Midweek Market Movers: AI Expansions, Digital Currency Deals, and Chip Wars
Global markets showed mixed reactions as tech and AI developments dominated Wednesday's trading session. Tesla shares gained traction ahead of a crucial shareholder vote on Elon Musk's compensation package, while IBM rose despite announcing workforce reductions.
The digital asset sector saw notable activity with FG Nexus securing a master digital currency loan agreement, sending its stock higher. Meanwhile, China escalated its tech sovereignty push by mandating state-backed data centers to use only domestic AI chips—a MOVE that could reshape semiconductor supply chains.
AI expansions made waves as Palantir Technologies and Microsoft both revealed plans to grow their UAE operations. Advanced Micro Devices benefited from dual catalysts: fresh analyst coverage and approval to export AI chips to China, underscoring the geopolitical complexities of semiconductor trade.
