Summary : “It has been an incredibly painful road, in terms of sticking it out and owning these names, but I think this quarter marks an important inflection point.”
Results from companies including Amazon.com Inc., Alphabet Inc. and Microsoft Corp. have lifted the Nasdaq 100 Index by 11% in July, Meta is down almost 60% from its peak in September; the market value lost by the company since then would represent the sixth-biggest company in the US, according to data compiled by Bloomberg.
• None Global smartphone shipments fell to their lowest quarterly number in two years after consumer confidence was sapped by inflation and recession fears.
• None Intel Corp. Chief Executive Officer Pat Gelsinger slashed sales and profit forecasts for the rest of the year, conceding that the struggling chipmaker needs more time to make its products competitive while assuring investors that the current quarter will be the nadir.
• None Xiaomi Corp. is facing difficulties getting regulatory approval for its electric vehicle project in China, an unexpected hurdle for the smartphone giant’s $10 billion carmaking endeavor.
• None Elon Musk said in Twitter posts that inflation might be trending down, noting that more Tesla Inc. commodity prices are trending down than up.
• None Krafton Inc. plunged its most in more than five months after India ordered Google to remove its blockbuster Battlegrounds Mobile game from app stores, spurring concerns about whether foreign firms can compete in the growing market.
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