Tech, Media & Telecom Roundup: Market Talk

Apple has appointed Meta's Newstead as its new general counsel, a move that comes amid significant executive changes within the company. This transition reflects Apple's ongoing efforts to strengthen its leadership team in response to evolving market dynamics.

Meta is reportedly planning to reduce its metaverse spending by up to 30% as CEO Mark Zuckerberg shifts the company's focus towards artificial intelligence initiatives. This decision reflects a significant strategic pivot in response to evolving market conditions and internal assessments of project viability.

Meta has announced a significant reduction in resources allocated to its metaverse initiatives, with CEO Mark Zuckerberg indicating that the savings will be redirected towards other futuristic projects within Reality Labs. This decision marks a strategic shift in the company's focus amid evolving market conditions.

DA Davidson has maintained its stock price target for Snowflake at $300 following the company's strong earnings report, which indicated a positive financial performance despite some concerns regarding future revenue guidance. This decision reflects confidence in Snowflake's operational strategies and market position.

US stocks experienced small gains on Thursday, buoyed by stronger-than-expected jobs data, which did not alter expectations for a Federal Reserve rate cut next week. Meta's stock surged due to budget cuts, reflecting a positive response from investors.

US equity futures are maintaining gains as discussions arise regarding Treasury Secretary Scott Bessent potentially leading the National Economic Council alongside his current role, contingent on President Trump's expected nomination of Kevin Hassett as the next Federal Reserve chair. This development comes amid ongoing labor market data analysis.

Lawmakers, including Senator Elizabeth Warren, are pressing major companies like Nvidia, Apple, and Meta regarding potential donations made to Donald Trump's ballroom events, questioning whether these contributions were made in exchange for favorable treatment from the former administration.

Snowflake's product revenue outlook has fallen short of investor expectations, leading to a decline in its share price. The company's recent earnings report indicated that while it surpassed estimates, the guidance provided did not align with the ambitious targets set by investors, resulting in negative market sentiment.