---
title: "Breakfast | The US stock market is polarized, with chip stocks and AI concept stocks closing strong. Apple has launched the MacBook Air with the M3 chip."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/109195273.md"
description: "The market is awaiting the testimony of the Federal Reserve Chairman. Among the tech giants, only NVIDIA did not fall during the day, while Tesla plummeted by 7%. NVIDIA hit a new high, pushing its market value into the global top three. Bitcoin rose above $68,000 for the first time. Musk lost his position as the world's richest person, surpassed by Bezos. Amazon's cloud service plans to invest over $5.3 billion in Saudi Arabia. Apple was fined €1.8 billion by the EU for anti-competitive practices. ByteDance had a revenue of $30.9 billion in the third quarter of last year. The US election is heading towards \"Super Tuesday\"."
datetime: "2024-03-04T23:57:30.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/109195273.md)
  - [en](https://longbridge.com/en/news/109195273.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/109195273.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/109195273.md) | [繁體中文](https://longbridge.com/zh-HK/news/109195273.md)


# Breakfast | The US stock market is polarized, with chip stocks and AI concept stocks closing strong. Apple has launched the MacBook Air with the M3 chip.

Good morning! A great day starts with making money.

### Overnight Market Update

In the early Asian market today, Bitcoin surged above $68,000, rising over $5,000 intraday, aiming for a historical high of $69,000. Ethereum broke through $3,600 per coin, hitting a new high since January 2022. Spot gold rose to $2,110, approaching the historical high of $2,144.

**S&P 500 falls from record high, Tesla plunges 7%, NVIDIA hits new high again**

This Wednesday and Thursday, Federal Reserve Chairman Powell will testify before both houses of Congress, and on Friday, the U.S. will release the February non-farm payroll report. Investors are waiting for clues on interest rate prospects from Powell and other Fed officials' speeches and key data. The rising trend of major U.S. stock indices, which have hit new highs for several days, paused. Among the tech giants in the "Magic 7," only NVIDIA did not fall during the trading session.

NVIDIA rose by 3.6%, hitting a new all-time high, with a market value exceeding $2.1 trillion, surpassing Saudi Aramco, becoming the third-largest listed company globally after Apple and Microsoft. Super Micro Computer (SMCI.O) surged over 18% after S&P Dow Jones Indices announced its inclusion in the S&P 500 Index. Following the historical high of TSMC's Taiwan stock, the U.S. stock market also hit a new high.

Tesla plummeted by 7.16%, evaporating over $40 billion in market value, dropping by about 25% this year. In February, the sales of China-made cars were 60,365 units, down nearly 16% MoM and about 19% YoY. Apple fell by 2.5%, marking a decline for four consecutive trading days. Goldman Sachs and Evercore ISI removed it from their best buy and outperform the market lists, and the EU fined Apple €1.8 billion for abusing App Store rules.

Overall, stocks related to digital currencies led the market, with Coinbase up over 11%, MicroStrategy up 23%, and BigBear.ai up 25%. SoundHound.ai fell by 6.8%.

The Nasdaq China Golden Dragon Index fell by nearly 4%, with Li Auto down by 13.6%, XPeng down by 8%, and Nio down by 7.8%. JD.com fell by nearly 5%, Pinduoduo by nearly 4%, Alibaba and Baidu by over 3%.

### Blue Chips and Hot Stocks

Apple launches new 13-inch and 15-inch MacBook Air with M3 chip.

Apple was fined €1.8 billion by the EU to address Spotify's complaints about anti-competitive practices.

Media: The Supreme Court of British Columbia approved Apple's settlement agreement of up to CAD 14.4 million with eligible class action members, accusing Apple of intentionally slowing down iPhone 6 and iPhone 7 through software updates.

**Media: ByteDance's revenue in Q3 last year was $30.9 billion**

ByteDance's revenue in Q3 2023 increased by about 43%, indicating a slight acceleration in its advertising and e-commerce sales compared to the first half of the year.

**Musk loses the title of the world's richest person, surpassed by Bezos**Elon Musk's current net worth is $197.7 billion, while Bezos' wealth is $200.3 billion. This marks Bezos' first time at the top of the global rich list since 2021.

**Consortium seeking to reduce risk for Musk's loan to acquire Twitter**

A consortium led by Morgan Stanley discussed refinancing about $12.5 billion in debt with Musk and his team. In earlier failed negotiations this year, certain banks and Musk's team explored ways to lower debt costs and reduce the banks' debt risk.

Former Twitter executives sue Elon Musk, claiming over $128 million in severance pay.

Amazon Web Services plans to invest over $5.3 billion (about 198.8 billion Saudi riyals) in Saudi Arabia, with AWS launching an infrastructure region in Saudi by 2026.

Boeing secures an order from American Airlines, with the airline announcing the purchase of 260 new aircraft, including Boeing 737 MAX planes.

**iQiyi partners with Qimao to advance high-quality IP film and animation development**

iQiyi signed a strategic cooperation agreement with online literature platform Qimao, and also reached a strategic partnership with Qimao's Chinese website, focusing on developing original IPs into animations. Qimao will provide iQiyi with no less than 40 high-quality IPs annually.

Yang Huiyan: Country Garden's resources can currently ensure the delivery of houses this year.

**Faraday Future sues Gahe**

FF and its Chinese subsidiary filed a lawsuit against former FF executive and Huaren Yuntu founder Ding Lei in the Shenzhen Intermediate People's Court of Guangdong Province, China, for infringement of trade secrets and unfair competition. The company seeks compensation for losses, demands that Huaren Yuntu immediately cease infringing on FF 91-related trade secrets, and stop the alleged unfair competition.

### Artificial Intelligence

**Surpassing GPT-4 comprehensively!** **Anthropic launches three new models for chatbot Claude** **Claude 3**

This will enable Claude to better execute complex instructions and reduce the likelihood of fabricating information. The three new AI models are Claude 3 Opus (works), Sonnet (sonnet), and Haiku (haiku), with each model's name hinting at its capabilities, where Opus is the most powerful and Haiku is the lightest and fastest.

These models support multimodal functionality for the first time, allowing users to upload images and files. According to Anthropic, the Claude 3 series sets new industry standards in reasoning, mathematics, coding, multilingual understanding, and vision.

Musk: The next stage of AI involves power shortages, and NVIDIA's market value will continue to reach new highs.

### Cryptocurrency

IBIT surpasses $10 billion in just seven weeks, making it the fastest in history, BlackRock bets on a spot Bitcoin ETF, while Vanguard remains resistant.

A "Bitcoin whale" buys over $3 billion and over 50,000 bitcoins.

**Former Binance executive establishes a new cryptocurrency exchange**Former Binance executives Gleb Kostarev and Vladimir Smerkis will join forces to create a new crypto platform called Blum, allowing users to trade directly from third-party crypto wallets on multiple blockchain networks.

MicroStrategy: To issue $600 million in convertible senior notes, planning to use the net proceeds from the sale of the notes to purchase additional Bitcoin for general corporate purposes.

### Macro: Taking You Around the World

**"The Seven Sisters" - A Tech Bubble Redux? Goldman Sachs: This Time is Different**

The current number of overvalued stocks is lower than the peak in 2021, and the valuations of the "Seven Sisters" in the US stock market are reasonable, supported by fundamentals. In addition, investors are paying more attention to the valuations and fundamentals of large-cap growth stocks, reducing market bubble risks.

Market News: The Biden administration opposes loosening securities regulation laws.

Market News: The US Securities and Exchange Commission (SEC) delays the decision on whether to approve BlackRock's Ethereum spot ETF.

The 2nd session of the 14th National People's Congress of China opens. The State Council Information Office holds a press conference to interpret the "Government Work Report." There will be no premier's press conference this year, and in the following years of this National People's Congress, the premier's press conference will not be held unless under special circumstances.

The Chinese Ministry of Commerce expresses serious concerns about the US government's plan to conduct a national security review of Chinese-made internet-connected vehicles.

### Related Stocks

- [Amazon.com, Inc. (AMZN.US)](https://longbridge.com/en/quote/AMZN.US.md)
- [NVIDIA Corporation (NVDA.US)](https://longbridge.com/en/quote/NVDA.US.md)
- [Apple Inc. (AAPL.US)](https://longbridge.com/en/quote/AAPL.US.md)

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