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☆ SoftBank's Arm to reportedly launch AI chips by 2025 to capture explosive demand
▼ + stars: | 2024-05-13 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

SoftBank Group subsidiary Arm is planning to launch artificial intelligence chips by next year, according to a Nikkei Asia report, as the battle for AI chip dominance intensifies. SoftBank is in discussion with contract manufacturers including Taiwan's TSMC to produce the AI chips, the report added. Arm designs the fundamental architecture upon which the chips are built. The company will bear the initial development costs of the AI chips, which could reach "hundreds of billions of yen," according to the report. After a mass-production system has been set up, Arm's AI chip business could be "spun off and placed under SoftBank."

Persons: SoftBank, Taiwan's Organizations: SoftBank, Nikkei, Qualcomm, Nvidia, Nasdaq Locations: Krakow, Poland, Nikkei Asia

☆ SoftBank Vision Fund posts first annual gain in 3 years, up $4.6 billion
▼ + stars: | 2024-05-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

SoftBank's Vision Fund, the brainchild of the company's founder Masayoshi Son, has faced a number of headwinds including a slump in technology stocks as a result of rising interest rates, a tough China market and geopolitics. SoftBank posted a 7.24 billion Japanese yen ($4.6 billion) gain on its Vision Fund in the fiscal year ended March, the first time the flagship tech investment arm has been in the black since 2021. SoftBank's flagship tech investment arm, the Vision Fund, had a tough time in the fiscal year that ended in March 2023, posting a record loss of around $32 billion amid a slump in tech stock prices and the souring of some of the business' bets in China. However, in the June quarter of last year, the Vision Fund posted its first investment gain in five consecutive quarters, signalling early stages of a recovery. SoftBank's Chief Financial Officer Yoshimitsu Goto said in the previous quarter that SoftBank had shifted from an "Alibaba to AI-centric portfolio."

Persons: Masayoshi Son, SoftBank, Masayoshi, Yoshimitsu Goto, Goto Organizations: Vision, Vision Fund Locations: China, Alibaba

☆ SoftBank seen returning to loss in fourth quarter despite strength in tech stocks
▼ + stars: | 2024-05-12 | by ( ) www.cnbc.com time to read: +2 min

Japanese technology investor SoftBank Group is expected to slip back into the red when it reports earnings on Monday despite technology stocks including Arm Holdings its core asset, performing well over the quarter. Analysts and investors are also eagerly awaiting clues about new growth investments as SoftBank has ample liquidity and can monetize its huge holding in Arm. The initial public offering (IPO) market remained subdued, leaving analysts uncertain of the monetization prospects for SoftBank's portfolio of unlisted tech startups. But while the Arm stake may make possible an investment on this scale, its dominance within SoftBank's portfolio poses a risk should market sentiment turn, hitting SoftBank's value and fundraising capacity. Morningstar analyst Javier Correonero estimates a fair value for Arm of $57 per share, compared to its recent trading range around $100 per share.

Persons: SoftBank, Arm's, DiDi, Shogo Tono, Javier Correonero Organizations: SoftBank, Arm Holdings, Grab Holdings, LSEG, Nomura Securities, Nvidia, Morningstar Locations: Britain, Coupang

The bank's price target implies more than 35% upside. Citi also increased its price target to $47 per share from $38, which implies more than 30% upside from Thursday's $36.06 close. The firm upgraded shares of the drive-through coffee company to buy from hold and raised its target price to $46 per share from $33. Dutch Bros stock has ticked up roughly 4% in 2024, lagging the broader market. The firm upgraded the conglomerate to buy and raises its price target to $115 per share from $91.13.

Persons: abate, Jon Tower, Brian Evans, TD Cowen, Cowen, Andrew M, Charles said, — Brian Evans, Chris O'Cull, Wesley Brooks, Brooks, Brandon Nispel, Nispel, Fred Imbert Organizations: CNBC, Warner Bros, Discovery, HSBC, Citi, Cheesecake, Bros, MMM

☆ State Bank of India says country's interest rates likely to stay higher for longer
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailState Bank of India says country's interest rates likely to stay higher for longerDinesh Kumar Khara, chairman of State Bank of India, discusses the outlook for the Indian central bank's monetary policy and the banking sector.

Persons: Dinesh Kumar Khara Organizations: Bank of India, State Bank of India

☆ An Nvidia partner and more: Morgan Stanley names tech stocks set for a boost from Arm-based PC chips
▼ + stars: | 2024-05-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

The bank therefore expects Arm-based AI PCs to "start a transformation that will affect the global semis industry." Morgan Stanley added it believes that Apple may expand its Arm-based CPU to AI servers as well. The bank estimates that AI PCs will reach a penetration rate of 95% by 2027 — up from 8% in 2024. Stocks What stocks will benefit from Arm's foray into AI PCs? As for TSMC, Morgan Stanley says its foundry market share with the "x86" CPU market will grow.

Persons: Morgan Stanley, That's, TSMC, MediaTek, bode, — CNBC's Michael Bloom Organizations: Microsoft, Intel, AMD, Qualcomm, Apple, Nvidia Locations: British, Taiwan

☆ Traders reassess Bank of England rate cuts as UK grows at fastest rate in nearly 3 years
▼ + stars: | 2024-05-10 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Bank of England Governor Andrew Bailey attends the central bank's Monetary Policy Report press conference at the Bank of England, in London, on May 9, 2024. Markets on Friday were pricing in an around 48% chance of a rate cut in June according to LSEG data, slightly higher than Thursday's 45% probability. "The broader message and the tone of the MPC were more dovish than we had anticipated," they said in a note published following the BOE's latest interest rate decision. The central bank on Thursday said it would leave interest rates unchanged for now, and stressed that a June rate cut was in no way guaranteed. Two members of the Monetary Policy Committee voted to cut rates, one more than at the central bank's previous meeting.

Persons: Andrew Bailey, Yui Mok, YUI MOK, BOE Organizations: England, Bank of England, The Bank of England, Getty, Swiss Bank UBS, MPC, Monetary Locations: London

☆ There's a new big bull on Wall Street, and he sees the S&P 500 rising above 5,400 by year-end
▼ + stars: | 2024-05-10 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

CFRA's Sam Stovall has emerged as one of the biggest bulls on Wall Street, seeing more room for the S & P 500 to run to a double-digit gain this year. This updated target marks one of the highest on the Street, behind only the 5,500 target from John Stoltzfus at Oppenheimer. It is also 6% higher than the average projection of 5,105, according to the CNBC Pro Market Strategist Survey , which rounds up the targets from the top 14 Wall Street strategists. .SPX YTD mountain S & P 500 The S & P 500 is up more than 9% this year, driven by the continuous rally in many megacap tech names. Stovall sees the S & P 500 hitting 5,610 in the next 12 months, which would translate into a 7.6% gain from Thursday's close of 5,214.

Persons: CFRA's Sam Stovall, John Stoltzfus, Stovall, he's, Jerome Powell, — CNBC's Michael Bloom Organizations: CNBC Pro Market, Survey, Federal Locations: Oppenheimer

☆ The US and the West are facing the blowback of sanctions against Russia, economist says
▼ + stars: | 2024-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US miscalculated when it imposed harsh sanctions on Russia, and not only has Vladimir Putin's economy weathered the impact, but the West is facing the negative effects of the economic restrictions it imposed. Food and energy prices have soared since the West imposed sanctions on Russia, he noted partly because Russia is one of the world's largest exporters of oil and grain. Even the US dollar may end up worse off due to sanctions, Rubin said. Russia's trade with China, for instance, has nearly completely phased out the dollar, Russian officials said last year. "Sanctioning the ruble and confiscating a third of the Russian central bank's foreign reserves was supposed to cripple the Russian economy.

Persons: —, Vladimir, Jeff Rubin, " Rubin, crimp, Rubin, Putin Organizations: Service, Business, The Globe, Federal Reserve Board, Bank of Canada Locations: Russia, Ukraine, China, Russian

☆ Consumer sentiment tumbles as inflation fears surge, closely watched survey shows
▼ + stars: | 2024-05-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Consumer sentiment slumped as inflation expectations rose, despite otherwise strong signals in the economy, according to a closely watched survey released Friday. The University of Michigan Survey of Consumers sentiment index for May posted an initial reading of 67.4 for the month, down from 77.2 in April and well off the Dow Jones consensus call for 76. Along with the downbeat sentiment measure, the outlook for inflation across the one- and five-year horizons increased. The inflation readings represent the biggest pitfall for policymakers as the Federal Reserve contemplates the near-term path of monetary policy. The next important data point for inflation comes Wednesday when the Labor Department releases its consumer price index report for April.

Persons: Dow Jones, Joanne Hsu, Paul Ashworth, Jeffrey Roach, it's, Jerome Powell Organizations: The University of Michigan Survey, Dow, North, Capital Economics, Federal Reserve, LPL, Fed, Labor Department Locations: North America, Michigan

☆ European markets head for higher open; BoE rate decision ahead
▼ + stars: | 2024-05-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday, maintaining positive momentum in a busy week of earnings. Ferrovial, Telefonica, EDP, Enel, Pirelli and Salvatore Ferragamo are all due to report today. Elsewhere, the Bank of England is set to publish its latest interest rate decision Thursday. China stocks rose overnight as its imports surged past estimates and exports rose in line with expectations, while the broader Asia-Pacific market was mixed. Meanwhile, futures linked to the Dow Jones Industrial Average hovered near the flatline Wednesday evening after the 30-stock index posted its sixth consecutive winning day.

Persons: Salvatore Ferragamo, it's Organizations: Ferrovial, Telefonica, EDP, Enel, Pirelli, Bank of England, Dow Jones Locations: China, Asia, Pacific

☆ A top Citi tech exec breaks down the 4 phases of the bank's AI strategy that will impact everyone from operations to wealth and product
▼ + stars: | 2024-05-09 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Instead, he's betting that small, incremental, and sometimes "boring" moves will make the biggest impact on the bank's overall efficiency. AI is poised to change just about every employee's job at Citi and "sustainably change how we work for decades to come," Zafar said. The four-part plan will impact everyone from technology and operations to wealth and product design. Citi has undergone considerable change as CEO Jane Fraser looks to streamline the bank's operations and boost returns. The next group at Citi poised to use AI widely is operations, or employees who handle back-office administrative processes.

Persons: Shadman Zafar, Let's, Zafar, Jane Fraser, It's, it's Organizations: Service, Workers, Business, Citi Locations: Wall

☆ 'It's our duty': Bank of England chief says cutting rates just before a UK election wouldn't be an issue
▼ + stars: | 2024-05-09 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

Bank of England Governor Andrew Bailey addresses the media during the central bank's Monetary Policy Report press conference at the Bank of England, in London, Britain, on February 1, 2024. LONDON — Bank of England Governor Andrew Bailey on Thursday played down any political pressure received by his institution, confirming that a rate cut immediately before a General Election wouldn't be out of the question. This is especially true in election cycles if citizens are dealing with an economic downturn or a cost-of-living squeeze. The Bank of England, which became officially independent in 1998, is no stranger to this pressure with elections expected before the end of this year. The Bank is nearing its first rate cut since 2020, despite holding steady on Thursday.

Persons: Andrew Bailey, wouldn't, Bailey, CNBC's Steve Sedgwick, it's Organizations: England, Bank of England, LONDON — Bank of England Locations: London, Britain

☆ A rare hostile takeover bid in Europe's banking sector has shocked markets
▼ + stars: | 2024-05-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A logo outside the Banco Sabadell SA offices at the Banc Sabadell Tower in Barcelona, Spain, on Wednesday, May 1, 2024. Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as "very strange." The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week. BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board. Shares of BBVA fell 6% at around midday London time on Thursday, while Sabadell's stock price rose more than 3%.

Persons: Carlos Torres Vila Organizations: Banco Sabadell SA, BBVA, Banco Sabadell, Banco Locations: Banc, Barcelona, Spain, Spanish

☆ Spain's BBVA announces $13 billion hostile takeover bid for Sabadell
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +1 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Spanish bank BBVA on Thursday presented a 12.23 billion euro ($13.11 billion) takeover bid for rival Sabadell directly to shareholders, even though Sabadell's board this week already rejected the proposal on the same terms. BBVA's decision follows Sabadell's board on Monday saying the unsolicited bid significantly undervalued the bank's potential and growth prospects. BBVA, Spain's second-biggest bank by market value after Santander, offered an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Spanish banks have been looking for ways to increase revenue as a boost from high interest rates begins to fade.

Persons: Carlos Torres Vila Organizations: BBVA, Sabadell, Banco, Hostile, UBI Banca, Spain's, Santander Locations: Spanish, Madrid, Spain

☆ Bank of England holds interest rates steady, but signals a cut is coming
▼ + stars: | 2024-05-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — The Bank of England on Thursday announced a widely-expected hold on interest rates following its May meeting, as it said restrictive monetary policy was working to bring down inflation. Members of the central bank's Monetary Policy Committee voted 7-2 to hold, with the latter favoring a cut. In the prior meeting only one member voted for a cut. It keeps the BOE's key Bank Rate at 5.25%. Some economists see a cut as soon as the next meeting in June, and three or more cuts in 2024.

Persons: Matthew Swannell, CNBC's Organizations: Bank of England, Monetary, MPC, BNP

☆ Watch Governor Andrew Bailey speak after the Bank of England's rate decision
▼ + stars: | 2024-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 7:30 a.m. Please refresh the page if you do not see a player above at that time.] Bank of England Governor Andrew Bailey is speaking at a press conference following the U.K. central bank's latest monetary policy decision. Subscribe to CNBC on YouTube.

Persons: Andrew Bailey Organizations: Bank of England, CNBC, YouTube

☆ Dollar holds its ground as key inflation data looms
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +2 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Against the Japanese yen, the dollar slowly inched up after it fell more than 3% last week, its biggest weekly percentage drop since early December 2022. Japan's top currency diplomat Masato Kanda on Thursday reiterated a warning that Tokyo is ready to take action in the currency market. The dollar index rose to 0.05% to 105.55, while the Japanese yen was mostly flat at 155.59 per greenback. The BOE is likely to take another step towards its first interest rate cut in four years as inflation falls.

Persons: Masafumi Yamamoto, Masato Kanda, Susan Collins, Sterling, BOE, bitcoin Organizations: Federal Reserve, Bank of, Mizuho Securities, Traders, PPI, Fed Bank of Boston, European Central Bank Locations: Buenos Aires, Argentina, Japan, U.S, United States, Tokyo, —

☆ Shohei Ohtani’s former translator to plead guilty to transferring $17 million from MLB star’s bank account
▼ + stars: | 2024-05-08 | by ( David K. Li | Madeline Morrison | ) www.cnbc.com time to read: +2 min

Shohei Ohtani answers questions and Ippei Mizuhara translates during the Shohei Ohtani-Los Angeles Dodgers press conference at Dodger Stadium in Los Angeles on Dec. 14, 2023. The former translator of Los Angeles Dodgers superstar Shohei Ohtani has agreed to plead guilty to illegally transferring $17 million out of the baseball phenom's account without his knowledge, authorities said Wednesday. Ippei Mizuhara, 39, will plead guilty to single counts of bank fraud and subscribing to a false tax return, according to federal prosecutors in Southern California. "Unable to pay his gambling debts, Mizuhara orchestrated a scheme to deceive and cheat the bank to fraudulently obtain money from" Ohtani's account, according to a statement by prosecutors. Mizuhara used Ohtani's password to get to the player's bank account, without the player's knowledge or permission, prosecutors said.

Persons: Shohei, Shohei Ohtani, Ippei Mizuhara, Martin Estrada, Mizuhara, —, Ohtani Organizations: Los Angeles Dodgers, Dodger, Los Angeles Angels Locations: Los Angeles, Southern California

"The Fed is the central bank most able to chart its own course," Citi economist Andrew Hollenhorst said in a client note Wednesday. It was the first time the Riksbank had cut since 2016 and takes its main policy rate down to 3.75%. The Riksbank's move was the second central bank cut of the year, as the Swiss National Bank reduced its key rate a quarter point in March in what was seen as a surprise action. Reductions from the Bank of England and European Central Bank are expected to come next, possibly within a month. "With the exception of Japan, developed markets are embarking on a program of rate cuts," Hollenhorst said.

Persons: Andrew Hollenhorst, BOE, Mark, Bailey, Citi's Hollenhorst, Christine Lagarde, CNBC's Sara Eisen, Lagarde, Hollenhorst Organizations: U.S . Federal, Citigroup, Citi, Sweden's, Swiss National Bank, Bank of England, European Central Bank, Bank of America Locations: U.S, Japan

☆ Intesa Sanpaolo aims to reinforce its wealth management and protection attitudes, CEO says
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIntesa Sanpaolo aims to reinforce its wealth management and protection attitudes, CEO saysCarlo Messina, CEO of Intesa Sanpaolo, discusses the bank's earnings and the outlook for the European banking sector.

Persons: Carlo Messina, Intesa Sanpaolo

☆ TikTok is taking the US government to court in a showdown of free speech vs. national security
▼ + stars: | 2024-05-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

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 . And the knock-on effects extend beyond TikTok, impacting everything from President Joe Biden's reelection campaign to Apple and Tesla . AdvertisementTikTok, Tyler Le/BIThe TikTok-US government fight pits two pillars of American society against each other: free speech and national security. 3 things in businessDeliormanli/Getty, Olivier Verriest/Getty, Andrei Akushevich/Getty, Tyler Le/BIIn other newsAdvertisementWhat's happening todayToday's earnings: Airbnb, Uber, and other companies are reporting .

Persons: —, swiping, Tyler Le, ByteDance, Dan Whateley, Geoff Weiss, Joe Biden's, It'll, TikTok, hasn't, haven't, Fallon, Jane Fraser isn't, Fraser, Piper Sandler, Michael Kantrowitz, Josh Edelson, Isabel Fernandez, Mark Zuckerberg, Zuckerberg, Getty, Olivier Verriest, Andrei Akushevich, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Apple, Chinese Communist Party, Big Tech, Getty, Pujol, Associated Press, Facebook Locations: France, China, Beijing, Citadel, Millennium, AFP, New York, London

☆ Treasury yields inch higher as investors weigh interest rate outlook
▼ + stars: | 2024-05-08 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Yields and prices have an inverted relationship and one basis point equals 0.01%. ET the yield on the 10-year Treasury was up by more than 1 basis point at 4.479%. U.S. Treasury yields were slightly higher Wednesday as investors weighed the latest remarks from Federal Reserve officials, looking for clues on the path ahead for interest rates. Last week, Fed Chair Jerome Powell said the Fed was unlikely to hike rates at its next meeting. More comments from Fed officials are expected throughout the week, which investors will be scanning for hints about the monetary policy outlook.

Persons: Neel Kashkari, Tom Barkin, Jerome Powell Organizations: Treasury, U.S, Federal Reserve, Minneapolis, Richmond Fed

☆ JPMorgan says the late Charlie Munger would love this wonderful bank trading at a fair price
▼ + stars: | 2024-05-08 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

JPMorgan said this regional bank is so appealing that it would have attracted attention from the late Charlie Munger. "When we think of the late, great Charlie Munger and his mantra to 'buy wonderful businesses at fair prices,' the bank that fits this bill in our view is Cullen Frost," the firm's bank analyst Steven Alexopoulos said in a note. However, JPMorgan said the bank's "strong organic growth story" remained fully intact. JPMorgan said investors are now able to buy the shares at 13.1 times forward earnings, compared to a 16X historical average. The bank maintained its overweight rating and has a 12-month price target of $140 per share, which would translate into 32% upside from Tuesday's close of $105.62.

Persons: Charlie Munger, Cullen Frost, Steven Alexopoulos, Munger, Buffett, Cullen, Frost, — CNBC's Michael Bloom Organizations: JPMorgan, Berkshire Hathaway's, CFR, Frost Bankers Locations: San Antonio , Texas

☆ How a strained consumer 'plays right into' the hands of this discount retailer
▼ + stars: | 2024-05-07 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

"That all really kind of plays right into Ollie's hands." Her $92 price target implies about 17%% upside from Monday's close. The average analyst has a buy rating and target for shares suggesting upside of more than 12%, according to LSEG. Ollie's shares are lagging the broader market in 2024 with a gain of almost 5% versus the S & P 500's 9% gain. OLLI 1Y mountain Ollie's shares over the past 12 months.

Persons: Anthony Chukumba, it's, Price, Melanie Nuñez, Ollie's, Nuñez, Chukumba, OLLI, Truist's Scot Ciccarelli, Ciccarelli, TJ Maxx, BofA's Nuñez, Chukumba's, FirstCash Organizations: Capital, Federal, Amazon, Walmart, Bank of America, Wall, Ross Locations: McDonald's, Harrisburg , Pennsylvania, Monday's, Ollie's

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