Squawk on the Street
Quantum Stocks Take a Hit, Palantir's Pullback, California Wildfires 01/08/25
Jan 8, 2025
Quantum computing stocks are experiencing a significant drop after comments from Nvidia's CEO at CES, despite some still soaring over 1,000% in the past year. Palantir continues its downward trend post-record highs. Meanwhile, California wildfires are forcing thousands to evacuate, disrupting lives and impacting market reactions. The discussion also covers rising inflation, interest rates, and notable downgrades of major companies, highlighting the tensions and dynamics currently shaping the financial landscape.
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Quick takeaways
- Quantum computing stocks are in decline due to NVIDIA's CEO highlighting a 20-30 year timeline for practical applications, sparking investor concerns.
- California is grappling with severe wildfires prompting mass evacuations, exacerbated by extreme weather conditions and the challenge of firefighting resources.
Deep dives
Impact of Wildfires in California
California is experiencing unprecedented wildfires, forcing tens of thousands to evacuate as flames engulf large areas, with reports of extreme wind gusts reaching up to 100 miles per hour. Firefighters are struggling to contain the situation due to the dry and windy conditions, which are exacerbated by a lack of rain for nearly nine months. The devastation includes the destruction of homes and buildings, making the task of firefighting more difficult. The emergency response relies heavily on aerial support, which is hindered by the severe weather conditions.
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