EUR/USD 1.14482
0.142%
Gold 4171.35
1.156%
Oil 69.154
1.076%
USD/JPY 161.159
0.034%
GBP/USD 1.33650
0.144%
GBP/JPY 215.394
0.193%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 3rd - KB Securities analysts Jeff Kim and others stated that SK Hynix is expected to benefit from accelerating AI infrastructure investment in the second half of the year, as well as a memory chip supply shortage projected to last until the end of 2028. The analysts stated, "Driven by the continued expansion of AI-related investments, the upward trend in SK Hynixs profits and stock price is far from over." KB Securities predicts that global AI investment will reach $800 billion in 2026, $1.1 trillion in 2027, and $1.5 trillion in 2028. KB has raised its 2026 operating profit forecast for SK Hynix by 3.6% to 290 trillion won.On July 3, European Central Bank President Christine Lagarde hinted on July 2 that she did not rule out the possibility of resigning her current post and running in next years French presidential election. In an interview that day, when asked if she would consider leaving office early if the eurozone inflation situation stabilized, Lagarde replied, "Possibly. I think there should be a European voice in the French presidential election." She also commented on Frances relationship with the EU, stating that if a presidential candidate raises the idea of "reducing Frances involvement in the EU" during election debates, someone needs to explain to voters that this path is not easy. "France will have to make bold decisions on thorny issues," she said, adding that voters expect to be told the truth and offered solutions, and "presidential candidates have a responsibility to examine these issues and propose solutions." When asked whether she would support a candidate or run herself, Lagarde initially answered "Im considering it," but then quickly corrected herself, saying she was joking.Indias final composite PMI for June was 57.1, compared to 57.4 in the previous month.On July 3rd, Faraday Future (FFIE.O) issued a statement clarifying that it has noticed false information circulating on some online platforms claiming that FFs Los Angeles headquarters is deserted. The statement clarified that FFs Hanford factory has not closed, and the relocation of its global headquarters to El Segundo, Los Angeles, is a normal process. The location of the video circulating online is FFs former headquarters in Gardena, which ceased to be used by FF at the end of March this year.The China Earthquake Networks Center officially determined that a magnitude 3.0 earthquake occurred at 12:44 on July 3 in Haixi Prefecture, Qinghai Province (37.86 degrees north latitude, 95.40 degrees east longitude), with a focal depth of 10 kilometers.

Crypto winter may temper fintech earnings

Jimmy Khan

Aug 04, 2022 14:41

微信截图_20220804141531.png


Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.


Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit.


Coinbase, which has the biggest exposure to crypto volatility, has lost more than three quarters of its market capitalization this year.


“For Coinbase, this is going to be a very difficult 12 to 18 months,” said Dan Dolev, senior analyst, fintech equity research at Mizuho Securities USA.


Block, which changed its name from Square last year to better reflect its focus on blockchain, has lost over half of its market value amid the stock market rout this year.

The context

The cryptocurrency selloff has dragged down multiple companies in the sector, with some even seeking bankruptcy protection. Bitcoin, the largest cryptocurrency, has nearly halved in value in the first seven months of the year.


“There could be potential for double digit headcount reduction (at Coinbase) at some point because the cost is too high,” Dolev said.


Estimate cuts and competitive pressures are also contributing to the weakness in fintech stocks, according to Credit Suisse analysts.


The cryptocurrency sector may be slowly emerging from a bruising selloff, but they still have to contend with regulatory hurdles in the United States, the biggest market for such assets.


Online trading app Robinhood Markets Inc reported a 44% plunge in second-quarter earnings on Tuesday, a day earlier than expected, and said it would also cut 23% of its workforce.

Suggestion