Nvidia (NVDA), the “shovel supplier” of the artificial boom, is under close watch today. President Trump permitted the firm to sell its second-most-advanced AI chips to China. That increases the competition for U.S.-based firms in their race for AI dominance. In addition, China may use the technology to advance its military.
Nvidia may sell H200 chips.
U.S. banks are in the news after posting higher profits. Customers increased their demand for borrowing. Watch Bank of America (BAC), Citigroup (C), and JPMorgan Chase (JPM), after they all posted strong results. Wells Fargo (WFC) missed expectations.
WFC stock fell by 4.61% after Q4 net interest income topped $12.3 billion. Provisions for credit losses were $1.04 billion, up from $681 million in Q3 but down from last year’s $1.1 billion. Investors might take advantage of the drop, since the bank reported a solid quarter. All four banks might trade at new highs after the firms raise their dividends and announce a share buyback plan this summer.
In the energy sector, oil prices fell by more than 1% on Wednesday. Trump said that since the killings in Iran stopped, there are no plans for the U.S. to attack the country. Despite weakening WTI crude prices, Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP) all rose. Investors also bought shares of Phillips 66 (PSX), EOG Resources (EOG), and Devon Energy (DVN).
