CNBC Business News Update - Market Close: Tech Trade Fizzles, AI Lawsuit, Wegovy Manufacturing Expansion 6/24/2024

Episode Date: June 24, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. 17 points. The Nasdaq slid 1.1 percent or 193 points. The Dow closed at a one-month high, while the Nasdaq had its worst day since April 30th. Investors have been taking profits in tech, especially in artificial intelligence plays like NVIDIA, which fell 6.7 percent today. But Gene Munster, managing partner at Deepwater Asset Management, says that pullback represents a buying opportunity. And he says confidence will be restored when chipmaker Micron Technology reports earnings later this week. I'm surprised about some of the concern. I guess it's warranted given part of the run. And I think this is going to be a great week for AI investors because ultimately, I think Micron is going to exceed

that 87% revenue target that they have out there, and investors are going to be more confident in the 50% growth that they have for next year. So feeling very good about the AI trade here. Artificial intelligence is at the center of a lawsuit by major record labels. Sony Music, Universal Music, and Warner Records are suing two AI companies, Suno and Udio. Sony, Universal, and Warner say the two are committing copyright infringement by using their music to train music-generating AI systems. Danish drugmaker Novo Nordisk will spend $4.1 billion

to expand its manufacturing capacity at its existing U.S. site in Clayton, North Carolina. The new facility will fill injection pens for its popular weight-loss treatment, Wagovi. Peter Schach now, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.