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China Fund News Taylor

Brothers and sisters, let’s pay attention to the overseas market news tonight.

US stocks

Tonight's US stocks were mixed, with the Dow Jones Index rising slightly, while the Nasdaq Index and the S&P 500 Index continued to fall.

Merck's stock price plummeted by more than 10%The company's full-year guidance was weaker than expected, offsetting a strong second-quarter report.

AlthoughPfizerThe company also raised its full-year revenue and profit forecasts, but its stock price still fell more than 2%.

Investors are focusing on whether big technology companies can reap returns from their investments in artificial intelligence after a disappointing start to the earnings season.Tesla and AlphabetTechnology stocks came under pressure after a series of disappointing earnings reports last week.

“For anything AI-related, we are already at the investment stage, but now we want to see how it performs in terms of returns,” said Lionel Jardin, equity sales trader at Marex in Paris.

“If companies cannot substantiate the positive impact of AI on their revenues, strong results may not inspire the same enthusiasm as in previous quarters,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Chip stocks plunge

In the U.S. stock market tonight, what is worth paying attention to is the sharp drop in the semiconductor sector, with the Philadelphia Semiconductor Index plummeting 3%.

Nvidia's stock price plummeted nearly 7%!

Why did Nvidia's stock price plummet? Judging from the news, it may be related to Apple.

It is reported that the technology giant Apple has released its first"Apple Smartphone" mobile phone operating systemHowever, the market discovered that Apple’s large model was trained using Google’s technology, with zero Nvidia content.

Apple said on Monday that the artificial intelligence models behind its Apple Intelligence system were trained on processors designed by Google.This suggests that big tech companies are looking for alternatives to Nvidia when it comes to training the most advanced artificial intelligence.

Apple detailed its choice of Google's own processing unit (TPU) for training in a just-published technical paper, and on Monday released a preview of Apple Intelligence for certain devices.

Nvidia's expensive graphics processing units (GPUs) dominate the market for high-end AI training chips, and demand has been so high in the past few years that many tech companies have had trouble procuring the quantities they need. OpenAI and Microsoft are using Nvidia's GPUs to train their models, while other tech companies including Google, Meta, Oracle and Tesla are also buying these chips in large quantities to build their AI systems and products.

Apple's decision to rely on Google is notable because Nvidia is the industry leader in chips, with about 80% of the market.

In the research report, Apple did not explicitly state whether it used Nvidia chips, but it did not mention Nvidia-related hardware in the description of its AI tool infrastructure.

Nvidia does not design TPUs, but instead focuses on so-called graphics processing units (GPUs), which are widely used for AI.

Unlike Nvidia, which sells its chips and systems as standalone products, Google sells access to its TPUs through its Google Cloud Platform. Customers interested in purchasing access must build software through Google's cloud platform to use the chips.

Apple engineers further stated in the paper that using Google's TPU chips not only meets current needs, but also opens up the possibility of creating larger and more complex AI models in the future.