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☆ Saudi Arabia's $100 billion AI and semi-chip fund says it will divest from China if the US asks
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Saudi AI firm Alat would divest from China if the US requests it, CEO Amit Midha told Bloomberg. Saudi Arabia has been pouring billions into AI and semiconductor initiatives in an attempt to become a major hub. AdvertisementA new state-backed Saudi Arabian fund centered on semiconductor and AI technology has guaranteed that it would divest from China if Washington requests it. Officials have long portrayed China's access to AI and semiconductor technology as a national security threat. US officials have already had to mandate AI firms to divest from China, such as G42.

Persons: Amit Midha, —, Midha, that's Organizations: Bloomberg, Service, Milken Institute Global Conference, Saudi Arabia's Public Investment Fund, Officials, Silicon, New York Times, United Arab Emirates, Microsoft Locations: Saudi, China, Saudi Arabia, Washington, Beijing, Alat

☆ Bankruptcies are spiking as companies lose hope of rate cuts
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

April saw the highest number of corporate bankruptcies in a year, S&P Global said. Eroding bets of an interest rate cut contribute to this, as burdened business throw in the towel. AdvertisementCorporate bankruptcies increased in recent months amid teetering confidence in a quick interest rate pivot. AdvertisementBy one measure, rising costs did slow when a rate cut looked likely in early 2024. But last month's stubborn inflation and slowing GDP made a Fed cut look unlikely, and yields shot up to 8.11%.

Persons: —, April's, Frances Donald Organizations: P Global, Service, Federal, ICE, Fed, Investment

☆ Billionaire investor Stanley Druckenmiller trimmed his Nvidia bet after huge gains, said AI is a 'little overhyped' at this point
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stanley Druckenmiller told CNBC he pared some of his Nvidia exposure in late March. The investor is confident in the stock's worth, but sees market enthusiasm in AI as overhyped for now. But AI will be a long-term play to pursue over the years, with a big payoff down the road. Nvidia, a semiconductor company, has become central to emerging AI technology,with most of the software run by the firm's chips. Over the past year Druckenmiller has also held exposure to AI large-caps such as Microsoft and Alphabet.

Persons: Stanley Druckenmiller, —, he's, ChatGPT, Druckenmiller, We've Organizations: CNBC, Nvidia, Service, Duquesne Family Office, Microsoft

☆ Stock market today: Indexes extend gains as traders eye Fed speakers for rate clues
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Markets started were revived last week as the April jobs report renewed hopes of rate cuts. Investors will tune in to Fed speakers this week for further clues about Fed policy. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Morning gains stretched the stock rally into its fourth day, a move up first sparked by Friday's jobs report. A lineup of Fed speakers this week could potentially deepen this notion or, otherwise signal that markets are turning too optimistic.

Persons: Stocks, —, David Morrison, Neel Kashkari, Lisa Cook, Austan Goolsbee Organizations: Service, Federal Reserve, Trade Nation, Fed, Minneapolis, Chicago

☆ Stock market today: US stocks end mostly higher as multi-day rally pushes on
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The recent equity rebound stalled as investor rate cut bets were made uncertain by Fed commentary. Fed President Neel Kashkari said rates might not be restrictive enough to clamp down on inflation. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks were mostly higher Tuesday, with the S&P 500 and Dow Jones Industrial Average continuing to pull slightly higher. His remarks followed similar hawkishness from Fed President Tom Barkin on Monday, who indicated that the economy will need to slow down more before policy can pivot.

Persons: Neel Kashkari, —, Tom Barkin, Lisa Cook, Austan Goolsbee Organizations: Disney, Service, Dow Jones, Dow, Minneapolis Federal, Chicago Locations: Minneapolis, Here's

☆ Why Apple will be the big winner of AI's 2nd wave, according to 'Big Short' investor Steve Eisman
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Steve Eisman told Bloomberg TV that Apple will benefit from the coming wave of AI-based applications. Prospects of an AI iPhone have spurred bullish calls among other analysts. AdvertisementApple is well positioned to exploit the second leg of artificial intelligence, as the technology starts to take the form of mobile applications, Steve Eisman said. Sacconaghi's bullishness preceded Apple's winning earnings, during which CEO Tim Cook teased big AI announcements to come. AdvertisementWhen it comes to AI, Eisman has previously touted big investments in infrastructure, which would benefit from the tech's massive power demand.

Persons: Steve Eisman, —, everybody's, Neuberger Berman, we're, Eisman, Bernstein's, Toni Sacconaghi, Sacconaghi's bullishness, Tim Cook, Dan Ives Organizations: Bloomberg, Apple, Service, Nvidia, AMD, Cook, Co, Securities, Worldwide Locations: China

☆ A 'proper' economic downturn is looming, which could trigger steep rate cuts as soon as this year, economist says
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Economist Frances Donald told Bloomberg TV that a sharper Fed pivot is ahead. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementMarkets are right to price in a Federal Reserve policy pivot but should brace for a rate-cutting cycle that's sharper than expected, economist Frances Donald told Bloomberg TV. "We believe we are heading into a proper downturn that will require a proper easing cycle." So we're not exiting the period in which rate hikes become really impactful in the economy," she said.

Persons: Frances Donald, —, Donald, We're, Danielle DiMartino Booth Organizations: Bloomberg, Service, Manulife Investment Management

☆ 3 reasons why bitcoin can still reach $150,000 by 2025, according to Bernstein
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bitcoin will still reach $150,000 by 2025, Bernstein reaffirmed in a new note. ETF and spot bitcoin demand has remained strong, analysts wrote. "Investors ask us if anything has changed on our $150K Bitcoin price view and if the post-halving price correction has affected our conviction. Second, rule updates from the Financial Accounting Standards Board pertaining to crypto are driving corporate interest in bitcoin, Bernstein said. Advertisement"Overall, healthy Bitcoin demand and continued discipline in the Bitcoin mining cycle, allowing the Bitcoin party to last longer this time.

Persons: Bitcoin, Bernstein, —, Gautam Chhugani, Mahika Sapra, Block, Chhugani, Bernstein isn't, bitcoin Organizations: Service, ETF, Financial, outflows, Chartered, ~$ Locations: outflows, bitcoin

☆ The US may already be in recession as job cuts accelerate, research CEO says
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The US economy may already be mired in recession, Danielle DiMartino Booth told Bloomberg TV. Downside labor revisions and rising job losses indicate a downturn has hit, the QI Research CEO said. AdvertisementThe US is already mired in recessionary downturn, and rising job losses prove it, veteran forecaster Danielle DiMartino Booth told Bloomberg TV. AdvertisementBy that standard, the rule was triggered in October of last year, according to recently published labor revisions through the third quarter of 2023, indicating job losses of 192,000. Other analysts have also projected rising recession risk, hand-in-hand with a labor market fallout.

Persons: Danielle DiMartino Booth, —, there's, it's, Booth, Goldman Sachs, payrolls, David Rosenberg Organizations: Bloomberg TV, Downside, QI, Service, Bloomberg, Fox Business

☆ The US crackdown on Russian trade is working as Putin struggles to fund his war
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Trade with Russia has slumped in the first quarter amid tightening US sanctions, the Financial Times said. After a December executive order bolstered its sanctioning power, the department has amplified warnings against foreign lenders that facilitate trade with Russia. At the same time, the US' crackdown has proliferated trade in the Russian ruble, as other currencies increasingly fall out of favor. That's as foreigners are still free to buy rubles on the Moscow Exchange when settling payments with Russian parties. AdvertisementStill, the ruble faces restricted convertibility, making it difficult to reach trade volumes once possible under the dollar.

Persons: —, Vladimir Potanin, That's Organizations: Financial Times, Companies, Service, US Treasury Department, United Arab Locations: Russia, China, Turkey, Ankara, United Arab Emirates, Austria, Russian, Iran, Tehran, Moscow, UAE, dirhams

☆ Markets worry Treasury yields could jump back to levels that sparked chaos last October
▼ + stars: | 2024-05-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The benchmark 10-year Treasury yield is hovering below levels that caused a massive crash last fall. Yet, persistent inflation and weak Treasury auctions could boost yields past the 5% mark. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's why Treasury auctions have become attention-grabbers for markets, as investors watch to see if there are enough willing buyers. The dangers of 5%When 10-year yields broke through the 5% mark last fall, traders panicked and the S&P 500 nosedived nearly 6% from October's peak-to-trough.

Persons: —, That's, Treasurys, Bill Gross, Ed Yardeni, Eric Sterner, Yardeni, hasn't, they're, Goldman Sachs, Sterner Organizations: Service, Treasury, Business, Treasury Department, Federal, Yardeni Research, Investment, SEI, Apollon Wealth Management

☆ America's big stagflation scare is over
▼ + stars: | 2024-05-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe US economy looks to have steered clear of danger after the specter of stagflation spooked markets and put analysts on edge in recent weeks. Further, average hourly earnings unexpectedly declined to 0.2%. And since elevated labor costs are part of the stagflation equation, the dip in average hourly earnings also signaled a period of languid growth will be avoided. It sent alarm bells ringing around stagflation, which occurs when inflation stays high despite a cooling economy.

Persons: —, specter, Marko Kolanovic, Mohamed El, Bank of America's Michael Harnett —, Harnett Organizations: Service, Business, Bank of America, Bloomberg, Bank of America's

☆ The US could give homeowners a $980 billion stimulus at no additional cost, 'Oracle of Wall Street' says
▼ + stars: | 2024-05-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's if Freddie Mac secures approval from its regulator to operate in the market for secondary mortgages, also commonly known as home equity loans. If greenlighted, the scheme would be equivalent to a huge stimulus injection, but without a cent added to the national deficit, the "Oracle of Wall Street" explained. As Freddie Mac is a massive provider of mortgage market liquidity, the move could encourage more banks to extend this financing to customers. The proposal noted that options are limited for homeowners who want to tap their equity, meaning that few are benefiting from the housing market's appreciation.

Persons: —, Meredith Whitney, Whitney, Freddie Mac, Freddie Mac's, Freddie, Fannie Mae, Ginnie Mae Organizations: Service, Business

☆ The specter of stagflation is back in the news. BofA says investors should buy these 2 areas of the market to capitalize.
▼ + stars: | 2024-05-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Headlines talking about "stagflation" have rocketed to the most in two years, Bank of America said. Utilities and energy typically benefit the most in stagflationary conditions, the bank said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHeadline references to "stagflation" catapulted to a two-year high last week, Bank of America reported, which could start weighing on Wall Street sentiment. We think that view is misguided, as it is based on an apples-to-oranges comparison," the bank wrote last week.

Persons: —, it's, stagflationary Organizations: Bank of America, Service, Tech

☆ Why one economist says Elon Musk has turned Tesla into a meme stock
▼ + stars: | 2024-05-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The economist thinks the firm no longer keeps up with what CEO Elon Musk promises. Musk really wants Tesla to be a tech company, but it's an automaker, DeLong said. Advertisement"For all the current Tesla shareholders planning to offload their holdings in the next couple of years, everything hinges on the company succeeding as a meme stock, and Musk is diligently working toward that goal," DeLong argued. Last month, investor Roger McNamee warned that the stock would start trading like a car company if shareholders decided that Musk wasn't central to its narrative. In a similar vein, short-seller legend Jim Chanos called Tesla a "hopes and dreams" stock, trading more on Musk than fundamentals.

Persons: J, Bradford DeLong, Elon Musk, Musk, Tesla, DeLong, —, Elon, Roger McNamee, Jim Chanos Organizations: Project Syndicate, Service, UC Berkeley, Street

☆ Russia's economic survival hinges on prolonging the Ukraine war, think tank expert says
▼ + stars: | 2024-05-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia needs to keep its war with Ukraine going or risk an economic hard landing, Elina Ribakova wrote for the Financial Times. The country's military industry has been a major driver of structural economic strength during the war. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But while this may look good on paper, the country is actually at risk of a hard landing if war efforts cease, Elina Ribakova said. For decades," Ribakova wrote.

Persons: Elina Ribakova, Ribakova, —, Vladimir Putin, That's Organizations: Financial Times, Service, Financial, International Monetary Fund, Peterson Institute for International Locations: Russia, Ukraine, Russian, Moscow

☆ Trump says he wants huge tariffs if elected. That could send inflation spiking.
▼ + stars: | 2024-05-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

But research from the bipartisan Tax Foundation suggests otherwise, and says Trump's 2018 trade war was also economically damaging. The non-partisan Tax Foundation would beg to differ. Tax Foundation estimates that the tariffs then imposed have amounted to an $80 billion tax increase on Americans. Nobody else ever did anything on China," Trump explained. More tariffs under Trump could be poorly timed, as US monetary policy is already struggling to clamp down on current inflation levels.

Persons: Trump, —, Donald Trump, Biden, Kenneth Rogoff Organizations: Time Magazine, Foundation, Service, Time, Republican, Trump, Federal Reserve Locations: China, India, Brazil, United States, Beijing

☆ 'Shark Tank' star Kevin O'Leary says interest rates won't budge this year: 'I'm sorry, it's just reality'
▼ + stars: | 2024-05-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"Shark Tank" star Kevin O'Leary sees zero rate cuts this year, he told Fox Business. Cuts are unlikely as the Fed can't seem to reach its mandate of 2% inflation anytime soon, he said. AdvertisementInvestors need to stifle any hope for interest rate cuts this year, as the Federal Reserve will not be able to reach its inflation mandate anytime soon, Kevin O'Leary said. But there'll be no rate cuts this year," O'Leary said Tuesday. For its part, the Fed has projected three rate cuts in 2024, though officials have repeatedly asserted that this depends on future inflation and economic data.

Persons: Kevin O'Leary, —, there'll, " O'Leary, I'm, O'Leary Organizations: Fox Business, Service, Federal Reserve, Fox Business Network, Fed

☆ Bitcoin will drop 13% to $50,000 after falling below a key support level as macro drivers slow, Standard Chartered says
▼ + stars: | 2024-05-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bitcoin's break below $58,000 on Wednesday clears a path for it to fall as low as $50,000, Standard Chartered said in new research. The crypto's decline has been driven by rising ETF outflows and falling US liquidity levels. AdvertisementDeteriorating conditions are denting the Bitcoin rally, with this week's drop below $60,000 putting it en route for an even lower price range. According to commentary from Standard Chartered, the apex token could temporarily reach as low as $50,000, signaling an over 13% drop from current levels. Among these are shrinking investments in spot bitcoin ETFs, funds that first sparked the rally at the year's start.

Persons: —, Geoff Kendrick, Kendrick, Mike Novogratz, he's Organizations: Chartered, outflows, Service, Standard Chartered, FX Locations: Hong Kong

☆ Tesla's plans to launch full self-driving tech in China could add $2 billion in earnings by 2030 and boost its stock
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Tesla's roll out of full-self driving technology in China could earn it over $2 billion by 2030, Bank of America said. AdvertisementTesla's success in getting China to approve its full self-driving technology could rev up the firm's earnings this decade, Bank of America said. AdvertisementOnce the technology rolls out, Tesla could charge Chinese FSD users around $99 a month, based on its US pricing. Rising competition in the country could spur Tesla to do this. Aside from the China FSD deal, Tesla's stock will also benefit from the August Robotaxi event, a fresh product in 2025, and the possible licensing of FSD.

Persons: Tesla, —, Elon Musk's Organizations: Bank of America, Service, ., Baidu, Tesla, . Bank of America Locations: China, Beijing, .

☆ Stock market today: Indexes drop as hot labor data adds pressure ahead of Fed meeting
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The quarterly measure saw wage and labor costs accelerate, adding pressure on the Fed. Tuesday marks the start of the Fed's meeting of the Federal Open Market Committee. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS equity markets slipped Tuesday as hot labor data stoked fresh bets the Federal Reserve would remain hawkish on monetary policy. The Employee Cost Index, a quarterly measure of wages and benefits, jumped 1.2%, suppressing estimates of a 1% acceleration.

Persons: —, It's Organizations: Fed, Federal, Market, Service, Reserve, of Labor Statistics, Amazon, Apple, Here's, Trump, Bloomberg

☆ 'Be like Buffett' and buy the dip in Apple stock before its next iPhone announcement, analyst says
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Investors should imitate Warren Buffett and buy Apple while it's cheap, Bernstein's Toni Sacconaghi said. He says the stock is attractively priced, pushed down by cyclical issues in China, not due to fundamental problems. The stock will also see boosted upside from its forthcoming iPhone 16 cycle, he told CNBC. AdvertisementInvestors should grab Apple because it's looking cheap, Bernstein said on Monday, turning bullish on the stock for the first time in years. "What we found is, we're getting a price break on it," Sacconaghi told CNBC Tuesday.

Persons: Warren Buffett, Toni Sacconaghi, —, Bernstein, Buffett, we're, Sacconaghi, Apple's Organizations: Apple, CNBC, Service Locations: China, Bernstein's

☆ Markets will rebel if Trump or any president tries to control the Fed, Harvard economist says
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Markets would resist executive influence over the Federal Reserve, Kenneth Rogoff told Bloomberg TV. Inflation expectations would jump while the dollar would tank, the Harvard professor said. Donald Trump allies have reportedly been brainstorming ways for him to exert more influence over the Fed, if elected. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementPolitical attempts to influence the Federal Reserve won't go over well with markets, Harvard's Kenneth Rogoff said.

Persons: Kenneth Rogoff, Donald Trump, —, Harvard's Kenneth Rogoff Organizations: Federal Reserve, Bloomberg, Service, Reserve, Business

☆ Stock market today: Dow drops 570 points to end worst month of 2024 as traders brace for Fed decision
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stocks dropped sharply as investors readjusted rate cut expectations ahead of the latest FOMC meeting. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks plunged on Tuesday as investors got another dose of inflationary data ahead of the Federal Reserve's next policy decision. For the Fed, that adds even more restraint on its ability to cut interest rates this year, and futures markets now expect only one rate cut in December. AdvertisementThe equity decline that followed only deepened April's market losses, making it the first month of 2024 to end in the red.

Persons: Stocks, —, Bill Adams, Brent Organizations: Service, Federal, of Labor Statistics, Comerica Bank Locations: McDonald's, Israel, Here's

☆ Trump advisers are mulling penalties for any countries that stop using the dollar, report says
▼ + stars: | 2024-04-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Donald Trump's advisors are discussing penalties for countries that move away from the dollar, sources told Bloomberg. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEconomic advisors to Donald Trump are working out plans to blunt de-dollarization efforts, which could include penalties on any economy that moves away from the greenback. As of March, the dollar still leads in global payments, making up 47.4% of transactions, SWIFT data shows.

Persons: Donald, —, Donald Trump, Trump, Emmanuel Macron, hasn't, Nouriel Organizations: Bloomberg, Service, greenback, West, United, CNBC Locations: Ukraine, China, Russia, Saudi Arabia, United Arab Emirates, Europe

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