Dow Jones Today: Nasdaq Ticks Up Ahead of Nvidia Shareholder Meeting
Why did Nvidia stock slip during its shareholder meeting?
Nvidia stock slipped during its shareholder meeting due to profit-taking and concerns over AI data center spending peaking. The company's stock had recently experienced a meteoric rise, fueled by its strong position in the AI market. However, some investors may have felt the stock was overbought and decided to take profits, causing the dip during the meeting.
What contributed to FedEx's better-than-expected quarterly results?
FedEx's better-than-expected quarterly results were driven by cost-cutting measures under its DRIVE program, which contributed to improved profitability. The company reported revenue of $22.1 billion for the fiscal fourth quarter of 2024, up from the year-ago period and slightly above analysts' expectations. Net income came in at $1.47 billion, or $5.94 per diluted share, down from $1.54 billion, or $6.05 per share, in the same period a year prior, but surpassing analysts' projections.
How much is Volkswagen investing in Rivian by 2026?
Volkswagen is investing up to $5 billion in Rivian by 2026. The investment will be made through a joint venture focused on developing a next-generation electric vehicle architecture. This partnership will strengthen both companies, with Volkswagen gaining software expertise and Rivian benefiting from manufacturing knowledge and cash influx.