The share price of Nvidia has fallen.  (Igor Golovnov)

Nvidia (NVDA)

Nvidia stock fell 4% last night after a sell-off of global chip stocks and US technology firms.

The Nasdaq Composite fell by over 180 points on Wednesday after the sector was hit by concerns about the Federal Reserve pushing back interest rate cuts, as well as China’s weak economy.

Customers are holding off on buying as they work through stockpiles, however, China’s buying of less-sophisticated machines has held up amid US restrictions on its access to high-tech equipment.

It came as ASML (ASML), the largest supplier of equipment to computer chip makers, missed sales forecasts, which sent shares lower.

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TSMC (TSM)

Taiwan Semiconductor Manufacturing Company (TSMC) has revealed a better-than-projected revenue outlook amid rising demand for AI-related products.

The Taiwanese chipmaking company, whose clients include Apple (AAPL) and Nvidia (NVDA), stuck with plans to spend as much as $32bn (£25.66bn) in 2024.

TSMC has gained about $340bn of market value since an October 2022 trough, riding bets it will become a top winner of a global boom in AI development. It posted a better-than-expected rise of 9% in net income to NT$225.5bn ($7bn) for the March quarter.

“Looking at 2024 as a whole, macroeconomic and geopolitical uncertainty persists, potentially weighing on consumer sentiment and end-market demand,” Wei told analysts on a conference call.

Laster this month, TSMC also said it would build a third semiconductor factory in Arizona, raising its total investment in the United States to $65bn.

It already had plans to build two plants in Arizona, and another one in Germany.

EasyJet (EZJ.L)

EasyJet shares climbed more than 3% on Thursday as it narrowed its losses despite losing revenue from cancelled flights to Israel and Jordan last winter.

The budget airline took a £40m hit from the Middle East conflict but still managed to trim losses for the six months to the end of March by over £50m, to between £340m and £360m.



This was against losses of £411m a year earlier, and comes alongside an increase of 18% in fuel costs, adding 6% inflation per seat.

It also benefitted from the early timing of Easter this year, which led to more demand for flights during March.

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"The importance that consumers place on travel coupled with easyJet’s trusted brand has driven good demand for our flights and holidays. Our growth and focus on productivity have reduced winter losses by more than £50m," Johan Lundgren, CEO of easyJet, said.

“We have further enhanced our network with the launch of new bases in Alicante and Birmingham providing greater choice for consumers across Europe."

Between October and March, passengers numbers rose 8% year-on-year, while average fares paid increased 9%.

Nokia (NOKIA.HE)

Nokia reported a smaller-than-expected profit on Thursday, with a double-digit fall in sales in the first quarter. This was due to a market weakened by a lack of clients investing in 5G technology.

The Finland-based firm reported a net profit of €501m (£429m, $535m) for the January to March period, up 46% from €342m the previous year. The figure was still lower than analysts had expected.

One-off gains from Nokia’s licensing business contributed to the profit, it revealed.

Net income attributable to shareholders was €497m, up from from €332m a year earlier. However, Nokia’s sales were down 20% at €4.7bn.

Sales at the network Infrastructure division fell 26%, measured in local currencies as well as net.

The company reiterated its outlook given in January for a comparable operating profit in 2024 of between €2.3bn and €2.9bn.

In a note to clients, JP Morgan analysts said Nokia's weak sales trends caused the earnings miss, but added the company is well positioned for a recovery.

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