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On May 6th, it was reported that Elon Musks SpaceX has proposed investing $55 billion to build a new semiconductor manufacturing facility in Texas to advance its ambitious "Terafab" project. According to a public notice posted on the Grimes County website, SpaceX plans to build a "next-generation vertically integrated semiconductor manufacturing and advanced computing manufacturing facility" there. If all subsequent phases of the project are completed, the total capital investment is expected to rise to $119 billion. Musk first unveiled the "Terafab" concept in March, aiming to produce chips for his robotics, space, and artificial intelligence projects. He stated that this joint venture project, involving SpaceX and Tesla, is crucial because the semiconductor industry is developing too slowly to meet the growing chip demand for his projects and the entire technology industry. He said, "We either build Terafab or we dont have chips, and we need chips, so we build Terafab."On May 6th, in response to recent market rumors that LG New Energy was about to secure a 10 trillion won order for BMWs 46 series cylindrical batteries, BMW stated that it would not comment on media speculation. BMW also emphasized that to ensure the resilience of its global supply chain, the company continuously evaluates its supplier lineup based on its own needs, and this principle also applies to the rapidly developing electric vehicle industry and the supply of related battery cells.Citigroup raised its price target for AMD (SMCI.O) from $25 to $31.Qualcomm shares rose more than 5% in pre-market trading.The head of the Semiconductor Industry Association (SEMI) said that energy shocks and supply disruptions are a wake-up call for the chip industry.

China Eases COVID Limitations, U.S. Storm Fuels Supply Fears

Skylar Williams

Dec 27, 2022 17:21

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China's latest loosening of COVID-19 limits boosted fuel demand expectations on Tuesday, but fears that winter storms throughout the United States are impacting energy supply continued to support prices.


At 07:12 GMT, Brent oil was up 52 cents, or 0.6%, to $84.44 a barrel, while U.S. West Texas Intermediate crude was up 48 cents, or 0.6%, to $80.04 per barrel. They reached their best level since December 5 early in the session.


Brent surged 3.6% on Friday, while WTI gained 2.7%, marking their largest weekly increases since October.


On Monday, British and American markets were closed for the Christmas holiday.


China will no longer need arriving travelers to undergo quarantine beginning on January 8, the National Health Commission announced on Monday, removing a regulation in place since the beginning of the epidemic three years ago. This increased expectations for a rise in crude oil demand from the largest importer.


China's oil demand is on the mend, which is wonderful news for the refining industry, according to Serena Huang, head of APAC analysis at Vortexa.


The U.S. dollar weakened when China said it will end its quarantine policy. A weakening dollar makes gasoline cheaper for foreign currency holders.


According to Kazuto Saito, chief analyst at Fujitomi Securities Co Ltd, fears of supply interruption due to winter storms in the United States are also supporting oil prices. The worries "prompted purchasing, despite the fact that many market players were on vacation," Saito noted.


The weather in the United States is expected to improve this week, so the rise may not continue long.


More than two dozen people were killed by a snowstorm that immobilized western New York over the Christmas weekend, according to local officials, as teams worked to dig out the region around Buffalo from its strongest winter storm in decades.


Passengers were stranded around the country during the holiday weekend as thousands of flights were canceled due to the bigger storm system.


On Friday, frigid temperatures and strong winds knocked out power and reduced energy output across the United States, forcing up rates for heating and electricity.


Concerns of a potential production decrease by Russia also contributed to the increase in oil prices.


In response to price ceilings, Russia may reduce oil production by 5 to 7 percent at the start of 2023, according to Deputy Prime Minister Alexander Novak, as reported by the RIA news agency on Friday.

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