Wall Street Mixed: Nasdaq Shines on Nvidia, Apple News as Banks Drag

On Tuesday, 15 July, news that Nvidia (NVDA) will resume sales of one of its AI chips to China helped the Nasdaq strike its fourth record high in five sessions. Another standout riser on the day was rare earths miner MP Materials (MP), which gained an eye-catching 19.99% on news of an investment from Apple (AAPL).

At the same time, strong earnings and a well-received stock buyback program pushed Citigroup (C) shares to their highest since the 2008 financial crisis. However, Citi’s performance was more of an exception to the rule as other bank earnings mostly missed expectations, causing falling shares, which weighed down the rest of Wall Street.

Here’s what you need to know:

TL;DR

• Nvidia jumped 4% after announcing it will resume sales of its H20 AI chip to China, helping the Nasdaq hit a fresh record high.

• Apple struck a $500 million deal with MP Materials for rare earth magnets, sending MP shares up nearly 20%.

• Citigroup shares hit their highest since 2008 on a strong buyback plan, standing out amid weak bank earnings that weighed on Wall Street.

Nvidia Pops With H20 AI Chip Sales Set to Resume

Shares of Nvidia popped 4.04% on 15 July, after the AI heavyweight announced plans to resume sales of its H20 AI chip to China. AI chip sales into China had been cast into doubt thanks to tariffs announced by President Donald Trump. 

Nvidia’s $4 trillion market cap and huge index weighting helped the Nasdaq Composite (.IXIC) nudged up by 37 points, or 0.18%, to finish at 20,677.80 - a new record close despite other major indices turning slightly lower.

Nvidia said it's filing to resume H20 chip sales to China and expects US government licence approval soon. The approval drew political condemnation from some members of Congress who are concerned about China’s influence over the development of AI. There are, however, still restrictions on Nvidia’s more powerful stocks being sold into China.

China was the source of $17 billion in revenue for Nvidia in 2024 (13% of total sales) based on its latest annual report, so investors are cheering any news that the sales can continue.

Other chipmakers' stocks also gained on the news, with rival chipmaker Advanced Micro Devices (AMD) saying the Department of Commerce would reconsider its licence applications to export into China. (Source: Reuters)

Apple Invests in Rare Earths Miner MP Materials

Apple and MP Materials announced a $500 million deal on Tuesday to supply rare earth magnets and develop a new recycling facility aimed at strengthening Apple’s US supply chain. MP operates the only rare earth mine in the United States.

MP Materials shares jumped 20% on the news, while Apple rose slightly.

Under the agreement, Apple will purchase magnets produced at MP’s Fort Worth, Texas site, with production expected to begin in 2027. The two companies will also collaborate on a rare earth recycling line at MP’s Mountain Pass facility in California.

Rare earth magnets are essential components in Apple’s iPhones and other electronics products like computers, as well as in other growing industries such as electric vehicles and renewable energy projects. The deal supports ongoing US efforts to reduce dependence on China, which currently dominates the rare earth supply chain. 

Citibank Stock Reaches Highest Since 2008

Citigroup shares climbed to their highest level since 2008 after the US bank announced plans to accelerate stock buybacks, boosted by strong results in recent regulatory stress tests.

CFO Mark Mason told analysts on Tuesday that Citi aims to repurchase at least $4 billion in shares this quarter, exceeding the $3.75 billion bought back during the entire first half of the year. The announcement helped push the stock above $90 for the first time since the financial crisis.

Conclusion

Markets rewarded tech and rare earth themes on Tuesday, with Nvidia lifting the Nasdaq to another record and MP Materials surging on a deal with Apple. Citigroup hit its highest level since 2008 after announcing a major buyback, though weaker results from other banks kept broader gains in check. The session highlighted investor appetite for AI, tech, and strategic resource plays, even as caution lingered in other sectors.

FAQs

What’s driving the Nasdaq to record highs in 2025?

Strong performance from tech giants like Nvidia, fuelled by AI demand and chip sales, continues to push the Nasdaq to new records.

Why are rare earths important to investors?

Rare earths are critical to high-growth industries like electronics, EVs, and renewable energy, making them a key focus for strategic investment.

What does a stock buyback mean for shareholders?

Buybacks reduce the number of shares in circulation, often boosting earnings per share and supporting the stock price.

How does US-China trade impact AI stocks?

Policy shifts on exports, especially around AI chips, can significantly affect revenue forecasts and valuations for major tech companies.

*Past performance does not indicate future results