Global Chip Stocks Rise as OPEC Meeting Is Postponed and FTC Probes Microsoft
Global chip stocks surged on Thursday, with ASML and Tokyo Electron leading the way, as optimism mounted that new U.S. sanctions on China’s chip industry may be less severe than expected. Other key market developments include:
OPEC’s meeting on oil production cuts has been postponed to December 5, raising concerns over a potential global supply glut in 2025. Oil prices dropped after U.S. inventory data showed a decrease in supplies, sparking worries over cooling demand.
The Federal Trade Commission (FTC) has launched an antitrust investigation into Microsoft’s business practices, including cloud computing, artificial intelligence, and cybersecurity. The probe is examining whether Microsoft is limiting its customers’ ability to switch to competing platforms by imposing restrictive licensing terms.
Bitcoin, the world’s largest digital currency, rose to $96,000, moving closer to breaking the $100,000 mark. The coin’s surge is attributed to expectations that the incoming Trump administration will be pro-crypto.
Black Friday, the start of the holiday shopping season, will provide insight into U.S. consumers’ ability to cope with higher prices, which could impact consumer spending, a major driver of the U.S. economy.