"Tech is weighing on markets, with Nvidia ( NASDAQ: NVDA) down about $7 a share on news that Meta ( NASDAQ: META) is considering using Google ( NASDAQ: GOOG) AI chips. In fact, according to The Information, as reported by CNBC, "Meta is considering using Google's tensor processing units (TPUs) in its data centers in 2027. Meta may also rent TPUs from Google's cloud unit next year, the publication reported.""
"Best Buy ( NYSE: BBY) EPS of $1.40 beat by nine cents. Revenue of $9.67 billion, up 2.3% year over year, beat by $80 million. Better, as noted by Best Buy CFO Matt Bilunas, "Today we are raising our full year forecast to reflect the strong Q3 results and our current outlook for Q4. In Q4, we expect comparable sales growth in the range of (1.0%) to 1.0% and adjusted operating income rate in the range of 4.8% to 4.9%.""
Major indices are flat to down following a strong tech rally, with the S&P 500 down about five points, the Dow down about 16 points, and the Nasdaq down about 38. Nvidia fell roughly $7 a share after news that Meta is considering using Google's tensor processing units (TPUs) and may rent TPUs from Google's cloud unit next year and in 2027. Kohl's, Abercrombie & Fitch, and Best Buy reported earnings that beat estimates, with respective revenue and EPS details noted. Best Buy raised its full-year forecast and provided Q4 comparable sales and adjusted operating income guidance. VF Corp. has shown recurring seasonal price gains in cold months.
Read at 24/7 Wall St.
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