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January 2, 2024

These 20 stocks soared the most in 2023

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(Updated with Friday’s closing prices.)

The 2023 rally for stocks in the U.S. accelerated as more investors bought the idea that the Federal Reserve succeeded in its effort to bring inflation to heel.

The S&P 500
SPX
ended Friday with a 24.2% gain for 2023, following a 19.4% decline in 2022. (All price changes in this article exclude dividends). Among the 500 stocks, 65% were up for 2023. Below is a list of the year’s 20 best performers in the benchmark index.

This article focuses on large-cap stocks. MarketWatch Editor in Chief Mark DeCambre took a broader look at all U.S. stocks of companies with market capitalizations of at least $1 billion, to list 10 with gains ranging from 412% to 1,924%.

The Fed began raising short-term interest rates and pushing long-term rates higher in March 2022 by allowing its bond portfolio to run off. That explains the poor performance for stocks in 2022, as bonds and even bank accounts because more attractive to investors.

The central bank hasn’t raised the federal-funds rate since moving it to the current target range of 5.25% to 5.50% in July, and its economic projections point to three rate cuts in 2024.

Investors are anticipating the return to a low-rate environment by scooping up 10-year U.S. Treasury notes
BX:TMUBMUSD10Y,
whose yield ended the year at 3.88%, down from 4.84% on Oct. 27 — the day of the S&P 500’s low for the second half of 2023.

Read: Treasury yields end mostly higher but little changed on year after wild 2023

Before looking at the list of best-performing stocks of 2023, here’s a summary of how the 11 sectors of the S&P 500 performed, with the full index and three more broad indexes at the bottom:

Sector or index	2023 price change	2022 price change	Price change since end of 2021	Forward P/E	Forward P/E at end of 2022	Forward P/E at end of 2023
Information Technology	56.4%	-28.9%	11.5%	26.7	20.0	28.2
Communication Services	54.4%	-40.4%	-7.6%	17.4	14.3	21.0
Consumer Discretionary	41.0%	-37.6%	-11.4%	26.2	21.7	34.7
Industrials	16.0%	-7.1%	8.0%	20.0	18.7	22.0
Materials	10.2%	-14.1%	-4.9%	19.5	15.8	16.6
Financials	9.9%	-12.4%	-3.4%	14.6	13.0	16.3
Real Estate	8.3%	-28.4%	-21.6%	18.3	16.9	24.7
Healthcare	0.3%	-3.6%	-3.3%	18.2	17.7	17.3
Consumer Staples	-2.2%	-3.2%	-5.4%	19.3	20.6	21.4
Energy	-4.8%	59.0%	51.8%	10.9	9.8	11.1
Utilities	-10.2%	-1.4%	-11.4%	15.9	18.7	20.4

S&P 500 SPX	24.2%	-19.4%	0.4%	19.7	16.8	21.6
Dow Jones Industrial Average DJIA	13.7%	-8.8%	3.8%	17.6	16.6	18.9
Nasdaq Composite COMP	43.4%	-33.1%	-3.5%	26.9	22.6	32.0
Nasdaq-100 NDX	53.8%	-33.0%	3.5%	26.3	20.9	30.3
Source: FactSet

A look at 2023 price action really needs to encompass what took place in 2022 for context. The broad indexes haven’t moved much from their levels at the end of 2022 (again, excluding dividends). We have included current forward price-to-earnings ratios along with those at the end of 2021 and 2022. These valuations have declined a bit, which may provide some comfort for investors wondering how likely it is for stocks to continue to rally in 2024.

Biggest price increases among the S&P 500

Here are the 20 stocks in the S&P 500 whose prices rose the most in 2023:

Company	Ticker	2023 price change	2022 price change	Price change since end of 2021	Forward P/E	Forward P/E at end of 2022	Forward P/E at end of 2021
Nvidia Corp.	NVDA,	239%	-50%	68%	24.9	34.4	58.0
Meta Platforms Inc. Class A	META, -1.22%	194%	-64%	5%	20.2	14.7	23.5
Royal Caribbean Group	RCL, -0.37%	162%	-36%	68%	14.3	14.9	232.4
Builders FirstSource Inc.	BLDR, -1.02%	157%	-24%	95%	14.2	10.7	13.3
Uber Technologies Inc.	UBER, -2.49%	149%	-41%	47%	56.9	N/A	N/A
Carnival Corp.	CCL, -0.70%	130%	-60%	-8%	18.7	41.3	N/A
Advanced Micro Devices Inc.	AMD, -0.91%	128%	-55%	2%	39.7	17.7	43.1
PulteGroup Inc.	PHM, -0.26%	127%	-20%	81%	9.1	6.3	6.2
Palo Alto Networks Inc.	PANW, -0.24%	111%	-25%	59%	50.2	38.0	70.1
Tesla Inc.	TSLA, -1.86%	102%	-65%	-29%	66.2	22.3	120.3
Broadcom Inc.	AVGO, -0.55%	100%	-16%	68%	23.2	13.6	19.8
Salesforce Inc.	CRM, -0.92%	98%	-48%	4%	28.0	23.8	53.5
Fair Isaac Corp.	FICO, -0.46%	94%	38%	168%	47.1	29.3	28.7
Arista Networks Inc.	ANET, -0.62%	94%	-16%	64%	32.7	22.3	41.4
Intel Corp.	INTC, -0.28%	90%	-49%	-2%	26.6	14.6	13.9
Jabil Inc.	JBL, -0.45%	87%	-3%	81%	13.5	7.9	10.3
Lam Research Corp.	LRCX, -0.81%	86%	-42%	9%	25.2	13.5	20.2
ServiceNow Inc.	NOW, +0.57%	82%	-40%	9%	56.0	42.6	90.1
Amazon.com Inc.	AMZN, -0.94%	81%	-50%	-9%	42.0	46.7	64.9
Monolithic Power Systems Inc.	MPWR, -0.23%	78%	-28%	28%	49.1	27.3	57.9
Source: FactSet

Click on the tickers for more about each company.

Don’t miss: Nvidia tops list of Wall Street’s 20 favorite stocks for 2024

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December 30, 2023

GE's stock has its best year on record ahead of final breakup

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General Electric Co. has saved its best year for its last.

At the beginning of the second quarter, GE’s power and renewable-energy business will be spun off as GE Vernova, while its remaining business will be relaunched as GE Aerospace. That follows the conglomerate’s separation of GE HealthCare Technologies Inc.
GEHC,
-0.28%
in December 2022.

But rather than mourn the final breakup of the 150-year old company, which was co-founded by Thomas Edison, Wall Street cheered like it never had before.

GE’s stock
GE,
-0.54%
has rocketed 95.1% in 2023 as of afternoon trading Friday. That would be by far the stock’s best year on record, based on available data going back to 1972, according to Dow Jones Market Data. The next best year was 1982, when it gained 65.4%. In comparison, the S&P 500 index
SPX
has rallied 24.2% this year.

Read: GE stock sees biggest rally in more than 2 years after a big earnings beat, raised outlook.

As good as the stock’s performance has been leading up to the breakup, most analysts feel like investors still have more to gain. Keep in mind that in many cases, a company’s parts are worth more individually than they are valued as part of a whole.

Wells Fargo’s Matthew Akers has a pre-breakup target of $144 on GE’s stock, which implies about 13% upside from current levels.

“GE combines an attractive business with high aftermarket mix, solid management team with a clean balance sheet, L-T margin upside and built-in catalyst with the Vernova spin in early Q2,” Akers wrote.

J.P. Morgan’s Seth Seifman said he believes the combined equity values of GE Vernova and GE Aerospace, when including the company’s equity stake in GE HealthCare, is about $149 billion. That compares with GE’s current market capitalization of about $139 billion.

Of the 18 analysts surveyed by FactSet who cover GE, 12 are bullish and six are neutral, while there are no bears. And the average price target is $139.23, or about 9% above current levels.

GE’s 2023 marks the culmination of a five-year turnaround for the stock engineered by current Chief Executive Larry Culp, who will remain as CEO of GE Aerospace.

GE’s stock has nearly tripled in the five years that Larry Culp has been CEO, outperforming the S&P 500 by a wide margin.

General Electric Co.

The stock had suffered its worst year ever in 2018, plunging 56.6%, just after it had its fourth-worst year in 2017, when it suffered a 44.8% decline.

Things got so bad for GE that it got booted from the Dow Jones Industrial Average
DJIA
in June 2018, ending a record 111-year run in the blue-chip barometer.

Culp was named CEO in October 2018. During his tenure, GE’s stock has had only two down years. It fell 3.2% in 2020 as the COVID-19 pandemic wreaked havoc on the aerospace business, and slumped 11.3% in 2022 as spiking inflation and interest rates fueled fears that a recession was on the horizon.

But since the end of 2018, GE’s stock has climbed 181%, while the S&P 500 has rallied 90% and the Dow has gained 61%.

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December 29, 2023

Intel Rallied 91% This Year. Expect Higher Highs in 2024.

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What a strange year 2023 was for Intel.

Continue reading this article with a Barron’s subscription.

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December 29, 2023

Intel, Tesla, Apple, Iovance, NetEase, Coherus BioSciences, and More Stock Market Movers

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Updated Dec 27, 2023, 7:34 am EST / Original Dec 27, 2023, 4:26 am EST

Stock futures traded slightly lower Wednesday after the S&P 500 finished higher Tuesday and just 0.45% below its record close of 4,796.56 hit Jan. 3, 2022. The broad market index has risen 24% this year and has gained 4.5% this month as traders bet the Federal Reserve will begin cutting interest rates as soon as March.

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December 27, 2023

Dow lands second-highest close ever as stocks build on eight-week winning streak

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U.S. stocks closed higher Tuesday, building on a streak of eight straight weekly gains as the final, holiday-shortened week of 2023 got under way.

What happened

On Friday, stocks finished a choppy pre-holiday trading session mostly higher, with the S&P 500, Dow and Nasdaq each scoring an eighth straight weekly gain. The S&P 500 finished 0.9% away from its record close of 4,796.56, set on Jan. 3, 2022.

Read:…

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December 26, 2023

Synopsys and Ansys in talks to merge: report

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Shares of Ansys Inc. soared 18% in trading Friday on reports the company is in discussions to be acquired by Synopsys Inc. in a deal that would create a design-software behemoth.

The potential deal would kick off 2024 with a mega-merger, even as the Federal Trade Commission attempts to crack down on such transactions. Talks remain fluid and a third party might still emerge as a possible suitor of Ansys, according to a Wall Street Journal report, which cited people familiar with the situation.

Ansys
ANSS,
+18.08%,
which has a market value of nearly $26.3 billion, makes software that helps predict how products in aerospace, healthcare and automotive applications will work in the real world. A deal could be struck early in 2024, according to people familiar with the matter. Ansys reported revenue of $2.1 billion in 2022.

Synopsys
SNPS,
-6.34%,
with a market value of $85.1 billion, makes software that engineers use to design and test silicon chips used in smartphones, self-driving cars and other forms of artificial intelligence. Its stock has climbed 65% this year as investors have hopped on the AI bandwagon boom. Shares of Synopsys dipped 6% in late trading Friday.

Synopsys’s customers include Nvidia Corp.
NVDA,
-0.33%,
Intel Corp.
INTC,
+1.95%
and Advanced Micro Devices Inc.
AMD,
-0.22%.

Representatives from Synopsys and Ansys were not immediately available for comment.

Should the companies strike a merger, it would offer a fresh test for the FTC and its chair, Lina Khan, who have opposed large tech mergers and acquisitions. The agency unsuccessfully sued Facebook parent Meta Platforms Inc.
META,
-0.20%
in its pursuit of VR developer Within, as well as Microsoft Corp.’s
MSFT,
+0.28%
$69 billion purchase of Activision Blizzard Inc.

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December 22, 2023

U.S. stocks struggle to resume climb as Dow edges higher after notching 5th straight record close

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U.S. stock indexes were higher on Wednesday as Wall Street tried to build on their year-end rally with a fresh record in sight for the S&P 500 index.

How are stock indexes trading

The S&P 500
SPX
was inching up 3 points, leaving it nearly flat, at 4,771
The Dow Jones Industrial Average
DJIA
was rising 15 points, leaving it nearly flat, at 37,570
The Nasdaq Composite
COMP
was edging up 35 points, or 0.2%, to 15,038

On Tuesday, the Dow booked a fifth straight record close, while the S&P 500 rose and the Nasdaq extended its winning streak to a ninth day.

What’s driving markets

U.S. stocks were edging higher on Wednesday with the S&P 500 less than 1% shy of the all-time closing high of 4796.56 it recorded at the start of January 2022, while the Dow industrials and Nasdaq were struggling to extend their nine consecutive daily gains.

The Wall Street large-cap benchmark S&P 500 has jumped 24.3% this year, partially powered by hopes that the U.S. economy has not been too badly damaged by the Federal Reserve’s ratcheting up of interest rates to cool inflation.

The latest leg of the rally reflects hopes that with inflation back down to 3.1%, the central bank will begin quickly trimming borrowing costs next year. Not even an concerted effort by Fed officials to counter the market’s rate-cut optimism has damped trader’s ardor.

This dismissal of less-dovish Fedspeak has left some observers bemused.

“Investors are dreaming of aggressive rate cuts in an environment of strong economic growth, and that is not the right recipe for easing inflation and keeping it sufficiently low,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “The robust economic data and high earnings expectations are not compatible with a dovish Fed,” she said.

See: Why the 60-40 portfolio is poised to make a comeback in 2024

Perhaps the current bullishness is also reflective of seasonal trends, with optimism about a festive bounce underpinning stocks. The “Santa Claus Rally” period stretches from the last five trading days of the year and first two trading days of the new year, according to the Stock Trader’s Almanac.

Since 1950, the S&P 500 has averaged a gain of 1.32% and closed higher 78.1% of the time over that period, according to Dow Jones Market Data.

SOURCE: DOW JONES MARKET DATA

In U.S. economic data, existing-home sales rose 0.8% in November to 3.82 million, the National Association of Realtors said on Wednesday. Sales of previously owned homes unexpectedly inched up last month, snapping a five-month slump as easing mortgage rates encouraged some U.S. homebuyers.

Meanwhile, U.S. consumer confidence index rose to 110 in December, up from a downwardly revised 101 in the previous month, the Conference Board said Wednesday.

“The consumer is feeling pretty well as rates move lower, employers add to their payroll, and income expectations improve,” said Jeffrey J. Roach, chief economist at LPL Financial. “So far, investors have a green light as they merge into the new year.”

That said, investors will continue seeking guidance from more economic data due later this week that may provide more clarity on the Fed’s interest-rate path in 2024. A revision of third-quarter GDP print is expected on Thursday morning, followed by Friday’s personal consumption expenditure (PCE) inflation report — the Fed’s preferred inflation gauge.

Companies in focus

Shares of Alphabet Inc.
GOOGL,
+2.82%
were jumping 3.3% on Wednesday following a report that said its Google unit plans to reorganize a large part of its advertising sales unit.
Shares of FedEx Corp.
FDX,
-10.56%
were slumping 11% after the package-delivery giant trimmed its full-year sales forecast, amid continued concerns about subdued shipping demand through the peak holiday season.
Shares of General Mills Inc.
GIS,
-2.26%
were off 2.8% after the consumer-foods company reported fiscal second-quarter profit that beat expectations, while revenue missed and the full-year outlook as consumers continue “stronger-than-expected value-seeking behaviors.”
Toro Corp.’s stock
TORO,
-2.15%
was down 2.2% despite the lawn mower company’s fourth-quarter profit and revenue beat analyst estimates.

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December 20, 2023

Alphabet, Heico, Bluebird Bio, Plug Power, UBS, FedEx, and More Stock Market Movers

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Dec 19, 2023, 4:31 am EST

Stock futures traded flat Tuesday, a day after the S&P 500 finished up 0.5% and moved closer to its all-time. The broad market index stands just 1.2% below its record of 4,796.56 reached in early January 2022.

Continue reading this article with a Barron’s subscription.

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December 19, 2023

Broadcom now ranks among 10 largest U.S. companies after big 2023 stock gains

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Nvidia Corp. has catapulted up the list of the most valuable U.S. companies this year, rising eight spots from the end of last year to sit in the fifth position with a market capitalization of $1.2 trillion.

But other chip companies have seen their positions rise even more. Just look at Broadcom Inc.
AVGO,
+2.10%,
which has climbed 16 spots over the course of 2023 and on Friday cracked the top 10 for the first time, according to Dow Jones Market Data. Broadcom eclipsed Visa Inc.
V,
-0.27%
at Friday’s close to take the No. 10 spot, with a valuation of $527.7 billion.

Read: Could Nvidia’s stock — up 231% this year — actually be a bargain?

Admittedly, Broadcom had some help along the way. The company acquired VMware in late November, and its market capitalization gained about $50 billion at the close of the transaction, according to FactSet data.

But Broadcom’s ascent also reflects how chip stocks have gotten more shine this year amid the artificial-intelligence frenzy. Broadcom’s stock has doubled so far in 2023.

Mizuho desk-based analyst Jordan Klein expects “an order acceleration in networking silicon for AI clusters” in the second half of 2024, as calendar year 2025 could bring a big year of capital-expenditure investments in AI for ethernet back-end high-speed connections.

Broadcom “is the KEY WINNER in that investment cycle as the arms dealer to all networking OEMs,” or original equipment manufacturers, wrote Klein, who’s associated with Mizuho’s sales team and not its research arm.

Advanced Micro Devices Inc.
AMD,
+0.83%
has also seen a nice march up the charts, rising 48 spots so far in 2023 to rank 30th in terms of market cap. AMD was valued at $223.9 billion as of Friday’s close.

“We view AMD as well-positioned to gain incremental share of the hugely profitable $100 billion-plus accelerator market while continuing to make progress in server [central processing units] against incumbent [Intel],” BofA Securities analyst Vivek Arya wrote in a recent upgrade.

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December 15, 2023

S&P 500's year-end rally lifts 51 stocks to a record close

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It has been a record day for 10% of the S&P 500.

A group of 51 stocks in the benchmark equity index swept to record finishes on Tuesday, the most since April 20, 2022, according to a tally from Dow Jones Market Data.

It was a record day for 51 stocks in the S&P 500.

Dow Jones Market Data

Stocks that logged a record close on Tuesday included Allstate Corp
ALL,
+0.90%,
Costco Wholesale
COST,
+0.90%,
D.R. Horton, Inc.
DHI,
+0.65%,
Mastercard
MA,
+1.21%,
T-Mobile US Inc.,
TMUS,
+1.00%
Visa Inc.
V,
+1.19%
and Waste Management Inc.,
WM,
+1.85%
among others.

Equities have been in a year-end rally mode, driven higher by tumbling benchmark yields that finance much of the U.S. economy and expectations of coming interest-rate cuts.

The 10-year Treasury rate
BX:TMUBMUSD10Y
fell to 4.2% on Tuesday from a high of about 5% in October.

The Dow Jones Industrial Average
DJIA
on Tuesday ended at its third-highest level on record, while the S&P 500 index
SPX
and Nasdaq Composite Index
COMP
added to a string of new closing highs for 2023. The Dow finished 0.6% away from its record close logged almost two years ago, while the S&P 500 was only 3.2% below its close from the same period, according to Dow Jones Market Data.

The push higher for stocks followed inflation data for November that showed price pressures continued to ease from peak levels, but still were above the Fed’s 2% annual target.

The consumer-price index pegged the annual rate of inflation at 3.1%, down from 3.2% in October, with the “last mile” of inflation expected to be the hardest part to tame.

Investors now will be focused on Wednesday’s Federal Reserve decision. Short-term interest rates are expected to remain unchanged at a 22-year high, but the central bank is expected to update its “dot plot” forecast of rates over a longer time horizon.

“Although the market will focus on the timing of rate cuts, we suspect Chair Powell will be keen to strike notes of caution to avoid financial conditions easing too much further to ensure the Fed continues to see encouraging progress on inflation,” said Emin Hajiyev, senior economist at Insight Investment, in emailed comments.

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December 12, 2023

AMD Stock Is More Expensive Than Nvidia. That Makes No Sense.

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Advanced Micro Devices is on a roll this week, with its shares marching higher since the chip maker revealed ambitious plans to push into artificial intelligence. Investors looking to dive in best be warned: the stock now looks more expensive than Nvidia.

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December 8, 2023

Airbus Gets Order From Cathay Pacific for Six A350F Aircraft Worth $2.7 Bln

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By Adria Calatayud

Airbus and Hong Kong’s Cathay Pacific Airways have signed a purchase agreement for six A350F freighter aircraft with a basic price of $2.71 billion before price concessions, the companies said Friday.

Cathay said Airbus granted it significant price concessions which might be used toward the payment of the aircraft. The basic price comprises prices for airframe, optional features and engine, Cathay said.

The aircraft, expected to be delivered by the end of 2029, will expand Cathay’s cargo fleet capacity and will mainly serve long-haul destinations in North America, South America and Europe, it said.

Airbus said the A350F can carry a payload of up to 111 metric tons and can fly up to 4,700 nautical miles, or 8,700 kilometers.

Write to Adria Calatayud at adria.calatayud@dowjones.com

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Europe Swears Off Russian Gas. The Unexpected Price.

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Europe Swears Off Russian Gas. The Unexpected Price.

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Broadcom logs earnings beat, but chip stock edges lower

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Broadcom Inc. topped profit expectations for its latest quarter, but shares of the chip company were falling in Thursday’s aftermarket action.

The company recorded fiscal fourth-quarter net income of $3.5 billion, or $8.25 a share, whereas it posted net income of $3.3 billion, or $7.83 a share, in the year-earlier period.

On an adjusted basis, Broadcom
AVGO,
+2.06%
earned $11.06 a share, up from $10.45 a share a year before, while analysts tracked by FactSet were modeling $10.96 a share.

Revenue increased to $9.30 billion from $8.93 billion, while the FactSet consensus was for $9.28 billion. Broadcom generated $7.33 billion in revenue from semiconductor solutions, up 3%, along with $1.97 billion in revenue from infrastructure solutions, up 7%.

Results were “driven by investments in accelerators and network connectivity for AI by hyperscalers,” Chief Executive Hock Tan said in a release.

Broadcom’s stock was off about 2% in Thursday’s extended session.

For the new fiscal year, Broadcom anticipates $50 billion in revenue, when including contributions from the recently closed acquisition of VMware that may not be fully reflected in consensus estimates. The company also expects adjusted earnings before interest, taxes, depreciation and amortization to be about 60% of projected revenue; it was 65% of revenue in the most recent fiscal year.

The company expects its semiconductor segment to sustain a mid- to high-single-digit revenue growth rate in fiscal 2024.

Opinion: AMD is poised for huge AI growth in 2024 and the stock market is paying attention

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Read: Nvidia and Microsoft CEOs say industrial companies will benefit most from AI. Here are stocks to put on your watch list.

AMD wins high praise for AI advancements as its stock soars 6%

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While Advanced Micro Devices Inc. shares didn’t enjoy a Wednesday bump during the company’s artificial-intelligence event, they were rallying sharply Thursday as analysts reflected on the chip maker’s presentation.

Chief Executive Lisa Su and her team “put together one of the most impressive new product event/launches by our reckoning in the last decade, perhaps ever,” Rosenblatt Securities analyst Hans Mosesmann wrote in a note to clients.

The launch of AMD’s
AMD,
+7.09%
MI300X AI/graphics-processing-unit accelerator “was not just a speeds and feeds geek fest (it was that for sure, with AMD claiming superiority in AI inferencing), but an industry movement coalescing around the concept of ‘open’ sourced technologies are preferred (demanded really), to address the insanely fast/accelerating life-changing thing that AI has become,” Mosesmann continued.

Opinion: AMD’s new products represent the first real threat to Nvidia’s AI dominance

He was also impressed by the company’s talk of its software platform ROCm, which he thinks is catching up to Nvidia Corp.’s
NVDA,
+1.54%
CUDA.

“Of course, Nvidia is not going away, and we are quite sure will remain the dominant AI player for years to come but AMD we feel made the case yesterday that they will be an important AI innovator on a secular basis,” Mosesmann noted, as he kept his outperform rating and $200 target price on the stock.

AMD shares were up 6% in Thursday morning trading.

Baird’s Tristan Gerra was also impressed.

“Rapidly unfolding hyperscaler engagements, highly competitive AI architecture specs, along with accelerated new product roadmap, bode well for share gains and continued acceleration in AI-related revenue for AMD beyond 2024, while faster-than-expected rate of adoption so far could potentially drive upside in the AI revenue outlook for 2024, in our view,” he wrote.

Gerra also sees the potential for “high-volume deployments,” thanks to the “significant software milestones” AMD is showing. He rates the stock at outperform with a $125 target price.

TD Cowen’s Matthew Ramsay said that AMD’s event reinforced his belief that the company “is well positioned to meaningfully participate” in the large total addressable market for AI accelerators.

The company called out Microsoft Corp.
MSFT,
-0.01%,
Meta Platforms Inc.
META,
+2.41%
and Oracle Corp.
ORCL,
-0.08%
as customers, announcements that were “strong” but not “surprising,” in Ramsay’s view.

“We remain encouraged that AMD is making an impressive case (and is getting customer support) to provide adaptive computing solutions for both training and inference in increasingly large [generative-AI] infrastructure builds,” he wrote. “We believe this signifies a strong AI strategy of delivering a broad portfolio of [central processing unit], GPU, and [field-programmable gate array] assets, with open software that enables easily deployed AI workloads while leveraging the company’s existing partnerships to accelerate its AI ramps at-scale.”

Ramsay has an outperform rating and $130 target price on AMD shares.

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Nikki Haley says GOP rivals are 'just jealous' about her corporate supporters

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Republican presidential hopeful Nikki Haley pushed back when pressed at Wednesday’s primary debate on whether she’s too tight with billionaires and corporate interests, saying those supporters won’t affect her stances on key issues.

“When it comes to these corporate people that want to suddenly support us, we’ll take it, but I don’t ask them what their policies are. They ask me what my policies are, and I tell them,” said Haley, a former ambassador to the U.N. and former South Carolina governor.

“Sometimes they agree with me, sometimes they don’t,” she added. “Some don’t like how tough I am on China. Some don’t like the fact that I’ve signed pro-life bills. Some don’t like the fact that I may oppose corporate bailouts.”

Also see: Republican debate: Chris Christie says Trump’s China tariffs helped drive inflation

GOP rival Vivek Ramaswamy attacked Haley over her time on Boeing’s
BA,
+1.17%
board of directors and the money she’s received from Silicon Valley billionaire Reid Hoffman.

“Nikki, you were bankrupt when you left the U.N.,” the entrepreneur said. “Now you’re a multimillionaire. That math does not add up. It adds up to the fact that you are corrupt.”

Florida Gov. Ron DeSantis criticized her as well, saying: “These Wall Street liberal donors, they make money in China. They are not going to let her be tough on China, and she will cave to the donors.”

Presidential hopeful Vivek Ramaswamy holds up a sign that accuses rival Nikki Haley of being corrupt as he speaks during the fourth Republican presidential primary debate at the University of Alabama in Tuscaloosa.

AFP via Getty Images

Haley, meanwhile, said she wasn’t bankrupt after her stint as ambassador, but rather she and her husband had been in public service. She also spoke highly of Boeing, but noted she left the airplane maker’s board because she didn’t support its efforts to get a bailout during the COVID-19 pandemic.

“In terms of these donors that are supporting me, they’re just jealous,” Haley added, referring to DeSantis and Ramaswamy. “They wish that they were supporting them.”

The comments came Wednesday night at the 2024 Republican presidential primary’s fourth debate, held at the University of Alabama. Besides DeSantis, Haley and Ramaswamy, former New Jersey Gov. Chris Christie also took part in the clash.

The primary’s frontrunner, former President Donald Trump, skipped the debate, just as he steered clear of the previous three.

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Read: Congress returns to face big to-do list: Israel and Ukraine aid, possible border or tax deals, and more

December 6, 2023

George Santos expelled from Congress in House vote. Here's what comes next.

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Rep. George Santos on Friday was expelled from Congress in an historic vote, following a congressional panel’s findings of substantial evidence of lawbreaking by the New York Republican.

Santos becomes just the sixth lawmaker in U.S. history to be expelled, a move that takes two-thirds of the House of Representatives. The vote was 311-114, with 105 Republicans joining 206 Democrats to remove him.

New York Gov. Kathy Hochul, a Democrat, will have 10 days to schedule a special election for the seat, according to state law.

That contest could result in Democrats picking up another seat in the narrowly divided House, which Republicans now control with 222 members to Democrats’ 213. The nonpartisan Cook Political Report rates the seat “Lean Democrat.”

A simple majority, or 218 members when no seats are vacant, is required to pass most House legislation.

Santos earlier this month said he would not run for re-election in the wake of a House Ethics panel report. That report said the congressman caused his campaign committee to file false or incomplete reports with the Federal Election Commission, and used campaign funds for personal purposes including Botox treatments and luxury goods.

Now see: George Santos won’t run for re-election after ethics panel finds ‘substantial evidence’ of lawbreaking

The expulsion vote came amid a busy post-Thanksgiving period for Congress, with lawmakers debating President Joe Biden’s $106 billion funding request that includes wartime aid for Israel and Ukraine. Biden is trying to sweeten his pitch for aid for Ukraine by mixing in $14 billion for securing the U.S. southern border in the hope that it will bring more Republicans on board.

See: Congress returns to face big to-do list: Israel and Ukraine aid, possible border or tax deals, and more

Santos on Thursday remained defiant in the face of the looming vote, criticizing his House colleagues and saying he’s watched them “waste the American people’s time over and over again.”

“This will haunt them in the future where mere allegations are sufficient to have members removed from Congress when duly elected by their people in their respective states and districts,” he said at a news conference on Capitol Hill.

It will be up to local party leaders to select special-election candidates. On the Democratic side, former Rep. Tom Suozzi and former state senator Anna Kaplan have announced bids; while Republicans Mazi Melesa Pilip, a Nassau County legislator, and former J.P. Morgan executive Kellen Curry are potential picks for their party, according to Semafor.

Santos is separately facing charges he stole the identities of donors to his campaign and then used their credit cards to ring up tens of thousands of dollars in unauthorized charges.

Read: Rep. George Santos faces new charges alleging he stole donor IDs, made unauthorized credit-card charges

Expulsion is the sternest form of punishment and has occurred just five times in the history of the House — three times during the Civil War for disloyalty to the Union and twice after convictions on federal charges, most recently in 2002.

Two Democrats — Bobby Scott of Virginia and Nikema Williams of Georgia — voted against expelling Santos, while two other Democrats — Jonathan Jackson of Illinois and Al Green of Texas — voted present.

House Speaker Mike Johnson, a Louisiana Republican, said Santos should not be expelled before a criminal case against him is resolved. Johnson and the three other top House GOP leaders voted for Santos to remain in Congress.

Victor Reklaitis and the Associated Press contributed

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December 1, 2023

The Cost of Doing Business With China? A $40,000 Dinner With Xi Jinping Might Be Just the Start

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Updated Nov. 28, 2023 12:54 am ET

Broadcom Chief Executive Hock Tan shelled out $40,000 to sit at Xi Jinping’s table for the Chinese leader’s recent dinner in San Francisco with the heads of American businesses. Tan had a lot more at stake—a $69 billion deal he was waiting on China to approve.

For months, Chinese regulators wouldn’t clear the U.S. chipmaker’s bid to buy enterprise software developer VMware, leading Broadcom to put off its date for completion of the deal—first announced in May 2022—three times. Beijing had held up previous mergers involving U.S. companies. Intel’s planned acquisition of Israeli firm Tower Semiconductor, for more than $5 billion, was scuttled in August after Chinese regulators failed to approve it.

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November 27, 2023

Congress returns to face big to-do list: Israel and Ukraine aid, possible border or tax deals, and more

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Both the House and Senate are due to get back to work this week after their Thanksgiving break, and lawmakers have a lot on their plates.

A divided Washington put off the threat of a partial government shutdown until mid-January by enacting a short-term spending bill in mid-November, but the measure didn’t address President Joe Biden’s $106 billion funding request that includes wartime aid for Israel and Ukraine.

So…

Master your money.

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