News of the day for June 24, 2024
Annice Lyn / Getty Images
The European Commission has charged Apple (AAPL) with breaching its Digital Markets Act; Nvidia (NVDA) shares are extending their declines from late last week as Chief Executive Officer (CEO) Jensen Huang sells stock in the artificial intelligence (AI) darling; Broadcom (AVGO) is reportedly in talks with ByteDance, TikTok’s Chinese parent, to produce an advanced AI chip amid escalating geopolitical tensions with the U.S.; bitcoin (BTCUSD) is trading around $61,000 and dragging crypto-related shares like Robinhood Markets (HOOD), Coinbase Global (COIN), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT); and China reportedly has told Germany the European nation’s luxury car manufacturers could benefit if Berlin convinces the European Union (EU) to drop tariffs on Chinese electric vehicle (EV) exports. U.S. stock futures are rising to start a week that follows one where the S&P 500 briefly hit the 5500 mark and Nvidia had a short-lived stint as world’s most valuable company. Here’s what investors need to know today.
1. Apple Faces EU Charge for Breaching Digital Markets Act
Apple’s (AAPL) App Store rules are preventing app developers from “freely steering consumers” to other channels, the European Commission said, charging the iPhone maker with breaching its recently implemented technology law. The Commission said that in its preliminary view, Apple had violated its sweeping new Digital Markets Act law. Apple is the first company to be charged for failing to comply with the new law, aimed at opening up tech firms’ business to broader competition. Separately, The Wall Street Journal reported that Apple, which has lagged in the AI race, has held talks with rival Meta Platforms (META) about integrating the Facebook parent’s generative AI model into Apple Intelligence, the iPhone maker’s new system for the technology. Apple shares are little changed in premarket trading, while those of Meta are up less than 1%.
2. Nvidia Falls Ahead of Shareholder Meeting as CEO Huang Sells Shares
Nvidia…
..