My Top 10 Things to Watch Tuesday, Jan. 7
1. Wall Street was looking at a muted open Tuesday after the S&P 500 and the Nasdaq closed higher for a second straight session. Tech stocks, particularly chip names, drove the buying. Nvidia rose nearly 3.5% on Monday to a record close. The Club stock added another 2% early Tuesday, the morning after Nvidia CEO Jensen Huang’s big keynote address at the annual CES conference in Las Vegas.
2. Nvidia CEO Jensen Huang delivered a keynote address at CES on Monday night, showcasing new AI use cases, including artificial intelligent agents that can complete tasks and advancements in “physical AI” with robotics. He also unveiled a new video game chip that uses AI to render graphics.
3. Jensen also talked up Nvidia’s bright future in self-driving cars, which includes a technology partnership with Toyota on its next-generation vehicles. Shares of Toyota rose 2% on the news. Autonomous semitruck player Aurora Innovation shares soared more than 35% on its Nvidia collab.
4. Micron shares gained more than 3.5% after Nvidia said it’s sourcing “G7 memory from Micron” for its new AI-powered graphics processing units.
5. Getty Images has agreed to a merger of equals with Shutterstock. Both companies have generative AI image tools powered by Nvidia. Getty shares jumped more than 55%. Shutterstock rose roughly 25%.
6. Meta Platforms CEO Mark Zuckerberg said the company is ending its third-party fact-checking and moving to a community notes model.
7. MoffettNathanson downgraded Apple to sell from neutral and cut its price target to $188 per share from $202.
8. Barclays raised its price target on Starbucks to $119 per share from $108 and kept its overweight buy rating.
9. Bernstein hiked its price target on off-price retailer TJX to $145 per share from $127 and maintained its outperform buy rating.
10. Bank of America downgraded Tesla to neutral from buy but raised its price target to $490 per share from $400.
