Nvidia’s new chip, GameStop soars

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

OPEC+ extends cuts
OPEC and it allies agreed to extend official crude production cuts into 2025 amid lackluster demand. A smaller group from the alliance, including Saudi Arabia and Russia, will also extend voluntary cuts of 1.7 million barrels per day. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said OPEC+ wants concrete rate cuts before factoring in the potential impact on energy demand. Separately, oil giant Saudi Aramco began a massive share sale to raise around $12 billion to fund the country’s continued attempts to diversify its economy.

New AI chip Rubin
Nvidia unveiled its next generation artificial intelligence chip, Rubin, a mere three months after launching its Blackwell model. This accelerated pace of development comes as competition intensifies from AMD and Intel and tech giants like Microsoft, Google and Amazon invest in their own AI chip designs. Rubin, slated for a 2026 rollout, will feature new graphics processing units, central processing units and networking chips.

Dow posts best day in 2024
The Dow Jones Industrial Average was up more than 550 points after the Federal Reserve’s preferred inflation measure cooled. Salesforce and UnitedHealth gave the Dow the upward momentum. The S&P 500 added 0.8%, while the Nasdaq Composite ticked lower as Nvidia and Tesla declined. The S&P 500 and the Nasdaq posted losses for the week, ending a five-week winning streak. For the month, the Dow was up 2.3%, the S&P gained 4.8% and Nasdaq climbed 6.8%. With inflation matching economists expectations, the yield on the 10-year Treasury dipped to 4.501%. 

GameStop soars, again
Shares of GameStop jumped more than 19% on Robinhood’s 24-hour exchange Sunday evening on speculation that Keith Gill could have taken a huge position in the video game retailer. Gill, who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube and X, reappeared Sunday night, posting a screenshot of his account holding 5 million shares of GameStop worth $115.7 million as of Friday’s close. The post was not independently verified by CNBC.

Kospi soars on oil discovery
South Korea’s Kospi rose 1.8% after President Yoon Suk Yeol announced there was potentially a massive oil and gas reserve off the east coast that could meet the country’s gas demand for 29 years and oil demand for four years. Hong Kong’s Hang Seng jumped 2.32% after a private survey showed China’s manufacturing activity expanded at its fastest pace in nearly two years. Mainland China’s CSI 300 index inched lower, down 0.14%, after briefly turning positive on the data. Japan’s Nikkei 225 rose…