Apple loses EU case, Oracle stock jumps, Nvidia's market influence

Apple (AAPL) faces a major setback as the European Union’s top court ordered the tech giant to pay nearly 13 billion euros ($14 billion) in back taxes to Ireland. This ruling comes just hours after Apple's launch of its new iPhone 16 lineup.

Meanwhile, Oracle (ORCL) shares are higher after reporting first quarter earnings that topped investor expectations on both the top and bottom line.

Citigroup head of US equity strategy Scott Chronert shares his market insights as the tech-heavy S&P 500 may be moving away from Nvidia's (NVDA) influence as a leader in the AI chip trade.