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Technology 7 February 2025 - 24 February 2025
Shares of Global Interactive Technologies surged about 35% on the Nasdaq after its latest quarterly filing, despite reporting first-quarter revenue of just $96, a net loss of $496,993, and only $360 in cash as of March 31. The broader market saw the Dow remain near 51,700 after a volatile start, while tech stocks, especially chipmakers and AI names, led declines in the Nasdaq and S&P 500. Traders focused on Federal Reserve rate-hike expectations. Nasdaq 100 futures dropped nearly 3% before the open, with a significant pullback from AI-related tech stocks. SpaceX lost over $600 billion in market value over three sessions, and South Korea’s KOSPI index fell 9.99% after sharp drops in Samsung Electronics and SK Hynix. Semiconductor stocks globally declined, with European chipmakers also down and Nasdaq 100 futures off 2.7%. Microsoft rose 1.1% premarket after a previous drop, while investors watched Chevron’s Texas AI data center power deal amid concerns about AI infrastructure costs. Netflix shares recovered slightly in premarket after hitting a 52-week low, with attention on subscriber cancellations and ad revenue. Intel fell about 8% premarket, with investors monitoring rate risks and concerns about debt-fueled AI spending. Super Micro dropped 6.3% premarket after a strong previous session, following a new data-center design launch and an upgrade. Anthropic secured support from Micron Technology, which will supply memory and storage and participate in funding ahead of Anthropic’s expected IPO.