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Nvidia
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https://www.cnbc.com/2025/09/29/cramer-is-bullish-on-nike-says-another-big-retailer-is-a-bargain.html?&qsearchterm=Nvidia
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Cramer is bullish on the Nike turnaround, says another big retailer is a 'bargain'
| 2025-09-29T00:00:00
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Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Monday 's key moments. 1. The stock market rose on Monday, driven by AI leader Nvidia and other tech stocks. "There are people who are making money in every market today," Jim Cramer said. "As you can see, rates are down [and] it is a jobs [report] week. It looks like people are just ignoring this [possible government] shutdown entirely." Jeff Marks, director of portfolio analysis for the Club, added, "I don't think people should be trading on these headlines." Jim called out recent comparisons of the AI buildout to the dot-com bubble in his Sunday think piece, which he said is designed "to counter what everybody's been saying" and "explain why it [the AI trade] can go higher." 2. Nike , the Club's latest portfolio addition , reports earnings next Tuesday. "There's been tremendous inventory stuck in the channel, including at Foot Locker . They are working that off," said Jim, referencing the apparel giant's excess supply coming out of the pandemic. "As soon as they're done with the inventory and start introducing new things, then Nike's going to return to its great growth," Jim said. Jim has faith in CEO Elliot Hill's ability to turn the company around and wants to be in on the stock early. But Jim stressed, "It's not a play on the quarter. It's a play on a longer-term Elliot Hill turn. He's really terrific." 3. Costco's stock is a "bargain," right now if you ask Jim. Of the stock's recent decline following a stronger-than-expected report last week, he added, "I'd actually want to buy some Costco. I think this is absurd." Despite some disappointment with its membership renewals, "You're finally getting a chance to buy Costco below 50 times earnings, which is what we've been waiting for," Jim said. Costco's stock is down roughly 1% year to date. 4. Stocks covered in Monday 's rapid fire at the end of the video were: CSX , Electronic Arts , Barrick Mining , GSK PLC , and Carnival . (Jim Cramer's Charitable Trust is long COST, NKE, NVDA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/video/2025/09/29/insider-action-highlights-major-ceo-and-director-stock-sales.html?&qsearchterm=Nvidia
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Insider action highlights major CEO and director stock sales
| 2025-09-29T00:00:00
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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email
Insider action highlights major CEO and director stock sales
CNBC's Frank Holland tracks insider action as executives at Broadcom, Ross Stores, Oklo, and Nvidia cash out millions in stock sales, following sharp gains across their shares in recent months.
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Nvidia
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https://www.cnbc.com/2025/09/28/stock-market-today-live-updates.html?&qsearchterm=Nvidia
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S&P 500 closes higher as AI leader Nvidia rebounds, EA surges on takeover
| 2025-09-28T00:00:00
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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 26, 2025.
The S&P 500 rose on Monday as Wall Street regained some of its footing after a week in which the artificial intelligence trade lost a bit of steam.
The broad market index climbed 0.26% to finish at 6,661.21, and the Nasdaq Composite advanced 0.48% to close at 22,591.15. The Dow Jones Industrial Average settled up 68.78 points, or 0.15%, at 46,316.07.
AI chip darling Nvidia saw gains after skepticism around the AI trade put pressure on the broader stock market last week. Some traders even questioned whether there was enough energy to power an infrastructure plan between Nvidia and OpenAI. Nvidia closed around 2% higher. Other AI stocks like Advanced Micro Devices and Micron Technology added more than 1% and more than 4%, respectively.
Shares of Electronic Arts jumped 4.5% after the video game company announced that it's going to be taken private in a $55 billion deal. U.S. mergers and acquisitions that have been announced have surpassed $1 trillion this year, up 29% from the same time a year ago, according to Goldman Sachs.
Last week's cracks in the enthusiasm surrounding the AI buildout — a key pillar of the bull market rally — sent U.S. stocks into the red, with the S&P 500 recording its worst weekly performance since Aug. 1. The Nasdaq also posted its weakest week since early August, and the Dow suffered its first loss in three weeks.
But Venu Krishna, head of U.S. equity strategy at Barclays, said that capital expenditures in the AI industry are still providing a boost to the market.
"The AI capex story is showing no signs of slowdown. Moreover, other industries have also been benefiting from the tidal wave of AI infrastructure spend," he said in a note on Monday. "Concentration warrants some caution, but with AI gaining momentum as the focal point of global growth, S&P 500 should be well-positioned vs. peers given its Tech-heavy sector mix."
All eyes are watching for a possible shutdown of the federal government as this week's funding deadline looms. The Labor Department said it will not release any data, including the September nonfarm payrolls report that is slated for release Friday, if a shutdown isn't averted. Additionally, President Donald Trump told NBC News over the weekend that mass firings of federal workers could take place if a shutdown were to occur.
"We are going to cut a lot of the people that ... we're able to cut on a permanent basis," the president said, adding that he'd "rather not do that."
Government shutdowns have historically not impacted markets much, but sentiment could take a hit if any delays around the release of key economic data muddy the interest rate outlook for the Federal Reserve.
The market is still poised for modest gains for the month of September. The S&P 500 has increased more than 3% this month, while the Dow has risen nearly 2%. The tech-heavy Nasdaq has been the outperformer with a more than 5% rally.
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Nvidia
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https://www.cnbc.com/2025/09/28/cramer-why-the-crazy-spending-of-this-ai-boom-isnt-like-the-dot-com-bubble.html?&qsearchterm=Nvidia
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Jim Cramer: Why the crazy spending of this AI boom isn't like the dot-com bubble
| 2025-09-28T00:00:00
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If I hear one more hedge fund oligarch on television tell me that the data center buildout/artificial intelligence story is just like the dot-com bubble, I am going to tear someone else's hair out because I don't have enough to demonstrate my full frustration. Many of the people opining and whining about how this moment could be as bad or worse than the 2000 bust are uninformed or ahistorical. The buildout's blockbuster numbers come from companies that can handle blockbuster capital projects without a problem. Has it been worth it so far? That's the biggest stumbling block to processing what's really happening right now. We look at this mega construction project with huge spending by companies, and we ask ourselves, "Is that all there is?" We can't believe that all these Nvidia platforms loaded with hardware and software don't do more than they currently do. I get that. It should be self-evident by now that AI is more than just an advanced code writer that can compile things on the hop. For example, we should have beaten some cancers. OpenAI CEO Sam Altman claimed AI can do it in a recent blog post entitled "Abundant Intelligence," but noted the need for a massive increase in computing power. Many of us are becoming skeptical of the medical claims, especially when the pharma CEOs I talk to off the record are surprised that the people making these kinds of claims aren't working with their companies. Given all the money that's been spent, I would have rather written a check to Johnson & Johnson , which has the best cancer franchise. I know that Walmart CEO Doug McMillon said that "AI is going to change literally every job," according to a story in The Wall Street Journal . That's a strong statement, and we know that Walmart is a savvy user of data centers, especially those connected with Azure to compete with Amazon and everyone else. However, we can't see it. As a customer of Walmart, I haven't seen any difference at all. Have you? Sure, the article acknowledged that Walmart is writing code that might supersede other code, perhaps from outside vendors, but that's hardly shocking unless you are a company like Salesforce , which keeps being rumored to be hurt by these internal code writers. Surely, there must be more to AI than companies saving on their Salesforce bills. Maybe Altman is right. It's all on the come. We keep hearing, for instance, that Vera Rubin — the next iteration from Nvidia, a big leap from the current Grace Blackwell platform — will challenge us with reasoning powers that alleviate a lot of mistakes and can take the place of anyone in the entry level to five years of experience at auditing, accounting, and law firms. I want to believe it. But then again: On Friday, I needed a calculation about how well Costco's stock has done versus the S & P 500 over 20 years, and I got a reasonable answer from one of the systems, but a different sum from another — somewhat close and very convincing — and I asked myself, "How in heck does anyone use these chatbots with any confidence?" They are wrong so often when it comes to stock performance that I would prefer working with high-performing high schoolers to get these numbers. I fall back on something that seems to get no traction but makes plenty of sense to me: If we think the buildout and AI are both busts, we have to believe that a sucker is born every minute and the sucker is Meta CEO Mark Zuckerberg. Or Tesla CEO Elon Musk. Or Google's Sundar Pichai. Or Microsoft CEO Satya Nadella. What fools these mortals be! Really? A work in progress For a moment, let's agree with Altman that AI is a work in progress. Let's accept that OpenAI's 700 million weekly users, four times the amount of last year, aren't going there under duress. There is no AI gun to the head. To me, the use cases make a ton of sense. Nadella needs it to meet corporate demand, both for Azure and for the rapidly adopted Copilot. Chances are, you don't use it because it isn't ingrained in your thinking or your machine. But Microsoft isn't lying about the use. Meta's Zuckerberg uses it to power the best ad machine in the world, and for powering his smart glasses. OpenAI can't meet the demand fast enough for teams using it for research. Google needs it to keep people going to Google and, by extension, Gemini, its AI assistant. Tesla needs it for autonomous driving and humanoids, arguably the two biggest markets in the world. Amazon has to have it, maybe even more of it than it has, if it wants to stay No. 1 in the online retail business and No. 1 in cloud computing through its AWS division — and has a hook-up with AI researcher Anthropic to do so. AI search engine Perplexity is an orphan with research traction. And Apple is the potential Big Kahuna that might negotiate a deal with any one of these AI companies where, as with Google, one of them pays Apple, say $50 billion a year, to be embedded in its operating system. That's a small price considering Apple's 1.5 billion iPhone users. After the Google antitrust decision, which found nothing wrong with the $20 billion rumored payment to Apple, why shouldn't Apple be the biggest AI winner? Ah, you say, that's all small potatoes compared to what you thought AI would bring you. And worse: The physical buildout and the need for more power, a secondary issue, is overwhelming the first in costs by leaps and bounds. Why does it look less like a bubble and more like an industrial revolution to me? It may be because I played a bit part in the 2000 dot-com burst, and I know how and why everything went kerflooey the way it did. The analogy does not hold up under scrutiny. Two bubbles Before we start deconstructing what happened back then, you have to understand that there was not one but two bubbles in the years leading up to 2001, when we knew the destruction of capital was obvious and deadly. The Nasdaq peaked in March 2000, but didn't fully bottom out until late 2002. Let's challenge each one. The first bubble was in connectivity. When I started thestreet.com in 1995, we were all dial-up. Then we managed to snag T-1 lines, paying thousands of dollars to the phone company to be sure we had enough to send an e-newspaper out to everyone. T-1s seem to go at lightning speed. At that moment, I was working with Starwave, a company owned by Paul Allen, late of Microsoft. I never met him. I did spend a lot of time with his excellent team. Others must have too because we got investments from The New York Times to run a joint newsroom, which at the time meant something. The Times was trying to learn; at least we knew enough from our first-mover status to teach. We were strictly a banner ad shop. But the Starwave guys came in and explained that if we got high-speed bandwidth, we could easily run commercials that looked like, well, commercials, and we could start making real money. I loved this aspect, as banner ads kept losing their value, and kept thinking we couldn't get to video fast enough. We didn't. Why? Because laying the fiber was no easy task and costs billions and billions of dollars. It wasn't as big as the AI buildout, but it was costly and had to be done with debt. The companies involved had little to no pedigree. Or money. They just borrowed and borrowed and borrowed some more. They, meaning outfits like Worldcom and Global Crossing — Google or ChatGPT them — used Nortel and Lucent. There were lots of ancillary companies like Copper Mountain, which produced DSL equipment or internet working products like Wellfleet or Synoptics, which merged to form Bay Networks and gave you terrific switching. Cisco was the "backbone" of the internet, and its boxes were everywhere. These companies were so busy that you couldn't get them on the phone. You were forever hopeful that you could get the boxes you needed, and as soon as you saw them, you bought the stocks of everything inside them. The internet build-out had a lot of fathers … and a lot of children. Of course, we know it didn't end well. The cracks started right at the top. On Jan. 6, 2000, Lucent announced a gigantic shortfall, blaming bottlenecks and supply problems. Things were being put up so fast that many believed them. But in October of that year, Nortel, a much better operator, also announced that business had grown very weak. The orders were drying up. That was the one-two punch. The helium didn't go out of the bubble all at once. But that hardware side was the most capital-intensive and used the most junk bonds and borrowed the most from vendors who eagerly advanced money, so it was a nightmare. Almost every company, save Cisco, that was in networking either blew up then and disappeared or hung on but kept losing money and then vanished. The plant and equipment bubble should have been spotted because of all the money that was borrowed. I got lucky. I knew Lucent well and point-blank didn't believe it. I was short this side of the equation the whole year simply because the company couldn't be trusted. I also had the advantage of watching thestreet.com's stock go to $2 after opening at $63 less than a year before. That woke me up to the bogus nature of the operators using the web and producing ads and subscriptions. What's the analogue here? Pretty simple. People want to compare CoreWeave , the AI cloud computing company, to these myriad buildout companies from the dot-com bubble. It's a hardware and software infrastructure company, and it uses billions of dollars in debt to build and maintain the data centers. I would say that, judging by the orders it keeps getting — a surprise one almost weekly —it is doing what a half-dozen companies were doing in 2000. Given the lead CoreWeave has and the expertise that all the CEOs in this business, especially Nvidia's Jensen Huang, trust, it makes sense to do what the company is doing. CoreWeave wants to be the only builder and operator in town, but it has to build out first, and for that, it needs debt — just like the players in 2000. But, you argue, the chips CoreWeave uses will be hopelessly out of date in five years, and it will be left holding the debt bag. But CoreWeave will tell you there are many use cases beyond five years, and the payback over five years will be enough anyway, especially because it will own the AI interstate highway and all of the rest stops on it. The bubble-ists think that the Coreweave people are hopeless dreamers at best and shysters at worst. The doubters must think there will be a domino effect when they go down. I believe the Corewave guys, led by tireless CEO Michael Intrator, a former bitcoin miner — there's another credential the bears hate. They are really great at what they do, which is to manage these very complex and easily broken data centers. And I continue to believe that when the chips they use in various data centers are no longer powerful enough and are replaced by others in the Nvidia line, there will be a market for them, and they won't be stuck with them. The obsolete won't be obsoleted. For the pessimists, Coreweave is Lucent or Nortel. It's the one that first says it can't pay its bills. Now I want you to think about this: The not-much-talked-about hardware side blew a gigantic hole in the stock market in 2000 because the buildout's capital intensity was only matched by a lack of clients willing to pay for it. Back then, we had "vendor financing." The analogy would be if Nvidia were offering Meta money to take Vera Rubin and Meta took delivery of thousands of platforms, and there were no customers for the product. Now, unfortunately, until the recent Oracle announcement about its almost $500 billion in firm orders, mostly from OpenAI, we seemed to be on a decent, cash and carry basis, no debt for the majors. But this time we blew a hole in the thesis. Especially when Nvidia agreed to pay $100 billion for equity in OpenAI, over time. That sounded like vendor financing to everyone but Nvidia and its devotees, including me. I think Nvidia is making a bet that the stock market will reward OpenAI with a huge valuation and Nvidia will be even richer than it already is. We have to accept that the stock market will give OpenAI that kind of valuation. Why not? It is loved. A trillion seems a trifle, another thing we have to get used to. Nvidia's Jensen Huang has been an unbelievably shrewd investor in many projects and companies, including Corewave, where he made the IPO happen with a gigantic investment that has tripled in value. The bears would say that he should just buy back stock, like Apple. The most cynical of pessimists, I believe, think that Corewave CEO Intrator is Bernie Ebbers, the crook behind Worldcom, and Altman is the embodiment of AOL, the king of the web, at least at its inception. The real indictment is that all of these hyperscalers can't possibly make money, so they are wasting it, and when the bill comes due, it will be too great to bear. Or a waste of time. Or only one winner, like Google, and everyone else is Bing. The latter is the sub rosa nightmare come true. Now, let's talk about the part of the bubble that's remembered in a false narrative by clueless or motivated bears. I was intimately involved with this part of the equation and remember it well, because thestreet.com was financed by it. The public market drove the buildout. Here's the background. In 1996, thestreet.com and a couple of other companies burst on the scene and had instant viewers, something I detail in "How to Make Money in Any Market," my new book that goes on sale Tuesday. Our readers, who usually got to us via AOL, discovered outfits like E-Trade and started buying anything that even sounded like a dot-com stock. If anyone remembers the craziness of the MarketWatch IPO, that's what really got the dot-com movement going and turned a lot of bankers' heads. It was Jan. 15, 1999. We had a couple of IPOs that were tangentially involved with the web. Marketwatch was the first really in-your-face deal. It was priced at $17. It closed at $97.50. Retail investors drove it. They didn't know how to buy. They put in market orders. They were bunched by a couple of companies, and the openings were controlled by the companies, especially a company called Knight Trading Group. They regularly fleeced the public with these market orders and were rumored to be short all of the high openings. With the public willing to finance anything, company after company came public, and the venture capitalists were making fortunes often on the deals and then on the follow-ons. Ultimately, there were about 330 companies that went public this way. They almost all blew up. There was a huge lawsuit against all the brokerage firms that got the deals. Suffice it to say, almost everyone had a hand in it. (thestreet.com survived, but never amounted to what I wanted it to be, as is self-evident.) The new class of investors was legion. They got it all financed. And they lost everything. They never came back. Who survived? Amazon, Yahoo, and Google, although the latter didn't go public until August 2004. Let's think of this: So many joke companies went public. Almost all failed. Billions of dollars lost. A generation wiped out. And a couple of winners that are winners today. What's different this time Now we only have about a half-dozen companies that are trying to make it. To do so, you need a buildout that's much bigger than it was back then, but so are the stakes. You want to be the next Google or Amazon, don't you? The difference this time is that there are only a few who can do the buildout, namely Oracle and Coreweave, as well as Nvidia and other chipmakers that help out in the computation and communications process. Then there are the power companies, and the turbine builders—led by GE Vernova , a bunch of builders, including Jacobs , and lots of electric connectors, companies like Eaton and Emerson , and a couple of others. There are plenty of specs here, including anything nuclear, which has generated some spectacular runs. You should ring the register on these companies because most of them don't have enough money to become what they want to be. So now let's step back: In the dot-com era, a bunch of infrastructure and telco companies spent billions they didn't have and built a fiber network that wasn't needed. Not enough customers on either side. Now we have a few companies building out the infrastructure, which is expensive, but if the money isn't spent by all the hyperscalers, then whoever doesn't spend it will be left behind. Given the demand, can you afford not to? Coreweave is trying to dominate, but it will have to use some debt. Only Oracle is set to challenge Coreweave in terms of building and running data centers. It will need money, but it claims OpenAI will pay. I can't dispute that because OpenAI will have a trillion-dollar IPO and can take that money and pay anyone for anything. Now, what makes this a bubble? It's all self-funded, except Oracle's bills and those of Coreweave. Oracle can get the money. Coreweave, with the help of Core Scientific , could be the only independent that comes out. The hyperscalers need Coreweave and Oracle, and the electric companies and the power they create just to protect their flanks. There's too much business to be had. To me, it's not a bubble. It's not even a gold rush. It's a belief that Jensen Huang's innovations and all of its accoutrements will help these companies, which are already super rich, to keep their dominance. Bubble? How about a necessity? (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/2025/09/28/a-look-at-openais-tangled-web-of-dealmaking.html?&qsearchterm=Nvidia
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A look at OpenAI's tangled web of dealmaking
| 2025-09-28T00:00:00
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OpenAI CEO Sam Altman speaks to media following a Q&A at the OpenAI data center in Abilene, Texas, U.S., Sept. 23, 2025. Shelby Tauber | Reuters
While OpenAI says that scaling is key to driving innovation and future AI breakthroughs, investors and analysts are beginning to raise their eyebrows over the mindboggling sums, as well as OpenAI's reliance on an increasingly interconnected web of infrastructure partners. OpenAI took a $350 million stake in CoreWeave ahead of its IPO in March, for instance. Nvidia formalized its financial stake in OpenAI by participating in a $6.6 billion funding round in October. Oracle is spending about $40 billion on Nvidia chips to power one of OpenAI's Stargate data centers, according to a May report from the Financial Times. Earlier this month, CoreWeave disclosed an order worth at least $6.3 billion from Nvidia. And through its $100 billion investment in OpenAI, Nvidia will get equity in the startup and earn revenue at the same time. OpenAI is only expected to generate $13 billion in revenue this year, according to the company's CFO Sarah Friar. She told CNBC that technology booms require bold bets on infrastructure. "When the internet was getting started, people kept feeling like, 'Oh, we're over-building, there's too much,'" Friar said. "Look where we are today, right?" Altman told CNBC in August that he's willing to run the company at a loss in order to prioritize growth and its investments.
But some analysts are raising red flags, arguing that OpenAI's deal with Nvidia is reminiscent of vendor financing patterns that helped burst the dot-com bubble in the early 2000s. Nvidia has been the biggest winner of the AI boom so far because it produces the graphics processing units (GPUs) that are necessary to train models and run large AI workloads. Nvidia's investment in OpenAI, which will be paid out in installments over several years, will help the startup build out data centers that are based around its GPUs. "You don't have to be a skeptic about AI technology's promise in general to see this announcement as a troubling signal about how self-referential the entire space has become," Bespoke Investment Group wrote in a note to clients on Tuesday. "If NVDA has to provide the capital that becomes its revenues in order to maintain growth, the whole ecosystem may be unsustainable."
Sam Altman, CEO of OpenAI (L), and Jensen Huang CEO of Nvidia. Reuters
Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, said names of companies from the late 1990′s were ringing in his ears after the OpenAI-Nvidia deal was announced. A key difference, however, is that this transaction is "so much bigger in terms of dollars," he wrote in a note. "For this whole massive experiment to work without causing large losses, OpenAI and its peers now have got to generate huge revenues and profits to pay for all the obligations they are signing up for and at the same time provide a return to its investors," Boockvar said. An OpenAI spokesperson referred CNBC to comments from Altman and Friar this week, adding that the company is pursuing "a once-in-a-century opportunity that demands ambition equal to the moment." The total amount of demand for compute could reach a staggering 200 gigawatts by 2030, according to Bain & Company's 2025 Technology Report. Building enough data centers to meet this anticipated demand would cost about $500 billion a year, meaning AI companies would have to generate a combined $2 trillion in annual revenue to cover those costs. Even if companies throw their whole weight behind investing in the cloud and data centers, "the amount would still fall $800 billion short of the revenue needed to fund the full investment," Bain said. There's a clear uphill battle ahead, but OpenAI's Altman brushed off concerns on Tuesday, rejecting the idea that the infrastructure spending spree is overkill. "This is what it takes to deliver AI," Altman told CNBC. "Unlike previous technological revolutions or previous versions of the internet, there's so much infrastructure that's required, and this is a small sample of it." --CNBC's Yun Li and MacKenzie Sigalos contributed to this report WATCH: OpenAI’s Sam Altman defends Stargate expansion as demand for AI soars
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Nvidia
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https://www.cnbc.com/2025/09/28/top-wall-street-analysts-favor-these-3-stocks-for-robust-growth.html?&qsearchterm=Nvidia
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Top Wall Street analysts favor these 3 stocks for their robust growth outlook
| 2025-09-28T00:00:00
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The Nvidia logo is displayed on a building at Nvidia headquarters on Aug. 27, 2025 in Santa Clara, California.
Despite macroeconomic uncertainties, several companies are well-positioned to deliver strong returns to investors from rapid technological advancements and artificial intelligence (AI) adoption.
To pick attractive stocks with strong prospects, investors can track top Wall Street analysts, whose recommendations are based on in-depth research and analysis of a company's financials and growth drivers.
Here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance.
Nvidia
We start with semiconductor giant Nvidia (NVDA), which has strengthened its dominant position through continued innovation and strategic deals, such as the recently announced $5 billion investment in Intel and massive $100 billion investment in OpenAI.
Following a conversation with Nvidia's CFO on the OpenAI deal, Evercore analyst Mark Lipacis reiterated a buy rating on NVDA, saying the chip company is the "AI ecosystem of choice, not just with its CUDA software stack, but also with its connectivity solution, NVLink, which we think is poised to become a de facto standard."
The top-rated analyst increased his price target on Nvidia to $225 from $214 and said that Nvidia remains a top pick for Evercore. TipRanks' AI Analyst has an "outperform" rating on Nvidia stock with a price target of $204.
Highlighting the key takeaways from his conversation with the company's CFO, Lipacis said that Nvidia will be the preferred supplier to OpenAI, adding that the ChatGPT platform has underestimated demand for its solution and wants to get ahead of future demand. Nvidia is well-positioned to help OpenAI with this infrastructure buildout.
Lipacis noted that the deal specifies at least 10 GW (gigawatts) of AI infrastructure, and Nvidia management confirmed that, historically, the company's total addressable market (TAM) was $30 billion to $40 billion per GW, although it could increase in the future. The analyst increased his 2026 revenue and earnings per share (EPS) estimates by 2% for Nvidia, but thinks that his forecast may be conservative.
Lipacis ranks No. 53 among more than 10,000 analysts tracked by TipRanks. His ratings have been successful 66% of the time, delivering an average return of 26.5%. See Nvidia ETF Exposure on TipRanks.
MongoDB
Next is database management software company MongoDB (MDB). The company recently held a MongoDB.local event in New York City, hosting an Investor Session focused on profitable growth and providing a 3- to 5-year financial framework.
Following the event, Needham analyst Mike Cikos reiterated a buy rating on MongoDB and increased his price target to $365 from $325. TipRanks' AI Analyst is also bullish on MDB stock, giving it an "outperform" rating and a price target of $355.
Cikos said that while investors' initial reaction to the high-teens revenue growth forecast was underwhelming, he expects both AI and competitive migrations to drive incremental growth for MongoDB.
The 5-star analyst noted that management plans to continue investing in the business, though at a slower rate than revenue and gross profit growth. MongoDB's investments will mainly focus on developer awareness, research & development and its sales force.The company has also identified areas for optimization and expects its scale to drive profitable growth through efficiencies.
Cikos said that following the MongoDB.local event he is "incrementally more positive on MongoDB's AI positioning," driven by embeddings, which bridge data and Large Language Models (LLMs), and the continued integration of Voyage's best-in-class models.
Cikos ranks No. 581 among more than 10,000 analysts tracked by TipRanks. His ratings have been profitable 59% of the time, delivering an average return of 14.1%. See MongoDB Ownership Structure on TipRanks.
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Nvidia
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https://www.cnbc.com/2025/09/27/stocks-stumble-nvidia-bankrolls-openai-and-iphone-sales-surprise.html?&qsearchterm=Nvidia
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Week in review: Stocks stumble, Nvidia bankrolls OpenAI, and iPhone sales surprise
| 2025-09-27T00:00:00
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It was a topsy-turvy week for the stock market — featuring jobs and inflation data, Nvidia 's $100 billion investment deal with OpenAI, and signals of stronger-than-expected new iPhone demand. The S & P 500 and Nasdaq closed at record highs Monday but then went on three-session losing streaks. The market did get a boost Friday on an in-line consumer inflation report. In the end, though, it wasn't enough to flip the weekly performance positive. For the week, the S & P 500 and Nasdaq saw losses of nearly 1% and just over 1%, respectively. With just two trading days left in the notoriously tough month of September, the S & P 500 and Nasdaq were tracking for a fifth straight month of gains and a second straight quarter of gains. .SPX YTD mountain S & P 500 (SPX) year-to-date performance Investors this week remained fixated on economic data. Thursday brought a big, unexpected drop in weekly jobless claims and a strong upward revision in gross domestic product for the second quarter. As a result, stocks tumbled Thursday as investors worried that a possibly improving labor market and better economic growth might give the Federal Reserve less of a reason to lower interest rates further. Central bankers cut rates by a quarter-point earlier in the month. The buyers stepped back into the market Friday after the year-over-year increase in the August core personal consumption expenditures price index matched estimates. Core PCE , excluding food and energy prices, is the Fed's preferred inflation gauge. When it was all said and done, the market was still pricing in another half-point of rate easing by year-end. Looking ahead , it's a big jobs week, and there is a risk of a government shutdown. Club stocks Nvidia, Costco, Boeing, and Apple were all in the news. Kicking off the week, Nvidia stock closed at a record high Monday after the chipmaker announced a whopping $100 billion investment into OpenAI to help the startup build artificial intelligence data centers. Nvidia CEO Jensen Huang, OpenAI CEO Sam Altman and OpenAI President Greg Brockman broke the news in a CNBC interview . Huang said the benefits had not been accounted for in management's previous public financial projections. "This is additive to everything we spoke about so far," he said. This also means that analysts need to update their earnings outlooks for Nvidia for 2026. NVDA YTD mountain Nvidia (NVDA) year-to-date performance Club take: For us, the Nvidia-OpenAI announcement is yet another sign of how early we are in the AI trade. "In case anyone had doubts, the AI trade is just getting started," Zev Fima, portfolio analyst for the Club, wrote in an analysis. "We have always seen plenty of runway in the buildout of AI data centers and the role of Nvidia's chips at the center of it all. But the scale of the opportunity described in this partnership is incredible." Not only is this huge for Nvidia, but it's beneficial for fellow Club holdings GE Vernova and Eaton as well. That's because they're winners of the growing demand for more energy to support the building of AI infrastructure. Case in point: GE Vernova and Eaton shares surged on Monday's news. But the rally fizzled and then closed the week lower. Nvidia rose less than 1% for the week. Boeing had a great Friday and a great week. The stock first received a boost Tuesday on reports that the company and China were in the final stages of talks for a huge order of Boeing jets. It would be the first time since Trump's first term in office that Boeing and the world's second-largest economy do business together. The stock ran again Friday – up more than 3.5% in a session – after the FAA announced that it would loosen some restrictions on Boeing's aircraft deliveries. BA YTD mountain Boeing (BA) year-to-date performance Club take: Boeing stock – up 25% year-to-date – can run even higher from here. That's because Boeing will keep benefiting from the Trump administration's trade policies. U.S. trading partners continue to strike deals that include massive orders of Boeing planes. Japan, Cambodia, Malaysia, and Indonesia are among those that have already done so. This is a key reason why the Club started a position in Boeing earlier this month. "This is what we've been waiting for," Jeff Marks, director of portfolio analysis at the Club, said following the FAA news. "This is why we bought the stock when we did." The Club has a buy-equivalent 1 rating on Boeing and a price target of $275. That represents almost 24% upside from Friday's close. Shares of Costco declined nearly 3% on Friday and nearly 4% for the week, following the bulk retailer's quarterly earnings report on Thursday evening. The company beat expectations for earnings and revenue, but that wasn't enough to impress investors. Lower-than-expected same-store sales growth and another dip in membership renewal rates weighed on the stock. While JPMorgan, Evercore ISI, Truist, and Morgan Stanley all lowered their price targets on Costco shortly after the release, they were still plenty optimistic . COST YTD mountain Costco Wholesale (COST) year-to-date performance Club take: We were also optimistic on Costco and recommend members own this quality name. Costco is a great stock to own during economic uncertainty as the company appeals to the value-conscious consumer. "While the results weren't perfect, we were pleased to see gross margins continue their upward trajectory," Jeff said in Thursday's earnings analysis. "The company credited improvements to its supply chain as a reason for the margin improvement, and an increase in Kirkland Signature penetration continued to be a secret weapon against fighting inflation and keeping prices down." We reiterated our buy-equivalent 1 rating and our $1,100 price target, which implies more than 20% upside to Friday's close. Apple stock was our best performer of the week — up 4% — as investors received more positive signs of a successful rollout of the new iPhone 17 and Air models. On Monday, for example, T-Mobile outgoing CEO Mike Sievert told Jim on CNBC that iPhone sales had hit all-time record highs. "We just had the biggest iPhone week," Sievert said. "We're up double digits from a year ago." Wedbush raised its price target on Apple to $310 from $270 . That's the highest on the Street. Jim said at the time there would be more Wall Street firms getting more bullish on Apple. AAPL YTD mountain Apple (AAPL) year-to-date performance Club take: The upbeat commentary from analysts and T-Mobile is further confirmation of what the Jim has been preaching since the new iPhones launched earlier this month. The rollout for the new models is going to be "gigantic," Jim has said, arguing Apple's flagship devices are "more of a bargain" than other smartphones as well. "What Apple is saying is, 'Look, these are full price, but because you get a discount from the carriers like Mike Sievert at T-Mobile and the value of the trade-in turned out to be more than we thought.' So, there's been no increase in price," Jim explained during Monday's Morning Meeting. We maintain our "hold, don't trade" thesis on the stock. We also executed two trades. On Thursday, we bought more Danaher shares on the recent decline. Fima described our reasoning in the trade alert: "While Danaher has certainly been one of a handful of problematic stocks in the portfolio, we are stepping into the name here, as we think Thursday's 3% move lower is overdone." Shares of the life sciences company lost more than 4% for the week, but they did close up nearly 2% Friday, which broke a five-session losing streak. The Club started a Nike position Friday. The sports apparel giant has a promising turnaround plan under CEO Elliott Hill. In the trade alert , Marks explained our investment thesis: "Nike may have lost its way in recent years, but we're encouraged by the steps Hill has taken to put the company back on the path to recovery. By the way, next summer's FIFA World Cup could be a sales catalyst as people buy the latest boots (cleats), kits (jerseys), and other apparel to support their countries and favorite players." We issued a price target of $80 apiece, which implies about 16 % upside from Friday's close. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/2025/09/27/santoli-ai-bubble-anxiety-worry.html?&qsearchterm=Nvidia
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How to know when it's time to worry about the AI bubble
| 2025-09-27T00:00:00
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Wall Street is undergoing a minor AI-nxiety attack. Long-percolating concerns about the massive and perhaps undisciplined tech-company investments in artificial-intelligence infrastructure and the lavish valuations bestowed on these businesses started to boil over last week. And with it, a vigorous debate over whether a hazardous equity bubble is underway, on the way or in no way likely. The Wall Street Journal gave the thorough front-page treatment to the AI capex binge, squinting skeptically at the potential for payback and drawing the obvious but relevant comparisons to the Internet-broadband craze of the late-1990s. J.P. Morgan Asset Management's esteemed big-picture strategist Michael Cembalest published a report illustrated in vintage-horror-film style called: "The Data Center Blob," whose opening line is meant to set the scary tone: "AI related stocks have accounted for 75% of S & P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022." Hedge-fund manager David Einhorn of value-oriented Greenlight Capital flagged the prospect of "massive capital losses," while multiple articles noted the increasing use of debt financing to pay for the buildings and server racks (Oracle sold a quick $18 billion in paper last week and tech firms have issued $157 billion in corporate debt this year, up 70% over the same period on 2024). GQG Partners, a $172 billion investment manager founded in 2016 by veteran investor Rajiv Jain, which pursues a "quality growth" strategy, published an investor letter two weeks ago that was widely shared last week called "Dotcom on Steroids." The firm, which has owned Nvidia and other tech stocks in recent years, declares, "For the first time in our firm's history, we believe many large technology companies today—particularly those with meaningful roles in the AI infrastructure build-out — represent backward-looking quality." The thesis is that the runaway AI buildout is being pursued just as the key markets that drive Big Tech earnings are maturing, slowing and growing more competitive, namely digital advertising and cloud services. (Side note: Few are probably aware that earnings growth in 2026 for Alphabet and Meta Platforms are projected to slow to the 6-8% range.) GQG goes on to push back against the notion that today's tech sector is of higher quality and less overvalued, citing this chart of the S & P 500 weighting in stocks valued above 10-times revenue. By GQG's admission, this cautious call could be quite early and is made with knowledge that it could mean forgoing appreciable upside from here. Wall Street strategists have generally resisted the bubble chatter, with Deutsche Bank saying hyperscalers have ample cash flow to invest heavily while buying back stock and Barclays noting today's Big Tech capital outlays relative to revenues are well below those of the leveraged telecom players of the fiber-optic frenzy 25-30 years ago. The debate won't be settled here, now or, probably, any time soon. Bubbles are rare and are conjured and misidentified during typical bull markets far more often than they arise. We may never see a comparable mania to the 1999-2000 crescendo, so the popular pastime of mapping the current ascent to the late-90s and locating us now a couple years and a huge distance from that peak could be a trap rather than a guide. On the other hand, there's a fair chance that this latest crisis of faith in the AI theme is just what's needed to have investors sober up a bit, rebuild a slight wall of worry, stress-test their growth models and then prolong the fun. When should we really start worrying? Which leaves open the question of how to know when to start really worrying about bubbly extremes? An initial condition would be truly extraordinary market performance that feeds upon itself, climbing at a steeper angle than we've seen in the current phase. The upside in the pure AI names as well as the wild speculative stuff around the edges (quantum computing, crypto-hoarding shell companies, upstart nuclear-power plays) has been extraordinary, but the broad index appreciation has been good but nothing extreme. The S & P 500's 80%-ish gain during the current bull market that's about to turn three years old is middle of the pack. The current trailing five-year annualized total return is 16%; at the end of 1997 is was 20%, at the end of 1998 24%. Because the starting point was higher this cycle in both valuation and broad public ownership of stocks, the market is more expensive and heavily owned. This, according to the time-tested but not ironclad market math, should mean muted equity returns in the decade to come, all else equal. But that doesn't require or imply a bubble poised to burst. Ned Davis Research last week ran the numbers on the long-term relationship between household equity ownership as a proportion of financial assets (now at a record high) and subsequent S & P 500 performance. On this chart, the forward 10-year annual return is on an inverted scale. The relationship was tight for decades, but has loosened in the past decade in favor of better returns than history would suggest. Another feature of markets growing toward an unstable bubbly episode is volatility rising along with stock prices – counter to the broad inverse interplay. The excitable, erratic flows in 1999 drove such a phenomenon, the CBOE Volatility index rarely dropping below 20 as the S & P 500 rallied 20% and the Nasdaq Composite soared 85%. Today, the VIX has only poked above 20 for a few days over the past four months of steady index gains. Which is not to say that the current market lacks for some volatility anomalies, only that they're more nuanced. The correlation among S & P 500 stocks over the past three months is at a decade low, suppressing index movement but keeping things jumpy below the surface. Bespoke Investment Group notes that the only group of stocks in a strong uptrend right now are the most-volatile 10% within the S & P 500. And Goldman Sachs equity desk pointed out Friday, "Something that continues to be extremely palpable while trading is how muted the volatility of the index is relative to the underliers…The average NDX stock is now 2.65x as volatile as NDX index – matching the record highs we saw in April 2017 (measured on a 3m realized basis)." Nothing particularly worrisome happened soon after April 2017, the market stayed in a tight uptrend for another nine months, relying then as now on elegant rotations – until in February 2018 the pent-up energy burst forth in the "Volmageddon" correction. A common distinction drawn between the 2025 environment and everyone's favorite bubble moment in the days of Pets.com is the lower pace of IPO and other stock issuance, which is keeping the equity supply/demand equation favorable given still-heavy corporate buybacks and strong fund inflows. Total year-to-date equity supply this year has been $180 billion, according to Dealogic, dwarfed by the $1 trillion pace of buybacks. It's true that the rush of sketchy IPOs eventually swamped the tape in 2000. Still, today's capital markets are getting plenty promiscuous, with the craze for those penny stocks being hijacked to warehouse crypto assets, private credit chasing after borrowers with a glut of investor capital and 2021-vintage meme stocks being revived by buying stampedes. This falls more into the realm of tactical concerns at this point, rather than evidence of some kind of generational peak forming. And bubbles – inflating or deflating – are not needed to have the market run up in bursts or wobble in turbulence. Other notable features of the near-term setup include the still-resilient tape, the S & P 500 refusing to come in even for a 3% pullback in almost five months, the rotational impulse allowing fatigued mega-cap-tech leadership to consolidate last week while lifting energy and other laggard groups. .SPX 6M mountain S & P 500, 6 months Still, the S & P bumped against a record intraday high of 6,699 twice last week, hinting that someone out there sees 6,700 as a suitable sell level. Core AI beneficiaries – Oracle , Micron , Broadcom – have traded poorly despite stellar results and positive news flow, while Nvidia stays stuck at late-July levels. The broad picture of a Fed leaning toward lower rates in a steady economy remains undisturbed, though some noncommittal Fed speak and sideways inflation have dented the market's certainty about two more rate cuts this year, as the 10-year Treasury yield leaks back up to a three-week high. We again can recite the seasonal softness that in theory opens a window for pullbacks into October, even though the market has refused to bow to purported calendar-based weak spots in August and September. Something to watch out for in coming months will be the Street strategists updating 2025 index targets and rolling out their 2026 calls. Currently, the median year-end 2025 bogey is right at current levels, implying a helpful reservoir of caution. Late last year, though, the handicappers came out hot with their 2025 targets, which sent expectations high and set up investors for a nasty early-year setback, even before the tariff shock in April crushed the tape, humbled the bulls and then eventually set a trap for the bears.
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Nvidia
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https://www.cnbc.com/video/2025/09/26/patrick-moorhead-trump-admin-floating-tariffs-as-us-lacks-enough-chip-capacity.html?&qsearchterm=Nvidia
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Patrick Moorhead: Trump admin floating tariffs as U.S. lacks enough chip capacity
| 2025-09-26T00:00:00
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Patrick Moorhead: Trump admin floating tariffs as U.S. lacks enough chip capacity
Moor Insights & Strategy CEO and chief analyst Patrick Moorhead joins CNBC's 'Squawk on the Street' to discuss U.S. chip policy, Nvidia’s vendor financing, and why American leadership in semiconductors is critical for both markets and national security.
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Nvidia
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https://www.cnbc.com/2025/09/26/anthropic-global-ai-hiring-spree.html?&qsearchterm=Nvidia
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Anthropic to triple international workforce in global AI push
| 2025-09-26T00:00:00
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Anthropic is stepping up its global enterprise ambitions. The $183 billion artificial intelligence startup has grown its business customer base from under 1,000 to more than 300,000 in just two years, as demand for Claude's models accelerates across industries and regions. On Friday, the company announced it will triple its international workforce and expand its applied AI team fivefold in 2025, as it scales beyond the U.S. and intensifies competition with OpenAI, Microsoft and Google . That expansion comes as international demand increasingly drives the company's momentum. Claude's global usage has reached an inflection point: nearly 80% of activity now comes from outside the United States. On a per-person basis, adoption in countries like South Korea, Australia and Singapore has already surpassed that of the U.S. In an exclusive interview, Chief Commercial Officer Paul Smith told CNBC that Anthropic's international growth is outpacing even their most ambitious forecasts, with major customers coming online well before boots hit the ground. "What is amazing is we haven't, up until recently, had significant human presence in Europe, in Japan, in our international markets, and yet we already have a very, very significant business over there," said Smith. He pointed to rapid adoption in sectors like life sciences and sovereign wealth management. At Novo Nordisk , the Danish pharmaceutical giant behind Ozempic, Claude helped compress what's typically a three-month analysis and reporting phase at the end of a drug development cycle into just a few days. Smith said Anthropic is now ramping up hiring across its priority global markets.
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The company is set to recruit country leads for India, Australia and New Zealand, Korea, and Singapore, with broader expansion underway across the U.K., northern and southern Europe, Germany, Austria, and Switzerland. As part of its international push, Anthropic is opening its first Asia office in Tokyo and scaling operations across Europe — including more than 100 new roles in Dublin and London and a research-focused hub in Zurich. Additional locations are expected to follow in the coming months. The global expansion is being spearheaded by Chris Ciauri, who recently joined Anthropic as managing director of international. A longtime enterprise veteran, Ciauri previously served as CEO of Unily and held senior roles at Google Cloud and Salesforce , where he worked alongside Smith and helped grow Europe, the Middle East and Africa revenue from $200 million to more than $3 billion. "G20 governments are approaching us about doing really, really interesting things at a citizen enablement level," he told CNBC, adding that large companies across Europe and Asia are also now engaging Anthropic on industry-specific use cases.
A new front in the AI wars
Anthropic's push abroad comes as the enterprise AI race enters a more mature and competitive phase. The company recently hit a $5 billion revenue run-rate, up from $87 million at the start of 2024, fueled by growing demand for its Claude family of models in enterprise environments. That milestone puts Anthropic squarely in competition with the incumbents.
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OpenAI this week launched an $850 billion global infrastructure expansion with Oracle , Nvidia and SoftBank to support continued growth. Microsoft and Google, meanwhile, are embedding AI into every layer of their productivity, cloud and developer ecosystems — making it easier for CIOs to tack on tools like Copilot or Gemini without overhauling their stack. Anthropic is betting that companies want more than an add-on. The pitch is a pure-play AI experience, with direct access to Claude's frontier models — not just a wrapper inside legacy software. That strategy has become a key point of differentiation as enterprises shift from experimentation to implementation at scale. Across sectors, organizations are now embedding AI into core workflows, not just for summarization or chat, but for tasks like customer service, fraud detection, regulatory analysis, code review and complex decision-making. Still, Smith said most large enterprises are adopting hybrid strategies combining direct access to Claude with integrations through AWS, Google Cloud and other third-party platforms, and emphasized that these partnerships are additive, not competitive. "There's a very good reason why, if you're an AWS customer, you should also consume Anthropic through Bedrock — and if you're a great Google customer, through Vertex," he said.
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Ultimately, he said, an enterprise will have a multifaceted relationship with a player like Anthropic. Anthropic's applied AI team, which helps customers deploy Claude at scale, is set to grow fivefold in the next year. Unlike some rivals, the company doesn't rely on productivity suite integration or a legacy install base. Its focus is on building deep, domain-specific systems tailored to verticals like telecom, pharmaceuticals, financial services and government. "You need the applied AI team that understands their particular industry context," Smith said. He explained that true enterprise deployment also requires a broader ecosystem: both large global systems integrators and niche consultancies trained to implement Claude Code and build custom agents. Anthropic is also investing in 24/7 support and infrastructure for data sovereignty — especially important for customers in regulated sectors.
"We're meticulously working through everything that you need that removes the barriers to adoption in these very large enterprises," Smith said, emphasizing that enterprise isn't just one part of their business, it's the entire focus. At the same time, OpenAI has been aggressively scaling its international enterprise efforts. OpenAI Chief Operating Officer Brad Lightcap has grown the company's go-to-market team from about 50 to more than 700 over the past 18 months, spanning sales, customer success, developer relations, and strategic partnerships. Last month, OpenAI opened offices in Brazil, India, and Australia — and this week in Abilene, Texas, CEO Sam Altman told CNBC that usage of ChatGPT has surged roughly tenfold over the past 18 months, thanks in large part to growth on the enterprise side. That momentum continued on Thursday, when OpenAI deepened its enterprise reach with a formal integration into Databricks — signaling a new phase in its push for commercial adoption.
Claude's global customer base
As enterprise AI adoption accelerates, so too does scrutiny. A recent MIT study found that many so-called deployments have shown little to no measurable impact — raising real questions about how deeply these tools are actually being integrated. But Anthropic executives say Claude is already delivering tangible results at scale. Across Europe and Asia-Pacific, Claude is powering core enterprise operations. At Norway's Norges Bank Investment Management, the world's largest sovereign wealth fund, Claude helps analyze multi-billion-dollar investments and has already saved 213,000 hours, a 20% productivity gain across 9,000 portfolio companies.
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Novo Nordisk cut clinical documentation time from more than 10 weeks to 10 minutes and halved review cycles. SK Telecom, which is deploying Claude in Korea as part of a company-wide AI overhaul, boosted customer service quality by 34%. The European Parliament made millions of historical documents searchable and translatable, and the Commonwealth Bank of Australia slashed scam losses by 50%. "The demand signal we've got is unprecedented. It's like nothing I've ever seen," said Smith. "There isn't a single enterprise in the world where they don't have some kind of software development backlog." Smith said Claude Code, launched in May, is already a $500 million product, with usage up 10x in just three months. "It's one of the fastest-growing products that's ever been launched," he said. "It's an entry point. Happens to be an incredibly popular entry point right now." But the impact goes well beyond software development. Localization — both linguistic and cultural — is part of what Ciauri sees as a key differentiator. He pointed to Panasonic's Claude integration as an example, with the Japanese conglomerate using their models tailored to local language and cultural context. "That's a super important differentiator as you think about how you really maximize results for enterprise," said Ciauri. "You get these pockets of success," Smith added, "that you can then start to scale." WATCH: AI firms pull in $65 billion so far this year, claiming 77% of venture dollars
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Nvidia
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https://www.cnbc.com/2025/09/26/openai-big-week-ai-arms-race.html?&qsearchterm=Nvidia
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OpenAI's historic week has redefined the AI arms race for investors: 'I don't see this as crazy'
| 2025-09-26T00:00:00
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OpenAI CEO Sam Altman listens to questions at a Q&A following a tour of the OpenAI data center in Abilene, Texas, Sept. 23, 2025. Shelby Tauber | Reuters
This week, OpenAI redefined what momentum — and risk — look like in the artificial intelligence arms race. Now comes the hard part: Executing on CEO Sam Altman's multitrillion-dollar vision. In a rapid-fire series of announcements, the company unveiled partnerships involving mind-bending sums of money and cemented its place at the center of the next wave of machine learning infrastructure. It began Monday with news that Nvidia plans to invest up to $100 billion to help OpenAI build data center capacity with millions of graphics processing units, or GPUs. A day later, OpenAI revealed an expanded deal with Oracle and SoftBank , scaling its "Stargate" project to a $400 billion commitment across multiple phases and sites. Then on Thursday, OpenAI deepened its enterprise reach with a formal integration into Databricks — signaling a new phase in its push for commercial adoption. "In all, this is the biggest tale yet of Silicon Valley's signature 'fake it 'til you make it,' and so far it seems to be working," said Gil Luria, managing director at D.A. Davidson. The startup, known mostly for its ChatGPT chatbot and GPT family of large language models, is trying to become something much bigger: the next hyperscaler. Never mind that it's burning billions of dollars in cash and is fully reliant on outside capital to grow, nor that its buildout plans require the amount of energy that would be needed to power more than 13 million U.S. homes. Altman has long said that delivering the next era of AI will require exponentially more infrastructure. "You should expect OpenAI to spend trillions of dollars on data center construction in the not very distant future," he told CNBC and a small group of reporters over dinner in San Francisco last month. "And you should expect a bunch of economists wringing their hands, saying, 'This is so crazy, it's so reckless,' and we'll just be like, 'You know what? Let us do our thing.'" The story OpenAI is selling is that it's responding to market demand, which shows no signs of stopping. And eventually, the thinking goes, this will all be profitable. Current financial projections show OpenAI is on track to generate $125 billion in revenue by 2029, according to a source familiar with the company's internal forecasts.
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It's a bold bet — and one full of execution risk. Building out 17 gigawatts of capacity would require the equivalent of about 17 nuclear power plants, each of which takes at least a decade to build. The OpenAI team says talks are underway with hundreds of infrastructure providers across North America, but there are no firm answers yet. The U.S. grid is already strained, gas turbines are sold out through 2028, nuclear is slow to deploy, and renewables are tied up in political roadblocks. "I am extremely bullish about nuclear, advanced fission, fusion," Altman said. "We should build more ... a lot more of the current generation of fission plants, given the needs for dense, dense energy." What did crystallize this week, however, was the scale of Altman's ambition, as the OpenAI CEO began to put hard numbers behind his vision — some of them staggering. "Unlike previous technological revolutions or previous versions of the internet, there's so much infrastructure that's required, and this is a small sample of it," Altman said Tuesday at OpenAI's first Stargate site in Abilene, Texas. That mentality — blunt, ambitious, and dismissive of convention – has defined Altman's leadership in this new phase. Deedy Das, partner at Menlo Ventures, said the scale of OpenAI's infrastructure partnerships with Oracle may seem extreme to some, but he views it differently. "I don't see this as crazy. I see it as existential for the race to superintelligence," he said. Das argued that data and compute, or computing power, are the two biggest levers for scaling AI, and praised Altman for recognizing early on just how steep the ramp in infrastructure would need to be. "One of his gifts is reading the exponential and planning for it," he added. History shows that breakthroughs in AI aren't driven by smarter algorithms, he added, but by access to massive computing power. That's why companies such as OpenAI, Google and Anthropic are all chasing scale.
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Alibaba , OpenAI and Anthropic have all pointed to insatiable demand for their models from consumers and businesses alike. As these companies push to embed AI into everyday workflows, the infrastructure stakes keep rising. Ubiquitous, always-on intelligence requires more than just code — it takes power, land, chips, and years of planning. "I think people who use ChatGPT every day have no idea that this is what it takes," Altman said, gesturing to the site in Abilene. "This is 10% of what the site is going to be. We're doing 10 of these." "This requires such an insane amount of physical infrastructure to deliver," he said.
The cost of staying ahead
Though the buildout is flashy, the funding behind it remains hazy. Nvidia's $100 billion investment will arrive in $10 billion tranches over the next several years. OpenAI's buildout commitment with Oracle and SoftBank could eventually reach $400 billion. Microsoft , OpenAI's largest partner and shareholder that holds a right of first refusal for cloud deals, "is not willing to write them an unlimited check for compute," Luria said. "So they've turned to Oracle with a commitment considerably bigger than they can live up to." As a non-investment-grade startup without positive cash flow, OpenAI still faces a major financing challenge. Executives have called equity "the most expensive" way to fund infrastructure, and the company is preparing to take on debt to cover the rest of its buildout. Nvidia's long-term lease structure could help OpenAI secure better terms from banks, but it still needs to raise multiples of that capital in the private markets. OpenAI CFO Sarah Friar said the company plans to build some of its own first-party infrastructure — not to replace partners like Oracle, but to become a savvier operator. Doing some of the work internally, she said, makes OpenAI "a better partner" by allowing it to challenge vendor assumptions and gain a clearer view into actual costs versus padded estimates. That, in turn, strengthens its position in rate negotiations. "The other tool at their disposal to reduce burn rate is to start selling ads within ChatGPT, which may also help with the fundraising," Luria suggested. Altman said earlier this year in an interview with Ben Thompson's Stratechery that he'd rather test affiliate-style fees than traditional ads, floating a 2% cut when users buy something they discovered through the tool. He said rankings wouldn't be for sale and that while ads aren't ruled out, other monetization models come first. That question of how to monetize becomes even more urgent amid OpenAI's breakneck growth. "We are growing faster than any business I've ever heard of before," Altman said, adding that demand is accelerating so quickly that even this buildout pace will "look slow" in hindsight. Usage of ChatGPT, he noted, has surged roughly tenfold over the past 18 months, particularly on the enterprise side. And that demand isn't slowing. Accenture CEO Julie Sweet told CNBC's Sara Eisen on "Money Movers" Thursday that she's seeing an inflection point in enterprise adoption. "Every CEO board in the C-suite recognizes that advanced AI is critical to the future," she said. "The challenge right now they're facing is that they're really excited about the technology, and they're not yet AI-ready — for most companies." She said her firm signed 37 clients this quarter with bookings over $100 million. "We're still in the thick of it," she added. "There's a ton of work to do."
watch now
Ali Ghodsi, CEO of Databricks, said Thursday that concerns about overbuilding miss the bigger picture. "There's going to be much more AI usage in the future than we have today. There's no doubt about that," he said. "Not every person on the planet is using at the fullest capacity these AI models. So more capacity will be needed." That optimism is one reason Ghodsi struck a formal integration deal with OpenAI this week — a partnership that brings GPT-5 directly into Databricks' data tooling and reflects growing enterprise demand for OpenAI's models inside business software. Still, Ghodsi said it's important to maintain flexibility. Databricks now hosts all three major foundation models — OpenAI, Anthropic, and Alphabet's Gemini — so customers aren't locked into a single provider. But even as infrastructure ramps up, the scale and speed of OpenAI's spending spree have raised questions about execution. Nvidia is supplying capital and chips. Oracle is building the sites. OpenAI is anchoring the demand. It's a circular economy that could come under pressure if any one player falters. And while the headlines came fast this week, the physical buildout will take years to deliver — with much of it dependent on energy and grid upgrades that remain uncertain. Friar acknowledged that challenge. "There's not enough compute to do all the things that AI can do, and so we need to get it started," she said. "And we need to do it as a full ecosystem." WATCH: Oracle, OpenAI and SoftBank unveil $400 billion Stargate data center
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Nvidia
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https://www.cnbc.com/2025/09/26/chinese-driverless-firm-momenta-raising-funds-at-6-billion-valuation.html?&qsearchterm=Nvidia
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Chinese driverless tech startup Momenta is raising funds at a roughly $6 billion valuation
| 2025-09-26T00:00:00
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A car equipped with Momenta technology on display at the IAA Mobility show in Munich, Germany in September 2025.
Momenta, a Chinese driverless technology startup, is raising a fresh round of funding that could value the company at around $6 billion, two people familiar with the matter told CNBC.
The valuation could change as the funding progresses, one of the people, who wished to remain anonymous because they were not authorized to discuss the details publicly, said.
Bloomberg first reported the deal with a valuation above $5 billion.
Momenta declined to comment when contacted by CNBC.
The Beijing-headquartered company develops software and algorithms that can be used by automakers to give their vehicles some automated driving features. These company claims that its Advanced Driver Assistance Systems (ADAS) allows a car to carry out some functions autonomously such as changing lanes.
This week Momenta and Mercedes-Benz struck a deal to bring the Chinese firm's technology to the German auto giant's all-new electric CLA in China. The technology will power Mercedes-Benz's driver assistance system across highways, urban streets, and parking, the two companies said in a joint press release on Thursday.
Momenta's technology will eventually be equipped on 40 models developed by Mercedes-Benz, a person familiar with the matter said.
BMW signed a similar deal in June to equip its Neue Klasse electric vehicles in China with Momenta technology.
Momenta's list of investors include Tencent , Temasek, SAIC Motor , Toyota and Mercedes-Benz.
The company is participating in a competitive market that includes players like Nvidia and Horizon Robotics in China. There are a number of other players in the autonomous driving software space including WeRide and Pony.ai .
Signing with global automakers is a big win for Momenta which is also gearing up for an initial public offering. Reuters reported on Friday that the company is considering shifting its listing to Hong Kong from New York.
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Nvidia
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https://www.cnbc.com/2025/09/25/fridays-big-stock-stories-whats-likely-to-move-the-market-in-the-next-trading-session.html?&qsearchterm=Nvidia
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Friday's big stock stories: What’s likely to move the market in the next trading session
| 2025-09-25T00:00:00
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Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here's what CNBC TV's producers were watching on Thursday and what's on the radar for Friday's session. Oklo's big decline CNBC will keep watching nuclear power start-up Oklo on Friday. The stock's big run has powered down . Shares fell more than 9% on Thursday. In two days, shares are down around 15%. This comes after Goldman Sachs initiated coverage on the stock and was less than bullish. The note said the stock would sell off in the next year. The bank expects the stock to settle around $117 a share. It closed at $119 tonight. Shares are up almost 1% after hours. IBM's quantum computing test Shares surged 5.2% after a trial by HSBC showed IBM used quantum computing in a successful bond trading test. The stock is 5% from its June high. It's been a big year for IBM, the stock is up 28%. IBM YTD mountain IBM shares year to date Energy's big week The sector was the top performer in the S & P on Thursday. It was up almost 1%. The sector is 5.7% from the November high, but has gained 3.7% so far this week. EQT and Halliburton are both up more than 9% in four days. Valero and Phillips 66 are both up 7%. Expand Energy , Marathon Petroleum , Baker Hughes , Texas Pacific , Williams Cos. , ConocoPhillips and Devon are all up between 5% and 6% in four days. Brent and West Texas Intermediate Crude are both up more than 4% in four days. Natural gas is up 2% so far this week. Intel's huge move Intel shares were up again today, this time nearly 9%, amid reports Apple could invest in the company , after Nvidia made another investment in Intel last week. Intel is up about 40% in September. It closed a penny shy of the $34 a share mark. In extended trading, it's added more than 1%, hitting $34.47 mark. In the spring of 2000, Intel hit $70 a share. CNBC stock watcher Adrian van Hauwermeiren said Intel is on track for its first back-to-back double-digit gain since November 2002. It is also on pace for its best monthly performance since January 1987 when it climbed 49%. That stat is from CNBC's Nick Wells. A lot of people are watching this stock these days. INTC 1M mountain Intel shares over the past month.
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Nvidia
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https://www.cnbc.com/2025/09/25/ways-to-play-possible-4-billion-quantum-computing-market-bofa-says-.html?&qsearchterm=Nvidia
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Quantum computing could be a $4 billion market in 5 years, BofA says. Here are the notable players
| 2025-09-25T00:00:00
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Patient investors with a long-term horizon can look at the rapidly growing quantum computing market for opportunities, according to Bank of America. Quantum computing stocks have been a volatile play this year amid concerns that the risky technology is still in its infancy, while the stocks may have risen too far, too fast and sport high valuations. Still, Wall Street is bullish on the field long term, given its potential advancements across industries — from pharmaceuticals to finance to security — and for the potential to deliver outsized returns once commercialization ramps up. Bank of America forecasts the quantum computing market will be worth about $4 billion by 2030, up from an estimated $300 million in 2024. "While the promise of quantum computing is real, there are technological impediments to scaling that are currently being worked on," analysts led by Wamsi Mohan wrote in a 50-page report to clients on Thursday. "We assume increasing penetration and relatively stable pricing in early days of adoption. Once this technology is proven at scale and more standardized, we could see a meaningful inflection higher in revenues." Pay as you go Mohan said he views quantum computing as an "on-demand infrastructure that will be available to customers on a 'pay as you go' consumption basis" as the technology becomes more common. The analyst highlighted "notable" pure-play quantum computing companies and Big Tech giants that are honing in on aspects of the field, from developing platforms to build and run quantum algorithms to developing quantum computing hardware. Business models are also being built around providing cloud access for quantum computing hardware, correcting quantum errors and developing new algorithms. The larger tech companies working on quantum models include IBM , Alphabet , Nvidia and Microsoft , Wamsi said. Pure-play, public companies in the field are D-Wave Quantum , Rigetti Computing , IonQ and Quantum Computing — none of which are covered by BofA. "Today, there are six primary modalities that quantum computing companies utilize to scale towards universal, full-scale, fault tolerant computing," Mohan wrote. "The six modalities are as follows: superconducting, trapped-ion, photonic, neutral-atom, topological and spin. Each modality has its own pros and cons given the difference in scientific nature of each computation methodology. Furthermore, across current [quantum computing] companies and their corresponding modalities, technology maturity and utilization rate by customers varies." Wamsi mentioned IBM as one noteworthy quantum player. "IBM is one of the longest-standing players in quantum computing and a pioneer in the space, with a focus on superconducting qubits and a cloud-first strategy," the analyst said in the note, calling out its IBM Quantum platform that has successfully made quantum hardware and software tools available for public and business use. IBM Quantum is "on a clear road" to deliver its large-scale quantum computer, Starling, the first capable of operating without errors, Mohan said. IBM shares have gained 28% year to date. The consensus price target among analysts, however, suggests nearly 3% downside over the next 12 months, according to LSEG. Alphabet, the owner of Google, joined the ranks of $3 trillion companies earlier this month. Wamsi highlighted the company's quantum computing division, Quantum AI, that works on both hardware and software for large-scale, error-corrected quantum computers. Breakthrough Willow chip Google last December unveiled a breakthrough quantum computing chip called Willow, saying it could reduce errors "exponentially" as the company scaled more qubits , the fundamental units of information in quantum computing. Google said the Willow chip "cracks a key challenge in quantum error correction that the field has pursued for almost 30 years." Alphabet shares have soared 44% in the past three months, more than any of its Magnificent 7 peers, after several positive catalysts , including a favorable legal judgment. GOOGL 1Y mountain Google stock performance over the past year. IonQ is considered the first "pure-play" quantum computing stock to go public. Shares of the company are up 66% this year in midday trading Thursday, and have climbed 80% in the past month alone, th alone, reaching an all-time high on Tuesday after announcing that it achieved a "significant quantum internet milestone." IonQ said it was the first to successfully demonstrate the ability to convert visible wavelengths used to interface with trapped barium ions into telecom wavelengths on a prototype system. "IonQ aims to scale qubit count by increasing trapped ions and building modular units that can be optically linked to form larger distributed processors. IonQ looks towards capturing commercial advantage by fulfilling performance and scale," Wamsi said. Shares in two other pure-play quantum computing providers, D-Wave and Rigetti, have more than doubled in 2025.
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Nvidia
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https://www.cnbc.com/2025/09/25/i-cant-take-it-anymore-jim-cramer-calls-a-top-speculative-stocks-says-what-to-do.html?&qsearchterm=Nvidia
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'I can't take it anymore' — Jim Cramer calls a top speculative stocks, says what to do
| 2025-09-25T00:00:00
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CNBC's Jim Cramer urges investors to cash out of speculative stocks. "It's a good time to ring the register" on high-risk companies, said Cramer on " Squawk on the Street " on Thursday morning. "I just called a top in speculation because I can't take it anymore." Cramer has become critical of the cohorts in categories like nuclear, quantum computing, flying car developers, and even some health care stocks. Instead, he wants investors to focus on quality, profitable names — such as Nvidia , for example — over unprofitable organizations with massive growth in short periods. We have so many stocks that are up 200% or 300% that we just have to say 'Listen, those are going lower.' And, they should go lower because you should sell them," explained Cramer. His initial warning about speculative stocks came during Wednesday evening's " Mad Money " after Federal Reserve Chairman Jerome Powell said the day before that "by many measures, for example, equity prices are fairly highly valued." OKLO YTD mountain Oklo YTD Oklo is a "classic example," Cramer said. Earlier this year, shares of the nuclear developer fluctuated between $20 and $30 per share before seeing a consistent ascent that started around mid-May. Following a few positive headlines about an announced expansion into Tennessee, the stock surged to an all-time high of $144 on Wednesday but closed 8% lower. Shares slid another 11% on Thursday following reports that one of its board of directors, Michael Klein, sold $6.7 million worth of stock. Even after all that, Oklo stock was still up 450% year to date. "I don't like that," said Cramer. Parabolic moves like that get a "lot of bad money into the stock," he added on Thursday's Morning Meeting for the Investing Club. "It's non-quality versus quality." By "bad money," Cramer means traders who are looking to make a quick buck, not those investing for the long haul, which he advises and teaches through the CNBC Investing Club .
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Nvidia
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https://www.cnbc.com/2025/09/25/ai-stocks-are-dragging-the-market-down-the-stocks-were-extremely-overextended-says-katie-stockton.html?&qsearchterm=Nvidia
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AI stocks are dragging the market down. The names were 'extremely overextended,' says Katie Stockton
| 2025-09-25T00:00:00
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Stocks are starting to look vulnerable to a pullback if that last few days are any indication. The S & P 500 on Thursday was down for a third day, following another drop in Oracle . It's the latest decline this week in a major tech company that has raised questions on the future of the artificial intelligence trade that has powered stocks to all-time highs. Thursday's decline in Oracle is also in part because of a sell rating issued by Rothschild & Co. Redburn, with the firm calling for a 40% sell-off. "We've avoided the seasonal pullback so far," Katie Stockton, founder and managing partner at Fairlead Strategies, told CNBC's " Squawk Box " on Thursday. "And wouldn't that be a great reset for the markets. If you look around, especially in the AI names, they're extremely overextended in appearance." ORCL YTD mountain Oracle, year to date The major averages are higher this month despite this week's lackluster action. The tech-heavy Nasdaq Composite is the outperformer, advancing more than 4% after a dovish pivot from the central bank galvanized traders. Tech stocks, and cyclical assets such as small caps, tend to be more sensitive to lower interest rates. Month to date, Nvidia has climbed another 3%. Alphabet alone has rallied more than 15%. Apple surged more than 8%. Yet, it's perhaps time to take some profits off the table as breadth deteriorates, according to Stockton. Seasonally, between now and mid-October, stocks tend to be vulnerable to a drop. Nvidia is down this week, off by 1.6%. Amazon dropped roughly 5%. Alphabet is down by more than 3%. Meta has slid nearly 3%. Microsoft has dropped nearly 2%. Still, there are some tech names that could have further upside, Stockton said. The technical analyst likes Intel, which on Thursday rallied 7%, after Bloomberg reported the chipmaker has approached Apple for investment. The stock is already up more than 66% this year. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
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Nvidia
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https://www.cnbc.com/2025/09/25/ken-griffin-trump-white-house-tariffs.html?&qsearchterm=Nvidia
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Ken Griffin knocks Trump's corporate deals, says 'all of us lose' when government starts picking winners
| 2025-09-25T00:00:00
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CEO of Citadel Ken Griffin is interviewed Chairman of the Milken Institute Michael Milken (not pictured) during the Milken Institute Global Conference 2025 in Beverly Hills, California, U.S., May 7, 2025.
Citadel CEO Ken Griffin on Thursday knocked the Trump administration for making deals with large corporations to avoid the full extent of its tariff policies, describing such agreements as anti-American.
"Is that our country, that we're going to favor the big and the connected?," Griffin told CNBC's Sara Eisen in an exclusive interview from Miami. "That's not the American story."
"When the state becomes involved in picking winners and losers, there's only one way this game ends: All of us lose," added Griffin, a billionaire and top Wall Street figure.
Griffin's comments come as U.S. companies have raced to make agreements with the White House that allow them to avoid the steepest levies placed on imports from many foreign countries. Multiple well-known businesses including Apple and Nvidia have announced significant domestic investments in recent months, which have been viewed by some as ways to gain favor from the Trump administration.
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Nvidia
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https://www.cnbc.com/2025/09/25/jim-cramer-highlights-3-stocks-that-are-quality-and-3-that-are-in-trouble.html?&qsearchterm=Nvidia
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Jim Cramer highlights 3 stocks that are quality and 3 that are in trouble
| 2025-09-25T00:00:00
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Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Thursday's key moments. 1. The S & P 500 on Thursday was tracking for a third straight session lower, and the index was in jeopardy of breaking a three-week winning streak. The market finds itself under continued pressure because the 10-year Treasury yield keeps rising despite last week's Federal Reserve interest rate cut. Big call from Jim Cramer on "Mad Money" on Wednesday night: Sell speculative stocks on parabolic moves higher with no real earnings or revenue to speak of. 2. That begs the question: Where should that money go? Jim said it should go into high-quality stocks -- many of which are in the Investing Club portfolio. He cited Nvidia , which has been under some pressure lately, saying that at about 27 times forward earnings, the stock is cheap considering its growth rate. Jim also said Amazon is a higher multiple stock, but "not a speculative stock." Jim also highlighted the problems in the portfolio: Dover , Danaher , and Bristol Myers Squibb . They are all kind of too low to sell right now. We're debating them. 3 Jim and Director of Portfolio Analysis Jeff Marks do like Costco , but there are some questions they want answers to when the retailer reports earnings after Thursday's closing bell. While we generally know the sales numbers because Costco reports them monthly, membership fee trends and gross margins are key metrics to watch. "The problem with Costco is it sells at 52 times earnings," Jim said. The stock is a little expensive and could go lower. But Jim said he is not worried. 4. Stocks covered in Thursday's rapid fire at the end of the video were Chewy , Freeport-McMoRan , CarMax , Jabil , and CoreWeave . (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/2025/09/25/coreweave-openai-6point5-billion-deal.html?&qsearchterm=Nvidia
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CoreWeave inks $6.5 billion deal with OpenAI
| 2025-09-25T00:00:00
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Michael Intrator, co-founder and chief executive officer of CoreWeave Inc., during an interview on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, Sept. 22, 2025.
CoreWeave on Thursday announced a $6.5 billion deal with OpenAI, expanding its current agreement with the artificial intelligence startup behind ChatGPT.
The new agreement brings the AI cloud infrastructure provider's total contracts with OpenAI to $22.4 billion.
"This milestone affirms the trust that world-leading innovators have in CoreWeave's ability to power the most demanding inference and training workloads at an unmatched pace," CoreWeave CEO Michael Intrator said in a statement.
In March, CoreWeave announced an $11.9-billion agreement with OpenAI to provide AI datacenters and technology over five years. Intrator told CNBC in May that the companies expanded the agreement by $4 billion.
CoreWeave, which went public in March, makes money by renting out and building data centers packed with numerous Nvidia graphics processing units. The company is backed by Nvidia and makes a significant chunk of its revenue from Microsoft , which is a key investor in OpenAI.
At the time of its prospectus, CoreWeave said it operated 32 datacenters powered by more than 250,000 Nvidia GPUs. Its datacenter plans span the U.S. and parts of Europe, including the United Kingdom, Spain and Sweden.
Some of CoreWeave latest projects include a $6-billion deal for an initial 100 megawatt datacenter in Lancaster, Pennsylvania and a multibillion-dollar commitment to building up AI datacenter capacity in the U.K.
Companies across the AI sector are racing to meet booming computing capacity demands. That's ramped up the pressure on companies such as OpenAI and Nvidia.
OpenAI CEO Sam Altman told CNBC's Jon Fortt earlier this week that the compute constraints faced by the AI company and industry "have been terrible."
"We're so limited right now in the services we can offer," he added.
Earlier this week, Nvidia announced a $100-billion investment in OpenAI to support its datacenter buildout using the chipmaker's AI processors. This month, Microsoft also said it would spend $4 billion on a second Wisconsin data center. Its first is scheduled to open next year.
WATCH: CoreWeave CEO: Building AI infrastructure will require trillions in public-private investment
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Nvidia
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https://www.cnbc.com/2025/09/25/the-air-is-coming-out-of-the-oracle-ai-rally-one-analyst-sees-40percent-drop-ahead.html?&qsearchterm=Nvidia
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The air is coming out of the Oracle AI rally. One analyst sees 40% drop ahead
| 2025-09-25T00:00:00
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It was sunny days for Oracle earlier this month after the company issued a massive cloud revenue growth forecast. Now, investors are getting worried. Oracle shares have fallen for two straight days on worries that the artificial intelligence trade may be running out of steam. Sky-high valuations and potentially risky circular relationships in the industry have also raised flags for investors. The stock has fallen 6% over the past two sessions, putting it in correction territory — down 10% from an all-time high reached Sept. 10. Shares were down again on Thursday. To be sure, this could just be a case of traders booking gains after a sharp move higher in a stock. But Rothschild & Co. Redburn thinks investors are discovering there's something fundamentally wrong with the stock, namely that its $300 billion deal with OpenAI will not benefit Oracle as much as Wall Street expects. ORCL 5D mountain ORCL 5-day chart "The market materially overestimates the value of Oracle's contracted cloud revenues. Its role in single-tenant, large-scale deployments is closer to that of a financier than a cloud provider, with economics far removed from the model investors prize," analyst Alex Haissl wrote. Haissl initiated Oracle with a sell rating and a price target of $175. That implies downside of 43% from Wednesday's close. "The market already recognises that supplying compute to OpenAI is a lower-margin business – but still assumes it will follow the Cloud-1.0 playbook, where economics improved over time through higher asset utilisation and software layering," the analyst added. "That framework does not apply here. Oracle's economics are largely fixed and contracted, with the upside accruing to OpenAI. It is a spread business, and our analysis shows a thin one, further constrained by OpenAI's operational involvement in Stargate, which limits Oracle's ability to capture value." Haissl's sell rating is a rare one, as 33 of 44 analysts covering the stock rate it a buy or strong buy, LSEG data shows. To be sure, this isn't the first time an AI stalwart has faced significant pressure. Earlier this year, Nvidia sold off on concerns that the emergence of DeepSeek would curb demand for the chipmaker's high-end processors. That concern and Trump's tariff rollout helped fuel a vicious correction in the stock market. The stock has more than recovered and is up 31.8% in 2025. One thing is clear now, however: Investors will pay more attention to the underlying details in many of the coming AI-related deals. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
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Nvidia
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https://www.cnbc.com/2025/09/25/thursday-stocks-to-watch-from-analysts-include-nvidia-apple-levis.html?&qsearchterm=Nvidia
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Here are Thursday's biggest analyst calls: Nvidia, Apple, Tesla, Alphabet, Levi's, CSX, Intel, Oracle & more
| 2025-09-25T00:00:00
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Here are the biggest calls on Wall Street on Thursday: Barclays reiterates Nvidia as overweight Barclays raises its price target to $240 per share from $200. "When tracking AI capacity additions over the [last twelve months], AI [total addressable markets] don't seem so outlandish anymore and NVDA looks like the most interesting name in our group." Read more. JPMorgan reiterates Netflix as neutral JPMorgan says Netflix shares are fairly valued right now. "NFLX shares are +35% YTD, outperforming the SPX at +13%, but since mid- May NFLX shares are +1%, underperforming the SPX's +11% move during that time. Easing tariffs & macro concerns have driven rotation from NFLX and other more defensive names, and flattish 1H25 engagement and increased competition w/YouTube have been in focus." Needham initiates Levi Strauss & Co. at buy Needham says the denim company is executing well. "We are initiating coverage of LEVI shares with a Buy rating and a 12-month price target of $28." Rothschild & Co Redburn initiates Oracle at sell The firm says it sees too many negative catalysts for Oracle. "While the market currently fixates on headline figures, we expect attention to shift toward the underlying economics. Combined with subdued non-IaaS [infrastructure as a service] growth— which the market appears willing to overlook for now—this sets up meaningful downside risk. Consequently, we launch coverage with a Sell rating and a $175 target price." Rosenblatt initiates Webull at buy Rosenblatt says the financial services platform is gaining market share. " Webull has clearly capitalized, quickly growing from a niche market data platform to the #2 mobile-first brokerage in the US. By leveraging data and proprietary technology to offer a superior product set for active retail traders, Webull's top-rated app and integrated desktop platform have become go-to solutions not just in the US but increasingly internationally as well." Bernstein upgrades Freeport McMoRan to outperform from market perform The firm says investors should buy the dip in the mining company following issues at its Indonesia plant. "Even so, we believe investors have overly punished FCX and the knock-on of copper macro has pushed [Antofagasta plc] above our target price." Seaport upgrades Intel to neutral from sell Seaport says it remains cautious over the long term but sees some near term positives. "We think Intel is on the wrong path with a shrinking window to save their fabs. That being said, in the near term, the stock is likely to be driven by follow-on investments and the potential for a stop-gap solution for the fabs." BMO upgrades United Natural Foods to outperform from market perform BMO says the food company is well positioned. "We believe UNFI is executing its network optimization strategy with better-than-expected customer retention which provides visibility and increases our confidence that UNFI can meet or exceed its HSD% EBITDA growth targets." Wells Fargo upgrades CSX to overweight from equal weight Wells raises its price target on the railroad to $40 per share from $37. "We are upgrading shares of CSX to Overweight from Equal Weight and raising our target to $40. Recent operational headwinds are clearing and new commercial agreements (and customer diversification efforts) will likely drive volume outperformance." Read more. Morgan Stanley upgrades Slide to overweight from equal weight Morgan Stanley say Slide , an insurance company, is cheap. "Limited weather-related catastrophes should support EPS growth, while the longer term growth and margin remain durable. As such, we believe the stock is cheap, and earnings will be strong. Upgrade to OW." Citigroup upgrades CME Group to buy from neutral Citi says it sees several positive catalysts ahead for the capital markets exchange company. "We are upgrading CME to Buy from Hold." Wells Fargo upgrades Adient to overweight from equal weight Wells says the auto seating company is in a turnaround. " ADNT's turnaround story has been delayed by weak global production, negative customer mix, the extension of unprofitable program & persistent cost inflation with core EBITDA stuck in the low 5% range from 2023-25E." Jefferies upgrades Ameresco to buy from hold Jefferies says the worst is behind the renewables company. "We upgrade AMRC to Buy as we concede that execution risks and IRA uncertainty are largely behind us." KeyBanc reiterates Apple as sector weight Key says its iPhone 17 survey checks show mixed demand. "We think AAPL stock is getting slightly ahead of what we think of as modestly better-than-anticipated iPhone demand. We are early cycle; we think most data points are positive, but with the stock's recent outperformance, we think it's hard to say it's justified by a material shift in expectations. MoffettNathanson reiterates Alphabet as buy The firm says Alphabet is emerging as an AI winner. "We reiterate our Buy rating on Alphabet and raise our target price by $65 to $295, based on a 24.4x multiple of our 2027E EPS estimate." Baird reiterates Tesla as outperform Baird says investors should buy the dip in Tesla shares. "We recently upgraded shares to Outperform (note here) and see a string of catalysts ahead beginning with the shareholder meeting on November 6."
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Nvidia
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https://www.cnbc.com/video/2025/09/25/wedbushas-dan-ives-next-stage-of-ai-is-about-use-cases.html?&qsearchterm=Nvidia
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Wedbush’s Dan Ives: next stage of AI is about use cases
| 2025-09-25T00:00:00
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Wedbush’s Dan Ives: next stage of AI is about use cases
Analysts at Wedbush say they believe the AI revolution is heading for its next wave of growth, and have played down concerns over Nvidia and OpenAI's partnership. They add that to reach the true heights of artificial general intelligence, further deals or partnerships like this will need to be struck. Dan Ives, global head of tech research at Wedbush Securities joins Squawk Box Europe to discuss.
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Nvidia
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https://www.cnbc.com/2025/09/25/cnbc-inside-india-newsletter-from-american-dream-to-indian-dream-h1b-visa-gcc.html?&qsearchterm=Nvidia
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CNBC’s Inside India newsletter: From American Dream to Indian Dream
| 2025-09-25T00:00:00
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This report is from this week's edition of CNBC's "Inside India" newsletter, which brings you timely, insightful news and market commentary on the emerging powerhouse. Like what you see? You can subscribe here.
U.S. businesses are caught in the crossfire too. More than half of approved visas are issued to people engaged in computer-related work , according to Pew Research, which means it's not just Indian tech talent that will be harder to come by for those firms.
Indians make up around 71% of H-1B holders . New Delhi said the proposed changes have "humanitarian consequences" for the disruption caused to families.
This comes right after Trump slapped additional 25% tariffs on Indian imports last month for buying oil from Russia, bringing total levies to as much as 50%. Trade and immigration have turned into flashpoints under Trump, and India, once touted as a U.S. partner, is feeling the heat.
The latest shake-up? A $100,000 one-time fee on new H-1B visa applications, courtesy of U.S. President Donald Trump. It's a bold move aimed at tightening immigration — and it hits Indian tech talent the hardest.
Lately, every move out of Washington seems to send aftershocks straight to New Delhi.
President Donald Trump takes a question from a reporter before signing executive orders in the Oval Office at the White House on September 19, 2025 in Washington, DC.
Restrictions can backfire and breed resilience.
Just look at China. U.S. chip export bans didn't kill its artificial intelligence ambitions — they fueled advancements in the field. Case in point: China's DeepSeek model R1 performed better than OpenAI's GPT-4o, according to third-party tests, but was trained on Nvidia's less-advanced H800 chips at a fraction of the cost.
Could India's tech ecosystem follow a similar path if the door to the U.S. starts to close for Indian talent? It is a possibility.
"What this policy will create are incentives for offshore economic activity," said Steven Durlauf, a professor at the University of Chicago Harris School of Public Policy. He added that steep H-1B visa fees will discourage U.S. companies from hiring the most talented members of the global labor force.
Governments worldwide are already seizing the opportunity to attract skilled workers to their countries.
Outsourcing goes in-house
For India, the new H-1B fee regime is expected to boost interest in global capability centers (GCCs), especially among mid-market U.S. firms facing higher costs and uncertainty in bringing talent onshore, said Aditya Mehta, a business specialist at audit firm RSM US, who specializes in helping U.S. companies set up such centers.
In its simplest form, GCCs are remote offices set up closer to tech talent pools and staffed by international employees, leading to cost savings. Think long-distance relationships, but the corporate version.
U.S. companies and Indian tech talent have been intertwined for more than four decades. What started as U.S. companies outsourcing their support operations to third-party firms in India has evolved into a more integrated system today.
A GCC is the "other side of outsourcing, it represents insourcing," says Vikram Ahuja, co-founder of U.S.-based ANSR, a consultancy firm.
Imagine an American bank wants to establish operations in a new geographic area. This involves dealing with multiple vendors of IT software, setting up a cloud network and a whole host of tech integration.
This is where the bank's GCCs steps in, explained Amar Kalvikatte, a veteran tech professional with over two decades of experience, currently working in Europe for a U.S. tech company.
Given the complex level of tech integration required by businesses today, setting up an extended office in a GCC is a better option than hiring a third-party integration specialist firm, he said.
A third-party tech integration firm might deploy more resources than needed to inflate bills. But since the staff in GCCs are employees of the company, there is a higher level of accountability and ownership, Kalvikatte added.
As global businesses cut their reliance on third-party firms for integration and digital transformation jobs, GCCs are already a growing space.
More than 1,600 GCCs are operating out of India, employing over 1.7 million people, Rajat Dhawan, managing partner for India at global consulting firm McKinsey, told CNBC in an earlier interview.
Fewer than 30 % of Fortune 500 companies have GCCs in India, leaving room for expansion, said ANSR's Ahuja, who added that his firm forecasts the number of such centers to rise by 60% in the next two to three years.
According to Indian real estate consultancy firm Anarock, GCCs leased 38% of the total office supply in seven major cities in India over the last two and a half years.
"Besides just back-office roles, many have moved into innovation, R&D, product engineering, AI, etc. Therefore, with new visa rules in place, multinationals may not really find it difficult to scale up in India as they don't need to really build from scratch," says Peush Jain, managing director, commercial leasing and advisory, at Anarock.
Big tech companies such as Google, Microsoft and Amazon, as well as top financial firms JPMorgan, Goldman Sachs and HSBC have some of the largest presence in the Indian GCC space.
India's tech dream boomerangs
More than half of all new, first-time H-1B visa applications in FY24 were by Indians, according to a Department of Homeland Security report. That amounts to some 80,000 talents seeking opportunities in the U.S.
IT and big tech companies have been reducing their reliance on H-1B visas in the last few years, according to Indian broker Kotak Institutional Equities. After peaking between 2020 and 2022, new H-1B visa approvals for most U.S. tech giants and Indian IT firms declined.
New H-1B visa approvals for Amazon fell 37% in 2024 from a peak of 6,152 in 2021. Indian software and services giant, Tata Consultancy Services' new visa applications halved from its peak of 3,062 in 2021.
Experts say that these numbers reflect the efforts of Indian IT companies to hire local talent and U.S. big tech companies setting up GCCs closer to talent pools, such as India.
GCCs, which currently employ a million and a half people in India and are growing at a double-digit pace, will be able to absorb this reverse flow of talent to India as firms face shortages in areas tied to digital transformation.
The most acute demand for talent in GCCs is in AI, data and analytics, where the talent shortfall is as high as 42%, says Kapil Joshi, CEO of IT staffing at hiring consultancy firm Quess Corp. Talent for platform engineering, cybersecurity, and cloud infrastructure is also scarce, he added.
For decades, the American Dream of Indian techies fueled not just Silicon Valley's rise but also a parallel growth spurt in India, as third-party IT service firms scaled up and Indian tech talent migrated overseas.
What started as an outsourcing jobs boom in India in the late 90's evolved into software service companies and eventually into coding hubs.
This boom also led to the rise of the Indian middle class, and urban centers such as Bengaluru, Hyderabad, Chennai and Pune prospered thanks to the IT industry.
While Washington's latest barriers might cause disruptions, they would only bring India's tech story full circle: from outsourcing to insourcing.
Top TV picks on CNBC
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Nvidia
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https://www.cnbc.com/video/2025/09/25/pleydell-bouverie-networking-is-possibly-the-most-underappreciated-growth-story.html?&qsearchterm=Nvidia
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Pleydell-Bouverie: Networking is possibly the most underappreciated growth story
| 2025-09-25T00:00:00
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Pleydell-Bouverie: Networking is possibly the most underappreciated growth story
Clare Pleydell-Bouverie, Co-Head of Global Innovation Team at Liontrust Asset Management, says AI demand is accelerating, power and networking are key, and Nvidia plus nuclear energy will shape the future.
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Nvidia
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https://www.cnbc.com/2025/09/25/nvidia-to-rally-more-than-30percent-as-dealmaking-ramps-up-barclays-says.html?&qsearchterm=Nvidia
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Nvidia to rally more than 30% as dealmaking ramps up, Barclays says
| 2025-09-25T00:00:00
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Nvidia is poised to be a big winner in the AI arms race as dealmaking in the space heats up, which could catapult its stock price to new highs, according to Barclays. The investment bank, which has an overweight rating on shares, raised its price target to $240 from $200. That implies upside of 35.6%. "We see [deals] largely flowing into the NVDA P & L over the next 5+ years, moving numbers materially higher and making this the most attractive name in our space," analyst Tom O'Malley said in the note to clients dated Thursday. . Nvidia has struck several big deals with over the past few weeks, including a strategic partnership to invest up to $100 billion in ChatGPT-maker OpenAI and an agreement to work on physical data AI capabilities with Alibaba. Earlier this month, the chipmaker also agreed to pour $5 billion into rival Intel as part of an arrangement that calls for the latter's central processing units to be integrated into Nvidia's AI infrastructure platforms. And with demand for generative AI products accelerating, Nvidia will likely continue to attract even more customers for its powerful chips that power those technologies, according to O'Malley. "With the wave of announcements that have come over the last 6-9mo, we now estimate over $2T of planned spend at ~40GW of power in total," the analyst said. O'Malley's call reflects broader confidence in Nvidia on Wall Street. Of the 66 shops that cover the stock, 60 have rated its shares a buy or strong buy, according to LSEG data. NVDA YTD mountain NVDA year to date Nvidia's shares dipped by nearly 1% in premarket trading on Thursday. The stock is still up roughly 31% in the year to date. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
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Nvidia
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https://www.cnbc.com/2025/09/25/nvidia-backed-uk-ai-firm-nscale-raises-1point1-billion-funding-round.html?&qsearchterm=Nvidia
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British AI firm Nscale raises $1.1 billion in Nvidia-backed funding round
| 2025-09-25T00:00:00
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A Nvidia RTX PRO 6000 Blackwell Server Edition on display during VivaTech 2025 tech conference in Paris, France. Chesnot | Getty Images
British artificial intelligence infrastructure firm Nscale is raising heaps of cash as it looks to ramp up the deployment of AI data centers across Europe. Nscale, which is based in London, said Thursday that it has raised $1.1 billion in a bumper Series B funding round. The investment was led by Aker, the Norwegian industrial investment company, with additional participation from a raft of firms including Nvidia , Nokia and Dell . The investment highlights continued demand for high-powered computing infrastructure, which is required to train and run powerful foundational AI models from companies like OpenAI, Microsoft and Google .
Nscale has become a central player in Britain's ambition to become a global AI powerhouse. Last week, the likes of Microsoft, Nvidia and OpenAI announced multibillion-dollar projects involving Nscale to build out AI computing infrastructure across the U.K. "We are creating one of the largest global [infrastructure] platforms of its kind – purpose-built to meet surging demand and unlock breakthroughs at unprecedented scale," said Josh Payne, Nscale's CEO and co-founder, in a statement.
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"This allows Nscale to provide our customers access to scarce, and highly sought after, compute capacity and rapidly accelerate the build-out of secure, compliant and energy-efficient AI infrastructure," he added. Nscale was spun out from Arkon Energy, an Australian cryptocurrency mining firm, in 2023 to address soaring demand for data centers capable of handling AI workloads. It is working with OpenAI in the U.K. and Norway to build new data centers as part of the ChatGPT maker's Stargate investment project. Nscale said that part of the Series B funding would go toward "enabling the rapid rollout" of the Stargate data center projects in Europe. The company is committing $1 billion for the Norwegian project, with the goal of racking up 100,000 Nvidia graphics processing units (GPUs) at the site before 2027. The U.K. site, meanwhile, will house 8,000 GPUs in its first phase early next year, with the option to expand capacity to around 31,000 GPUs over time. WATCH: How Britain's startup sector is evolving
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Nvidia
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https://www.cnbc.com/2025/09/25/cnbc-daily-open-us-tech-shares-pull-back-amid-growing-ai-bubble-worries.html?&qsearchterm=Nvidia
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CNBC Daily Open: U.S. tech shares pull back amid growing AI bubble worries
| 2025-09-25T00:00:00
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Traders work on the floor of the New York Stock Exchange during morning trading on Sept. 17, 2025 in New York City.
Individual equities and separate sectors popped Wednesday, but collectively, their moves weren't forceful enough to lift indexes.
Beleaguered American chipmaker Intel is finding itself in slightly less prickly situations lately. Its shares jumped 6.4% Wednesday on reports that it is seeking an investment from Apple — which would form a ménage à trois with Nvidia and the U.S. government.
Still, the Nasdaq Composite lost 0.34% as major artificial intelligence names such as Nvidia and Oracle retreated. Traders presumably took profit, or fled because of worries that OpenAI's $850 billion buildout is overly ambitious or looking like a bubble.
Across the Atlantic, European defense stocks jumped after U.S. President Donald Trump said Wednesday that "Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form."
That's a sharp reversal from his earlier suggestions that Ukraine and Russia "need to discuss the possible exchanges of territory" (which sounds like a euphemism for "Ukraine might have to cede land to Russia").
However, while the Stoxx Europe Aerospace and Defense Index climbed 1.47%, the broader Stoxx Europe 600 fell 0.19%.
On days like these, it looks like being a trader of individual stocks has its advantages over investing in exchange-traded funds.
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Nvidia
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https://www.cnbc.com/2025/09/24/nvidia-openai-investment-in-cash-mostly-used-to-lease-nvidia-chips.html?&qsearchterm=Nvidia
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Nvidia's investment in OpenAI will be in cash, and most will be used to lease Nvidia chips
| 2025-09-24T00:00:00
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OpenAI CEO Sam Altman speaks to media following a Q&A at the OpenAI data center in Abilene, Texas, U.S., Sept. 23, 2025. Shelby Tauber | Reuters
Nvidia's massive investment in OpenAI, announced earlier this week, will put billions of dollars into the coffers of the artificial intelligence startup to use as it sees fit. But most of the money will go towards use of Nvidia's cutting-edge chips. The agreement between the two companies was big on numbers but thin on specifics. They said the investment would reach up to $100 billion, paid out as AI supercomputing facilities open in the coming years, with the first one coming online in the second half of 2026. The timing of the buildouts and the cost of each data center remains up in the air. However, what's become clear is that OpenAI plans to pay for Nvidia's graphics processing units (GPUs) through lease arrangements, rather than upfront purchases, according to people familiar with the matter who asked not be named because the details are private. Nvidia CEO Jensen Huang, who described this week's deal as "monumental in size," has estimated that an AI data center with a gigawatt of capacity costs roughly $50 billion, with $35 billion of that used to pay for Nvidia's GPUs. By leasing the processors, OpenAI can spread its costs out over the useful life of the GPUs, which could be up to five years a person said, leaving Nvidia to bear more of the risk. The Information previously reported on some aspects of the lease arrangement.
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Nvidia agreed to invest over time as OpenAI's data centers get up and running. The initial $10 billion will be available to OpenAI soon, and help the company work towards deploying its first gigawatt of capacity, a source told CNBC. While Nvidia's equity investment could help OpenAI with hiring, marketing and operations, the biggest single item it will be used for is compute, the people said. And that's almost entirely directed at Nvidia's GPUs, which are key to building and training large language models and for running AI workloads. As a non-investment-grade startup that lacks positive cash flow, financing remains costly. OpenAI executives have called equity the most expensive way to fund data centers, and said that the company is preparing to take on debt to cover the remainder of the expansion. In addition to offering a cost-efficient way for OpenAI to access chips, Nvidia's lease option and long-term commitment can help the company land better terms from banks when it comes to raising debt, a person said. An Nvidia spokesperson declined to comment.
'They will get paid'
Speaking to CNBC in Abilene, Texas, home to the first new data center, OpenAI CFO Sarah Friar pointed to the role Oracle and Nvidia are playing in the financing. Oracle , one of OpenAI's partners on the Stargate project, is leasing the Abilene facility, and OpenAI will eventually pay for the operations. "Folks like Oracle are putting their balance sheets to work to create these incredible data centers you see behind us," Friar said. "In Nvidia's case, they're putting together some equity to get it jumpstarted, but importantly, they will get paid for all those chips as those chips get deployed." She said all the big partners are needed to help relieve a dramatic shortage of capacity. "What I think we should all be focused on today is the fact that there's not enough compute," Friar said. "As the business grows, we will be more than capable of paying for what is in our future — more compute, more revenue."
The steel frame of data centers under construction during a tour of the OpenAI data center in Abilene, Texas, U.S., Sept. 23, 2025. Shelby Tauber | Reuters
Still, the OpenAI-Nvidia deal has raised some concerns about the sustainability of the AI boom. Nvidia's march to a $4.3 trillion market cap has been driven by GPU sales to OpenAI as well as to tech megacaps like Google , Meta , Microsoft and Amazon . OpenAI's path to a $500 billion private market valuation has been enabled by hefty investments from Microsoft and others that allow the company to burn billions of dollars in cash while building its AI models that power services including ChatGPT. Jamie Zakalik, an analyst at Neuberger Berman, said the Nvidia deal is the latest example of OpenAI raising money that it pours right back into the company providing the capital. Investors are concerned about the "circular nature of this deal goosing up everyone's earnings and everyone's numbers," said Zakalik. "But it's not actually creating anything." Asked about those fears, Altman told CNBC the company is focused on driving real demand. "We need to keep selling services to consumers and businesses — and building these great new products that people pay us a lot of money for," he said. "As long as that keeps happening, that pays for a lot of these data centers, a lot of chips." — CNBC's Kif Leswing contributed to this report WATCH: Oracle, OpenAI and SoftBank unveil Stargate data center expansion
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Nvidia
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https://www.cnbc.com/2025/09/25/cnbc-daily-open-rallies-of-individual-stock-couldnt-push-up-major-indexes.html?&qsearchterm=Nvidia
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CNBC Daily Open: Rallies of individual stock couldn't push up major indexes
| 2025-09-25T00:00:00
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Traders work on the floor of the New York Stock Exchange during morning trading on Sept. 17, 2025 in New York City.
Individual equities and separate sectors popped Wednesday, but collectively, their moves weren't forceful enough to lift indexes.
Beleaguered American chipmaker Intel is finding itself in slightly less prickly situations lately. Its shares jumped 6.4% Wednesday on reports that it is seeking an investment from Apple — which would form a ménage à trois with Nvidia and the U.S. government.
Still, the Nasdaq Composite lost 0.34% as major artificial intelligence names such as Nvidia and Oracle retreated. Traders presumably took profit, or fled because of worries that OpenAI's $850 billion buildout is overly ambitious or looking like a bubble.
Across the Atlantic, European defense stocks jumped after U.S. President Donald Trump said Wednesday that "Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form."
That's a sharp reversal from his earlier suggestions that Ukraine and Russia "need to discuss the possible exchanges of territory" (which sounds like a euphemism for "Ukraine might have to cede land to Russia.")
However, while the Stoxx Europe Aerospace and Defense Index climbed 1.47%, the broader Stoxx Europe 600 fell 0.19%.
On days like these, it looks like being a trader of individual stocks has its advantages over investing in exchange-traded funds.
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Nvidia
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https://www.cnbc.com/2025/09/25/asia-markets.html?&qsearchterm=Nvidia
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Japanese markets close at record highs amid mixed trading in Asia-Pacific
| 2025-09-25T00:00:00
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People watch the first sunrise of the new year from a footbridge overlooking the city skyline in Seoul on January 1, 2024. Jung Yeon-je | Afp | Getty Images
Japan's Nikkei 225 notched a fresh record Thursday at 45,754.93, marking six consecutive sessions of gains. The broad based Topix also closed at a new high of 3,185.35. Other Asia-Pacific markets traded mixed Thursday, breaking ranks with Wall Street after investors continued selling tech names like Nvidia and Oracle for a second straight day. Nvidia slid almost 1%, continuing its declines from Tuesday as heightened fears about the potentially circular nature of the AI industry drew investor skepticism.
Hong Kong's Hang Seng Index fell 0.13%, closing at 26,484.68. Shares of Chery rose 11% to 34.16 Hong Kong dollars ($4.39) at its debut on the index Thursday, compared with its offer price of HK$30.75. The stock later gave up some of its gains, ending at HK$31.92. Separately, Xiaomi shares gained 3.69% after debuting a slew of new devices and appliances, including smartphones to take on South Korea's Samsung. On the mainland, China's CSI 300 advanced 0.6% and closed at 4,593.49.
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South Korea's Kospi ended just below the flatline at 3,471.1, while the small-cap Kosdaq fell 0.98% to close at 852.48. Internet firm Naver was one of the leaders on the Kospi, gaining 11.4% after it announced an investment into health startup GravityLabs early Thursday. Taiwan's Taiex retreated 0.66%, with heavyweight Taiwan Semiconductor Manufacturing Company down 1.49%. This comes after Bloomberg reported that chip giant Intel is seeking an investment from Apple. Apple had previously used Intel chips in many of its personal computing devices, but switched to TSMC when it launched its M1 chip in 2020. The report however, said that Apple is unlikely to shift back to Intel chips. Australia's S&P/ASX 200 reversed earlier losses and added 0.1%, ending at 8,773.
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Nvidia
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https://www.cnbc.com/2025/09/24/cramers-lightning-round-stay-long-on-watts-water-technologies.html?&qsearchterm=Nvidia
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Cramer's Lightning Round: 'Stay long' on Watts Water Technologies
| 2025-09-24T00:00:00
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Stock Chart Icon Stock chart icon Taiwan Semiconductor Manufacturing's year-to-date stock performance.
Taiwan Semiconductor Manufacturing : "I'd rather...see you be in Nvidia."
Stock Chart Icon Stock chart icon Western Digital's year-to-date stock performance.
Western Digital : "We've got to wait...I bet you can buy that stock at $100, not that long from now."
Stock Chart Icon Stock chart icon Watts Water Technologies' year-to-date stock performance.
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Nvidia
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https://www.cnbc.com/2025/09/24/thursdays-big-stock-stories-whats-likely-to-move-the-market-in-the-next-trading-session.html?&qsearchterm=Nvidia
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Thursday's big stock stories: What’s likely to move the market in the next trading session
| 2025-09-24T00:00:00
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Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here's what CNBC TV's producers were watching on Wednesday and what's on the radar for Thursday's session. AI trade unwinds The Dow , S & P 500 and Nasdaq fell for a second day as investors continue selling AI plays . Nvidia , Apple and Oracle closed lower, while Alphabet is set to break its 7-week winning streak. Only Microsoft , Meta and Tesla closed in the green among the "Magnificent 7." Intel on Intel Intel shares spiked on a report the company is seeking an investment from Apple . Intel shares have climbed nearly 33% since the Trump administration took a 10% stake in the company last month. The stock is on pace for its best monthly performance since March 2023. INTC 3M mountain Intel shares over the past three months. Private equity under pressure KKR and Carlyle posted their worst days in four months. KKR shares fell 6%, while Carlyle ended the day down almost 5%. Apollo Global , Blackstone and TPG also closed firmly in the red. Concern about rising default rates is one reason investors are selling the alternative asset managers. Medical device stocks fall on probe The U.S. opened a trade investigation into personal protective equipment, medical equipment and devices. The news could put pressure on Abbott Labs , Intuitive Surgical and other medical device stocks. Abbott Labs shares are up 18% year to date, but were essentially flat in extended trading. Intuitive Surgical shares slipped less than 1% after the bell. The stock has lost about 15% since the year began. Earnings in bulk Costco is reporting its quarterly results Thursday after the bell. Shares are up almost 5% in 2025 — underperforming the S & P 500's 15.8% gain. As it stands, Costco's stock is headed for its worst yearly performance since 2022. Fueling gains Energy is the leading S & P sector this week as oil prices hit a 7-week high. Halliburton is powering the sector, on pace for its best week since January. Halliburton shares are up more than 8% week to date, but the stock is down 18% in 2025. HAL YTD mountain Halliburton shares year to date
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Nvidia
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https://www.cnbc.com/2025/09/24/santolis-wednesday-market-wrap-up-trend-fatigue-leads-all-markets-to-retrace-a-bit.html?&qsearchterm=Nvidia
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Santoli's Wednesday market wrap-up: Trend fatigue leads all markets to retrace a bit
| 2025-09-24T00:00:00
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(These are the market notes on today's action by Mike Santoli, CNBC's Senior Markets Commentator. See today's video update from Mike above.) With stocks, bonds and gold all entering the week riding mature uptrends propelled by well-understood drivers, hitting some widely watched targets, encountering seasonal headwinds and facing a lull in key fundamental catalysts, all markets retraced a bit. For now, it looks more like trend fatigue than material impairment. Stocks are churning moderately lower, as the ongoing reassessment of the pace, cost and wisdom of the hundreds of billions in announced AI infrastructure projects spurs some profit-taking in semis and related AI enablers. The S & P 500 hit a record intraday high Monday just under 6699 and then on Tuesday at 6699.52, implying willing sellers were waiting at 6700, for whatever reason (or none at all). The index is a mere 1% below that level and even if it had its first 3% retreat since May it would simply return the index to the 6500 level it first hit in late August and last touched a couple of weeks ago. We've had gut checks to the AI trade plenty of times in the past few years, which all proved buying opportunities for the agreed-upon winners in the group, of course. While Nvidia is trading soft, well below its price before its recent earnings report four weeks ago, and Micron was down almost 3% Wednesday on a stellar quarter and guidance, the pullbacks are hardly cutting into muscle given the strength of the rallies over the past year. This time, arguably, more is at stake for the broader tape, given how reliant the market has been on this theme. JP Morgan Asset Management's big-picture strategist Michael Cembalest in a new research piece points out, "AI related stocks have accounted for 75% of S & P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022." The chatter about a potential bubble forming either now or in the future has become quite loud. I pointed out in my weekend column that the comparisons to the late-'90s mania were increasingly being made with warmth (greed?) rather than alarm, and a focus on how much more potential upside there would be if the present run were to match the prior one. It's dangerous to assume there's any such preordained path. But it's telling that in order to make a case for truly compelling upside from the current starting point of valuation, index concentration or public equity exposure, one needs to project something close to a runaway euphoric phase coming along pretty soon. A key distinction, still, is the favorable supply/demand dynamic for equities. The IPO issuance tally continues to lag total share buyback volumes. In 1999 and 2000, new offerings swamped the market's ability to absorb it, cutting off the flow of IPO proceeds to Internet companies that were meant to be the revenues of bigger tech companies. Interestingly, though, brokerage strategists' index targets continue to lag the index itself, professional investors are not yet maxed out on equity risk and even the retail-trader frenzy is short of the 2021 binge on unprofitable tech stocks and meme plays. None of them are conveying imminent danger. And the equity market's rotational choreography remains active, with laggards such as energy and some other commodity stocks finding some relief. Gold , down 1.5%, could be succumbing to severe overbought readings and a recent change in character from "prudent hedge against flight from dollar assets and fiscal looseness" to a pure crowded momentum chase. U.S. dollar up and Treasury yields rising just about to post-Fed-meeting highs , as the market is slightly less sure of two further, quarter-point Fed rate cuts this year. Neither move is enough to disturb the broad picture of somewhat lower rates and a still-decent economy — yet.
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Nvidia
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https://www.cnbc.com/2025/09/24/dont-count-out-a-pullback-in-the-fourth-quarter-strategist-says.html?&qsearchterm=Nvidia
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Don't count out a pullback in the fourth quarter, strategist says
| 2025-09-24T00:00:00
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Many investors think the way is clear for a year-end rally. Some, however, are urging traders not to count out a fourth quarter pullback. "Lots of people will say, 'it's like the market never sells off in the fourth quarter.' If you have momentum going into the fourth quarter, you're going to maintain it," said Marta Norton, chief investment strategist at Empower Investments. "[Except] it actually does. ... It never sells off until it does, right?" There's reason for investor optimism. The Federal Reserve has shifted to easing interest rates; the worst of the tariff announcements has passed, and seasonals turn favorable in the fourth quarter. At the same time, the bull case for artificial intelligence remains intact, and Wall Street expects the One Big Beautiful Bill Act to be supportive of equities. Yet, the current valuations have some investors wary that the stock market is vulnerable. The S & P 500 is currently trading at a forward price-to-earnings ratio of 22, near the highest level since spring 2021. The benchmark is also trading near all-time highs. .SPX YTD mountain SPX year to date Norton expects that investors can take some profits off the table. She said she's aware that the stock market can continue to rise on the strength of AI tailwinds, but expects it's prudent for investors to rebalance into cheaper parts of the market. The S & P 500 wavered Wednesday as the AI trade ran out of steam. On Tuesday, the broad market index snapped a three-day win streak, as AI stocks such as Nvidia fell. A hint from Federal Reserve Chair Jerome Powell that the equity market may be overvalued also added to the market's nerves. Norton sees two material risks to the stock market. First, any major event such as a the emergence of DeepSeek that knocks the AI thesis could have a sizeable impact on the stock market. After all, the "Magnificent Seven" stocks now account for more than one-third of the S & P 500. Second is any material weakness in the labor market, which remains tight in spite of softness in the recent data could also hurt the outlook for stocks. "If you get any material surprise on that front, I think you could just see some weakness," Norton said. "It's hard for me to say — given how the debt levels seem at corporate and household seem manageable, and consumers are hanging in there, and you have secular growth from AI — it's hard to say that there's going to be a fundamental break." "But that doesn't mean something out of left field couldn't happen that just kind of deflate the equity market or take some of the momentum out of it," she continued. "So, it's more just being aware of that and resetting expectations for the possibility that things might not always just grind ever higher." ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
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Nvidia
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https://www.cnbc.com/2025/09/24/jim-cramer-says-this-is-his-favorite-stock-in-the-investing-club-portfolio.html?&qsearchterm=Nvidia
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Jim Cramer says this is his 'favorite stock' in the Investing Club portfolio
| 2025-09-24T00:00:00
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Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Wednesday's key moments. 1. The S & P 500 dropped Wednesday as bond yields continued to climb. "We've gotta stay front and center with rates. After the Fed cut, we wanted to see long-term rates go down, [both] the 30-year and the 10-year [Treasury yields]," Jim Cramer said during our Morning Meeting. "It's not happening," he added, referencing Club stock Home Depot , which has dipped as bond yields moved higher since last Wednesday's 25-basis-point Federal Reserve interest rate cut. Home Depot is one of the companies that benefits from a lower rate environment. Jim was hopeful that, unlike last September, this year's Fed cut would send yields down. "That's the undercurrent for much of the market," Jim said. 2. " Boeing is my favorite stock in our Charitable Trust," said Jim. The Trust porfolio is what we use for the Club. The commentary follows the latest push from U.S. lawmakers to get China to order Boeing aircraft as part of a broader trade deal between the two nations. The plane maker also partnered with Palantir for AI adoption in its defense and space business. Boeing's stock has fallen roughly 10% from recent highs. "We like that type of pullback to scale into a position. That's what we've been doing," said Jeff Marks, director of portfolio analysis for the Club. "If it continues to go down, we'll probably keep buying it," Jeff added. Next, the Club wants to see Boeing get the FAA green light to boost production. 3. Nvidia shares dipped again Wednesday, two days after news of its massive $100 billion commitment to OpenAI. The partnership has raised concerns about an AI bubble and circular funding, a form of vendor financing in which the artificial intelligence giant provides capital for customers to buy its chips. " I don't care for vendor financing because what that says is your customers don't have the money to buy it. However, the stuff is so expensive," Jim said, pointing to Oracle 's push to raise $15 billion from corporate bond sales to fund its artificial intelligence investments. 4 . Stocks covered in Wednesday's rapid fire at the end of the video were: ARM Holdings , PayPal , General Motors , Adobe, and ServiceNow . (Jim Cramer's Charitable Trust is long BA, NVDA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/2025/09/24/google-has-made-a-huge-comeback-but-can-alphabet-keep-this-momentum-going.html?&qsearchterm=Nvidia
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Google has made a huge comeback. But can Alphabet keep this momentum going?
| 2025-09-24T00:00:00
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Google-parent Alphabet has roared back of late, but questions are emerging over whether the tech giant can sustain its pace of growth. Alphabet shares are up nearly 33% this year and more than 22% over just the past month. They've also soared more than 72% from an April closing low. The company — which was slow to be considered an artificial intelligence play — has quickly garnered favor among investors following a favorable court ruling in early September that allowed the company to keep Chrome. Also bolstering the stock is the release of Google's Nano Banana image-editing feature, which drove a clear uptick in Gemini AI app usage in recent weeks , and an acceleration in Google Cloud growth. There has also been increasing attention on Google's tensor processing units, or TPUs, as the company expands availability of the in-house chip and gets closer to competing with chipmakers like Nvidia . Alphabet on Sept. 15 became the fourth company to reach a market cap of $3 trillion . However, the stock may have run too far too fast. LSEG data shows the consensus price target implies a decline of 5% ahead for Alphabet shares. GOOGL YTD mountain GOOGL year to date Although the market has rewarded Google for its improving Gemini adoption rates, Melius Research tech analyst Ben Reitzes raised questions over how Google is counting AI and Search volume, particularly given reports of lower rate of return on Google ad spend. "GOOGL is doing well in Cloud and Gemini is seeing more subscribers, but it still isn't out of the woods yet in Search as checks indicate that AI summaries don't provide the same rate of return for ads ... GOOGL has deserved its rally, but Microsoft still deserves a meaningful premium," Reitzes said in a note to clients Monday. Outperforming Microsoft by 'too much'? Reitzes also said Alphabet may be outperforming Microsoft by "too much." Indeed, Google has soared 41% this quarter, while Microsoft is up just 2% in that time. "This outperformance comes even after Microsoft posted a great June quarter with strong guidance for Azure," the analyst said. "Microsoft's stock may be clouded by a lack of clarity around its relationship with OpenAI (the big driver of Azure) especially after 2030, but it should be a big help for a while." Alphabet's 60-day outperformance relative to Microsoft last week also reached its highest level since January 2006, a CNBC data analysis showed. Moreover, Reitzes noted believes that Microsoft stands to uniquely benefit from a surge in AI inference given its deep partnership with ChatGPT developer OpenAI, which could allow the tech giant to see greater inference workloads on Azure while taking a cut of OpenAI's revenue. "Checks for Azure are showing no slowdown and Microsoft should make some compelling announcements around agents and Copilot at its Ignite conference in November" he said, maintaining his buy rating and $625 price target on Microsoft. That said, most analysts still have bullish ratings on Alphabet. Of the 64 who cover it, 52 rate the stock a buy or strong buy, per LSEG. Truist analyst Youssef Squali, for one, on Monday reiterated his buy rating on Alphabet under the belief that the company is still winning in search, despite doubts about AI interrupting users' search engine behaviors. "We remain constructive on GOOGL as we believe the company continues to dominate the Search mkt at 90%+ even as new Gen-AI platforms are growing users & usage," he wrote to clients Monday. "Our analysis suggests that Google dominates the all-important commercial queries while AI search accounts for only ~1% of total referral traffic and an immaterial % of conversions so far. A look at growth in online search volume & use cases suggests the advent of AI chatbots is expanding search's TAM not cannibalizing it." Dan Niles, Niles Investment Management founder and portfolio manager, told CNBC earlier this month he is sticking by Google for the long term and believes the company will ultimately have the best AI app, particularly because Alphabet has "the most free data in the world" through Youtube. At the time of Alphabet's second-quarter results in July, CEO Sundar Pichai said the company's AI systems were processing over 980 trillion "tokens" per month , a significant uptick compared to 480 trillion monthly tokens it was processing across its platforms in May. Alphabet's AI Overviews, which summarize search results, had about two billion monthly users across more than 200 countries, while its Gemini App had more than 450 million monthly active users, Pichai said. Tokens refer to a unit of text AI models process. Wolfe Research analyst Shweta Khajuria said in a note that Google remains one of her top picks until the end of the year. "Google continues to impress on AI product features. After using this product ourselves, we are not surprised it is topping the app store rank charts. Given Ad spend resiliency, Google's ongoing product upgrades, and Cloud share gains, Google remains one of our NT top picks," she wrote in a Sept. 16 note. Still, the stock is overbought with its relative strength index at 75. Stocks in overbought territory are susceptible to a pullback near term. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
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Nvidia
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https://www.cnbc.com/video/2025/09/24/susquehannas-mehdi-hosseini.html?&qsearchterm=Nvidia
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Susquehanna's Mehdi Hosseini: AI spending is ‘spend now, ask ROI later'
| 2025-09-24T00:00:00
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Susquehanna's Mehdi Hosseini: AI spending is ‘spend now, ask ROI later'
Mehdi Hosseini, senior equity research analyst at Susquehanna, joins CNBC’s 'Squawk on the Street' to discuss Micron’s pricing power, the role of Nvidia and other chipmakers in driving AI memory demand, and why he sees the cycle sustaining into 2027.
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Nvidia
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https://www.cnbc.com/2025/09/24/microsoft-adds-anthropic-model-to-microsoft-365-copilot.html?&qsearchterm=Nvidia
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Microsoft adds Anthropic AI model to Copilot assistant, diversifying from OpenAI
| 2025-09-24T00:00:00
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Microsoft is the lead investor in OpenAI and has long been the artificial intelligence startup's key cloud partner. But in the latest sign that AI relationships are getting complicated, Microsoft is beginning to use more technology from OpenAI rival Anthropic.
The software giant said Wednesday that it's starting to draw on an AI model from Anthropic to answer some queries in the Microsoft 365 Copilot assistant for commercial clients.
The effort represents another step toward diversification in generative AI for Microsoft, which has mainly relied on OpenAI models for artificial intelligence features in Bing, Windows and other products. As part of a strategic partnership, Microsoft has invested more than $13 billion in OpenAI, and OpenAI operates its models in the Azure cloud, among other places.
OpenAI has been busy expanding its roster of high-powered partners. In recent weeks, the company has disclosed that it plans to spend $300 billion with Oracle , and it's forged a $10 billion agreement with chip designer Broadcom . This week, chipmaker Nvidia said it will invest up to $100 billion in OpenAI as part of a joint effort to spend hundreds of billions of dollars on new data centers.
Microsoft and OpenAI remain close, but their arrangement is changing.
Last year, Microsoft said it was allowing software engineers to get coding help from Anthropic and Google models in the GitHub Copilot Chat assistant, and not just from OpenAI. Anthropic, founded in 2021 by former OpenAI executives, was recently valued by investors at $183 billion. Microsoft remains the exclusive cloud supplier for OpenAI's programming interface that third-party applications rely on.
Anthropic's model is coming first to Researcher, an agent for Microsoft 365 Copilot that can gather and analyze information and generate reports.
Employees at organizations enrolled in Microsoft's Frontier program, which provides early access to AI features, can now choose to use Anthropic's Claude Opus 4.1 reasoning model, a type of model that's designed to break down complex tasks, as an alternative to OpenAI's competitive offering in Researcher.
"And stay tuned: Anthropic models will bring even more powerful experiences to Microsoft 365 Copilot," Charles Lamanna, Microsoft's president of business and industry Copilot, wrote in a blog post.
Corporate users can now opt to tap Anthropic's Claude Sonnet 4 and Claude Opus 4.1 when building their own AI agents with Microsoft's Copilot Studio tool.
Administrators must enable Anthropic models before employees can use them. The models run in the Amazon and Google clouds. Their use is subject to Anthropic's terms and conditions, Lamanna wrote.
In addition to incorporating large language models from more companies, Microsoft has started testing MAI-1-preview, which it built in-house.
"As AI becomes more capable and agentic, models themselves become more of a commodity," Microsoft CEO Satya Nadella wrote in an October LinkedIn post.
Last year, Microsoft identified OpenAI and Anthropic as competitors in AI products.
The Information reported on Microsoft's Copilot plans with Anthropic earlier in September.
Copilot is key to Microsoft's AI strategy.
"It continues to be rolled out among enterprises in phases," analysts at KeyBanc wrote in a July note to clients. The analysts, who recommend holding the stock, wrote that based on an "industry check," about 60% of customers are "implementing Copilot for just 10% of their 365 user base," and just 4% roll it out for every user.
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Nvidia
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https://www.cnbc.com/2025/09/24/openai-and-nvidia-plan-highlights-us-supply-chain-reality-check-.html?&qsearchterm=Nvidia
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Making OpenAI and Nvidia's giant AI project a reality will take a lot of foreign-made parts
| 2025-09-24T00:00:00
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Supply chain data into the OpenAI and Nvidia $100 billion investment commitment this week shines a glaring light on the United States' heavy reliance on foreign suppliers for components to complete the projects.
Brandon Daniels, CEO of AI-powered risk and supply chain management solutions company Exiger, told CNBC that building traditional power plants, whether gas-fired or nuclear, requires an array of specialized parts that the U.S. doesn't produce in large numbers.
"There are four major categories of equipment that are both extremely expensive and largely foreign-sourced, and this dependency comes at a time when power construction is already grappling with severe backlogs and shortages," Daniels warned.
The first is gas turbines.
Exiger supply chain data analysis shows the global market for heavy-duty, utility-scale turbines is dominated by three Original Equipment Manufacturers (OEMs): GE Vernova of the U.S., Siemens in Germany and Japan's Mitsubishi .
The three control new turbine supply, and nearly 50% of that supply is foreign-sourced, Daniels said. "These companies will be indispensable for powering this scale of [artificial intelligence] infrastructure," he said.
Nuclear components
The second category is ultra-large nuclear plant forgings and components.
Daniels said the massive, one-piece reactor pressure vessels and associated hardware are no longer manufactured in the U.S. For example, South Korea-based Doosan fabricated the pressure vessels and steam generators for the recently-built reactors at the Vogtle plant in Georgia, the first new nuclear plant to open in the U.S. in a generation.
Large transformers essential for distributing power into the electrical grid from generating plants are a third part of the supply chain relies on overseas suppliers.
More than 80% of such high-voltage transformers are made by suppliers in countries ranging from South Korea to Germany to Canada, Daniels said.
Steel is a fourth element in this supply chain that's likely to add to costs.
"While the U.S. and allies like the U.K. remain significant producers, project developers frequently rely on imports to meet both cost and capacity needs," Daniels said.
Tariff effect
Higher tariffs on imported goods only add to the complexity of these projects.
"The tariff impact isn't uniform, because the scale of the buildout and planning will take years, not months, and U.S. domestic capacity may expand during that time," said Daniels. "Some allied suppliers are also under lower tariff regimes, with the U.K., for example, currently exempt from the 50% U.S. steel tariff. But even with these carve-outs, the scale of material and equipment required means costs will rise."
On multi-billion-dollar energy projects, a 3%-6% budget increase due to tariffs translates into hundreds of millions of dollars, Daniels said.
"This is just in steel and aluminum alone," said Daniels. "Additional pressure comes from foreign-sourced components like turbines, reactor vessels and transformers, where backlogs and import reliance amplify the exposure. Together, tariffs and sourcing realities make this AI infrastructure build-out not just an engineering challenge but also a significant supply chain and trade policy challenge."
Add to this the amount of labor support needed to bring plans to completion.
"This requires an almost wartime-like labor expansion of the industrial base," said Daniels. "We simply don't have the skilled workforce in place to scale this fast. U.S. [building] trades are already in decline, with a shortage of welders, machinists and electricians. This could be just as big a pinch point as the hardware itself. That's the reality we'll have to confront over the next five years to make this even remotely possible."
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Nvidia
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https://www.cnbc.com/2025/09/24/elizabeth-warren-trump-rolex-tennis-invite-apple-nvidia.html?&qsearchterm=Nvidia
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Trump's tennis invite from Rolex echoes Apple, Nvidia playbook for currying favor, Warren says
| 2025-09-24T00:00:00
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(L-R) U.S. President Donald Trump and Rolex CEO Jean-Frederic Dufour arrive in the Rolex suite prior to the Men's Singles Final match between Jannik Sinner of Italy and Carlos Alcaraz of Spain on Day Fifteen of the 2025 US Open at USTA Billie Jean King National Tennis Center on September 07, 2025 in New York City.
Sen. Elizabeth Warren served Rolex with a critical letter on Wednesday for hosting President Donald Trump at the U.S. Open, alleging that the Swiss company could be trying to sidestep tariffs slapped on its home country.
The Massachusetts Democrat said that Rolex's actions mark the latest example of companies benefiting from their leaders' relationships with Trump. She said the event warrants an inquiry into "whether you are taking a page from Apple and Nvidia 's playbook."
"This invite ... raises questions about whether you are cultivating a relationship with President Trump in attempts to secure lucrative tariff exemptions for Rolex products," Warren wrote in the letter addressed to Jean-Frederic Dufour, the watchmaker's CEO, that was shared exclusively with CNBC.
Both Nvidia and Apple have announced domestic investments since Trump returned to the White House in January. Trump invited technology sector CEOs to the White House for a dinner earlier this month.
"Pocahontas should find a better use of her time than conjuring up asinine conspiracy theories," White House Spokesman Kush Desai said in a statement to CNBC, referencing Trump's long-used epithet for Warren.
Apple did not respond immediately to CNBC's request for comment. Nvidia and Rolex declined to comment.
Warren's letter comes weeks after Trump was spotted at Rolex's midcourt box alongside Dufour during the U.S. Open men's singles championship. The president was joined by family members and high-ranking administration officials including Treasury Secretary Scott Bessent and Press Secretary Karoline Leavitt, NBC News reported.
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Nvidia
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https://www.cnbc.com/2025/09/24/jim-cramers-top-10-things-to-watch-in-the-stock-market-wednesday.html?&qsearchterm=Nvidia
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Jim Cramer's top 10 things to watch in the stock market Wednesday
| 2025-09-24T00:00:00
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My top 10 things to watch Sept. 24, Wednesday 1. The S & P 500 was looking at a slightly higher open this morning after breaking a three-session winning streak. Tech stocks, which had been a drag on yesterday's market, were looking better this morning. The S & P 500 closed Monday at a record high. My new book, "How to Make Money in Any Market," is set to go on sale next week. I'm kicking it off in New York City with a signing at the 555 5th Avenue Barnes & Noble store this coming Tuesday at noon ET. 2. Memory chipmaker Micron 's quarterly sales and profit topped expectations. Really good sales across PC and mobile as well as its cloud memory segment, thanks to AI. The stock wasn't moving much this morning, but it had been on a tear into the print. Citi went to $200 from $175 with its price target and kept its buy rating. 3. Citi and UBS analysts raised their Corning price targets, saying it is a fabulous data center play in cabling. That's not even to mention Corning's expanded partnership with Apple on device screen glass. Based on my recent meeting with Corning CEO Wendell Weeks, the stock still has a lot of upside . Shares have already gained 70% this year. 4. Wells Fargo upgraded Amazon to buy from hold. The analysts also boosted their price target to $280 from $245. They predicted Amazon Web Services revenue acceleration following their analysis of the impact of Anthropic, which we recently explored as well. 5. On the e-commerce side, Stifel analysts attributed Amazon's inclusion of fresh groceries in its free same-day delivery service for Prime members as a reason for Instacart shares' underperformance. While Stifel cut its Instacart price target to $56 from $64, it still reflects roughly 30% upside in the stock. They also kept their buy rating. 6. Chinese tech giant Alibaba' s New York-listed shares spiked almost 9% on a slew of AI announcements, including a partnership with Club name Nvidia on robotics models, an expansion of its cloud data center footprint into new regions, and a new large language model. Bank of America upped its price target to $195 from $168 7. Morgan Stanley downgraded Adobe to a hold-equivalent rating from buy and lowered its price target to $450 from $520. The analysts say that AI monetization is taking longer than expected, and they see cleaner near-term stories elsewhere. Software-as-a-service stocks such as Adobe and Salesforce have had tough years. 8. On the other hand, Morgan Stanley is getting more positive on ServiceNow shares, which have struggled with similar AI concerns. The firm upgraded the stock to an overweight buy rating from hold and upped its price target to $1,250 from $1,040. That new PT implies a 35% upside. The analysts see big subscription and cash flow growth ahead. 9. JPMorgan landed price target boosts from Citi and Truist analysts on optimism ahead of third-quarter earnings next month. They maintained their hold-equivalent neutral ratings. JPMorgan has been a great stock this year, gaining around 30%. For the Club, we like Goldman Sachs , Wells Fargo , and Capital One . 10. A wave of price target bumps for McKesson after the drug distributor's investor day. It raised its long-term adjusted EPS guidance to 13% to 16%, up from 12% to 14% previously. McKesson is one of the few health-care stocks that have been working this year. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/2025/09/24/stocks-making-the-biggest-moves-premarket-alibaba-millerknoll-oracle-and-more.html?&qsearchterm=Nvidia
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Stocks making the biggest moves premarket: Alibaba, Micron, Lithium Americas, Oracle and more
| 2025-09-24T00:00:00
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Check out the companies making headlines before the bell: Alibaba — U.S.-listed shares of the Chinese tech company jumped 9.3% after Alibaba said it will boost spending on artificial intelligence models and development. It also unveiled new AI products and updates. Lithium Americas — The mining stock rose more than 69% after Reuters reported, citing people familiar with the matter, that the Trump administration was looking to acquire a stake of up to 10% in the company. Oracle – The database software company's stock dropped 1.4% amid uncertainty over the extent to which Oracle will exercise control over TikTok's algorithm as part of its deal to purchase the social media platform alongside other BigTech investors from China-based ByteDance. Micron — Shares fell nearly 1% even after the company posted a better-than-expected quarterly report and upbeat current-quarter guidance. The stock has nearly doubled so far in 2025. Coinbase — Shares rose 1.2% after the cryptocurrency exchange launched the x402 Foundation in collaboration with Cloudflare to establish a universal standard for AI-driven payments. The crypto stock rose alongside bitcoin, which was up more than 1%. MillerKnoll — The office furniture company beat analysts' estimates on its quarterly earnings on Tuesday, sending the stock up around 1%. Douglas Elliman — The luxury real estate brokerage's shares rose roughly 1% after Reuters reported a Wall Street watchdog is investigating alleged insider-trading activity linked to a failed bid to take over the firm. The probe is still in its early stages, the report said. Microsoft – Shares dipped 1% after the technology company acknowledged in a blog post that its existing chip cooling methods will put a ceiling on its business' AI-fueled growth over the next few years. The company also shared that it recently tested a new method of cooling silicon chips using microfluidics. Nvidia – Shares of the artificial intelligence chip darling rose 0.6%, rebounding from its nearly 3% loss in the previous day of trading. Tuesday saw the chipmaker post its worst day since August 29 amid heightened concerns over the sustainability of the AI trade . — CNBC's Sarah Min, Sean Conlon, Yun Li, Alex Harring and Michelle Fox Theobald contributed reporting.
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Nvidia
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https://www.cnbc.com/2025/09/24/fed-chair-powell-just-had-his-irrational-exuberance-moment-ed-yardeni-says.html?&qsearchterm=Nvidia
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Fed Chair Powell just had his 'irrational exuberance' moment, Ed Yardeni says
| 2025-09-24T00:00:00
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Jerome Powell gave Alan Greenspan vibes with his latest comments, according to Ed Yardeni. The current Fed chair said Tuesday that "by many measures … equity prices are fairly highly valued." To be sure, while Powell acknowledged the elevated market valuations, he added that this is not "a time of elevated financial stability risks." Yardeni, president of Yardeni Research, noted he's inclined to agree with Powell's assessment of the stock market. He pointed out the forward S & P 500 price-to-sales ratio is at record levels. He also notes that its forward price-to-earnings ratio is 22.8, just below the tech bubble peak of 25 in 1999. That said, Powell's latter comment about financial stability didn't sit well with Yardeni. Powell "triggered our contrary instincts with that last statement. Financial crises tend to be Black Swans, i.e., events that occur unexpectedly, especially when irrational exuberance is widespread and intensifying," he said. .SPX 5D mountain SPX 5-day chart Powell's remark reminded Yardeni of the time former Fed Chair Greenspan famously said: "How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions?" The S & P 500 hit an intraday record on Tuesday before rolling over on concerns around the sustainability of the artificial intelligence trade that has lifted equities in recent years. Nvidia fell 2.8% in the previous session, marking its biggest one-day loss since Aug. 29. Investors grew concerned that a bubble may be forming in the AI space after the chipmaker announced a $100 billion investment in OpenAI , marking an unusual deal between a supplier and customer. "The good news for now is that weekly S & P 500 forward earnings per share has been rising at a faster pace in recent weeks. This suggests that Q3 earnings will rise to another record high," said Yardeni. However, signs of trouble for the stock market near term are arising under the surface . ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
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Nvidia
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https://www.cnbc.com/2025/09/24/the-european-markets-edge-over-the-us-is-waning.html?&qsearchterm=Nvidia
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Europe's edge over the U.S. is waning. We asked 10 asset managers how they're investing
| 2025-09-24T00:00:00
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European stocks have been on a bull run this year — but the region's outperformance over the U.S. is narrowing as investors assess structural challenges, the long-term outlook and the American AI story. Earlier this year, volatility arising from U.S. President Donald Trump's trade policies sparked widespread demand for assets outside of the United States . One of the beneficiaries of this movement was Europe , where investors saw a stable but undervalued market. Since the beginning of the year, the outperformance of major European bourses over their U.S. counterparts has narrowed significantly. At the end of the first quarter, the region's key indexes — as shown in the charts below — were outperforming their U.S. counterparts by an average 14 percentage points. That lead has now shrunk to just over 2 percentage points on a year-to-date basis. Investors 'on the fence' In its September European Fund Managers Survey — which polled 196 panelists who collectively manage assets worth $490 billion — Bank of America found that investor confidence in Europe had taken a hit. "The view of EU exceptionalism has been dented, with the EU equity overweight slipping further and the gap to the continued US equity underweight falling to the lowest level since February," BofA's strategists said in a report accompanying the findings. "Respondents are also now on the fence over whether Europe's structural underperformance can come to an end, after believing until recently that it could, given German fiscal policy, EU defence spending and integration progress." However, it was noted that the majority of regional fund managers expected "mild upside" for European equities in the near term. Deutsche Bank also warned last week that a recalibration could be on the horizon, noting that investors were becoming increasingly critical of the German "fiscal bazooka" that had been a major driver of the regional rally this year. "It is clear from our client conversations that the enthusiasm about Germany's historic fiscal reforms has evaporated over the summer," Deutsche Bank Research analysts said in a note. "We believe the sugar rush is coming and likely to boost cyclical growth for a while. Yet the long-term growth implications look dimmer than in the spring." Schroders strategists, meanwhile, held their neutral rating on European equities and upgraded U.S. stocks to a positive in a recent note. "We continue to see a low risk of recession in the U.S. Lower real yields, combined with decent corporate earnings and looser fiscal policy, lead us to upgrade our view on equities," they said. "Whilst attractive opportunities do exist [in Europe], particularly in mid-caps, larger-cap names are acting as a drag on the overall index." European underperformance 'has deep roots' CNBC asked 10 Europe-based asset managers whether their views on the continent were shifting amid the apparent revitalization of American assets . Most said they saw opportunities in Europe, but suggested the region still has obstacles to overcome. Eleanor Ingilby, head of high net worth at wealth management firm Atomos, told CNBC that while there were "selective opportunities" in Europe, her team was taking a cautious approach. "Europe's structural underperformance has deep roots — demographics, productivity, fiscal policy — so a wholesale reversal looks unlikely," she explained. "But alongside the growth outlook improving, we've also seen corporate profitability bring some positive surprises. We believe that these improvements could help Europe's relative story stabilize over the long term." She also cautioned that political risk in the region "shouldn't be overlooked," pointing to recent upheaval in France , the European Union's second-biggest economy. Brian Mangwiro, an investment manager within the multi-asset group at Barings, also said he had been "selectively bullish" on Europe this year. He noted that the region "generally offers deep value opportunities" as opposed to growth stocks, which can offer larger returns over shorter periods . "We always viewed this as a tactical opportunity, not a long-term structural position," he said. "From a top-down perspective, we still find it challenging to be structurally constructive Europe." Mangwiro told CNBC there were several reasons for this viewpoint, including a persistent low-growth environment in Europe, downward earnings revisions, persistent low inflation and slow AI adoption. "In the long run, unless we see aggressive adoption of key recommendations within the Draghi report , we believe the structural underperformance of European equities, especially vs U.S., is likely to continue." Louise Dudley, a London-based portfolio manager at global investment manager Federated Hermes, said that while there were positive factors at play for Europe, structural headwinds remain — and noted that demand for the region's risk assets is generally muted. "Europe remains more exposed to external demand shocks [than the U.S.], especially from China, which is aggressively expanding its footprint in a range of industries including automotive, healthcare, and AI sectors," she said. "Political instability in France … continues to weigh on sentiment." France has been grappling with political and economic turmoil in recent weeks, with the country seeing nationwide protests , the ousting of its Prime Minister and volatile government borrowing costs . "Outside of the Defense sector, where spending is rising sharply due to geopolitical tensions, risk appetite for European equities remains subdued," Dudley added. Prashanth Manoharan, who heads up EMEA execution consulting at trading agency Liquidnet, told CNBC that while he had been bullish on Europe since the third quarter of last year, valuation discounts were narrowing, and it was becoming clearer that fiscal spending could take time to trickle into corporate earnings growth. "At the same time, the U.S. has experienced renewed enthusiasm for technology, particularly as AI continues to demonstrate its ability to enhance productivity and profitability, drawing further investor attention to the sector," he said. On Monday, all three of Wall Street's major averages closed at record highs , as Nvidia 's plans to invest $100 billion in OpenAI reignited the AI rally, but a three-day winning streak came to an end during Tuesday's session. "In the short term, given [ongoing challenges] and the continued outperformance of U.S. tech sectors, I expect European markets to remain relatively muted," Manoharan said. "However, with fiscal stimulus and structural reforms aimed at enhancing the region's competitiveness, I believe Europe is well-positioned for stronger performance over the next decade." Lingering bullishness The hype around European stocks might be fading, but most investors — as noted in BofA's survey findings — seem to be pricing in further upside. Of the 10 market participants who spoke to CNBC, eight had a positive view on the region's equities, with banking, defense and small-cap stocks namedropped as highlights. However, there was division on whether Europe's structural underperformance was over. Seven of the asset managers said the trend could be reversed if certain conditions — like capital market integration and economic policy changes — were met. "I've been positive on Europe, and that view still holds. What we are currently witnessing in Europe is an accelerating regime change in the face of deglobalization, geopolitical instability and declining international competitiveness," said Nick Wylenzek, a macro strategist at Wellington Management. "I expect Europe's more domestically orientated economies such as Spain or Italy to do comparatively better than the export-focused core countries," he added. "While the U.S. market offers unique exposure to the ongoing AI boom, beyond the large AI winners, Europe's positioning looks more compelling."
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Nvidia
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https://www.cnbc.com/video/2025/09/24/pony-ai-ceo-james-peng-on-its-future-as-an-nvidia-customer.html?&qsearchterm=Nvidia
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James Peng: Pony.AI can adapt if China limits Nvidia chip usage
| 2025-09-24T00:00:00
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James Peng: Pony.AI can adapt if China limits Nvidia chip usage
Pony.AI CEO James Peng's isn't too concerned if the Chinese government informs its firms to stop using Nvidia chips, as he believes that alternatives would be easy to source.
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Nvidia
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https://www.cnbc.com/2025/09/24/cnbc-daily-open-bad-timing-for-openais-stargate-to-come-online.html?&qsearchterm=Nvidia
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CNBC Daily Open: Bad timing for OpenAI's Stargate to come online
| 2025-09-24T00:00:00
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Sam Altman, chief executive officer of OpenAI Inc., during a media tour of the Stargate AI data center in Abilene, Texas, US, on Tuesday, Sept. 23, 2025.
Talk about bad timing. OpenAI's first Stargate development to come online — a data center in Texas that's stuffed to the brims with Oracle and Nvidia infrastructure — did so just as investors started questioning the sustainability of the artificial intelligence firm's trajectory.
Shares of Nvidia and Oracle , the major players in OpenAI's push to establish data centers that are essentially the heart of ChatGPT, fell Tuesday. Their moves were all the starker when compared with their spikes on the previous day, when Nvidia and OpenAI jointly announced their $100 billion partnership.
Some questions that investors appeared to be asking: Where's all that power needed to keep the data centers running — approximately the output of 17 nuclear plants — going to come from? Is Nvidia's investment in OpenAI — which essentially gives the company money to buy its chips — uncannily similar to what happened during the 2000s Dotcom bubble?
Adding to those concerns was U.S. Federal Reserve Chair Jerome Powell's statement that "by many measures, for example, equity prices are fairly highly valued." Additionally, Powell raised concerns that there could be signs of stagflation — persistent inflation amid a flagging labor market — in the U.S. economy.
That combination of events might make OpenAI CEO Sam Altman feel like the bride getting outshone on her wedding day. Or maybe not. Altman acknowledged that "people are worried" — "but this is what it takes." Besides, that bride still has many suitors, waving billion-dollar checks at her.
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Nvidia
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https://www.cnbc.com/2025/09/24/cnbc-china-connection-newsletter-tiktok-trade-talk-china-us-beijing-washington-trump-xi-chips.html?&qsearchterm=Nvidia
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CNBC's The China Connection newsletter: TikTok tops the trade talk
| 2025-09-24T00:00:00
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This report is from this week's CNBC's The China Connection newsletter, which brings you insights and analysis on what's driving the world's second-largest economy. You can subscribe here.
The distance is already visible. China has been silent on future meetings, even as U.S. President Donald Trump announced he and Chinese President Xi Jinping "agreed" to meet at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea next month.
Meanwhile, on issues like tariffs, fentanyl and semiconductors, even less has been said by either side.
The fate of TikTok in the U.S. overshadowed the latest round of trade talks, to the point that it's now unclear whether both sides are on the same page about what the app's divestiture from Beijing-based parent ByteDance should look like.
Many in business circles were hoping for a sweeping U.S.-China trade deal, but an agreement now looks even more elusive.
The lack of details in the Chinese side's statement "suggests that China is taking time to negotiate when U.S. is keen to have deals," said Winston Ma, adjunct professor at NYU School of Law, pointing out that Beijing "said nothing about [an] APEC meeting."
And then there's China's vague commitments to a tech licensing deal to keep TikTok alive in the U.S. — what Beijing calls a "solution that complies with China's laws and regulations."
That contrasts with the constant flow of details from the U.S., now covering everything from investors to board seats. A Politico report, citing an unnamed senior White House official, even claimed that the Trump administration is "100% confident" of a deal forcing Beijing-based ByteDance to spin off TikTok's U.S. operations.
Trump, however, may have preempted China's coolness, saying in a Truth Social post Friday that he "appreciate[s] the TikTok approval" after his call with Xi, even as Beijing kept its language vague.
China, meanwhile, has paired that coolness with a media blitz around its latest talks with the U.S. in Madrid, aiming to project confidence as a tech power following a showcase of new weapons at the Sept. 3 military parade.
Context is everything
In the runup to the Madrid talks held earlier this month, Beijing announced new probes into U.S. chips — and, as the negotiations wrapped up on Monday, called out Nvidia for alleged monopolistic practices. The next evening, the official evening news broadcast — closely watched by officials and anyone trying to read the tea leaves on Beijing — included a segment highlighting China's own semiconductors.
A day before the Trump-Xi call, Chinese tech giant Huawei also claimed its upcoming chip cluster would be more powerful than Nvidia's.
All these news items may appear to be separate events. But in China, where ceremonial timing matters, little happens in a vacuum — any action from a parade to chosen silence is calculated, often tapping into a political context that may appear unrelated to outsiders.
Notably, the latest debate over TikTok coincided with China's national cybersecurity week, held on Sept 15-21. In past years, the event has served as a platform for Beijing to promote its national security agenda.
"Honestly, I really don't see why the Chinese side would have any interest at all in divesting the ... U.S. TikTok," said Blueshirt Group Managing Director Gary Dvorchak, whose work on Chinese listings in the U.S. has taken him between both countries.
"What's their gain from it? They're losing control of one of the crown jewels of China's technology," he said, pointing out that the U.S. would disagree if China wanted America to sell part of Google or Facebook. "So why would they do something that we would never do?"
Despite the standoff over TikTok, China hosted a bipartisan delegation of U.S. House Representatives this week, who arrived the weekend after the latest Trump-Xi phone call. It was the first such visit since 2019.
U.S. representative Adam Smith, who led the trip, told reporters Tuesday that in meetings with Chinese leaders, the two sides discussed TikTok as an issue to be resolved, but did not get into technical details.
"I think there's going to be a lot of maybe positive noises" about TikTok, Dvorchak said, "but then in the end, at the last minute, it's always going to fall apart."
That said, the TikTok battle has become part of a larger game of political theatre. Beijing never confirmed Trump's announcement early last week that he would speak with Xi — until state media announced on Friday that the two leaders were speaking.
But the more elaborate the posturing by both sides, the more difficult it is to achieve a deal with optics that satisfies both sides.
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Nvidia
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https://www.cnbc.com/2025/09/24/cnbcs-uk-exchange-newsletter-how-britains-startup-sector-is-evolving.html?&qsearchterm=Nvidia
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CNBC's UK Exchange newsletter: From thoroughbreds to unicorns — how Britain's startup sector is evolving
| 2025-09-24T00:00:00
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This report is from this week's CNBC's UK Exchange newsletter. Like what you see? You can subscribe here.
The dispatch
The U.K. government is pleased with how U.S. President Donald Trump's historic second state visit went last week. In particular, there is satisfaction at the £150 billion ($203 billion) worth of investment decisions announced, even though some were already known about. While the biggest individual financial commitment came from Blackstone, the private equity giant, the announcements making the biggest splash in local media were the investments promised by the likes of Nvidia and Microsoft to bolster the U.K.'s artificial intelligence infrastructure. Less remarked on, however, were significant commitments to the country's thriving tech startups. These included a commitment from Nvidia to invest £2 billion in startups in London, Oxford, Cambridge and Manchester in partnership with established venture capital firms including Accel, Air Street Capital, Balderton, Hoxton Ventures and Phoenix Court.
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There was also a commitment from Palantir to help British defense startups and small and medium-sized businesses expand into U.S. markets. Such decisions highlight the strength of the U.K.'s startup sector and its ability to attract capital. This is reinforced by the latest figures from the data provider Dealroom: the U.K.'s total venture capital investment in the first half of 2025 came to $8 billion — more than the combined funding raised by Germany and France — confirming it as Europe's most popular destination for startup investment for the 30th consecutive quarter. Excitement around AI is driving this investment, with the U.K. having created 10 AI unicorns (a startup that has achieved a valuation of more than $1 billion) during the last three years, among them Wayve, the autonomous vehicle company, in which Nvidia pledged last week to invest a further $500 million, having first taken an equity stake in 2018. But the U.K.'s traditional core competence, when it comes to startups, is not AI but fintech. The latest Dealroom data suggests that to date, the U.K. has created 188 unicorns, third only behind the U.S. and China. The biggest of these — the likes of Revolut, Wise (formerly Transferwise) and Monzo — are in fintech. Further evidence of the health of the U.K.'s fintech sector came when, on Monday, the business management and banking platform Tide achieved unicorn status after a $120 million funding round, led by the private equity group TPG, valued it at $1.5 billion.
Jensen Huang, co-founder and chief executive officer of Nvidia, at the London Tech Week exposition in London, UK, on Monday, June 9, 2025. Bloomberg | Bloomberg | Getty Images
Tide CEO Oliver Prill said: "Securing this investment from TPG is a major milestone for Tide and a strong endorsement of our growth as the leading global business management platform serving 1.6 million members worldwide." While much attention is naturally on fintech, the other great strength enjoyed by the U.K. startup space is in quantum computing, the field enabling the completion of complex calculations beyond the capability of traditional computers. Among U.K. players in the space to have already achieved unicorn status are Cambridge-based Quantinuum, backed by JP Morgan Chase, Mitsui and Honeywell, which earlier this month saw its valuation double to $10 billion in a funding round led by NVentures, Nvidia's venture arm. Another is London-based Arqit, which supplies quantum-resistant encryption services, and which went public in May 2021 via a merger with the special purpose acquisition company (SPAC) Centricus Acquisition Corp. Yet this space also recently provided a good example of what many see as the biggest challenge for U.K. startups. Oxford Ionics, a British quantum pioneer whose partners include the German chip giant Infineon, agreed a takeover by U.S. rival IonQ in June this year — the transaction completed last week — valuing it at $1.075 billion. It has revived concerns that the U.K.'s willingness to relinquish control of its most promising tech businesses will cost it in the long term. Such worries were also raised after Google was allowed to acquire the AI startup DeepMind in 2013. Ian Hogarth, who now chairs the U.K. Government's AI Foundation Model Taskforce, later wrote: "I find it hard to believe the U.K. would not be better off were DeepMind still an independent company."
Old Street roundabout is also dubbed "Silicon Roundabout" in London, U.K. Chris Ratcliffe | Bloomberg | Getty Images
In other words, the U.K. is excellent at nurturing startups, but less good at helping them scale up. Accordingly, such businesses are often willing to sell to overseas buyers, invariably American, who can provide the capital, skills, networks and access to larger markets they require to grow. It all adds to the sense that, in the words of Stephen Welton, the founder and former CEO of the Business Growth Fund, the U.K. is an "incubator economy" where tomorrow's growth champions are born but not retained.
Investment incentives
Questions are also being asked about how the U.K. incentivizes tech investment. A report published last week by The Purposeful Company, a consortium of FTSE businesses, investment firms, business schools and consultancies, suggested that, while tax reliefs under the Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) have encouraged plenty of angel and early stage investment, they — together with Venture Capital Trusts (a type of VC investment backed by retail investors) — may simply provide a tax shelter to British taxpayers who would otherwise not invest in tech companies. It argued this may also lead to a bias toward investing in low rather than high risk companies. There are also concerns that even these reliefs may not be generating the results they once did. A group of investors led by the VCT Association, the Association of Investment Companies and the British Venture Capital Association on Monday published an open letter to Finance Minister Rachel Reeves urging her to raise the current lifetime and annual investment limits for VCTs and EIS, which have been frozen for nearly a decade, during which inflation has eroded their real value. But it is possible to overdo the pessimism. As an increasing number of startups remain in private ownership for longer, investors are focusing more on delivery than on speculative valuations. And here, the U.K.'s startups are delivering. Another Dealroom report published during the last month highlighted the U.K.'s European leadership in both "colts" (businesses with revenues of between $25-$100 million) and "thoroughbreds" (businesses with revenues of more than $100 million), as well as unicorns. This leadership is likely to generate more, not less, interest in U.K. startups. — Ian King
Top TV picks on CNBC
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Harry Stebbings, Founder of 20VC, calls for radical reforms to the U.K.'s global talent visa to attract top entrepreneurs and restore London's status as a global startup hub.
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David Livingstone, chief client officer at Citi, discusses the bank's announcement to invest $1.5 billion in their U.K. headquarters.
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Top U.S. tech firms have announced tens of billions in new U.K. investment plans alongside President Trump's state visit.
Need to know
Blackstone's $135 billion bet on the U.K. is raising eyebrows. While it's unclear which specific companies or projects Blackstone might add to its portfolio, Morningstar Wealth's Mark Preskett told CNBC that global investors were likely to take note of Blackstone's major interest in Britain. AI startup Nscale came out of nowhere and is blowing away Nvidia CEO Jensen Huang. Two years ago, Nscale was a brand-new startup in the U.K. Now, it's at the center of the action in the hottest market on the planet: artificial intelligence. Bank of England holds rates steady, with a further 2025 cut hanging in the balance. The monetary policy committee voted by 7-2 to keep rates steady at 4%, with two members of the MPC voting for a 25-basis-point cut. — Katrina Bishop
Quote of the week
"Making the U.K. a more attractive place to invest is important ... Attracting domestic retail capital into the equity markets is something the government really needs to focus on." — Henrik Johnsson, global co-head of capital markets, Deutsche Bank
In the markets
London-listed stocks have ticked higher over the past week, with the FTSE 100 up 0.3% from Sept. 16, closing Tuesday at 9,223.32 points, as investors digested last week's rate cut in the U.S.
Stock Chart Icon Stock chart icon The performance of the Financial Times Stock Exchange 100 Index over the past year.
The yield on 10-year gilts was around 4.682% on Tuesday afternoon, up from 4.649% a week ago, as new OECD forecasts projected U.K. inflation to exceed its G7 peers this year. Sterling fell 0.9% against the dollar over the last week, to trade around $1.3519 late Tuesday, as September's flash U.K. PMI data indicated a slowdown in private sector growth in the U.K. — Hugh Leask
Coming Up
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Nvidia
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https://www.cnbc.com/2025/09/23/sam-altman-openais-850-billion-in-planned-buildouts-bubble-concern.html?&qsearchterm=Nvidia
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Sam Altman on worries about OpenAI's $850 billion in planned buildouts: 'I totally get that'
| 2025-09-23T00:00:00
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Sam Altman, chief executive officer of OpenAI Inc., during a media tour of the Stargate AI data center in Abilene, Texas, US, on Tuesday, Sept. 23, 2025. Kyle Grillot | Bloomberg | Getty Images
ABILENE, Texas — Sam Altman stood on a patch of hot Texas dirt, the kind that turns to dust storms on dry days and mud slicks after a sudden rain. Behind him stretched the outlines of what will soon be a massive data center complex in the west-central part of the state, where heavy wind often meets extreme heat. It was a fitting backdrop for the OpenAI CEO to unveil what he calls the largest infrastructure push of the modern internet era: a 17-gigawatt buildout in partnership with Oracle , Nvidia , and SoftBank . In less than 48 hours, OpenAI has announced commitments equal to 17 nuclear plants or about nine Hoover Dams. The plan will require the amount of electricity needed to power more than 13 million U.S. homes. The scale is staggering, even for a company that's raised a record amount of private market cash and seen its valuation swell to $500 billion. At roughly $50 billion per site, OpenAI's projects add up to about $850 billion in spending, nearly half of the $2 trillion global AI infrastructure surge HSBC now forecasts. Altman understands the concern. But he rejects the idea that the spending spree is overkill. "I totally get that. I think that's a very natural thing," Altman told CNBC on Tuesday, referring to worries about the market getting overheated. Speaking from the site of the first of OpenAI's mega data centers in Abilene, Altman said, "We are growing faster than any business I've ever heard of before." Altman insisted that the building boom is in response to soaring demand, highlighting the tenfold jump in ChatGPT usage over the past 18 months. He said a network of supercomputing facilities is what's required to maximize the capabilities of AI.
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"This is what it takes to deliver AI," Altman said. "Unlike previous technological revolutions or previous versions of the internet, there's so much infrastructure that's required, and this is a small sample of it." The biggest bottleneck for AI isn't money or chips — it's electricity. Altman has put money into nuclear companies because he sees their steady, concentrated output as one of the only energy sources strong enough to meet AI's enormous demand. Altman led a $500 million funding round into fusion firm Helion Energy to build a demonstration reactor, and backed Oklo, a fission company he took public last year through his own SPAC. Critics warn of a bubble, pointing to how companies like Nvidia, Oracle, Broadcom and Microsoft have each added hundreds of billions of dollars in market value on the back of tie-ups with OpenAI, which is burning cash. Nvidia and Microsoft are now worth a combined $8.1 trillion, or equal to about 13.5% of the S&P 500. Skeptics also say the system looks like a circular financing model. OpenAI is committing hundreds of billions of dollars to projects that rely on partners like Nvidia, Oracle, and SoftBank. Those companies are simultaneously investing in the same projects and then getting paid back through chip sales and data center leases. Friar has a different perspective, arguing that the entire ecosystem is banding together to meet a historic surge in compute needs. Big tech booms, Friar noted, have always required this kind of bold, coordinated infrastructure buildout. Altman added that such cycles of overinvesting and underinvesting have marked every past technological revolution. Some people, he said, will surely feel the pain. "People will get burned on overinvesting and people also get burned on underinvesting and not having enough capacity," he said. "Smart people will get overexcited, and people will lose a lot of money. People will make a lot of money. But I am confident that long term, the value of this technology is going to be gigantic to society."
'More and more demand'
OpenAI's partners are betting big on that future. Oracle is even reshaping its leadership around it. On Monday, the company promoted Clay Magouyrk and Mike Sicilia to CEO roles, replacing Safra Catz. Magouyrk ran cloud infrastructure and Sicilia was president of Oracle Industries. "When you think about why make a transition now, it's really around Oracle's being set up for success," Magouyrk told CNBC. "I only see more and more demand from the end users … what looks like near infinite demand for technology." Nvidia is fronting equity alongside its chips, including the new Vera Rubin accelerators meant to power the next wave of AI workloads. The Abilene facility is being leased by Oracle. "Folks like Oracle are putting their balance sheets to work to create these incredible data centers you see behind us," OpenAI CFO Sarah Friar said in an interview on site. She explained that OpenAI will pay operating expenses for the data centers when they're online, while Nvidia's investments are getting the project up and running. "But importantly, they will get paid for all those chips as those chips get deployed," Friar said, referring to the arrangement with Nvidia.
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Friar, who previously helped take Block public as CFO and then guided Nextdoor to the public market as CEO, pointed to the balancing act between equity, debt and operating expenses. She said that the facilities breaking ground now are aimed at bringing new capacity online next year. "But then it's about what gets built for 2027, 2028, and 2029," she said. "What we see today is a massive compute crunch. There's not enough compute to do all the things that AI can do, and so we need to get it started — and we need to do it as a full ecosystem." As for OpenAI's long-term relationship with Microsoft, "They're a major partner," Friar said, adding that the company will continue to be a key supplier of compute capacity. She hinted that more developments are on the way with Microsoft, and that she's "pleased that we are where we are, but not fully ready to announce everything yet." In Friar's current role, the numbers are much bigger than they ever were at the two companies she took public. Eventually OpenAI investors will expect returns on their hefty investments, but Altman said that the question of an IPO is "complicated." "I assume that someday we will be a public company," he told CNBC. "I have mixed feelings about it … for now, we're certainly able to raise a lot of capital in private markets." He said that being public could make long-term investments harder, given the need to meet Wall Street's expectations on a quarterly basis. But it would open up access to a broader base of investors, he said. "I think that the world should, if people want to, own shares in OpenAI. I think that's awesome, and I want that to happen," Altman said. In the near term, the story is about many billions of dollars plowed into chips and data centers in places like Abilene, and eventually in New Mexico, Ohio and elsewhere. But OpenAI isn't just about infrastructure. In May, the company made the stunning announcement that it had acquired Jony Ive's nascent devices startup for about $6.4 billion. Bringing in the designer of the iPhone and the rest of Apple's most popular products wasn't an accident. While in Texas, Altman hinted at hardware that could reshape how people use computers in their everyday lives. The OpenAI CEO said computers have never before been able to truly "understand and think," and that breakthrough creates the chance to invent an entirely new way of using them. He cautioned that it will take time before OpenAI has anything ready to ship. Even when it gets there, the company plans to release only a "small family of devices," he said. But the potential, Altman said, is "something big" and worth pursuing. Correction: A prior version of this story misattributed part of a quote from Altman in the headline and in the body. WATCH: OpenAI CFO: Need partners like Oracle and Microsoft to meet demand
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Nvidia
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https://www.cnbc.com/2025/09/24/cnbc-daily-open-raining-on-openais-parade.html?&qsearchterm=Nvidia
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CNBC Daily Open: Raining on OpenAI's parade
| 2025-09-24T00:00:00
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The steel frame of data centers under construction during a tour of the OpenAI data center in Abilene, Texas, U.S., Sept. 23, 2025.
Talk about bad timing. OpenAI's first Stargate development to come online — a data center in Texas that's stuffed to the brims with Oracle and Nvidia infrastructure — did so just as investors started questioning the sustainability of the artificial intelligence firm's trajectory.
Shares of Nvidia and Oracle , the major players in OpenAI's push to establish data centers that are essentially the heart of ChatGPT, fell Tuesday. Their moves were all the starker when compared with their spikes on the previous day, when Nvidia and OpenAI jointly announced their $100 billion partnership.
Some questions that investors appeared to be asking: Where's all that power, needed to keep the data centers running, going to come from? Is Nvidia's investment in OpenAI — which essentially gives the company money to buy its chips — uncannily similar to what happened during the 2000s Dotcom bubble?
Adding to those concerns was U.S. Federal Reserve Chair Jerome Powell's statement that "by many measures, for example, equity prices are fairly highly valued." Additionally, Powell raised concerns that there could be signs of stagflation — persistent inflation amid a flagging labor market — in the U.S. economy.
That combination of events might make OpenAI CEO Sam Altman feel like the bride getting outshone on her wedding day. Or maybe not. That bride still has many suitors, waving billion-dollar checks at her.
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Nvidia
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https://www.cnbc.com/2025/09/24/asia-markets-nikkei-225-nifty-50-kospi.html?&qsearchterm=Nvidia
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Asia markets mixed amid Wall Street declines after U.S. Fed chair suggests stocks are overvalued
| 2025-09-24T00:00:00
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Asia-Pacific markets traded mixed Wednesday amid Wall Street's declines after U.S. Federal Reserve Chair Jerome Powell said that "equity prices are fairly highly valued."
Powell also signaled that the rate-cutting path wasn't clear and that the central bank faces a "challenging situation."
Australia's ASX/S&P 200 lost 0.92% to close at 8,764.5. Japan's benchmark Nikkei 225 added 0.3% to end the trading day at 45,630.31, while the Topix climbed 0.23% to 3,170.45.
The Reserve Bank of New Zealand announced Tuesday that Anna Breman would be the new governor of the central bank, marking the first time a woman has held the role. She will commence her five-year term on December 1.
Christian Hawkesby served as the RBNZ's acting governor since March, after the unexpected departure of Adrian Orr. His interim six-month appointment is set to conclude in October.
South Korea's Kospi lost 0.4% to 3,472.14 while the small-cap Kosdaq traded 1.29% lower to 860.94. However, South Korean defense stocks defied the weakness, with major players such as Hanwha Aerospace, Korea Aerospace, and Hyundai Rotem posting gains of between 2% and 5%.
Their rally comes as President Donald Trump voiced support for Ukraine in its war with Russia, and said that the U.S. will continue to supply weapons to NATO for the military alliance "to do what they want with them." South Korea has emerged as a major supplier of military equipment and munitions to NATO members.
Hong Kong's Hang Seng Index rose 1.49% while mainland China's CSI 300 closed higher at 4,566.07. Super Typhoon Ragasa brought hurricane-force winds to high grounds and southern areas in Hong Kong, the Hong Kong Observatory said. Conditions remain severe, with heavy showers and thunderstorms expected.
Shares of Alibaba listed in Hong Kong jumped over 6% after CEO Eddie Wu said Wednesday that the company will boost its investment in artificial intelligence.
Alibaba is moving forward with the 380 billion yuan ($53 billion) investment in AI infrastructure and intends to increase it further, Wu said in the company's annual Apsara Conference in Hangzhou. The company also unveiled its largest AI language model, Qwen3-Max.
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Nvidia
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https://www.cnbc.com/2025/09/23/wednesdays-big-stock-stories-whats-likely-to-move-the-market-in-the-next-trading-session.html?&qsearchterm=Nvidia
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Wednesday's big stock stories: What’s likely to move the market in the next trading session
| 2025-09-23T00:00:00
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Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here's what CNBC TV's producers were watching on Tuesday and what's on the radar for Wednesday's session. AI trade cools off The Dow Jones Industrial Average , S & P 500 , Nasdaq and Russell 2000 pulled back from record levels today. One possible reason? Federal Reserve Chair Jerome Powell said stock prices appear "fairly highly valued." Powell also signaled that the rate-cutting path wasn't clear and that it was a "challenging situation." CNBC's Mike Santoli noted investors are taking profits in Nvidia and Oracle amid scrutiny over potential overcapacity. While the cap-weighted S & P 500 finished lower, the equal-weighted S & P 500 eked out a gain. Gold prices hit another record high after Powell raised concern over the state of the U.S. economy. Power grab The Trump administration is reportedly seeking up to a 10% equity stake in Lithium Americas as part of ongoing loan discussions. At one point, Lithium Americas shares surged nearly 90% on the news in extended trading. Before the news, shares were up 3% in 2025. Albemarle is also higher in after-hours trading. Albemarle's stock is down nearly 7% year to date. Investors cheer Micron's earnings Micron shares spiked in extended trading after the company's revenue rose 46% year-over-year. Micron is on track for its best monthly performance since Dec. 2009. Shares have almost doubled in value this year. Don't miss "Squawk on the Street" tomorrow for an exclusive interview with Micron CEO Sanjay Mehrotra. MU YTD mountain Micron shares year to date 'Jimmy Kimmel Live!' blackout Nexstar follows Sinclair in blocking ABC affiliates from airing Jimmy Kimmel's return Tuesday night. Nexstar is one the largest owners of broadcast TV stations. Despite finishing the day about flat, Nexstar is down about 3% this week. Sinclair shares jumped 3% today, putting its stock up 4% week to date. Meanwhile, Disney closed the day slightly in the red, after raising prices for streaming packages . Meme-like moves in media Paramount Skydance climbed 6% on very little news. The stock is up 34% in September, pacing for its best month since Jan. 2023, when it climbed 37.20%. Warner Bros. Discovery is trading at levels not seen since April 2022. For context, Paramount Skydance is preparing a bid for Warner Bros. Discovery. Meanwhile, both Fox Corp. and News Corp . shares are trading at all-time highs. KB Home sweet home KB Home reports earnings after the bell Wednesday. The homebuilder is on track to snap a 3-month win streak. Last month, the stock posted its best monthly performance since July 2024. The stock is trading 30% below its all-time high, set in September 2024. KBH YTD mountain KB Home shares year to date. Opendoor gets slammed Opendoor has erased a quarter of its value this week — pacing for its worst week since Aug. 2024. On Monday, investment firm Access Industries revealed it sold more than 11.36 million Opendoor shares. The stock is up more than 340% this year. Staying plugged in Plug Power's nine-day winning streak may be over, but the stock is still up 79% over that stretch. Strangely, there's little fundamental news moving the stock. Year to date, Plug Power's stock is up about 19%.
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Nvidia
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https://www.cnbc.com/2025/09/23/stock-market-today-live-updates.html?&qsearchterm=Nvidia
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Stocks close lower for second day as investors continue selling AI plays Nvidia and Oracle
| 2025-09-23T00:00:00
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Traders work on the floor of the New York Stock Exchange.
The S&P 500 fell on Wednesday as artificial intelligence giants Nvidia and Oracle came under pressure for a second day.
The broad market index dropped 0.28% to end at 6,637.97, while the Nasdaq Composite pulled back 0.34% to settle at 22,497.86. The Dow Jones Industrial Average declined 171.50 points, or 0.37%, to finish at 46,121.28.
Nvidia slid almost 1%, continuing its declines from Tuesday as heightened fears about the potentially circular nature of the AI industry drew investor skepticism. Earlier this week, the chipmaker announced a $100 billion partnership with OpenAI. Fellow leading AI player Oracle also fell for a second straight day, losing nearly 2% Wednesday.
The Nasdaq's losses for the day were narrowed heading into the close as Intel surged more than 6% after Bloomberg, citing people familiar with the matter, reported that the chipmaker is seeking an investment from Apple . That comes just days after Nvidia said it would invest $5 billion in the company.
Beyond those names, shares of Micron Technology moved lower by almost 3% as the company's earnings and forecast weren't strong enough to impress investors, signaling that confidence in the AI trade is still in question.
The S&P 500 closed in the red on Tuesday, snapping a three-day winning streak, on those AI trade worries. The index had reached a new all-time intraday high earlier in the session and posted a record close Monday. The tech-heavy Nasdaq dipped as well, bogged down by Nvidia.
Traders could be profit-taking amid elevated market valuations, which Federal Reserve Chair Jerome Powell called out at a Tuesday press conference.
"Tech is probably a little bit extended," Jay Hatfield, CEO of Infrastructure Capital Advisors, said to CNBC, adding that "there's no real reason to be bullish." "I would not say, 'Oh, nobody's going to use AI and the world is coming to an end,' but it's clearly valuation."
"This might go on for a couple days," he also said, noting seasonal weakness. As it stands, the S&P 500 is still almost 3% higher on the month, much more than September's average decline of 4.2% in the past five years.
Traders are cautious before jobless claims data Thursday and PCE inflation data Friday. They're watching troubling developments regarding a government shutdown as well.
President Donald Trump had axed a meeting scheduled for this week with Senate Minority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries that could have possibly averted the shutdown before a Sept. 30 deadline.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/openaias-strategy-echoes-amazonas-early-infrastructure-play-says-plexo-capitalas-lo-toney.html?&qsearchterm=Nvidia
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OpenAI’s strategy echoes Amazon’s early infrastructure play, says Plexo Capital’s Lo Toney
| 2025-09-23T00:00:00
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In this video
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OpenAI’s strategy echoes Amazon’s early infrastructure play, says Plexo Capital’s Lo Toney
Lo Toney, Plexo Capital managing partner, joins ‘Closing Bell Overtime’ to discuss parallels between Amazon’s early infrastructure buildout and OpenAI’s current approach, how Nvidia functions as the distribution backbone, ChatGPT as a consumer monetization layer, and more.
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Nvidia
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https://www.cnbc.com/2025/09/23/openai-first-data-center-in-500-billion-stargate-project-up-in-texas.html?&qsearchterm=Nvidia
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OpenAI's first data center in $500 billion Stargate project is open in Texas, with sites coming in New Mexico and Ohio
| 2025-09-23T00:00:00
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ABILENE, Texas — OpenAI and Oracle are betting big on America's AI future, bringing online the flagship site of the $500 billion Stargate program, a sweeping infrastructure push to secure the compute needed to power the future of artificial intelligence.
The debut site in Abilene, Texas, about 180 miles west of Dallas, is up and running, filled with Oracle Cloud infrastructure and racks of Nvidia chips.
The data center, which is being leased by Oracle, is one of the most notable physical landmarks to emerge from an unprecedented boom in demand for infrastructure to power AI. Over $2 trillion in AI infrastructure has been planned around the world, according to an HSBC estimate this week.
OpenAI is leading the way.
In addition to the $500 billion Stargate project, the startup on Monday announced an equity investment deal with Nvidia that will add an estimated $500 billion worth of data centers in the coming years. Since 2019, Microsoft has invested billions of dollars in OpenAI, providing loads of access to Azure credits. Additionally, OpenAI contracts with smaller cloud companies for additional compute capacity and help operating its infrastructure.
One building on the Abilene site is operational while another is nearly complete. The campus has the potential to ultimately scale past a gigawatt of capacity, OpenAI finance chief Sarah Friar told CNBC. That would be enough electricity to power about 750,000 U.S. homes.
The data center construction plans are important enough that Nvidia CEO Jensen Huang personally engaged in last-minute negotiations with OpenAI CEO Sam Altman over the weekend to get in on the action, CNBC reported earlier on Tuesday.
"People are starting to recognize just the sheer scale that will be required," Friar said. "We're just getting going here in Abilene, Texas, but you'll see this all around the United States and beyond."
The scale of the project's construction was necessary to supply the amount of compute required to operate OpenAI's models, Friar said.
"What we see today is a massive compute crunch," she said. "There's not enough compute to do all the things that AI can do."
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Nvidia
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https://www.cnbc.com/2025/09/23/santolis-tuesday-market-wrap-up-sp-500-pulls-back-from-record-highs-as-investors-rethink-the-ai-trade.html?&qsearchterm=Nvidia
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Santoli's Tuesday market wrap-up: S&P 500 pulls back from record highs as investors rethink the AI trade
| 2025-09-23T00:00:00
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(These are the market notes on today's action by Mike Santoli, CNBC's Senior Markets Commentator.) Another one of the market's occasional rethinks of the beloved AI-investment theme strikes some of the heavily owned leaders of the group, pressuring the big-cap indexes but so far sparing the majority of stocks from significant damage. Questions over whether Nvidia 's $100 billion pledged investment in OpenAI to fund the development of Nvidia-centric data centers seems to have prompted a round of scrutiny over a possible eventual endgame of overcapacity and overlapping partnerships and vendor relationships. Nvidia and Oracle shedding the most among the big names, while Microsoft 's announcement of a self-cooling chip has hit the power-management names such as Vertiv . This action in some crowded, expensive stocks after a long and fruitful rally could simply be a bout of profit-taking and belated seasonal choppiness. The broad trends are quite sturdy, while resulting in a buildup of pent-up selling, rich valuations and some aggressive momentum-chasing in marginal pockets of the market. Nvidia has made no net progress since July 30 alongside plenty of excited chatter around the strength and duration of the AI buildout — perhaps having entered another of its long digestion trading ranges (the last one went on for several months)? Even with the selling among the big-cap growth names, nearly as many stocks are up as down, the inverse of Monday's action when most stocks fell but pops in Nvidia and Apple pushed the S & P 500 to a half-percent gain. This has been a common rhythm for this market, rotating day by day between narrow and broad breadth days, keeping the index from even as much as a 3% pullback since May while alternately allowing for overheated groups to cool now and then. It's a positive dynamic so long as it lasts. It suppresses volatility while also lulling traders into a kind of comfort that can bleed into complacency eventually. The CBOE Volatility Index has refused to make new lows with the S & P 500 hitting new highs and has now possibly turned higher from a basing pattern. A sign that hedgers are braced for more erratic action as the stakes rise on the interplay between the economy, the Fed and AI-driven growth. Federal Reserve Chair Jerome Powell elaborated on last week's press conference remarks in a speech , again highlighting the lack of a free lunch in policy-setting when both employment and inflation data are wide of target levels. Calling policy "moderately restrictive" means no aggressive rate-cutting is likely. Wherever the neutral rate is, we are 25 basis points closer to it than we were a week ago. Still, by handicapping continued elevated inflation readings in months to come while still tacitly penciling in more likely rate cuts, he ratified the markets' demonstrated willingness to look past inflation risk. Stocks will always be fine with 3%-ish inflation along with a lower rates so long as long-term yields stay well-behaved. So far, this is roughly the setup. One risk flagged by bond-market pros that the markets might be watching with one eye: Friday's PCE inflation could breach 3%, and the September jobs report (due to be reported a week from Friday) has a strong tendency for upside bounce-back after weak August readings.
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Nvidia
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https://www.cnbc.com/2025/09/23/micron-mu-q4-2025-earnings-report.html?&qsearchterm=Nvidia
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Micron beats on earnings as company sales rise 46% on AI boom
| 2025-09-23T00:00:00
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A person walks by a sign for Micron Technology headquarters in San Jose, California, on June 25, 2025.
Micron reported better-than-expected earnings and revenue on Tuesday as well as a robust forecast for the current quarter.
The stock rose in extended trading.
Here's how the company did in comparison with the LSEG consensus:
Earnings per share : $3.03 adjusted vs. $2.86 expected
: $3.03 adjusted vs. $2.86 expected Revenue: $11.32 billion vs. $11.22 billion expected
Micron said revenue in the current period, its fiscal first quarter, will be about $12.5 billion, versus the $11.94 billion average analyst estimate per LSEG.
The company said it had $3.2 billion, or $2.83 per share in net income, versus $887 million, or 79 cents per share, in the year-ago period.
Micron shares have nearly doubled so far in 2025. The company makes memory and storage, which are important components for computers. Micron has been one of the winners of the artificial intelligence boom. That's because high-end AI chips such as those made by Nvidia require increasing amounts of high-tech memory called high-bandwidth memory, which Micron makes.
"As the only U.S.-based memory manufacturer, Micron is uniquely positioned to capitalize on the AI opportunity ahead," Micron CEO Sanjay Mehrotra said in a statement.
Overall company revenue rose 46% on a year-over-year basis during the quarter.
Micron's largest unit, which sells memory for cloud providers, reported $4.54 billion in sales during the quarter, more than tripling on a year-over-year basis.
However, the company's core data center business unit saw sales decline 22% on an annual basis to $1.57 billion in revenue.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/title-tbd.html?&qsearchterm=Nvidia
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OpenAI CFO Sarah Friar: 'More compute, more revenue' in response to concern on Oracle, Nvidia deals
| 2025-09-23T00:00:00
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OpenAI CFO Sarah Friar: 'More compute, more revenue' in response to concern on Oracle, Nvidia deals
CNBC’s MacKenzie Sigalos reports from Oracle’s Abilene, Texas site, where the company already has one data center online and a second coming up. Friar said the site can scale to more than a gigawatt of power as part of a multi-gigawatt expansion with Oracle and Nvidia, insisting no one in history has built data centers this fast
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Nvidia
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https://www.cnbc.com/2025/09/23/nvidia-openai-data-center-ai-power-renewable-gas-nuclear.html?&qsearchterm=Nvidia
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Nvidia's and OpenAI's 'monumental' data center plan has an equally massive problem: Where to find the power
| 2025-09-23T00:00:00
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Nvidia CEO Jensen Huang told CNBC this week that the chipmaker's AI infrastructure plan with OpenAI is "monumental in size." Their plan is so big that it will push the boundaries of what is possible. The chipmaker and the AI lab are aiming to build at least 10 gigawatts of data centers. This will sap a massive amount of power at a time when the electric grid is already strained . Attempts to deploy more power have faced economic and political constraints that make a fast fix unlikely. Ten gigawatts is roughly equivalent to the annual power consumption of 8 million U.S. households, according to a CNBC analysis of data from the Energy Information Administration. It is about the same amount of power as New York City's baseline peak summer demand in 2024, according to the New York Independent System Operator , the state electric grid. "There's never been an engineering project, a technical project of this complexity and this scale — ever," Huang told CNBC on Monday. Nvidia and OpenAI have provided no information on when and where the sites will be built, other than disclosing that the first gigawatt will come online in the second half of 2026. When CNBC reached out for more detail on Tuesday, Nvidia declined to comment. It's unclear where all the electricity that the companies need will come from. The U.S. is forecast to add 63 gigawatts of power to the grid this year, according to EIA data . Nivida's and OpenAI's 10 gigawatts of data centers are equivalent to a big chunk, 16%, of the new power that will be deployed in 2025. The Trump administration is pushing for data centers to use fossil fuels, particularly natural gas, but orders for new gas turbines face long wait times with GE Vernova sold out through 2028. The U.S. is forecast to add just 4.4 gigawatts of new gas generation this year, according to EIA. The tech sector and the White House are working to build new nuclear plants, but it will take years for reactors to connect to the grid. The recent big expansion at Plant Vogtle in Georgia took more than a decade to complete. And the small advanced reactors backed by the tech sector are not expected to reach a commercial stage until the end of the decade at earliest. This leaves renewable power as the most viable, quickly deployable source of electricity to meet the demand from Nvidia and OpenAI in the near term. More than 90% of the new power that the U.S. is expected to add this year will come from solar, wind or battery storage, according to EIA. "The power requirement is largely going to be coming from the new energy sector or not at all," said Kevin Smith, CEO of Arevon, a solar and battery storage developer headquartered in Scottsdale, Arizona, that's active in 17 states. But the White House has effectively declared war on renewable power. President Donald Trump said last month that the federal government will not approve any more solar and wind . Interior Secretary Doug Burgum's office is now reviewing all permits for solar and wind projects. Even projects on private land could be hampered by the Trump administration as such efforts often need permits from federal agencies like the U.S. Fish and Wildlife Service. Trump's tariffs, uncertainty over permitting, and the end of key tax credits will lead to a slowdown in renewable deployment in the coming years that could challenge data center deployment, Smith and executives at other big renewable developers warned CNBC last month . "The panic in the data center, AI world is probably not going to set in for another 12 months or so, when they start realizing that they can't get the power they need in some of these areas where they're planning to build data centers," Smith told CNBC in August. "Then we'll see what happens," Smith said. "There may be a reversal in policy to try and build whatever we can and get power onto the grid."
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Nvidia
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https://www.cnbc.com/video/2025/09/23/openai-cfo-need-partners-like-oracle-and-microsoft-to-meet-demand.html?&qsearchterm=Nvidia
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OpenAI CFO: Need partners like Oracle and Microsoft to meet demand
| 2025-09-23T00:00:00
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OpenAI CFO: Need partners like Oracle and Microsoft to meet demand
CNBC's MacKenzie Sigalos reports on news regarding Nvidia and OpenAI.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/nvidia-openai-deal-shows-capital-intensity-despite-weak-commercial-monetization-gmos-tom-hancock.html?&qsearchterm=Nvidia
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Nvidia-OpenAI deal shows capital intensity despite weak commercial monetization: GMO's Tom Hancock
| 2025-09-23T00:00:00
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Nvidia-OpenAI deal shows capital intensity despite weak commercial monetization: GMO's Tom Hancock
Tom Hancock, GMO portfolio manager, joins 'The Exchange' to discuss the partnership between with Nvidia and OpenAI, Hancock's current holdings in the AI trade and much more.
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Nvidia
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https://www.cnbc.com/2025/09/23/this-nvidia-derivative-is-on-the-verge-of-a-sharp-move-higher-according-to-the-charts.html?&qsearchterm=Nvidia
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This Nvidia derivative is on the verge of a sharp move higher, according to the charts
| 2025-09-23T00:00:00
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I think after yesterday's blockbuster announcement of Nvidia's $100 billion investment into OpenAI, our heads are still spinning a bit trying to make sense of it all. Is AI really going to change our lives as the thought leaders claim such as curing cancer, solving climate change, fixing the education system, mining asteroids and making available personal robots far more capable than us mere mortals? I have no idea. But being the optimist I am, I'm going to lean towards yes. After all, I have not met too many rich pessimistic investors. To select the best investment idea for this week's column I looked through the five most critical industries for the artificial intelligence buildout. These include the following: Semiconductors and advanced computing hardware Data center infrastructure and cloud services Energy and power generation AI software, models & platforms Cooling & environmental control I had at least two names ready to put in front of you from the top-4 industries that power AI, but for today we're going to focus on a slightly less critical, slightly lower beta (volatility), catch up name of sorts - Vertiv Holdings. Back to VRT in a second. This kind of block-buster announcement combined with such an extended border market backdrop with the XLK Technology ETF up 63% from this year's lows, and 10% from this month's lows, I think it's wise to go with a slightly under the radar name in the cooling & environmental control area of the market. After all, on Aug. 19 I wrote about Bloom Energy (BE) , which is also in the Electrical Equipment industry group. That stock is up over 80% since I wrote about it less than a month ago. Yikes. Vertiv Holdings provides critical infrastructure and services for data centers with products including power management systems, cooling systems, and monitoring software to ensure uninterrupted power supplies. Vertiv is also investing in not only traditional power generation, but renewable energy, as well as battery storage to make it a key player going forward. Put simply, they help keep the world's biggest data centers online, cool, and optimized. Vertiv does work with Nvidia and in March 2024 they became a Solution Advisor: Consultant in the Nvidia partner network. This establishes them as an authority in power, cooling, and infrastructure to customers of Nvidia deploying their AI solutions . Looking at the weekly chart, we see the stock has been caught under a triple top around the $154 -$157 resistance zone that is forming a technical pattern called an "inverse head and shoulders." Traditionally the head and shoulders is a reversal pattern at the end of long trends. This is an "inverse" formation that conveys quite an opposite message of trend continuation! Looking at the indicators below we can use two developments to occur that could encourage the breakout through $157 resistance (inverse head and shoulder). First, I would like to see the VRT / SPY ratio move higher suggesting that VRT is again out-performing the already strong S & P 500 ETF "SPY". Second, I would like to see volume come into the stock above the 50-day average of 39.38 shares. Do you think we can get a 50 million share breakout day? Propelling these technicals is as always the fundamentals with expected top line growth rates of 25% and 15% with earnings of $3.27 in 2025 and $4.42 next year, 155% and 35% respectively. Moving to the daily, we actually get a fractal inverse head and shoulders. This smaller inverse-head-and shoulders that appears the same is actually a very small part of the larger operative weekly pattern. Same breakout zone around $154 / $157 could setup a move approaching $200 in coming months. We rebalanced/re-allocated the portfolios at Inside Edge Capital this week and took our holding in Vertiv from 1.5% to 2.5%. These are our longer-term flagship portfolios. But in the smaller, faster-money portfolio Active Opps linked below, I might try a breakout trade based on all analysis above with stops just below $135 to see if we trade above $165. Watch out for earnings on Oct. 22 with expectations of $0.87 in EPS, a 89% growth compared to the same quarter last year! -Todd Gordon, Founder of Inside Edge Capital, LLC We offer active stock alerts and portfolio management, as well as regular market updates like the idea presented above. DISCLOSURES: Gordon owns VRT personally and in his wealth management company Inside Edge Capital. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
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Nvidia
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https://www.cnbc.com/2025/09/23/cramer-is-considering-taking-profits-in-one-of-our-banks-as-sector-soars.html?&qsearchterm=Nvidia
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Cramer is considering taking profits in one of our bank stocks as sector soars
| 2025-09-23T00:00:00
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Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Tuesday's key moments. 1. The S & P 500 was little changed Tuesday morning, while the Dow rose 0.5% and the Nasdaq dipped 0.3%. All three major averages closed at all-time highs on Monday. Megacap technology stocks have been driving the market momentum and gains, "while the average stock has not been as good," portfolio director Jeff Marks said Tuesday. That balance is keeping the S & P 500 Short Range Oscillator at 1.16% — neither overbought nor oversold. (Anything above a plus 4% indicates the market is overbought and perhaps time to sell stocks; anything below a minus 4% shows the market is oversold and potentially time to buy.) 2. AI chip leader Nvidia said it is investing $100 billion in AI startup OpenAI, which in turn will deploy at least 10 gigawatts of AI data centers with Nvidia AI processors. This partnership aims to expand AI infrastructure across the U.S. Nvidia shares jumped nearly 4% on Monday following the announcement, but gave back some of those gains Tuesday. This deal is also additive to AI infrastructure trade, including industrial names like GE Vernova , which makes gas turbines that power data centers, and Eaton , which provides electrical equipment inside data centers. This partnership does come with some risks. D.A. Davidson cautions Nvidia being the lender of last resort by "bailing OpenAI's overextended commitments." Another market concern is Nvidia supporting demand by funding companies that will then buy its chips. While these are valid concerns, Nvidia's price performance and return on investment of its chips matter most to us. 3. It's another good day for the bank stocks, with shares of Wells Fargo , Goldman Sachs , Capital One , and BlackRock all trending higher. Jim Cramer is considering taking some profits on one of these holdings. While they've all seen huge gains, we don't want to sell winners to fund losers. Bank stocks are up on the idea that the Federal Reserve will continue to cut interest rates after its first cut this month. If that happens, these banks will remain great plays. (Jim Cramer's Charitable Trust is long NVDA, GEV, ETN, WFC, GS, COF, BLK. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/2025/09/23/nvidia-openai-deal-bubble-concerns-doubts.html?&qsearchterm=Nvidia
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Nvidia's big OpenAI investment lifted the whole market. It's raising red flags about a bubble for many
| 2025-09-23T00:00:00
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Nvidia 's $100 billion mega investment in OpenAI was hailed as a sign of artificial intelligence's momentum as the chipmaker's rally continued to boost the broader stock market to a record, but seasoned investors said the move looked more like a troubling echo of past bubbles. The chipmaker said it will invest up to $100 billion in OpenAI as the AI lab sets out to build hundreds of billions of dollars in data centers based around Nvidia's AI processors. Nvidia shares jumped nearly 4% on Monday following the announcement, lifting the S & P 500 to another all-time high. However, some warn that the partnership fits the definition of vendor financing — Nvidia giving OpenAI money so OpenAI can turn around and spend it on Nvidia chips — and investors shouldn't celebrate. "OpenAI is now selling itself off to a supplier in order to fund its investments. Phrased differently, NVDA is purchasing a stake in a customer in order to assure future revenue," Bespoke Investment Group wrote in a note to clients Tuesday. "You don't have to be a skeptic about AI technology's promise in general to see this announcement as a troubling signal about how self-referential the entire space has become. If NVDA has to provide the capital that becomes its revenues in order to maintain growth, the whole ecosystem may be unsustainable," Bespoke added. NVDA YTD mountain Nvidia year to date Famed short seller Jim Chanos raised a red flag on Nvidia CEO Jensen Huang's estimate that building one gigawatt of data center capacity costs between $50 billion and $60 billion, of which about $35 billion is for Nvidia chips and systems. "Jensen's estimate that a 1GW AI factory will cost $20-30B BEFORE GPU costs, is well above what many AI data center companies currently are telling investors their costs will be," Chanos said in a post on X Monday. He also pointed out the last sentence of the press release from the companies, signing a deal that is not yet complete. This is similar to the memorandums of understanding (MOUs) that were hatched between internet companies at the Dotcom bubble top. "Nvidia and OpenAI look forward to finalizing the details of this new phase of strategic partnership in the coming weeks," the statement said. Dotcom bubble echoes: Lucent, Nortel The practice of vendor financing helped fuel and then unravel the Dotcom bubble in the late 1990s and early 2000s. Telecom equipment makers such as Lucent Technologies, which were desperate to keep sales growth alive, extended billions in loans to smaller telecom carriers, like Winstar Communications, so those firms could buy Lucent's own gear. On paper, Lucent booked booming revenues, but in reality, it was lending customers the money to pay for its products. "Another vendor financing deal in the AI space between Nvidia and Open AI has the names Lucent and Nortel ringing in my ear from the days when they announced similar deals with customers in the late 1990's except the ones being announced now are so much bigger in terms of dollars," Peter Boockvar, chief investment officer of One Point BFG Wealth Partners, said in a note to clients. The market has been focused on the upside, with Nvidia shares up more than 220% since the March 2023 lows. "For this whole massive experiment to work without causing large losses, Open AI and its peers now have got to generate huge revenues and profits to pay for all the obligations they are signing up for and at the same time provide a return to its investors," Boockvar said. Nvidia shares were pulling back on Tuesday with more investors starting to rethink what this deal means. Nvidia was off by more than 2%. Oracle, the hottest AI play of the moment because of its recent exuberant AI sales forecast, was 4% lower.
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Nvidia
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https://www.cnbc.com/2025/09/23/the-top-10-things-were-watching-in-the-stock-market-tuesday.html?&qsearchterm=Nvidia
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The top 10 things we're watching in the stock market Tuesday
| 2025-09-23T00:00:00
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Our top 10 things to watch Tuesday, Sept. 23 — Matthew J. Belvedere wrote this morning's newsletter with the help of Jeff Marks. 1. The S & P 500 was relatively flat Tuesday morning following a three-session winning streak. The index closed at a record high Monday, and so did the Nasdaq as tech stocks surged on Club holding Nvidia's gains after its OpenAI announcement . Looking ahead , Club name Costco reports earnings after Thursday's close, and the Federal Reserve's favorite inflation gauge is out Friday morning. 2. Nvidia's $100 billion investment to help OpenAI build AI data centers followed one-on-one negotiation s between the CEOs of the two companies. Jim Cramer said he spoke to Nvidia's Jensen Huang after the deal was announced yesterday. "Jensen told me that Sam was the first to recognize what could be done with this platform. Only fitting that they get together to go to the next level, where the machines can reason better than we can." Jim's reference to Sam is Sam Altman, CEO of OpenAI. 3. Nvidia shares were modestly lower Tuesday morning after closing at a record high Monday. Evercore ISI raised its Nvidia price target to $225 from $214 and maintained its outperform buy rating. The analysts said Street earnings estimates for Nvidia are too low, given the OpenAI partnership and other recently announced deals. 4. It's not just Nvidia that will benefit from the OpenAI deal to build AI data centers. Club stocks GE Vernova and Eaton are key beneficiaries of the growing need for more energy to support the massive amount of computing power set to come online over the next decade. Both stocks also rallied Monday. 5. Jefferies downgraded Vistra to a hold from a buy. The analysts said: "With Comanche nuke deal delayed vs our expectations and shares pricing-in significant upside, we look for a pull-back for better risk/reward." The analysts also lowered their price target on Vistra to $230 from $241. 6. Shares of Danish renewables giant Orsted jumped Tuesday, after a U.S. judge ruled that the embattled firm can resume construction of an offshore wind farm that was halted by the Trump administration. 7. Wells Fargo upgraded CoreWeave , which rents Nvidia chip computing power, to a buy from hold. The analysts also raised their price target to $170 per share from $105. They see CoreWeave benefiting from hyperscaler spending and Nvidia's agreement to buy all excess capacity through 2032. Wells described the Nvidia part as a "blank check" for more than six years. 8. Opening arguments are set to begin Tuesday's in the FTC's lawsuit against Amazon for allegedly deceiving tens of millions of customers into signing up for Prime and thwarting their attempts to cancel it. Amazon has denied any wrongdoing. 9. Citi analysts said that Meta Platforms ' smart glasses could reach a "tipping point" next year following last week's Meta Connect event. Meta remains a top pick at Citi with a buy rating and $915 price target. 10. U.S. lawmakers talked about a Boeing deal with China's top leaders during a visit to Beijing, Democratic Rep. Adam Smith from the state of Washington, announced at a news conference Tuesday. Boeing has a major manufacturing presence in Washington. We started a position in Boeing earlier this month on the thesis that the stock will benefit from President Donald Trump 's trade policies. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/north-islands-glenn-hutchins-on-nvidia-openai-deal-h-1b-visa-changes.html?&qsearchterm=Nvidia
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North Island's Glenn Hutchins on Nvidia-OpenAI deal, H-1B visa changes
| 2025-09-23T00:00:00
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North Island's Glenn Hutchins on Nvidia-OpenAI deal, H-1B visa changes
Glenn Hutchins, North Island co-founder and chairman and CoreWeave lead independent director, joins 'Squawk Box' to discuss Nvidia's $100 billion investment deal in OpenAI, impact on the broader AI race, H-1B visa changes, state of crypto, the Fed's inflation fight, and more.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/watch-cnbcs-full-interview-with-north-island-co-founder-and-chairman-glenn-hutchins.html?&qsearchterm=Nvidia
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Watch CNBC's full interview with North Island co-founder and chairman Glenn Hutchins
| 2025-09-23T00:00:00
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Watch CNBC's full interview with North Island co-founder and chairman Glenn Hutchins
Glenn Hutchins, North Island co-founder and chairman and CoreWeave lead independent director, joins 'Squawk Box' to discuss Nvidia's $100 billion investment deal in OpenAI, impact on the broader AI race, H-1B visa changes, state of crypto, the Fed's inflation fight, and more.
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Nvidia
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https://www.cnbc.com/2025/09/23/5-things-to-know-before-the-stock-market-opens.html?&qsearchterm=Nvidia
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Nvidia's OpenAI investment, Kimmel's return, a new top beer and more in Morning Squawk
| 2025-09-23T00:00:00
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watch now
This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Here are five key things investors need to know to start the trading day:
1. Tech talk
Nvidia will invest as much as $100 billion in OpenAI, the two artificial intelligence giants announced yesterday. As CNBC's MacKenzie Sigalos reports, the deal is the result of one-on-one negotiations between Nvidia's Jensen Huang and OpenAI's Sam Altman, as well as late-night calls and last-minute edits. Here's what to know: OpenAI is looking to build hundreds of billions of dollars worth of data centers based around Nvidia's AI processors. The chipmaker's first $10 billion investment will come when the first gigawatt in the 10 gigawatt project is completed, a person familiar with the matter said.
Nvidia shares rallied nearly 4% in yesterday's session as traders cheered the announcement.
Elsewhere in the tech sector, Apple turned positive for the year following the latest iPhone launch.
turned positive for the year following the latest iPhone launch. Those gains helped propel the major indexes to new all-time closing highs. Follow live market updates here.
2. Kimmel's callback
People protest at the El Capitan Entertainment Centre, where "Jimmy Kimmel Live!" was recorded for broadcast, following his suspension for remarks he made regarding Charlie Kirk’s assassination, on Hollywood Boulevard in Los Angeles, California, U.S. Sept. 18, 2025. David Swanson | Reuters
Jimmy Kimmel will head back to the studio today. Disney said in a statement Monday that it plans to bring "Jimmy Kimmel Live!" back to ABC's broadcast network on Tuesday. The media giant halted production of the late night show last week following Kimmel's comments on Charlie Kirk's assassination. Disney said the decision comes after days of "thoughtful conversations" with Kimmel. The comedian is expected to address the situation during his show set to be taped today, a person familiar with the matter told CNBC.
3. Trump talks Tylenol
Kenvue Inc. Tylenol brand pain reliever for sale at a pharmacy in New York, US, on Wednesday, March 27, 2024. Bloomberg | Bloomberg | Getty Images
The White House is drawing an unproven connection between autism and the use of acetaminophen by pregnant women. Acetaminophen is the active ingredient in Tylenol, one of the most common over-the-counter pain relievers. President Donald Trump said yesterday that the Food and Drug Administration will put out a physician's notice about the risk of pregnant patients using acetaminophen, unless they have a fever, and change product safety labels. As CNBC's Annika Kim Constantino reports, scientific literature has largely found no causal link between autism and exposure to acetaminophen in the womb. Shares of Tylenol maker Kenvue rallied in extended trading, regaining some ground from a sell-off during the trading day as investors braced for the expected White House announcement. Kenvue said in a statement that it believes in "independent, sound science" and that it disagrees with suggestions that Tylenol isn't safe for pregnant women.
4. Fee fears
Cristian Storto Fotografia | Istock | Getty Images
Shock over Trump's $100,000 H-1B visa fee continued on Monday, as Wall Street equity analysts raced to inform clients of what the change could mean for companies. Here are some of the firms that could be hit the hardest by the $100,000 fee, according to Baird. Meanwhile, Nvidia CEO Jensen Huang told CNBC that he appreciated action on immigration but that the U.S. needs the "brightest minds." OpenAI CEO Sam Altman similarly said the U.S. needs "to get the smartest people in the country," adding that "streamlining that process and also sort of outlining financial incentives seems good to me."
Get Morning Squawk directly in your inbox CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning. Subscribe here to get access today.
5. Beer Olympics
Michelob Ultra beer written in neon glow light inside a bar in New York City. Roberto Machado Noa | LightRocket | Getty Images
Michelob Ultra is the new leader in the U.S. beer market. The brand eclipsed Modelo Especial in the 52 weeks leading up to Sept. 14, according to data from Circana touted by Michelob parent Anheuser-Busch . It's a return to the top spot for Anheuser-Busch after its Bud Light brand was surpassed by Modelo two years ago. While Bud Light faced conservative backlash over its partnership with a transgender influencer, Constellation Brands' Modelo has recently grappled with weaker demand from its key Hispanic consumer base.
The Daily Dividend
Better Home & Finance shares surged more than 46% yesterday after a recommendation from Eric Jackson, the hedge fund manager known for helping drive the recent OpenDoor meme stock rally.
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Nvidia
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https://www.cnbc.com/2025/09/23/chinas-byd-says-it-has-a-backup-plan-if-cut-off-from-nvidia-chips.html?&qsearchterm=Nvidia
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Chinese EV giant BYD says it has a backup plan if it's cut off from Nvidia chips
| 2025-09-23T00:00:00
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The Chinese electric car manufacturer BYD presents its models at the Open Space Area during the IAA Mobility in Munich, Bavaria, Germany, on September 12, 2025.
Li declined to expand on what the plan is, but she pointed to the Covid-19 pandemic during which there was a global shortage of semiconductors which badly affected the auto sector. BYD had "no issue" at the time because it developed a lot of its technology in-house, he said, so it was able to source alternatives quickly.
Stella Li, executive vice president at BYD, said the company had not received any directive from the Chinese government to stop using Nvidia chips — but if it did, it has a plan B.
BYD has a backup plan if it gets cut off from the Nvidia chips it currently uses in its cars, a top executive at the Chinese electric carmaker told CNBC on Tuesday.
Indeed, BYD has sought to have control over large parts of its supply chain, from manufacturing its own cars to developing its own batteries.
"We have a lot of strong ... even deeper technology in-house, so we always have backup," Li said.
Nvidia, whose chips underpin much of the world's artificial intelligence development, has been caught in the crossfire amid U.S.-China tensions. The company's H20 AI chip — designed specifically to comply with U.S. export restrictions to China — was first banned, then permitted to be sold in China this year after a revenue-share deal between Washington and Nvidia.
Now, China has reportedly been discouraging local tech firms from buying Nvidia's AI chips.
Nvidia designs an entirely different set of semiconductors for cars, however.
One of Nvidia's systems, Nvidia Drive AGX Orin, is designed to enable cars to carry out some driving tasks autonomously. BYD is a customer of this product.
There is no indication so far that the Chinese government is looking to ban this Nvidia system.
Li said BYD had not been told to stop using any Nvidia products, adding it was unlikely that Beijing would ban the U.S. firm's auto chips.
"I don't think any country will do that, because this automatic will kill Nvidia," Li said. "So Nvidia now is the highest market value company, so if they lose the big market from China ... nobody wants to see this."
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Nvidia
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https://www.cnbc.com/2025/09/23/stocks-making-the-biggest-moves-premarket-fly-azo-kvue.html?&qsearchterm=Nvidia
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Stocks making the biggest moves premarket: Firefly Aerospace, AutoZone, Kenvue and more
| 2025-09-23T00:00:00
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Check out the companies making headlines before the bell: Firefly Aerospace — The aerospace company fell more than 10% after posting its first quarterly report since going public last month. Firefly saw a wider loss and lower revenue than expected for the second quarter. AutoZone — The automotive parts retailer fell 2% after its gross profits and earnings per share came in below Wall Street's expectations for the fiscal fourth quarter , despite an increase in same-store sales during the same period. Kenvue — Shares bounced more than 4% in premarket trading, recouping some of its losses from the prior session when it slid more than 7% after the Trump administration drew an unproven link between autism and acetaminophen in Tylenol during pregnancy. Boeing — The aerospace manufacturer gained 2% after Bloomberg reported that the U.S. Ambassador to China David Perdue said U.S. and China are in the final stages of a "huge" deal for Boeing aircraft. Micron Technology — The semiconductor manufacturing company gained 0.8% ahead of Micron Technology's earnings results, which are set to release Tuesday afternoon. Nvidia — The chipmaker edged down nearly 1%, giving back some of its gains from the previous session. Nvidia climbed nearly 4% on Monday after it said it would invest $100 billion into OpenAI. Under the agreement, OpenAI will build and deploy systems using Nvidia's graphics processing units. Apple — The tech stock dipped 0.4%, one day after it gained more than 4% following the release of the iPhone 17. On Monday, Apple shares turned positive on the year , after trading in negative territory on tariffs and other macroeconomic concerns. — CNBC's Alex Harring and Liz Napolitano contributed reporting.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/nvidias-100b-ai-investment-former-southern-company-ceo-tom-fanning-on-u-s-power-infrastructure.html?&qsearchterm=Nvidia
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Nvidia's $100B AI investment: Former Southern Company CEO Tom Fanning on U.S. power infrastructure
| 2025-09-23T00:00:00
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Nvidia's $100B AI investment: Former Southern Company CEO Tom Fanning on U.S. power infrastructure
Thomas Fanning, former Southern Company CEO, joins 'Squawk Box' to discuss Nvidia's $100 billion investment in OpenAI, energy requirement for the deal's data center buildout, whether the U.S. has the necessary power infrastructure, and more.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/thomas-ai-opportunities-are-kind-of-limitless-take-your-pick.html?&qsearchterm=Nvidia
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Thomas: AI opportunities are kind of limitless, take your pick
| 2025-09-23T00:00:00
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Thomas: AI opportunities are kind of limitless, take your pick
Lisa Thomas, Managing Director & Deputy Head of Global Research at TD Cowen, discusses Nvidia’s $100B OpenAI deal, AI’s broad growth potential, and why tech remains central to market gains.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/kunst-ai-may-not-match-insane-costs-with-revenue-in-the-short-term.html?&qsearchterm=Nvidia
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Kunst: AI may not match insane costs with revenue in the short term
| 2025-09-23T00:00:00
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Kunst: AI may not match insane costs with revenue in the short term
Sarah Kunst, Managing Director at Cleo Capital, says Nvidia’s OpenAI deal is clever, warns of an AI bubble, and stresses IP as key to moats while backing chipmaker Grok as a strong market opportunity.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/nvidias-100b-deal-with-openai-is-transformational-says-hightowers-stephanie-link.html?&qsearchterm=Nvidia
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Nvidia's $100B deal with OpenAI is 'transformational', says Hightower's Stephanie Link
| 2025-09-23T00:00:00
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In this video
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Nvidia's $100B deal with OpenAI is 'transformational', says Hightower's Stephanie Link
Stephanie Link, Hightower Advisors chief investment strategist and portfolio manager, joins 'Squawk Box' to discuss Nvidia's investment in OpenAI, latest market trends, and more.
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Nvidia
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https://www.cnbc.com/video/2025/09/23/how-nvidia-and-openais-deal-could-impact-european-chip-firms.html?&qsearchterm=Nvidia
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How Nvidia and OpenAI's deal could impact European chip firms
| 2025-09-23T00:00:00
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How Nvidia and OpenAI's deal could impact European chip firms
Nvidia's $100 billion investment in OpenAI caused global semiconductor stocks to rally. CNBC's Arjun Kharpal breaks down what the deal could mean for the European chip sector.
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Nvidia
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https://www.cnbc.com/2025/09/23/nvidia-openai-deal-sparks-global-chip-stock-rally.html?&qsearchterm=Nvidia
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Nvidia and OpenAI's $100 billion deal sparks global chip stock rally
| 2025-09-23T00:00:00
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Major global semiconductor stocks rose on Tuesday after Nvidia announced plans to invest $100 billion in OpenAI.
The deal between Nvidia and OpenAI is on a large scale. The artificial intelligence lab plans to build and deploy Nvidia systems that require 10 gigawatts of power, which is equivalent to 4 million and 5 million graphics processing units, or GPUs, according to Nvidia CEO Jensen Huang.
The news sparked a rally on Wall Street, with positive sentiment flowing through to the global chip sector and especially touching companies with ties to Nvidia.
In Taiwan, shares of Taiwan Semiconductor Manufacturing Co. , which manufactures chips for Nvidia, closed 3.5% higher.
In South Korea, SK Hynix, whose memory chips are used in Nvidia's systems, saw its shares end the session more than 2.5% higher. Rival Samsung also closed up 1.4%. Samsung does not yet supply Nvidia with its high-bandwidth memory chips, but markets are hoping that the company will gain the green light to do so imminently.
Equipment suppliers, such as Tokyo Electron which is listed in Japan, was also higher at the close of trade in the country.
"Ultimately this is a broad market with lots of suppliers. It certainly isn't a zero-sum game with only one winner, and indeed it appears investors are recognising that," Ben Barringer, global technology analyst at Quilter Cheviot, told CNBC.
"While this deal may be negative in the short-term for Nvidia's competitors, it is a sign that the AI trade is a alive and well."
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Nvidia
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https://www.cnbc.com/video/2025/09/23/implications-as-nvidia-pumps-100b-into-openai.html?&qsearchterm=Nvidia
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Implications as Nvidia pumps $100B into OpenAI
| 2025-09-23T00:00:00
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Implications as Nvidia pumps $100B into OpenAI
Nvidia announces it will invest up to $100 billion in OpenAI, as part of a data center buildout from the ChatGPT maker. Arjun Kharpal joins Squawk Box Europe to discuss.
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Nvidia
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https://www.cnbc.com/2025/09/23/altman-huang-negotiations-that-sealed-100-billion-openai-nvidia-deal.html?&qsearchterm=Nvidia
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Altman, Huang and the last-minute negotiations that sealed the $100 billion OpenAI-Nvidia deal
| 2025-09-23T00:00:00
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In this article NVDA Follow your favorite stocks CREATE FREE ACCOUNT
Sam Altman, CEO of OpenAI (L), and Jensen Huang CEO of Nvidia. Reuters
ABILENE, Texas – Sam Altman had a deadline. OpenAI's CEO was headed to Texas to unveil his company's next big infrastructure push, and Nvidia CEO Jensen Huang wanted in on the action. Through a series of hurried negotiations, late-night calls and last-minute contract tweaks, the two giants of artificial intelligence struck a $100 billion partnership on Monday, hours before Altman boarded his flight to Abilene, a city of about 130,000 residents roughly 180 miles west of Dallas. It helped that Huang and Altman had been part of President Donald Trump's state visit to the U.K. a week earlier, allowing the president to be briefed on the agreement days in advance. The deal, which Huang described to CNBC as "monumental in size," marks a watershed moment in the tech industry, as capital and influence are increasingly concentrated in the hands of the two companies closest to the heart of the artificial intelligence boom. Huang now presides over the world's most valuable public company, worth nearly $4.5 trillion after gaining $170 billion following Monday's announcement, while Altman runs the most prominent startup on the planet, valued at half a trillion dollars. OpenAI's ascent to the forefront of generative AI has relied on Nvidia's high-powered graphics processing units (GPUs). Now the companies are more intimately linked than ever, as they plan to carve a path to jointly building the next wave of AI supercomputing facilities.
"You should expect a lot from us in the coming months," Altman told CNBC's Jon Fortt in an interview at Nvidia's Silicon Valley headquarters on Monday. "There are three things that OpenAI has to do well: we have to do great AI research, we have to make these products people want to use, and we have to figure out how to do this unprecedented infrastructure challenge." Altman and Huang negotiated their pact largely through a mix of virtual discussions and one-on-one meetings in London, San Francisco, and Washington, D.C., with no bankers involved, according to people close to the talks who declined to be named because they weren't authorized to speak publicly on the matter. The arrangement calls for Nvidia to invest $10 billion at a time in OpenAI, the company behind ChatGPT. As the buildout unfolds, Nvidia will also supply the cutting-edge processors powering a host of new data centers. While OpenAI gets more intimate with Nvidia, it has to maneuver through a number of high-stakes relationships with other key partners. OpenAI only informed Microsoft , its principal shareholder and primary cloud provider, a day before the deal was signed, the people familiar with the matter said. Earlier this year, Microsoft lost its status as OpenAI's exclusive provider of computing capacity. In June, Huang informed Microsoft CEO Satya Nadella that Nvidia was working toward a deal with OpenAI, said a person briefed on the conversation. The pact also comes less than two weeks after a disclosure from Oracle indicated that OpenAI agreed to spend $300 billion in computing power with the company over about five years, starting in 2027. At the start of the year, OpenAI joined Stargate, a multibillion-dollar project announced by President Trump and backed by Oracle and SoftBank, to build out next-generation AI infrastructure. Going forward, all of OpenAI's infrastructure projects will fall under the Stargate umbrella. Representatives from Microsoft, Oracle and SoftBank didn't immediately respond to requests for comment. Nvidia and OpenAI provided scant details about where and when the buildout will take place, other than to say that the first of the 10 gigawatt sites will go online in the back half of next year. Executives said they've reviewed between 700 and 800 potential locations since unveiling Stargate in January. In the months that followed, they fielded a flood of proposals from developers across North America offering land, power, and facilities. That list has been narrowed as OpenAI weighs energy availability, permitting timelines, and financing terms, the company said. In Monday's announcement, OpenAI described Nvidia as a "preferred" partner. But executives told CNBC that it's not an exclusive relationship, and the company is continuing to work with large cloud companies and other chipmakers to avoid being locked in to a single vendor.
OpenAI CEO Sam Altman and Nvidia CEO, Jensen Huang arrive to attend the State Banquet during U.S. President Donald Trump's state visit, at Windsor Castle, in Windsor, Britain, September 17, 2025. Phil Noble | Reuters
For Nvidia, the investment in OpenAI is historic in size, but it's just a big piece of a rapidly expanding portfolio. Last week, Nvidia put $5 billion into Intel as part of a joint venture to co-develop data center and PC chips with the troubled chipmaker. Nvidia also said it invested close to $700 million in U.K. data center startup Nscale, a move that resembles Nvidia's backing of U.S. AI infrastructure provider CoreWeave , which held its IPO in March.
Tranches of money
The financing structure for the OpenAI deal is designed to avoid hefty dilution. The initial $10 billion tranche is locked in at a $500 billion valuation and expected to close within a month or so once the transaction has been finalized, people familiar with the matter said. Nine successive $10 billion rounds are planned, each to be priced at the company's then-current valuation as new capacity comes online, they said. The relationship between Nvidia and OpenAI long predates the launch of ChatGPT in 2022. Back when OpenAI was still a small nonprofit research lab and Nvidia was best known for building graphics chips for video games, Huang personally delivered his company's first DGX supercomputer to OpenAI's office in 2016. At the time, the startup was located in San Francisco's Mission District, in a building that's now home to Elon Musk's xAI. Almost a decade and trillions of dollars in value later, Huang and Altman are perhaps the most significant power players in the tech industry. In October of last year, Nvidia formalized its financial stake in OpenAI, joining a $6.6 billion funding round that valued the company at $157 billion. A month later, in Tokyo, OpenAI executives met with SoftBank CEO Masayoshi Son to brainstorm what to call their next phase of expansion. Out of that session came "Stargate," a codename that has since become shorthand for OpenAI's most ambitious buildout plans. Stargate now encompasses every major deal for compute capacity, including this week's partnership with Nvidia. Securing the rights to the name required some careful maneuvering, but OpenAI has embraced it as the banner for its long-term infrastructure strategy.
watch now
The $100 billion commitment from Nvidia represents only part of what's required for the planned 10-gigawatt buildout. OpenAI will lease Nvidia's chips for deployment, but financing the broader effort will require other avenues. Executives have called equity the most expensive way to fund data centers, and they say the startup is preparing to take on debt to cover the remainder of the expansion. As OpenAI's compute necessities increase, a big question is where the company will host its workloads, which have to date been largely housed in Microsoft Azure. Taking the work in-house would push OpenAI closer to operating as a first-party cloud provider, a market led by Amazon Web Services, followed by Azure, Google and Oracle. Executives have openly floated the idea, suggesting it may not be far off. Some even indicated to CNBC that a commercial cloud offering could emerge within a year or two, once OpenAI has secured enough compute to cover its own needs. For now, demand for training frontier models leaves little capacity to spare, but OpenAI isn't done looking for new opportunities. As Altman and Huang hammered out details of the arrangement that was announced this week, OpenAI's infrastructure team was in Tokyo meeting with SoftBank's Son to discuss broader financing and manufacturing support. The parallel talks underscored the scale of Altman's ambition, and the web of global players now involved in bringing it to life. -- CNBC's Jordan Novet contributed to this story. WATCH: OpenAI restructuring clears hurdle
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Nvidia
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https://www.cnbc.com/video/2025/09/23/byds-evp-stella-li-says-the-ev-maker-is-committed-to-nvidia.html?&qsearchterm=Nvidia
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BYD's EVP Stella Li says the EV Maker is committed to Nvidia
| 2025-09-23T00:00:00
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BYD's EVP Stella Li says the EV Maker is committed to Nvidia
BYD's Stella Li says that while Nvidia remains committed to Nvidia chips, the automaker does have a "secret plan B" in case it loses access to the company's products.
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Nvidia
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https://www.cnbc.com/2025/09/23/european-stocks-set-to-rise-after-wall-street-sets-fresh-records.html?&qsearchterm=Nvidia
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Europe stocks close higher; UK home improvement firm Kingfisher ends up 14%
| 2025-09-23T00:00:00
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Stocks listed in Europe closed higher on Tuesday, following a Wall Street rally that propelled all three major U.S. indexes to record highs. The pan-European Stoxx 600 provisionally ended the day 0.4% higher, with most sectors in positive territory. On Monday, chipmaking giant Nvidia announced plans to invest up to $100 billion in OpenAI to build data centers, with the former firm's CEO Jensen Huang labeling the partnership "a giant project."
The news sparked a rally on Wall Street, with Nvidia gaining 3.9% during the session and major averages closing at new all-time highs. European chip stocks made gains Tuesday as investors reacted to the news. Be Semiconductor ended Tuesday up 3.3%, while Infineon jumped 2.4% and STMicro rose 2.7%. Equipment manufacturer ASML pared earlier losses to add 1.1%. However, semiconductor equipment maker ASMI fell by 0.1% after it cut its guidance for the second half of the year. Elsewhere, shares of wind farm developer Orsted were up by 3.9% after a U.S. judge ruled the company could continue work on a New England project that had been halted by the Trump administration.
U.K. home improvement giant Kingfisher ended 14.6% higher to top the Stoxx 600 after the company raised its outlook amid rising domestic demand.
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Nvidia
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https://www.cnbc.com/2025/09/23/cnbc-daily-open-a-virtuous-cycle-for-nvidia-and-openai.html?&qsearchterm=Nvidia
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CNBC Daily Open: A virtuous cycle for Nvidia and OpenAI
| 2025-09-23T00:00:00
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Nvidia CEO Jensen Huang delivers the keynote for the Nvidia GPU Technology Conference (GTC) at the SAP Center in San Jose, California, U.S. March 18, 2025.
Rarely in life do you get a win-win scenario, but Nvidia seems to have conjured one in its partnership with OpenAI. The chipmaker — which lately has been on a spending spree equal in intensity to a tourist shopping for tax-free goods in Japan — announced Monday an investment of up to $100 billion in OpenAI.
Here's the clever bit. OpenAI is planning to build systems with Nvidia's artificial intelligence chips. Each one will require 10 gigawatts of power, which will comprise around 4 million to 5 million graphics processing units, Nvidia CEO Jensen Huang told CNBC. And Nvidia will make its first investment of $10 billion when OpenAI finishes building its first gigawatt of Nvidia systems.
"Nvidia invests $100 billion in OpenAI, which then OpenAI turns back and gives it back to Nvidia," Bryn Talkington, managing partner at Requisite Capital Management, told CNBC after the announcement. "I feel like this is going to be very virtuous for Jensen."
To borrow the lyrics from hit musical Chicago: When you're good to Nvidia, Nvidia's good to you.
In other tech news, Apple's newly released iPhones appears to be more in demand than its predecessor, according to analysts. That gave its stock a nice 4.3% bump Monday, which is finally in the green for the year — the last of the "Magnificent Seven" to do so. With Apple's price increase for its iPhone 17 Pro, however, my bank account might be the one turning red.
— Kif Leswing and Ashley Capoot contributed to this report
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Nvidia
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https://www.cnbc.com/2025/09/23/cnbc-daily-open-when-youre-good-to-nvidia-nvidias-good-to-you.html?&qsearchterm=Nvidia
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CNBC Daily Open: When you're good to Nvidia, Nvidia's good to you
| 2025-09-23T00:00:00
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Nvidia CEO Jensen Huang gestures as U.S. President Donald Trump (not pictured) delivers remarks during the "Winning the AI Race" Summit in Washington D.C., U.S., July 23, 2025.
Rarely in life do you get a win-win scenario, but Nvidia seems to have conjured one in its partnership with OpenAI. The chipmaker — which lately has been on a spending spree equal in intensity to a tourist shopping for tax-free goods in Japan — announced Monday an investment of up to $100 billion in OpenAI.
Here's the clever bit. OpenAI is planning to build systems with Nvidia's artificial intelligence chips. Each one will require 10 gigawatts of power, which will comprise around 4 million to 5 million graphics processing units, Nvidia CEO Jensen Huang told CNBC. And Nvidia will make its first investment of $10 billion when OpenAI finishes building its first gigawatt of Nvidia systems.
"Nvidia invests $100 billion in OpenAI, which then OpenAI turns back and gives it back to Nvidia," Bryn Talkington, managing partner at Requisite Capital Management, told CNBC after the announcement. "I feel like this is going to be very virtuous for Jensen."
To borrow the lyrics from hit musical Chicago: When you're good to Nvidia, Nvidia's good to you.
In other tech news, Apple's newly released iPhones appears to be more in demand than its predecessor, according to analysts. That gave its stock a nice 4.3% bump Monday, which is finally in the green for the year — the last of the "Magnificent Seven" to do so. With Apple's price increase for its iPhone 17 Pro, however, my bank account might be the one turning red.
— Kif Leswing and Ashley Capoot contributed to this report
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Nvidia
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https://www.cnbc.com/video/2025/09/22/its-vital-for-you-to-realize-why-so-many-people-cant-make-money-in-this-market-says-jim-cramer.html?&qsearchterm=Nvidia
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It's vital for you to realize why so many people can't make money in this market, says Jim Cramer
| 2025-09-22T00:00:00
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It's vital for you to realize why so many people can't make money in this market, says Jim Cramer
‘Mad Money’ host Jim Cramer talks negativity surrounding Apple and Nvidia and how it could lead to missed opportunities in the stocks.
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Nvidia
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https://www.cnbc.com/video/2025/09/22/so-many-people-on-wall-street-give-up-too-easily-on-the-best-investments-says-jim-cramer.html?&qsearchterm=Nvidia
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So many people on Wall Street give up too easily on the best investments, says Jim Cramer
| 2025-09-22T00:00:00
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In this video
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So many people on Wall Street give up too easily on the best investments, says Jim Cramer
‘Mad Money’ host Jim Cramer talks negativity surrounding Apple and Nvidia and how it could lead to missed opportunities in the stocks.
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Nvidia
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https://www.cnbc.com/2025/09/23/asia-pacific-markets-kospi-nifty-50-hang-seng-index-csi-300.html?&qsearchterm=Nvidia
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Taiwan stocks hit record high amid mixed regional trading
| 2025-09-23T00:00:00
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Taiwan benchmark Taiex rose 1.42% to a record high Tuesday, amid broader gains in Asia, fueled by a tech rally on Wall Street after Nvidia announced a partnership with OpenAI. The index closed at 26,247.37.
Australia's ASX/S&P 200 rose 0.4% to 8,845.9. South Korea's Kospi climbed 0.51% to close at 3,486.19 while the small-cap Kosdaq slipped 0.25% to 872.21.
Hong Kong's Hang Seng Index slipped 0.99%. Hong Kong is bracing for a severe typhoon. The Hong Kong Observatory warned that conditions will begin to worsen later Tuesday, with Super Typhoon Ragasa expected to make its closest approach to the Pearl River Estuary Wednesday morning. Mainland China's CSI 300 was flat at 4,519.78.
Japan markets are closed for the holiday.
India tech stocks will continue to be in focus after falling Monday. U.S. President Donald Trump announced late last Friday a $100,000 visa fee for new H-1B visas, which are reserved for high-skilled foreign workers. Of the nearly 400,00 H-1B visas issued in 2024, 71% were for Indian nationals, according to U.S. government data.
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Nvidia
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https://www.cnbc.com/2025/09/22/tuesdays-big-stock-stories-whats-likely-to-move-the-market-in-the-next-trading-session.html?&qsearchterm=Nvidia
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Tuesday's big stock stories: What’s likely to move the market in the next trading session
| 2025-09-22T00:00:00
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Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here's what CNBC TV's producers were watching on Monday and what's on the radar for Tuesday's session. Nvidia and the power deal Another all-time high for this stock as Nvidia says it'll make a $100 billion investment in a partnership with OpenAI to "build and deploy at least 10 gigawatts of AI data centers." That's about ten times as many gigawatts as Doc Brown needed to send Marty McFly back to the future. (Thanks "Squawk Box" producer and podcast host Katie Kramer.) CNBC anchor and energy expert Brian Sullivan made the point today that it is not an easy feat to build that much power. It's about what New York City uses — all five boroughs — on a really hot day. Back in April, Nvidia was an $86 stock. It has more than doubled since then. Shares closed Monday at $183.61. The vista Vistra Vistra stock is back to new highs. Shares are now up 102% in the last 12 months. In September alone, the stock is up 15%. This was one of last year's top performing stocks in the S & P 500 as more investors piled into energy. VST YTD mountain Vistra shares year to date More energy Constellation Energy was up 5% on Monday. The stock is 3% from its high. Shares are up nearly 13% so far in September. NRG was up 4% today. The stock is up 17% in September. Utilities was the second top sector in the S & P. The data center side of the story Iron Mountain was up 4.6% today. It is still 20% from the October high. The Global X Data Center ETF (DTCR) was up 2.3% today and hit a new high. Digital Realty Trust was up 1.5% today. It is 12% from its high. The data center ETFs — Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF (SRVR) and iShares U.S. Digital Infrastructure Real Estate ETF (IDGT) — are both near highs, both were up slightly on Monday. The financials The Bank of New York Mellon hit a new all-time high Monday. Shares are up almost 7% in a month. Citigroup is back to highs not seen since November of 2008. The stock is up 47% in 2025. Thanks to data man Chris Hayes for keeping track of these stocks. Cramer flies Boeing Jim Cramer has added Boeing to the charitable trust. The stock is less than 13% from its July high. Shares are down nearly 8% in the last month. Year to date, the stock is up about 20%. The company "is gradually ramping up production and remains on track for these efforts," according to Cramer. He also called out "several big overseas purchases" of Boeing planes. To sum it all up he said: "The stock is too good to ignore." CleanSpark The bitcoin miner that bills itself as a clean energy alternative "expanded its capital strategy by increasing its Bitcoin-backed credit facility with Coinbase Prime" today. Shares of CleanSpark are up 5% after hours on the news. Cleanspark is 23% from its November high. Crypto under pressure Bitcoin fell 2.4% today. It is up almost 80% in a year. Ether fell 7% today. It is up 63% in a year. Solana fell 7% today. It is up 52% in a year. Dogecoin lost 8.6% today. It is up 126% in a year. Some analysts think cryptocurrencies fell as investors bailed out after a recent upswing in companies becoming crypto treasuries like Strategy. How the crypto stocks fared Riot Platforms is 4% from last week's high. It is up 27% in September. Strategy is 38% from its November high. It is about flat month to date. Coinbase is 25% from its July high, and is up 9% in September. AutoZone reports in the morning The stock is up 13% since last reporting three months ago. AutoZone shares are 6% off the high hit earlier this month. AZO 3M mountain AutoZone stock over the past three months Micron reports in the afternoon Micron is up 33% since last reporting. The stock hit a high last week but is down 3.4% since then. Palantir has been in the S & P for one year Dominic Chu will report on what's next for the stock. Palantir is up 382% since moving into the S & P 500. The stock has almost doubled in the last six months. PLTR 1Y mountain Palantir stock over the past year
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Nvidia
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https://www.cnbc.com/2025/09/22/as-apple-and-nvidia-soar-jim-cramer-says-to-own-individual-stocks.html?&qsearchterm=Nvidia
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As Apple and Nvidia soar, Jim Cramer makes the case for owning individual stocks
| 2025-09-22T00:00:00
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CNBC's Jim Cramer opined on two of his favorite long-term holdings — Apple and Nvidia — and suggested their continued success shows that it's worthwhile to stick with good-quality growth stocks instead of trading in and out of them.
"As Nvidia and Apple proved once again today, individual stocks are where the biggest money is," he said. "Provided you've got the fortitude to stick around and you aren't addicted to buying high and selling low – the ultimate result of endless trading."
The indexes ripped higher on Monday to close at record highs, with the Dow Jones Industrial Average climbing 0.14%, the S&P 500 gaining 0.44% and the Nasdaq Composite adding 0.70%. Nvidia led stocks higher after the semiconductor giant revealed it would invest up to $100 billion in OpenAI as part of the data center buildout. Investors celebrated the commitment as a good sign about the future of artificial intelligence. Apple stock also saw gains on Monday after the launch of the newest line of iPhones, and analysts indicated that demand is strong.
Nvidia hit a new 52-week high to finish up 3.93%, while Apple closed up 4.31%.
Cramer suggested some investors had been feeling pessimistic about Apple, worried about the originality of the iPhone 17, how tariffs might impact sales, demand for products in China, as well as the company's AI strategy. Cramer said it seems each of these fears "is proving to be untrue" so far, sharing his long-held belief in the uniqueness of the company and its technology. Cramer also referenced Monday comments from outgoing T-Mobile CEO Mike Sievert, who said his company's iPhone sales are at "all-time record highs."
Nvidia, too, had been surrounded with negative sentiments, Cramer continued, especially about its business in China as tensions between the country and the U.S. intensify. He highlighted Nvidia's huge deal with OpenAI, saying he thinks the investment will pay off for the company.
"It's incredibly difficult to make money in any market if all you're going to do is trade," Cramer said.
Nvidia declined to comment. Apple did not immediately respond to request for comment.
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Nvidia
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https://www.cnbc.com/2025/09/22/stock-market-today-live-updates.html?&qsearchterm=Nvidia
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S&P 500 closes lower, snapping 3-day winning streak, as AI trade in Nvidia fizzles; Powell hints stocks are overvalued
| 2025-09-22T00:00:00
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Traders work on the floor of the New York Stock Exchange during morning trading on Sept. 17, 2025 in New York City.
The S&P 500 took a pause from its recent gains on Tuesday as doubts about the sustainability of the artificial intelligence bull trend worried investors.
The broad market index closed down 0.55% at 6,656.92 after reaching a new all-time intraday high earlier in the session and posting a record close on Monday. The Nasdaq Composite fell nearly 1% to settle at 22,573.47, with the losses led by AI names like Nvidia , Oracle and Amazon . The Dow Jones Industrial Average finished 88.76 points, or 0.19%, lower at 46,292.78.
Nvidia shares fell 2.8% a day after the chipmaker announced a $100 billion investment in OpenAI, which boosted its stock and the whole equity market. Some investors were rethinking the deal between customer and supplier for its resemblance to events seen in the dot-com bubble. Investors also raised questions about whether there is enough energy to power the growth plans by the two marquee AI companies.
Oracle, which is up more than 50% in three months because of an optimistic AI sales forecast, was off by 4.4%.
"While the initial reaction to Nvidia's investment in OpenAI was positive, investors quickly realized that Nvidia may be OpenAI's only option to get the capital it needs right now, an investor of last resort," said Gil Luria, head of technology research at D.A. Davidson. "OpenAI has overextended itself by making commitments well beyond its means, and Nvidia may have been the only equity investor willing to help."
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Nvidia
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https://www.cnbc.com/video/2025/09/22/ai-hardware-buildout-set-to-last-longer-says-deepwateras-gene-munster.html?&qsearchterm=Nvidia
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AI hardware buildout set to last longer, says Deepwater’s Gene Munster
| 2025-09-22T00:00:00
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AI hardware buildout set to last longer, says Deepwater’s Gene Munster
Gene Munster, Deepwater Asset Management managing partner, joins Fast Money to discuss Nvidia’s potential $100 billion partnership with OpenAI, the sustainability of hyperscaler CapEx spending, the risks of Nvidia’s customer concentration, what it all signals for the future of AI infrastructure investment, and more.
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Nvidia
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https://www.cnbc.com/video/2025/09/22/moor-insights-patrick-moorhead-talks-nvidia-investing-100-billion-in-openai.html?&qsearchterm=Nvidia
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Moor Insight's Patrick Moorhead talks Nvidia investing $100 billion in OpenAI
| 2025-09-22T00:00:00
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Moor Insight's Patrick Moorhead talks Nvidia investing $100 billion in OpenAI
Patrick Moorhead, Moor Insights & Strategy CEO and chief analyst, joins Closing Bell Overtime to discuss Nvidia’s investment in OpenAI, the strategy behind securing GPU capacity, growing competition from cloud service providers and chipmakers, and much more.
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Nvidia
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https://www.cnbc.com/2025/09/22/santolis-monday-market-wrap-up-rotation-and-tech-momentum-lift-sp-500.html?&qsearchterm=Nvidia
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Santoli's Monday market wrap-up: Rotation and megacap-tech momentum enough to lift S&P 500
| 2025-09-22T00:00:00
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(These are the market notes on today's action by Mike Santoli, CNBC's Senior Markets Commentator. See today's video update from Mike above.) In my weekend column , I cited the recent run of partnerships in the semiconductor and data-center realm as "signaling to investors the danger of calling the top in AI enthusiasm." On cue, Nvidia and OpenAI unveiled what they said is a $100 billion investment in AI capacity, sending Nvidia and related stocks flying and more than offsetting the fatigue evident in the broader market. Entering the week with the S & P 500 at a record high and moderately overbought, in what is statistically the weakest week of the calendar, the market's rotational alacrity and the brute force of megacap-tech momentum were enough to lift the index nearly half a percent even with a majority of stocks pulling back. Apple keeps sprinting ahead, up another 4% Monday, with the better-than-expected uptake of new iPhone models the spark, and the excuse for the analyst herd to push the stock anew. But this is also about the muscle memory of laggard Mag 7 names coming to life after a dormant stretch and generating a catch-up chase. Apple is merely trying to follow the Alphabet track here. Gold keeps chugging higher, thriving in a risk-on market with very little macro stress in evidence, suggesting it has become another liquidity beneficiary, momentum play and all-purpose portfolio adornment as opposed to disaster insurance or magic diversifier. Even relative to its own sturdy trend, it's getting a bit extended, now 9% above its 50-day moving average. Was 13% above before the springtime pullback. With many policy questions settled (tariffs sort of set, Fed on a rate-trimming path, tax bill passed) and very little genuine concern about an end to the economic expansion right now, so much of the market-handicapping exercise is about positioning: How exposed is the big money and how much headroom is there before dangerous extremes are breached? The professional investor cohort is involved but not quite all in, by most measures. The sentiment flows are piping hot and could be sending an alert to expect some cooldown. But the distance from here to unhinged-bubble territory (in valuation, sheer price momentum, public frenzy, IPOs) is arguably great enough to insulate the tape from serious danger for a bit. Still, the popularity of saying "No bubble yet, enjoy it while it lasts" is something to take note of, in itself. One thing to watch if a more disorderly, accelerating bull phase is to come would be "stocks up, volatility up" action. This was the late-'90s routine. Currently, the broad S & P 500 is pretty well-behaved. And while VIX had a bit of a bid today, approaching 16, in part on the post-weekend re-inflation effect, it's not yet flashing an alarm.
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Nvidia
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https://www.cnbc.com/2025/09/22/were-adding-nike-to-bullpen-as-apparel-brand-embarks-on-a-turnaround.html?&qsearchterm=Nvidia
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We're adding Nike to our bullpen as the apparel brand embarks on a turnaround
| 2025-09-22T00:00:00
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Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market update : Stocks are higher on Monday, overcoming a soft open. But once again, the largest companies are driving the action, with the market-weighted S & P 500 outperforming the Invesco S & P 500 Equal Weight ETF . The data center trade got a boost after Nvidia and OpenAI announced a massive strategic partnership to build and deploy at least 10 gigawatts of AI data centers with Nvidia systems. Nvidia is investing up to $100 billion in OpenAI to support the partnership, and this agreement is adding runway to the AI technology and AI infrastructure trade, which includes industrial names Eaton and GE Vernova . Nike to the Bullpen : We're looking to overhaul our Bullpen with fresh ideas in the coming weeks, and we're starting Monday by adding Nike to the watch list. The global leader in sportswear was one of the best growth stories for decades, but the stock has been in the house of pain since late 2021. Nike has faced some significant challenges over the past few years. Part of the weakness stemmed from its exposure to China, where sales suffered due to the country's struggling economy. There were structural issues, too. Under the leadership of former CEO John Donahoe, the company went all-in on its direct-to-consumer business but lost its innovation edge, allowing competitors like On Holding , Hoka, Lululemon , and New Balance to take market share. A string of poor results cost Donahoe his job last September, leading Nike veteran Elliott Hill to come out of retirement in an effort to turn things around. Since taking over, Hill has announced a series of senior leadership changes, got Nike back to its roots of focusing on running, basketball, football, training, and sportswear, and has restored its relationships with retail partners, including Amazon , where it's back directly selling products after leaving the online platform in 2019. Nike's last earnings report in June showed that confidence in the turnaround was starting to happen. It reported better-than-expected quarterly results, and commentary for the year was well received. For Nike to get back to growth, it first needs a clean inventory slate. Having excess inventory can crush margins due to forced markdowns. One of the important lines from the last earnings call was that management expected to exit the first half of its fiscal year 2026 with a "healthy and clean" inventory position. Since the first half of fiscal year 2026 ends in November, it means inventories will be clean ahead of the holiday selling season. Nike is scheduled to report earnings on Sept. 30, and we're starting to see analysts get bullish ahead of the results. In the past couple of weeks, Cowen and RBC Capital both lifted their ratings on Nike to buy from hold, while Baird on Monday named it a "bullish fresh pick." We'll be watching the results closely for more signs of a turnaround here. Up next: There are no major earnings after the closing bell on Monday. On Tuesday, AutoZone reports earnings, and the S & P Global Purchasing Managers' Indexes (PMIs) are released. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/2025/09/22/nvidias-100-billion-investment-in-openai-shows-just-how-early-we-are-in-the-ai-trade.html?&qsearchterm=Nvidia
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Nvidia's $100 billion investment in OpenAI shows just how early we are in the AI trade
| 2025-09-22T00:00:00
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In case anyone had doubts, the AI trade is just getting started. Nvidia announced Monday afternoon an agreement to invest $100 billion to help OpenAI in the coming years build out 10 gigawatts of artificial intelligence data center capacity. The money will be incrementally allocated as each gigawatt is deployed. We have always seen plenty of runway in the buildout of AI data centers and the role of Nvidia's chips at the center of it all. But the scale of the opportunity described in this partnership is incredible. Nvidia CEO Jensen Huang, OpenAI CEO Sam Altman, and OpenAI President Greg Brockman broke the news in an interview with CNBC's Jon Fortt on " Fast Money Halftime Report ." They were all gathered at Nvidia headquarters in Santa Clara, California. Huang was asked if the benefits from this announcement have been accounted for in previous projections from the company, and he replied: "This is additive to everything we spoke about so far." In other words, analysts will need to go back and update their forecasts for 2026 and beyond to factor in this massive investment. "This is the biggest AI infrastructure project in history, this is the largest computing project in history," Huang added. "The reason for that is because the computing demand is going through the roof for OpenAI." Per the press release on the deal, "The first phase is targeted to come online in the second half of 2026 using the Nvidia Vera Rubin platform." NVDA 5Y mountain Nvidia 5-year performance Shares of Nvidia flipped to positive on the news and were soaring to an intraday all-time highs north of $184, pushing the market value of the stock to nearly $4.5 trillion. Nvidia's record-high close of $183.16 per share was on Aug. 12. The message from both Huang and Altman on CNBC was clear and consistent with what they have been saying since the launch of ChatGPT back in late 2022: The world needs significantly more computing power if their vision for what AI can be is to be realized. Nvidia has been a partner of OpenAI since those early days. The investment announced Monday will complement the AI infrastructure work that Nvidia and OpenAI are doing with Microsoft , Oracle , SoftBank, and the Stargate project. "This will expand on the Stargate ambitions and let us push further and further. We have found at every step along the way, we did not quite set our sights big enough, given the market demand," Altman said on CNBC. "This will help push towards that next level. The compute constraints that the whole industry has been in, and our company have been terrible. We're so limited right now in the services we can offer. There's so much more demand than what we can do." Perhaps, the most bullish comment of the CNBC interview for long-term investors may have come from Brockman, who said, "One way to contextualize the scale of what we're talking about and the compute scarcity of the world that we're heading towards, you know ChatGPT today, you talk to it and it gives you answers. But clearly you want an agent that's going to go do work for you proactively while you're asleep. ... And so, you really want every person to have their own dedicated GPU. Right, so, you're talking order of 10 billion GPUs we're going to need. This deal, we're talking about, it's for millions of GPUs. Like, we're still three orders of magnitude off of where we need to be." Putting the scope of this particular deal into context, Huang noted that 10 gigawatts of data center capacity amounts to about 4 million to 5 million GPUs. "Approximately, in one project," it's what Nvidia "shipped all year this year," he added. Nvidia's GPUs, or graphics processing units, are the gold standard when it comes to AI. "This is the first 10 gigawatts, I assure you of that," Huang said to close out the interview. You can't hear the word gigawatt and not think about GE Vernova and Eaton , two names we highlighted last week as key beneficiaries of the growing need for more energy to support the massive amount of computing power set to come online over the next decade. Shares of both rightfully jumped roughly 3% on the news. The AI buildout is an arms race, which should fuel further upside in the years to come, not only for Nvidia but for those in the AI ecosystem – think energy plays and cloud providers – that will play a crucial role in powering these multi-gigawatt buildouts. (Jim Cramer's Charitable Trust is long NVDA, MSFT, ETN, GEV. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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Nvidia
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https://www.cnbc.com/video/2025/09/22/have-to-buildout-energy-for-ai-demand-as-china-outpaces-us-says-futurum-group-ceo-daniel-newman.html?&qsearchterm=Nvidia
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Have to buildout energy for AI demand as China outpaces U.S., says Futurum Group CEO Daniel Newman
| 2025-09-22T00:00:00
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Have to buildout energy for AI demand as China outpaces U.S., says Futurum Group CEO Daniel Newman
Daniel Newman, Futurum Group CEO, and Paul Prager, TeraWulf CEO, joins 'The Exchange' to discuss how big the power generation figures are for Nvidia and OpenAI and if it can reach them.
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Nvidia
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https://www.cnbc.com/2025/09/22/nvidia-openai-ceos-huang-altman-trump-h1b-visas.html?&qsearchterm=Nvidia
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'We need the smartest people': Nvidia, OpenAI CEOs react to Trump's H-1B visa fee
| 2025-09-22T00:00:00
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Nvidia CEO Jensen Huang and OpenAI CEO Sam Altman on Monday commented on President Donald Trump's decision to increase the cost of hiring overseas workers on visas.
Trump on Friday announced that he would raise the fee for an H-1B visa to $100,000, leaving companies scrambling. Employers now must have documentation of the payment prior to filing an H-1B petition on behalf of a worker. Applicants will have their petitions restricted for 12 months until the payment is made, according to the White House.
Huang and Altman responded to the changes in an interview with CNBC's Jon Fortt, where the two executives announced that Nvidia will invest $100 billion in OpenAI as the artificial intelligence lab sets out to build hundreds of billions of dollars-worth of data centers based around the chipmaker's AI processors.
"We want all the brightest minds to come to the U.S. and remember immigration is the foundation of the American Dream," Huang said Monday. "We represent the American Dream. And so I think immigration is really important to our company and is really important to our nation's future, and I'm glad to see President Trump making the moves he's making."
OpenAI CEO Sam Altman also expressed a positive outlook on Trump's changes.
"We need to get the smartest people in the country, and streamlining that process and also sort of outlining financial incentives seems good to me," Altman said.
The new $100,000 fee would be a seismic shift for U.S. technology and finance sectors, which rely on the H-1B program for highly skilled immigrants, particularly from India and China. Those two countries accounted for 71% and 11.7% of visa holders last year, respectively.
Those who already have H-1B visas and are located outside the U.S. will not be required to pay the fee in order to re-enter. Many employers use H-1B workers to fill the gaps in these highly technical roles that are not found within the American labor supply.
-- CNBC tech reporter Annie Palmer contributed to this report.
WATCH: Watch CNBC's full interview with Nvidia CEO Jensen Huang and OpenAI leaders Sam Altman and Greg Brockman
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Nvidia
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https://www.cnbc.com/video/2025/09/22/nvidia-openai-partnership-theme-seems-to-be-a-shortage-of-compute-says-bernsteins-stacy-rasgon.html?&qsearchterm=Nvidia
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Nvidia-OpenAI partnership theme seems to be a shortage of compute, says Bernstein's Stacy Rasgon
| 2025-09-22T00:00:00
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In this video
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Nvidia-OpenAI partnership theme seems to be a shortage of compute, says Bernstein's Stacy Rasgon
Stacy Rasgon, Bernstein senior semiconductor analyst, joins 'The Exchange' to discuss the Nvidia and OpenAI partnership, key takeaways and much more.
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Nvidia
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https://www.cnbc.com/video/2025/09/22/nvidias-jensen-huang-says-immigration-is-really-important-to-our-nations-future.html?&qsearchterm=Nvidia
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Nvidia's Jensen Huang says immigration is 'really important to our nation's future'
| 2025-09-22T00:00:00
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Nvidia's Jensen Huang says immigration is 'really important to our nation's future'
Nvidia will invest $100 billion in OpenAI as the artificial intelligence lab sets out to build hundreds of billions of dollars in data centers based around Nvidia’s AI chips. Nvidia CEO Jensen Huang, along with OpenAI CEO Sam Altman and President Greg Brockman, speak with CNBC’s Jon Fortt to provide more details.
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Nvidia
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https://www.cnbc.com/video/2025/09/22/watch-cnbcs-full-interview-with-nvidia-ceo-jensen-huang-and-openai-leaders-sam-altman-and-greg-brockman.html?&qsearchterm=Nvidia
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Watch CNBC's full interview with Nvidia CEO Jensen Huang and OpenAI leaders Sam Altman and Greg Brockman
| 2025-09-22T00:00:00
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Watch CNBC's full interview with Nvidia CEO Jensen Huang and OpenAI leaders Sam Altman and Greg Brockman
Nvidia will invest $100 billion in OpenAI as the artificial intelligence lab sets out to build hundreds of billions of dollars in data centers based around Nvidia’s AI chips. Nvidia CEO Jensen Huang, along with OpenAI CEO Sam Altman and President Greg Brockman, speak with CNBC’s Jon Fortt to provide more details.
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Nvidia
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https://www.cnbc.com/2025/09/22/stocks-making-the-biggest-midday-moves-orcl-aapl-mtsr-comp-kvue-and-more.html?&qsearchterm=Nvidia
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Stocks making the biggest moves midday: Oracle, Apple, Metsera, Compass, Kenvue and more
| 2025-09-22T00:00:00
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Check out the companies making headlines in midday trading : Better Home & Finance Holding — The mortgage lender briefly soared as much as 176% Monday after hedge fund manager Eric Jackson in a social media post on X called Better Home "the Shopify of mortgages" and said the company is rebuilding a $15 trillion industry from scratch using artificial intelligence. Oracle — The software company's stock rose nearly 5% after it named Clay Magouyrk, president of Oracle's cloud infrastructure business, and Mike Sicilia, preside of Oracle Industries, as chief executive officers . The pair replace Safra Catz, who will shift to a new role as executive vice chair. Molson Coors — The brewer fell 2% after it named Rahul Goyal as its CEO . Goyal replaces Gavin Hattersley, who retires this year. Apple — The tech giant's stock jumped around 4% on reports of strong demand for the iPhone 17 in its first weekend of sales. According to reports, the company is benefiting from consumers wanting to replace aging devices. Nvidia — The chipmaker's stock rose more than 3% after it announced plans to invest $100 billion in OpenAI. Teradyne — The stock jumped 10% after Susquehanna raised its price target to $200 from $133. Analyst Mehdi Hosseini said Teradyne is gaining traction with its Taiwan Semiconductor collaboration for GPU wafer sort testing, and it's not reflected in the stock's price. Coinbase , Strategy — With the price of bitcoin down more than 2%, shares of stocks tied to the cryptocurrency were falling. Crypto exchange Coinbase shed 3%, while bitcoin treasury company Strategy was down more than 2%. Steven Madden — The shoemaker's stock rose 5% after receiving an upgrade from Piper Sandler to overweight from neutral. The firm cited tariff relief, fast inventory turns and the potential for margin upside, for its new stance. Metsera , Pfizer — The weight-loss drugmaker soared more than 60% after an announcement it would be bought by Pfizer for $4.9 billion in cash. The deal is expected to close in the fourth quarter. Pfizer shares ticked nearly 2% higher. Anywhere Real Estate , Compass — Brokerage giant Compass plans to take over rival Anywhere Real Estate, the parent of Century 21 and Coldwell Banker, for $1.6 billion in an all-stock transaction. The combined company is expected to have an enterprise value of about $10 billion, including the assumption of debt. Anywhere shares shot up more than 50%, while Compass shares tumbled more than 11%. Sarepta Therapeutics — The biotech company climbed almost 11% after an upgrade to outperform by BMO, which also called for the stock to more than double. "SRPT's current valuation renders its risk/reward skewed to the upside," the investment bank said. Kenvue — The Tylenol maker fell 7% after the Washington Post reported the Trump administration plans to announce Monday that use of the painkiller by pregnant women is linked to autism. Fox Corp . — President Donald Trump said in a Sunday interview that conservative media baron Rupert Murdoch and his son Lachlan, the chief executive of Fox Corp., are likely to be involved in the deal to save TikTok in the U.S . Fox Corp shares gained about 1%. Applied Materials — Shares gained more than 3% after a Morgan Stanley upgrade to overweight from equal weight. The investment bank noted that the chipmaker trades at an attractive valuation relative to peers. — CNBC's Yun Li, Alex Harring, Fred Imbert, Michelle Fox and Scott Schnipper contributed reporting.
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Nvidia
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https://www.cnbc.com/video/2025/09/22/nvidia-ceo-on-the-100-billion-investment-in-openai-this-partnership-is-monumental-in-size.html?&qsearchterm=Nvidia
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Nvidia CEO on the $100 billion investment in OpenAI: This partnership is 'monumental in size'
| 2025-09-22T00:00:00
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Nvidia CEO on the $100 billion investment in OpenAI: This partnership is 'monumental in size'
Nvidia will invest $100 billion in OpenAI as the artificial intelligence lab sets out to build hundreds of billions of dollars in data centers based around Nvidia’s AI chips. Nvidia CEO Jensen Huang, along with OpenAI CEO Sam Altman and President Greg Brockman, speak with CNBC’s Jon Fortt to provide more details.
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