PG&E Stock Drops Amid Liability Bill, Nvidia Rises Following Chip Investment
Shares of PG&E (PCG) fell as California legislators introduced a bill aimed at updating the state's wildfire response framework without shifting liability away from publicly traded utilities. The move prompted downgrades from several research firms including BMO Capital Markets and Wells Fargo. Meanwhile, Chevron (CVX) and ExxonMobil (XOM) saw their stock prices rise in tandem with increasing oil prices following military exchanges between the U.S. and Iran. In a separate development, Nvidia (NVDA) shares climbed after falling 4.6% on Friday; it was one of few stocks within the Magnificent Seven to gain ground. The market reactions reflect concerns over regulatory changes for utilities in California as well as geopolitical tensions impacting oil markets.
Topics: AI chips geopolitical tensions oil prices wildfire liability