In early 1984, I entered the Forbes building on lower Fifth Avenue in Manhattan for the first time, and I was scared. Forbes broke landmark stories on securities fraud, the burgeoning takeover movement, Michael Milken’s junk bond empire, and a brash New York real estate developer who claimed to be richer than he actually was. The much-feared top editor was Jim Michaels, one of a generation of newsroom tyrants who were The Devil Wears Prada of their time, but in black brogues, not stiletto heels.
Semiconductor giant Advanced Micro Devices (NASDAQ: AMD) stock is up a solid 5.7% as of 2:05 p.m. ET Monday — the first trading day after the Christmas break. All year long, companies that build things that need semiconductors to run them — which, at this point in history, means everything from PCs to cellphones to cars to kids’ toys — have struggled to get enough semiconductors to manufacture all the products that their customers want to buy. On the one hand, constrained chip supplies mean semiconductor makers can charge more money for their chips — but only if they have enough manufacturing capacity to make those chips in the first place.
Apple (NASDAQ: AAPL) shareholders beat the market on Monday as the stock rose 2% by 3:30 p.m. ET compared with a 1% rise in the S&P 500. Apple stock participated in a rally for tech giants that included well-known growth names like Meta Platforms, Nvidia, and Tesla, which all beat the market on Monday. The tech-heavy Nasdaq index was up 1.2% by late Monday compared with a 1.1% boost in the S&P 500.
On Dec. 16, high-end electric pickup and SUV maker Rivian Automotive (NASDAQ: RIVN) reported its first-ever quarterly results since going public through its recent IPO. The company delivered 11 electric vehicles (EVs) in total during the third quarter of 2021, bringing in approximately $1 million in revenue. Meanwhile, its market capitalization (market cap) was a princely $100 billion at the time of the quarterly release.