Pre-market Update: Peloton Soars 12%, Micron Technology Drops 5%! Chinese Tech Stocks Plunge, Apple's Car Project Goes Silent
Alibaba, Pinduoduo, Xiaopeng, NIO all fell more than 1%, JD.com fell nearly 2%, Bilibili fell 2%, NetEase fell 2.4%, and Li Auto fell nearly 3%. Micron Technology fell 5%, Qualcomm fell 0.7%, NVIDIA fell 0.55%, Tesla fell 0.8%, while Apple, Microsoft, Netflix, and Amazon fell around 0.4%.
US Stock Market News
According to the Financial Times, OpenAI and former Apple designer Jony Ive are in talks with SoftBank to raise $1 billion in funding.
Intel announced that the Intel 4 technology production equipment at its Irish factory has completed installation and debugging. The first EUV machine has been successfully started and chip production is about to begin.
Chinese electric vehicle battery component manufacturer Longdian Huaxin is reportedly considering an IPO in the US.
Zhang Zhuo, CEO of BYD, stated that this year's price war is a battle for market share between new energy vehicles and traditional fuel vehicles. The war between new energy vehicles will intensify next year.
Jeff Pu, an analyst at Haitong International Securities, released a research report stating that the A17Pro is a transitional design. It is expected that all models of the iPhone 16 series will adopt the A18 series chips and use TSMC's N3E process.
Guo Mingchi, an analyst at TF Securities, stated that the Apple car project is currently "silent". If Apple wants to start production in the "next few years", the best solution is to acquire an existing car company and enter the automotive market using their existing plans.
Documents show that Berkshire Hathaway, owned by Warren Buffett, reduced its holdings of HP stock by 4.6 million shares.
Micron Technology's adjusted revenue for the fourth quarter was $4.01 billion, while the market expected $3.93 billion. The adjusted operating loss for the fourth quarter was $1.21 billion, slightly better than the market's expected loss of $1.25 billion.
Linda Yaccarino, CEO of social media platform X, stated that X may achieve profitability in early next year. In the past 12 weeks, about 1,500 advertisers have returned to the platform, and 90% of the top 100 advertisers have come back to X.
Pre-market Movers
In pre-market trading, Dow Jones futures fell 0.17%, Nasdaq futures fell 0.3%, and S&P 500 futures fell 0.17%.
Faraday Future rose 6% after a 44% decline overnight. In the third quarter, FF only delivered three FF 91 2.0 Futurist Alliance vehicles.
Peloton surged 12% after announcing a five-year global strategic partnership with Lululemon.
Alibaba, Pinduoduo, Xiaopeng, and NIO fell more than 1%, JD.com fell nearly 2%, Bilibili fell 2%, NetEase fell 2.4%, and Li Auto fell nearly 3%.
Micron Technology fell 5%, Qualcomm fell 0.7%, NVIDIA fell 0.55%, Tesla fell 0.8%, and Apple, Microsoft, Netflix, and Amazon fell around 0.4%.