Market Round Up: Chips Ahoy 👋 RBS Doomsday prepping 💀
1. Chips Ahoy
And no, we’re not talking cookies – we’re talking tech! PC chip-maker Intel, rose above the competition in the tech sector with better than expected performance and Q4 earnings forecasts.
A tough few days of earnings results for chip-producers and tech stocks, driven by a decrease in the popularity of the graphics chips used in crypto ‘mining’ has left the tech sector in a world of hurt with Microsoft and Intel being some of the few survivors.
Crypto ‘miners’ create crypto at light-speed with rooms full of servers and push it into the market where it is then traded.
One of the top ‘mining’ chip producers, Nvidia, was not so lucky, losing almost 25% of its share price since the start of October – erasing most of the promising gains it made since the start of 2018 thanks to the crypto revolution.
The bumpy road ahead is full of potholes, let’s hope more good news can bring some stability to the tech sector in the weeks leading up to the holiday season.
2. RBS doomsday prepping
The Royal Bank of Scotland announced on Friday that it has put away $128 million (£100 million) to counter any economic uncertainties that may arise from the impending Brexit bug-out.
Their evacuation plan, hatched over the summer period, includes the moving of 150 staff members to a new European headquarters in the Netherlands – just out of the Brexit blast zone.
RBS posted lower than expected earnings amidst a “highly competitive market and an uncertain economic outlook,” said CEO Ross McEwan. Strong selling ensued as the news broke, dragging prices to a 52 low.
Let’s hope that $128 million is the magic number for surviving the Brexit fallout!