Nvidia CEO Jensen Huang delivered a keynote address at the Consumer Electronics Show 2025 in Las Vegas, Nevada, U.S., on January 6, 2025. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nippon Steel's proposed takeover of U.S.
Steel, which would have been valued at more than $14 billion, was blocked by the White House earlier this month, sources told CNBC's David Faber. The offer would have been in the high $30s a share. Indian retail inflation eased to 4.97% in December 2024, according to the Ministry of Statistics and Programme Implementation. The reading's lower than the 5.30% forecast by a Reuters poll of analysts, and the second straight month that price growth fell. The softer inflation reading offers room for the Reserve Bank of India to cut rates. Meta Platforms CEO Mark Zuckerberg said on a Friday podcast by Joe Rogan that the technology is 'quite a ways off from being a very useful paradigm.' The comments reinforce recent commentary from other tech leaders who have expressed skepticism about the near-term potential of AI. Rick Rieder, who is the company's chief investment officer of global fixed income, told CNBC he would 'one hundred percent' buy the Nasdaq dip. Rieder believes the recent sell-off in tech stocks presents a buying opportunity. Tech stocks underperformed on Monday as investors took profit on the victors of 2024 and looked for this year's winner. The Nasdaq Composite, which had gained nearly 40% in the S&P last year — slid 3.4%, while Nvidia lost 2%, building upon their losses from last week. Nvidia fell almost 6% during the period, while Palantir lost more than 15%. 'That's a necessary part of a corrective phase in our view and we are likely further along in this correction than many investors recognize since many stocks peaked in late November, early December,' said AXS Investments CEO Greg Bassuk, adding that Friday's jobs report 'cemented' those concerns. However, the S&P 500 inched up 0.16% and the Dow Jones Industrial Index climbed 0.86% as investors rotated into nontech shares such as consumer staples and healthcare. That's not to say those sectors will be taking the mantle of market leader anytime soon — or at all. Sectoral rotation is a common phenomenon in markets, as investors secure their returns and look for the next stocks with upside potential. And the long-term rotation out of tech and AI isn't likely. But one within the field cannot be dismissed
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Cleveland-Cliffs and Nucor Set Sights on US Steel AcquisitionCleveland-Cliffs and Nucor are teaming up to make a cash offer for US Steel, potentially disrupting the existing bid from Nippon Steel. The proposed deal from Cleveland-Cliffs involves selling its Big River Steel subsidiary to Nucor. The offer is expected to be in the high $30s per share, significantly lower than Nippon Steel's initial $55 per share bid. The Biden administration has delayed its decision on Nippon Steel's acquisition, prompting US Steel and Nippon Steel to file a lawsuit alleging bias in the CFIUS review.
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