December 2023 Market Insights: Nvidia, Nio, AMD, Eli Lilly Updates & Job Growth Forecast
Stay informed with the latest market developments: Nvidia’s new chip strategy for China, Nio’s battery unit spin-off, AMD’s AI GPU launch, Eli Lilly’s weight loss drug availability, and private sector job growth projections for November.
Top financial and technology news for December 6, 2023
Nvidia’s CEO announced plans to create chip products compliant with U.S. export laws for sale in China, while Chinese EV manufacturer Nio prepares to spin off its battery production division. Discover the key updates investors should watch today.
1. Nvidia’s Stock Climbs as It Commits to U.S.-Compliant Chips for China
Nvidia (NVDA) shares increased by 0.8% in pre-market trading following CEO Jensen Huang’s statement that the company will develop chip products adhering to U.S. export restrictions to serve the Chinese market. This announcement follows recent warnings from U.S. Commerce Secretary Gina Raimondo cautioning firms against selling AI chips to China.
2. Nio Plans Battery Production Spin-Off to Boost Efficiency
Chinese electric vehicle maker Nio (NIO) is set to spin off its battery manufacturing segment, potentially within this year. While continuing in-house battery R&D, Nio aims to outsource production, leveraging its planned battery plant capable of producing batteries for 400,000 long-range EVs annually. Nio’s American depositary receipts saw a nearly 2% uptick in pre-market trading.
3. AMD Shares Gain Ahead of Launch of Instinct MI300 AI GPU
Advanced Micro Devices (AMD) stock rose by approximately 0.7% in pre-market trades as anticipation builds for the launch of the Instinct MI300 data center GPU. AMD projects this chip could generate $2 billion in sales during 2024. The launch intensifies competition with Nvidia, with experts expecting AMD to highlight the MI300’s capabilities compared to Nvidia’s H100.
4. Eli Lilly’s Weight Loss Drug Zepbound Hits Pharmacies Amid Wegovy Shortages
Eli Lilly (LLY) announced that its newly approved weight loss medication, Zepbound, is now accessible at U.S. pharmacies, providing an alternative amid supply constraints of Novo Nordisk’s (NVO) Wegovy. Zepbound will be part of Eli Lilly’s savings card program, potentially lowering costs to $25 per monthly dose for insured patients. Eli Lilly shares gained 0.4% in pre-market, while Novo Nordisk’s shares remained stable.
5. Private Sector Job Growth Expected to Strengthen in November
The upcoming ADP employment report at 8:15 a.m. ET is forecasted to reveal that private employers added 128,000 jobs in November, surpassing October’s 113,000. Additionally, third-quarter U.S. productivity revisions anticipated at 8:30 a.m. ET are expected to increase from 4.7% to 4.9%. The October trade deficit is projected to widen to $64.1 billion, up from $61.5 billion in September.
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