Investors eagerly watched major tech companies as August came to a close.
Simultaneously, Bitcoin and Ether faced declines over the week while Google’s NASDAQ:GOOGL experienced a boost with the introduction of new features on its Gemini platform.
Not to be outdone, OpenAI made waves in the headlines with reports of a significant fundraising effort that could potentially make it the most valuable artificial intelligence (AI) startup in history.
Keep updated on the latest tech sector happenings with the Investing News Network’s exclusive summary.
Performance Variability Marks End of August in Tech Sector
The final week of August presented a mixed bag for tech stocks as investors eagerly awaited earnings reports from key players like NVIDIA (NASDAQ:NVDA), Dell (NYSE:DELL), and Crowdstrike (NASDAQ:CRWD).
After an auspicious beginning, the Nasdaq Composite (INDEXNASDAQ:.IXIC) and S&P 500 (INDEXSP:.INX) fell short on Monday (August 26), with a sell-off in chip stocks dragging the Nasdaq Composite down by 0.63 percent from its starting point.
The downward trend persisted into Tuesday (August 27), with both indices initially dipping slightly before making modest gains midday. However, they ultimately changed course to close lower by 0.57 and 0.18 percent, respectively.
Midweek Fluctuations and Super Micro Computer’s Dramatic Dive
Chart source: Google Finance.
Super Micro Computer performance, August 26 to August 30, 2024.
Wednesday (August 28) saw the S&P 500 open 0.5% higher, while the Nasdaq Composite soared by over 1% on anticipations of stellar results from NVIDIA. However, the excitement was short-lived as Super Micro Computer’s (NASDAQ:SMCI) stock plummeted by more than 17%, exerting downward pressure on the index.
Super Micro announced early on Wednesday its decision to postpone the filing of its 10-K form for the 2024 fiscal year to conduct a reassessment of its financial reporting controls. The stock stumbled by 0.9% in the initial trading hours, concluding 1.23% below its opening value. Losses in the tech sector persisted into after-hours trading.
Thursday (August 29) ushered in market-wide gains following the release of latest US jobless claims data indicating a slight decrease from expectations the previous week.