• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. Macroeconomic Data Released: The U.S. Bureau of Labor Statistics released its June CPI report, showing an overall CPI increase of 3.5% year-on-year and a decrease of 0.4% month-on-month (dragged down by a 5.7% drop in energy prices); the core CPI, which is more closely watched by Fed officials, recorded 0% month-on-month, both lower than market expectations. Following the data release, market expectations for a Fed rate hike in July significantly diminished, with expectations for a rate hike this year falling to around one, leading to a decline in the dollar index and a sharp rebound in precious metals during the session. 2. Geopolitical and Inflation Concerns: Inflation reports are lagging indicators, reflecting only the situation over the past month. With the recent escalation of geopolitical tensions between the U.S. and Iran, international oil prices have climbed back above $80 per barrel. The market needs to be highly vigilant about the rebound in energy prices and its secondary transmission effect on inflation. 3. Diverging Core Inflation Structure: On the one hand, housing inflation rose only 0.1% month-on-month, while super core inflation (core services excluding housing) fell 0.2% month-on-month, effectively alleviating market concerns about the stickiness of service sector inflation. On the other hand, the AI investment boom brings structural concerns, with AI-related electronic component prices surging 17.4% year-on-year. Given its high weighting of 1.2% in core PCE inflation, persistently high prices will increase the stickiness of core PCE, creating new constraints on the Feds monetary policy. 4. Short-Term Pressure on Precious Metals: According to Xinhu Futures analysis, the rebound in precious metals in the latter half of the night saw a significant narrowing of gains. The core reason is that the Fed remains focused on core inflation, and the new chairman, Warsh, insists on not providing forward guidance, forcing the market to retain a certain uncertainty premium (interest rate hike expectations) in asset pricing. With policy lagging behind the economic curve, the Feds hawkish stance is expected to remain firm, and the resilience of the US economy and high interest rate expectations will exert dual pressure on precious metals. 5. Dongwu Futures View: Crude oil prices and inflation stickiness may lead to fluctuations in July data. Furthermore, Warshs recent testimony remained cautious, indicating that he would act according to data even with criticism from Trump, and that the June CPI slowdown does not signify the completion of the inflation target. The market will need to closely monitor the latest developments in the Strait of Hormuz situation, Federal Reserve policy signals, and subsequent inflation and employment data. (The above content is compiled from publicly available market data from Dongwu Futures, Xinhu Futures, etc., and is for reference only, not investment advice.)July 16th - Taiwan Semiconductor Manufacturing Company (TSM.N), the worlds largest semiconductor foundry, announced on Thursday that its second-quarter net profit rose 77.4% year-on-year, a record high and exceeding market expectations, driven by surging global demand for artificial intelligence processors. TSMCs customers include Nvidia and Apple. The company reported that net profit for the April-June period reached NT$706.6 billion (approximately US$21.99 billion), significantly higher than the market expectation of NT$632.6 billion obtained by LSEG SmartEstimate. The companys second-quarter revenue was NT$1,270.381 billion, a year-on-year increase of 36%.TSMC (TSM.N) reported a 4% quarter-over-quarter decline in revenue from its smartphone business in the second quarter.TSMC (TSM.N) reported capital expenditures of US$15.7 billion in the second quarter.TSMC (TSM.N) reported revenue of NT$1.27 trillion in Q2 2026, compared to NT$933.792 billion in the same period last year.

Microsoft And Nvidia Reach A Deal to Satisfy Activision Acquisition Regulators

Skylar Williams

Feb 22, 2023 14:20

微信截图_20230222141725.png


Microsoft Corp has reached a 10-year agreement to bring "Call of Duty" and other Activision titles to Nvidia (NASDAQ:NVDA) Corp's gaming platform if the Xbox manufacturer is permitted to complete its highly contentious $69 billion acquisition of Activision.


Competitors such as Sony (NYSE:SONY) and regulators have spoken out strongly against the potential Microsoft-Activision merger. Regulators throughout the world have expressed skepticism about Microsoft's (NASDAQ:MSFT) purchase, despite the move's potential to assuage concerns by expanding customers' access to Microsoft-controlled games.


The UK stated earlier this month that the agreement might be detrimental to gamers by diminishing the competitiveness between Xbox and PlayStation, leading to higher costs, less options, and less innovation for millions of users, as well as restricting competition in cloud gaming.


Microsoft President Brad Smith stated at a press conference on Tuesday that he is now more hopeful about the completion of the Activision purchase following the Nvidia pact and a similar agreement with Nintendo Co Ltd. (TYO:7974).


Phil Eisler, vice president and general manager of Nvidia's GeForce Now segment, stated that titles such as "Call of Duty" will not be accessible on Nvidia's service unless Microsoft acquires Activision, whereas Microsoft-owned titles such as "Minecraft" are immediately covered under the 10-year license agreement.


"We were at first a little apprehensive," Eisler remarked of the Microsoft-Activision partnership. "Next, we reached out to Microsoft, who was eager to enable cloud gaming and collaborate with us on a 10-year licensing arrangement. Hence, they gradually made us more used to it over time."


Eisler stated that Nvidia does not pay Microsoft for access to the titles, which is consistent with the company's relationship with other gaming businesses, such as "Fortnite" developer Epic Games. Instead, Nvidia will charge its 25 million consumers for access to its cloud gaming platform and Microsoft for its games.


Microsoft sank 2%, Nvidia declined 3.4%, and Activision slid 0.7% in a Tuesday afternoon market that was generally weaker.


Nvidia announced that it now supports the Xbox manufacturer's quest to acquire Activision, although the transaction may still be difficult to sell to authorities. Earlier this month, European regulators issued a warning to Microsoft on the merger, while the U.S. Federal Trade Commission has urged a judge to prohibit it. The British competition watchdog has suggested that Microsoft may be required to sell "Call of Duty."


Smith expressed his hope that Sony Group Corp might contemplate a similar partnership with Nvidia.


Sony has been at the forefront of resistance to the Microsoft-Activision agreement, declaring last year that it was "terrible for competition, bad for the gaming industry, and awful for gamers themselves."


According to media reports, other corporations, including Alphabet (NASDAQ:GOOGL) Inc's Google, have voiced concerns to the FTC over the transaction.


Microsoft has committed to maintaining "Call of Duty" on the PlayStation. The popularity of the first-person shooter franchise has not waned nearly two decades after its inception, with the most recent iteration selling $1 billion in its first ten days of release in October.


The U.S. tech behemoth has stated that the partnership goes beyond "Call of Duty." It has stated that acquiring the developer of "Overwatch" and "Candy Crush" will accelerate its expansion in mobile, Desktop, and cloud gaming, as well as consoles, allowing it to compete with Tencent and Sony.