Stocks sink as the price of US crude oil surges |
- The spike in oil sent Coterra Energy, Phillips 66, Devon Energy, APA Corporation, and Valero higher.
- Broadcom jumped as CEO Hock Tan forecasted "in excess of $100 billion" in AI chip sales next year during yesterday's post-market Q1 earnings call.
- Broadcom also reported that major customers are sticking with copper cables in chip racks through 2028, sending Credo Technology Group, whose active electrical cables increase the transmission capabilities of these copper cables, surging. Advanced optics companies Lumentum and Coherent slumped on the news.
- The Trade Desk jumped on a report that the company is talks with OpenAI to help sell ads.
- Berkshire Hathaway rose as the company resumed share buybacks, with CEO Greg Abel using the equivalent of his full after-tax salary to buy stock.
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Oil market participants are currently putting almost as big a premium for a barrel of Brent crude delivered as soon as possible relative to future delivery as they did during the energy shock that followed Russia's 2022 invasion of Ukraine. Read more. |
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| War is not kind. It is mean (reversion). Read more. |
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The average price per gallon for gasoline in the US shot up 27 cents from last week to $3.25, a 9% increase, according to new data from AAA, as escalating tensions in the Middle East push oil prices higher. Read more. |
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