Midday need to know: NATO on Hormuz, Burry adds tech and retail positions, and more
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U.S. equities faced pressure as tech stocks declined ahead of Nvidia's earnings. Fund managers increased equity allocations to a record high, while cash levels dropped significantly. Intel and Qualcomm are interested in acquiring AI chip startup Tenstorrent. Hedge fund manager Leopold Aschenbrenner has made bearish bets against Nvidia. Investor Michael Burry has increased positions in MercadoLibre, Adobe, PayPal, and Lululemon. NATO is considering a military operation to assist commercial shipping in the Strait of Hormuz if it remains blocked.
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