Nvidia Delays Launch of AI Chip in China Until 2024

1. Nvidia Delays Launch of AI Chip in China Until 2024

Nvidia (NVDA) has informed its customers in China that it will delay the launch of its new AI chip designed to comply with U.S. export rules until the first quarter of 2024 after postponing it from November. The H20 chip is the most powerful among the three chips designed to meet export regulations. Nvidia’s shares fell by 2% in pre-market trading.

2. General Motors Scales Back Cruise Robo-Taxi Plans

General Motors (GM) is set to relaunch its Cruise robo-taxi service, but it will scale back operations to just one city and shelve plans to build the self-driving vehicle model Origin. In an email to employees, Cruise leaders said they are retracting their plans to launch the service in more than ten cities, following the resignation of the company’s CEO last week after a safety review following an incident. GM’s shares were unchanged in pre-market trading.

3. Apple Sees Decline in Smartphone Sales During Singles Day in China

Apple (AAPL) experienced a decline in smartphone sales during Singles Day in China, trailing behind local competitors Huawei and Xiaomi, which saw significant sales increases this year. Apple’s phone sales dropped by 4% compared to last year during the two-week sales period from October 30 to November 12, while Huawei’s sales surged by 66% and Xiaomi recorded a 28% increase in sales during that time. Apple’s shares fell by 0.25% in pre-market trading.

4. Black Friday: Shorter Trading Day and Tension Among Traders

American consumers are awaiting significant discounts on Black Friday, but the question is whether they will continue to exceed spending expectations, even as retailers like Target and Walmart are cautious. At the same time, there will be a shorter trading day on U.S. stock exchanges, with most deals closing at 1:00 PM Eastern time and specific options trades closing at 1:15 PM Eastern time.

5. Services PMI Expected to Decline, While Manufacturing PMI Will Increase

At 9:45 AM Eastern time, the U.S. services PMI is expected to decline to 50.2 in November, compared to 50.6 the previous month. Meanwhile, the flash manufacturing PMI is expected to rise to 50.2 in November, compared to 50.0 the previous month.

Source: https://www.investopedia.com/5-things-to-know-before-markets-open-november-24-2023-8406439