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Micron (MU, the largest American memory manufacturer) shares closed Monday at $833.59 - down $51.15 from the previous price of $884.74. Memory and chips lost more than $400 billion in market capitalization in a single session.
Intel shares (INTC, the American processor manufacturer) closed Monday at $59.97 - 8.8% below Friday's level of $65.76. This is the second wave of selling after Friday's 28.6% plunge, the worst day for the stock since 1974.
Third-quarter results are due after the US session close, with the management call at 01:00 MSK. The stock headed into the report already battered: on Monday it closed at $466.84, down 7.52% and near the day's low.
Nvidia (the world's largest manufacturer of artificial intelligence chips) has recommended that cloud business clients sell at least 51% of services to non-Chinese companies. Financial Times reported this on the morning of November 3.
Today, November 2, Apple publishes its quarterly report - and this is the company's first report under the leadership of new CEO Ternus. The backdrop is challenging: costs are being pressured by more expensive memory.
By the Friday open, the S&P 500 had lost 1.22% and moved to 7626.09 - below the September 30 close (7651.54). As recently as Wednesday evening, the month was up 1.21%; now October is down 0.33%.
