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Chip stocks in the U.S. and Europe rose on Wednesday for a second straight day, recovering from a punishing selloff triggered by China's low-cost DeepSeek artificial intelligence tool at the start of the week. Shares of AI chip leader Nvidia, however, slipped 2.7% to $125.44 and weighed on the Nasdaq. European tech stocks jumped, partly fuelled by a nearly 8% surge in ASML after the Dutch semiconductor equipment maker reported a surprisingly large rise in new bookings.

Apple downgraded, Rivian initiated: Wall Street's top analyst calls

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Hedge fund stock-pickers lost billions of dollars on Monday in a rout in global technology shares sparked by the emergence of a low-cost Chinese artificial intelligence model, according to a Goldman Sachs trading update and industry figures on Tuesday. Hedge funds that pick stocks based on company fundamentals rather than using algorithms to trade systematically were down 1.1% Monday, as markets sank, Goldman's trading desk said, a significant one-day drop for funds that in a good year like 2024 make 15%. Goldman Sachs does not reveal dollar figures for the size of the hedge funds its teams track, but data from hedge fund research group BarclayHedge suggest the losses from Monday's sell-off could tally into the billions.

News of the day for Jan. 29, 2025

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Auto services provider Monro (NASDAQ:MNRO) missed Wall Street’s revenue expectations in Q4 CY2024, with sales falling 3.7% year on year to $305.8 million. Its non-GAAP profit of $0.19 per share was 35.6% below analysts’ consensus estimates.