00:00All right, now let's break it down what's happening in the U.S. stock market.
00:04I'm going to start for one of the biggest sectors within the software infrastructure is Microsoft.
00:08As of this morning, it's up by 0.20%.
00:12And the latest update about Microsoft will lay off nearly 4% of its workforce, the company said on Wednesday.
00:18In the latest job cuts, as the tech giant looks to rein in costs and hefty investments in artificial intelligence infrastructure,
00:25the company, which had about 228,000 employees worldwide as of June 2024, had announced layoffs in May, affecting around 6,000 workers.
00:35Bloomberg News reported last month that it was planning to cut thousands of jobs, particularly in sales.
00:41The Windows maker had pledged $80 billion in capital spending for its fiscal year 2025.
00:47However, the soaring cost of scaling its AI infrastructure has weighed on its margin.
00:52When it's June quarter, cloud margin expected to shrink from last year.
00:56Microsoft said on Wednesday it planned to reduce organisational layers with fewer managers and streamline its products, procedure and rules.
01:05They confirmed to Reuters that its gaming division was impacted by the layoffs, although not the majority of the unit.
01:11And next, we're going to move on to one of the biggest companies within the semiconductor is NVIDIA.
01:16We can see NVIDIA as of this morning is up by, we can see green colour, up by 2.58%.
01:24And also other, we can see mostly other companies within the semiconductor, S&P 500, is facing all green performance.
01:32And the latest update about NVIDIA reclaimed the top spot among the most valued companies worldwide in June,
01:37as its shares were supported by renewed optimism over its leadership in artificial intelligence and expectations of surging demand for its AI chips.
01:47The chipmaker's market value stood at $3.86 trillion at the end of June, about 4.3% higher than Microsoft Corp's $3.69 trillion valuation.
01:57However, NVIDIA's market value has yet to surpass Apple Incorporation's record high of about $3.92 trillion set in December 2024.
02:06Apple, with a market capitalisation of $3.1 trillion, ranked as the third most valuable company at the end of last month.
02:14Meta Platforms Incorporation, Broadcom Incorporation and Amazon.com Incorporation saw their market value rise by 14%, 13.9% and 7% respectively last month,
02:25reaching $1.86 trillion, $1.3 trillion and $2.33 trillion.
02:30The market value of Tesla Incorporated dropped 8.3% to $1.0 trillion last month with sentiment hit by CEO Elon Musk's feud with U.S. President Donald Trump.
02:44And that is the update also about Tesla.
02:46And Tesla, as of this morning, is 4.97%.
02:49And we're going to move on to Intel.
02:51It's the only company within the semiconductor S&P 500 is facing low growth with 4.25% down as of this morning.
03:02And Intel's new chief executive is exploring a big change to its contract manufacturing businesses to win major customers in a potentially expensive shift from his predecessor's plans.
03:14The new strategy for Intel's laundry business would mean offering outside customers a newer generation of technology.
03:22That next-generation chip-making process analysts believe will be more competitive against Taiwan Semiconductor Manufacturing Co.
03:28in trying to lend major customers such as Apple or NVIDIA.
03:33Shares of Intel fell as much as 5% on Wednesday morning on the Nasdaq.
03:37Since stocking the company's hub in March, CEO Leap Bhutan has moved fast to cut costs and find a new path to revive the ailing U.S. chipmaker.
03:47By June, he started voicing that a manufacturing process known as 18A in which viral CEO Pat Gelsinger had invested heavily was losing its appeal to new customers.
03:58And that is the update within the S&P 500.
04:01Please stay tuned with us as Niaga Awani will bring more updates locally and internationally Monday to Friday from 9am to 10.30am.
04:12And definitely stay tuned with us as we're taking a short break and we'll be right back.
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