers. A slew of major global banks are under fresh pressure to trim costs against the backdrop of deteriorating global economic outlook as U.S. President Donald Trump's tariff policies spark concerns for declining global demand. Hong Kong-based Hang Seng Bank, a subsidiary of HSBC, said last month it was restructuring business and streamlining duplicate roles in a move that would lead to job losses for about 1% of its "core staff." The job cuts were part of a cost-cutting drive led by HSBC CEO Georges Elhedery, who aims to reduce expenses by $1.8 billion by the end of 2026. The Hong Kong and mainland China-focused lenders have reported rising bad loans over the last few years due to their relatively high exposure to the property sector in those key markets.
