Nvidia rose as long-time Apple partner, Foxconn announced plans to build "AI factories" to race against Tesla in developing autonomous driving technologies.
Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the middle part of the second quarter of 2024 showed a big divergence of returns.
On Tuesday, Taiwan Semiconductor Manufacturing Co's (NYSE:TSM) C.C. Wei assumed the Chairman and CEO roles, marking the first time in years someone has held both positions. The stock is trading lower on Tuesday after closing higher by almost 3% on Monday. Wei reiterated expectations for AI advancement to fuel a recovery in the industry by 2024. Quite interestingly, Wei is looking to boost the price of his company's AI chip production services. He has already discussed the matter with Nvidia Corp