U.S. stocks open lower, chip stocks decline, NIO rises over 5% after earnings

Gelonghui, May 21st – The three major U.S. stock indices opened lower collectively: the S&P 500 Index fell by 0.39%, the Dow Jones fell by 0.29%, and the Nasdaq fell by 0.5%. In terms of Chinese concept stocks, first quarter revenue increased by 112.2% year-on-year. NIO rose by 5.19%, XPeng Group rose by 2.77%, Trip.com fell by 1.29%, Pinduoduo fell by 2.07%, JD.com fell by 3.05%, Alibaba fell by 3.63%, NetEase fell by 4.14%, and Bilibili fell by 4.54%. Chip stocks declined, with NVIDIA down 0.5%, and both Intel and SanDisk down more than 1%. Among large technology stocks, Tesla rose by 1.25%, and Microsoft rose by 1.15%. Reports indicate that Anthropic is in discussions with Microsoft to use its artificial intelligence chips. MP Materials rose by 2.7% as the company was selected for a U.S. Department of Energy pilot project for rare earth processing. IBM rose by 3%, with the company set to receive $1 billion in U.S. government funding to promote the development of quantum computing.