China’s Huawei Develops New AI Chip to Rival Nvidia

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• 00:03

  China's Huawei develops a new AI chip designed to go toe-to-toe with NVIDIA.

• 00:08

  Plus,

• 00:09

  Canadians head to the polls in an election dominated by threats from Washington and how one Ohio City,

• 00:16

  population 265,000, became America's housing goldmine.

• 00:22

  With home prices at sky-high levels in many markets,

• 00:26

  relatively low-priced pockets of America, like Toledo, are seeing a lot more elevated interest.

• 00:31

  It is one of the sort of hidden gems of housing affordability.

• 00:35

  It's Monday, April 28th.

• 00:37

  I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News,

• 00:41

  the top headlines and business stories moving your world today.

• 00:49

  It's almost time for the culmination of earnings season as Microsoft, Meta,

• 00:53

  Amazon, and Apple prepare to report quarterly results in the coming days.

• 00:58

  Along with Alphabet, Nvidia, and Tesla,

• 01:00

  those magnificent seven tech stocks were largely responsible for lifting stocks out of the 2022 bear market,

• 01:07

  but currently they find themselves in a very different situation.

• 01:10

  So far this year, they've collectively shed $2.5 trillion in market value,

• 01:16

  with each falling more than 6 percent, and their earnings dominance is expected to diminish.

• 01:21

  According to analysts polled by FactSet,

• 01:24

  the MAG-7 are on pace for just 16 percent profit growth this year, down from about 37 last year.

• 01:32

  Microsoft and Meta's results are due on Wednesday, with Amazon and Apple following on Thursday.

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