[New York Stock Exchange] Big Tech Attempts Rebound on Bargain Hunting in Tech Stocks... Closes Mixed

Nasdaq, Led by Tech Stocks, Rises 0.13%
Market Opens Lower but Gradually Recovers Losses
Nvidia and Microsoft Drive Rebound in AI Sector
Focus on Nvidia's Earnings Announcement on the 19th

On November 14 (local time), the New York Stock Exchange closed mixed as major big tech stocks, which had recently experienced significant declines, attempted a rebound.

A trader is looking at the ticker board at the New York Stock Exchange (NYSE) in the United States. Photo by Yonhap News

On this day, the Dow Jones Industrial Average ended trading at 47,147.48, down 309.74 points (-0.65%) from the previous session. The Standard & Poor's (S&P) 500 Index closed at 6,734.11, down 3.38 points (-0.05%), while the tech-heavy Nasdaq Composite Index finished at 22,900.59, up 30.23 points (0.13%) from the previous session.

The New York Stock Exchange, which had closed lower the previous day amid controversy over the overvaluation of artificial intelligence (AI) stocks, also opened weakly at the start of trading. However, bargain hunting quickly emerged in the early session, helping the indices recover their losses. As a result, the Nasdaq, which had seen three consecutive days of declines, ended the day higher.

Nvidia and Microsoft, leading stocks in the AI market, rose by 1.77% and 1.37%, respectively, driving the rebound. Other AI-related stocks that had recently faced heavy selling, such as Palantir (up 1.09%) and Oracle (up 2.43%), also halted their declines and posted gains.

Amid ongoing debate on Wall Street regarding a potential "AI bubble," some investors appear to have viewed the recent price drops as a buying opportunity. Michael Burry, the investor famous for inspiring the movie "The Big Short," fueled the AI bubble controversy by claiming that big tech companies were engaging in accounting fraud by overstating the useful life of AI chips and thereby inflating profits.

Investors are closely watching Nvidia's upcoming earnings announcement on the 19th, which is expected to serve as an important reference point in assessing the AI bubble debate. Mike Dickson, Head of Research and Quantitative Strategy at Horizon Investments, stated, "Next week's Nvidia earnings announcement will be a major event. If the results are disappointing, there could be a punitive reaction in the stock price, but as we saw today, bargain hunters may step in quickly to stabilize the situation."