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Wall Street's AI worries are getting stranger. Chip company Nvidia reported record-breaking earnings on Wednesday, but tech investors are still panicking.
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S&P 500 closes lower Thursday as Nvidia post-earnings slump hangs over market: Live updates CNBCNvidia stock falls as Q4 beat, guidance fail to satisfy Wall Street Yahoo FinanceAI giant Nvidia made $120 billion in profit last year. Investors are still spooked. NBC NewsNVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026 NVIDIA Newsroom
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Well before the Supreme Court struck down many of President Trump's tariffs, Wall Street had been literally betting on it. Firms created a market to sell companies' claims on refunds, if they happen.
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Contemporary Amperex Technology Co. Ltd. reported quarterly net income well short of analyst estimates as the global slowdown in electric vehicle sales starts to bite.
While net income for the third quarter ended Sept. 30 rose 26 percent to 13.1 billion yuan ($1.8 billion) versus the same period last year, that was a lot lower than the 14.7 billion yuan expected. Revenue shrank 12.5 percent to 92.3 billion yuan year-on-year, sharply down on projections for 118.4 billion yuan.
The world's largest maker of EV batteries is being hit as automakers from General Motors to Ford begin to scale back EV production plans and delay model launches. Countries like Japan and Germany, home to some of the largest automotive incumbents, have seen not just a slowdown in the growth rate, but an outright decline in EV sales.
CATL supplies many big name carmakers, including Tesla Inc.
Although the Chinese giant dwarfs competitors, it isn't alone in feeling the pain. The world's third largest battery maker, South Korea's LG Energy Solution Ltd., is likely to suffer its third consecutive quarterly profit decline, its most recent preliminary earnings show.
For the January to August period, CATL's global market share stood at 37.1 percent, up 1.6 percentage points on the same period of last year, data from SNE Research show. LG Energy's market share shrunk 2.3 percentage points to 12.1 percent.
CATL's greater control over its supply chain does at least wring more profit from its suppliers, helping to drive down costs. Bloomberg Intelligence has suggested that more global EV makers adopting cheaper lithium-iron-phosphate (LFP) batteries could help CATL gain market share overseas. The company's energy-storage business is also emergin
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The gap between the yuan's value in mainland China and trading hubs like Hong Kong has started to widen, a sign that foreign investors who can access the offshore market could be growing more bearish on the Chinese currency.
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