Morgans AM - Wednesday, 4 February 2026

Technology stocks came under renewed selling pressure, dragging US equity markets lower - Dow fell -167-points or -0.34% to 49,240.99 after touching a record intra-day high of 49,653.13. Nvidia Corp fell -2.87%, with Chief Executive Officer (CEO) Jensen Huang saying in an interview with CNBC that the chipmaker’s plan to invest in OpenAI remains “on track” after recent reports suggested brewing tension between the two sides. Mr Huang said that Nvidia would invest in OpenAI’s next fundraising round, which he called the “largest private round ever raised in history.” OpenAI is engaging in fundraising discussions for a round that could raise as much as US$100B, according to a CNBC report last month. Retail giant Walmart Inc rose +2.94% and joined the club of stocks with a market capitalisation more than US$1 trillion. Only 11 other companies are larger, with Nvidia and Alphabet Inc (-1.22%) having market capitalisations greater than >US$4 trillion.