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According to Japans Asahi Shimbun: Japan will not recognize the State of Palestine at the United Nations General Assembly.On September 17, Chery Automobile announced on the Hong Kong Stock Exchange that it plans to issue 297,397,000 H shares (subject to the exercise of the over-allotment option) for its Hong Kong listing, with a price range of HK$27.75 to HK$30.75. The price is expected to be completed on September 23. The shares are expected to begin trading on the Hong Kong Stock Exchange on September 25.September 17th news, Google (GOOG.O) has been trying to catch up with OpenAI in the field of generative artificial intelligence, and now it seems to have finally made progress among users. This week, Googles Gemini application took the first place in the Apple App Store free application rankings, surpassing ChatGPT, which led the generative artificial intelligence craze nearly three years ago. Googles Gemini AI model has recently launched some updates, attracting new users. Last month, Google released an upgraded version of its "Flash" AI model, 2.5 Flash Image, which added an image editing feature called Nano Banana. Josh Woodward, head of the Gemini application, said that this product brought 13 million new users to the Gemini application in just four days, bringing its total number of users since its launch to 23 million.According to Japans Asahi Shimbun: Japan will postpone recognizing the State of Palestine.On September 17th, several major US tech companies announced they would invest over $40 billion to expand the UKs AI infrastructure, a significant boon for the country, coinciding with a state visit from President Trump. Microsoft (MSFT.O) said on Tuesday it would invest $30 billion in UK AI infrastructure and existing operations by 2028, its largest financial commitment yet in the country. Google (GOOG.O) said it would invest approximately $6.8 billion in AI, R&D, and related engineering in the UK over the next two years. Meanwhile, Nvidia (NVDA.O), OpenAI, and British company Nscale are collaborating to build AI infrastructure in the UK to meet OpenAIs computing needs. The project, called "Stargate UK," is expected to be located in northeast England and utilize tens of thousands of Nvidias Grace Blackwell Ultra graphics processing units. Among other investments, AI cloud computing company CoreWeave plans to invest approximately $2.04 billion in AI data center capacity and operations in the UK. Salesforce announced it would invest a further $2 billion in its UK operations by 2030, while BlackRock will pour £500 million into data centers across the UK.

NASDAQ Composites Falls for Fifth-Straight Sessions on Weak Chip Sector, Interest Rate Fears

Cory Russell

Sep 02, 2022 14:45



After being instructed to cease shipping AI chips to China, Nvidia and Advanced Micro Devices saw their stock prices plummet.


The tech-heavy NASDAQ Composite is down for the sixth consecutive day as chipmakers fell, driven by a decline in Nvidia and Advanced Micro Devices shares after the United States banned the shipment of some of the most advanced AI devices to China.


The index declined at the start of the cash market, but the selling pressure subsided as U.S. economic data revealed a further easing of pricing pressures. Manufacturing, however, expanded briskly in August as a result of a comeback in employment and new orders.


The NASDAQ Composite is down 31.08 points or -0.26% at 11785.13 as of 18:12 GMT. At $299.43, the Invesco QQQ Trust ETF (QQQ) is up $0.16 or 0.05%.


The latest sell-off started last Friday as Fed Chairman Jerome Powell said the institution will continue aggressively hiking rates to combat inflation even after two straight increases of 75 basis points. Other Fed officials have since mirrored Powell's remarks.


Near session's end, traders projected a 74.0% possibility of a third consecutive 75 basis point rate rise in September, with a high of around 3.993% expected in March 2023.

After US Restrictions, Nvidia and Advanced Micro Devices Sink in the Chip Sector China Sales

After Nvidia and Advanced Micro Devices claimed that U.S. authorities had instructed companies to cease shipping cutting-edge processors for artificial intelligence to China, U.S. chip stocks fell on Thursday, with the major semiconductor index down more than 3%, according to Reuters.


While smaller competitor AMD's price dropped over 6%, Nvidia's stock plunged 11%, on pace for its largest one-day percentage decline since 2020.


Nvidia said in a filing on Wednesday that the limited shipments to China of two of its top artificial intelligence computer chips, the H100 and A100, might affect $400 million in potential sales to China in the current fiscal quarter.


However, AMD does not think the new regulations would have a significant effect on its company. AMD also claimed that American authorities instructed it to halt selling its top artificial intelligence processor to China.


Economic data that is strong supports the Fed's plan to raise rates quickly.


According to a government survey, fewer Americans than usual filed new unemployment benefit claims last week, which is consistent with the high demand for employees and the tight job market circumstances.


In other developments, statistics from the Institute for Supply Management (ISM) revealed that American manufacturing expanded gradually in August as employment and new orders increased. Meanwhile, predictions that inflation has likely peaked were supported by a further easing of pricing pressures.

Looking Forward

Investors are now waiting for Friday's monthly nonfarm payrolls report for further labor market data. According to Reuters' survey of economists, there will be a 300,000 rise in employment. However, Wells Fargo economist Jay Bryson increased his projection for nonfarm payrolls from 325,000 to 375,000, while Morgan Stanley economist Ellen Zentner anticipates August payrolls of 350,000.

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