In 1985, Steve Jobs was fired from Apple, the company he co-founded, only to return in 1997 and lead it from near bankruptcy to unprecedented success.
After a power struggle with then-CEO John Sculley, Jobs was ousted and spent the next decade founding NeXT and acquiring Pixar. Meanwhile, Apple struggled with declining sales and strategic missteps.
When Jobs returned in 1997, Apple was on the brink of collapse. He streamlined the product lineup, launched iconic products like the iMac, iPod, and iPhone, and transformed Apple into one of the most valuable companies in history. His vision and leadership remain a defining part of Apple's legacy.
Market Wrap
U.S. stock markets experienced gains on Monday, March 17, 2025, marking the second consecutive day of recovery following recent declines.
Escalating U.S.-Canada Trade Tensions:
On March 17, 2025, President Trump announced plans to impose both reciprocal and sector-specific tariffs on Canadian imports, effective April 2. This move follows earlier measures, including a 25% tariff on Canadian steel and aluminum imports. In response, Canada has imposed retaliatory tariffs on U.S. goods worth C$29.8 billion.
OECD Lowers U.S. Growth Outlook:
The Organization for Economic Cooperation and Development (OECD) reduced its economic growth projections for the U.S., Canada, and Mexico, citing policy uncertainty and the impact of tariffs. The U.S. economy is now expected to grow at 2.2% in 2025, down from 2.6% in 2024, with a further slowdown to 1.6% anticipated in 2026
Disappointing Retail Sales Data:
February retail sales increased by 0.2%, falling short of the anticipated 0.7% rise. This shortfall raised concerns about weakening consumer spending, a critical driver of economic growth.
Rising Business Inventories:
January saw a 0.3% increase in business inventories, rebounding from a 0.2% decline in December. While this suggests businesses are stocking up, it also reflects declining sales, particularly at the wholesale level, which could impact economic growth in the first quarter.
Upcoming Federal Reserve Meeting:
Investors are closely monitoring the Federal Reserve's upcoming meeting this week, with expectations that interest rates will remain unchanged. The meeting's outcome could provide further direction for the markets.
Nvidia Corporation shares fell 1.8% as the company kicked off its annual GTC AI conference. Despite high investor anticipation for announcements on new AI chip developments, concerns over export controls and AI diffusion rules contributed to the stock's decline.
Microsoft Corporation shares were unchanged as the company announced new AI integrations across its product suite during the GTC AI conference, reinforcing its position in the artificial intelligence sector.
Tesla Inc. shares declined 4.8% after Mizuho analysts cut their price target for the stock, citing weakening demand, headwinds in China, and concerns over CEO Elon Musk's political activities potentially affecting the company's brand perception. Additionally, Tesla's launch of a free trial for its Full Self-Driving (FSD) service in China from March 17 to April 16, aimed at boosting adoption, did not offset investor concerns.
Netflix Inc. shares rose 3.5% after MoffettNathanson upgraded the stock to 'Buy,' expressing optimism about the company's monetization strategy and declaring that Netflix had 'won the streaming wars.'
Advanced Micro Devices Inc. shares rose 3.6% after the company announced new high-performance processors aimed at data center applications, strengthening its competitive position.
Intel Corporation shares surged 6.8% following reports that incoming CEO Lip-Bu Tan plans significant changes to the company's manufacturing processes and artificial intelligence strategies, boosting investor confidence in a potential turnaround.
AppLovin Corporation shares increased nearly 5% as the company's focus on artificial intelligence and machine learning attracted investor interest during Nvidia's GTC AI conference.
Baidu Inc. shares climbed 9% after the company unveiled its latest AI models, ERNIE 4.5 and ERNIE X1, signaling advancements that could challenge existing market leaders.
Affirm Holdings Inc. shares fell 4.2% following news that competitor Klarna will replace Affirm as Walmart's exclusive provider of buy-now, pay-later loans, raising concerns about Affirm's future revenue streams.
Incyte Corporation shares fell 8.6% despite positive results from studies on its skin-disease treatments, as adjusted rates came in below analyst expectations, raising concerns about future profitability.
Norwegian Cruise Line Holdings Ltd. shares rose 4.4% after J.P. Morgan upgraded the stock to 'Overweight,' citing a positive outlook for the cruise industry recovery.
Science Applications International Corporation shares jumped 7.2% following strong quarterly earnings that exceeded analyst expectations, driven by growth in its IT services segment.
D-Wave Quantum Inc. shares increased 10% as the company's participation in Nvidia's GTC AI conference spotlighted advancements in quantum computing, attracting investor attention.
SES AI Corporation shares soared amid increased investor interest in artificial intelligence companies, driven by expectations of new announcements at Nvidia's GTC AI conference.
Quantum Corporation shares jumped in anticipation of positive developments in the quantum computing sector, highlighted during Nvidia's GTC AI conference.
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