The tech earnings parade continued on Thursday with Marvell Technology leading the way. The stock saw an increase of about 8% after hours following a better-than-expected revenue report for the latest quarter. Despite this positive news, Marvell is still down 18% from its March high. However, in the past month alone, shares have increased by 8%. Marvell holds the 17th biggest position in the VanEck Semiconductor ETF (SMH), accounting for 1.78% of the ETF.
Nvidia’s recent report on doubling revenue from the year-ago period had a significant impact on the cooling technology industry. CNBC TV’s Pippa Stevens will be reporting on Friday about the lesser-known companies that provide cooling technology for Nvidia’s chipmaking process. Some of the key players in this space include Vertiv, Schneider Electric, and nVent Electric. While Vertiv is 27% down from its May high, it has seen a significant 66% increase in the year 2024. Schneider Electric is currently 2% down from its May high but has witnessed a 26% increase in 2024. Similarly, nVent Electric is 23% below the May high but has experienced a 13% increase in 2024.
CNBC TV’s China correspondent, Eunice Yoon, will be reporting on the tensions and fears in China’s “iPhone City” over concerns that more businesses might leave the nation and shift to other regions like India. This fear has impacted Apple’s stock, which is currently 3% down from its July 15 high. However, over the last three months, Apple shares have grown by 20%.
The interest in OpenAI has been growing among big tech companies, with reports indicating that Apple and Nvidia are looking to join the group. Microsoft is already part of this initiative but is currently 12% below its July 5 high. Despite a 3.2% decline in the stock over the past month, Microsoft has seen a positive growth of about 10% in 2024.
Social media platform X is establishing a presence in the tech hub, prompting other major players to rethink their office space arrangements. CNBC TV’s Kate Rooney will delve deeper into this story on Friday. Real estate investment trusts like BXP and CBRE are directly affected by these changes. BXP recently hit a new high, with a 30% increase over the last three months, while CBRE also reached a new peak, registering a 33% growth over the same period.
The French software maker is gearing up for the release of the “Star Wars Outlaws” video game on Friday. The stock currently sits 43% below its November high and has experienced a 26% decline so far this year. On the other hand, Electronic Arts is only 2% away from its July 31 high, showing a 14% increase over the last three months and a 10% growth in 2024.
The 30-stock Dow Jones reached yet another record high on Thursday, marking a 2% increase over the last month. Despite this success, none of the top performers within the Dow are tech companies. Leading the pack are companies like Nike, McDonald’s, Walmart, Coca-Cola, 3M, Travelers, and JPMorgan, each showing impressive growth figures ranging from 5.4% to 13% in just a month.