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On September 8th, at the launch ceremony of the 6th "Haiju Yingcai" Global Innovation and Entrepreneurship Competition AI4S Special Competition, Yuan Guohua, Secretary of the Party Committee and Chairman of Shanghai Guotou Company, stated that Shanghai Guotou Company has a multi-dimensional layout for AI4S. At the computing power foundation level, it has strategically invested in a number of ultra-intelligent integrated hard technology companies, and is conducting long-term investments in heterogeneous computing full-stack GPU companies to support the creation of an integrated AI4S development platform. At the industrial investment level, it has constructed a multi-level AI investment matrix. The Shanghai Artificial Intelligence Fund of Funds, with a total scale of 22.5 billion yuan, covers the entire stack, while special funds such as the Shanghai Large Model Fund and the Embodied Intelligence Fund are anchored to specific sub-sectors, forming a gradient layout of "top-level ecosystem guidance + vertical track cultivation." At the ecosystem cultivation level, it has built a full-chain science and technology innovation service system encompassing "competition incubation—technology verification—industrial implementation," linking innovation ecosystem resources such as "major universities, research institutes, large enterprises, leading figures, and competitions," and connecting the entire chain of original innovation from "0 to 1," achievement transformation from "1 to 10," and industrialization empowerment services from "10 to 100."On September 8th, global mining giant Rio Tinto issued a statement saying it had agreed to acquire the Aurukun bauxite project in northeastern Australia from Glencore and Mitsubishi Development. A Rio Tinto spokesperson stated, "The acquisition price was not disclosed and is subject to approval from the Queensland government and other Australian regulatory bodies." The statement noted that Aurukun currently holds a mineral development license, but a mining lease has not yet been approved. The project is located near Rio Tintos bauxite mine west of Cape York.The SC crude oil futures contract rose by 2.00% intraday, currently trading at 702.30 yuan/barrel; the PTA futures contract rose by more than 2.00% intraday, currently trading at 6042.00 yuan/ton.Hong Kong-listed application software stocks fell sharply during the session, with Tuya Smart (02391.HK) dropping more than 9.5%, MiniMax (00100.HK) and Weimob Group (02013.HK) both falling by nearly 7%, Zhipu (02513.HK) dropping by nearly 6.5%, Qunhe Technology (00068.HK) falling by nearly 4%, and Kingdee International (00268.HK) falling by more than 2%.September 8th - According to data from the General Administration of Customs, Chinas integrated circuit exports reached US$40.731 billion in August, a year-on-year increase of 129.8%; automobile exports reached US$18.33 billion, a year-on-year increase of 43%; rare earth exports reached US$73.5466 million, a year-on-year increase of 33.7%; and mobile phone exports reached US$8.798 billion, a year-on-year increase of 29.6%.

S&P 500 Rebounds From Session Lows As Energy Stocks Rally

Jimmy Khan

Nov 04, 2022 16:57

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As major tech companies hit new lows, the NASDAQ Composite seeks to settle below the 10,700 mark.

Big Tech Stocks Continue to Be Under Stress

As traders responded to the ISM Non-Manufacturing PMI data, which fell short of analyst forecasts, the S&P 500 recovered from session lows.


Energy stocks took the lead in the recovery from session lows today due to robust support. In today's trading session, ConocoPhillips, APA Corporation, and Marathon Oil all saw gains of 6–7%.


ConocoPhillips had significant price appreciation after exceeding analyst expectations, boosting the dividend, and expanding its share repurchase program by $20 billion.


Despite missing analyst profit expectations, Etsy increased by 14%. The firm gave a positive prognosis for the last quarter of this year, which caused the stock to rise.


Booking increased by 5% with the release of the $6.05 billion in sales and the higher-than-expected adjusted profits of $53.03 per share.


Fidelity National Information Services, which was down 25% following the publication of its quarterly report, was under a lot of pressure due to weak guidance.


Leading tech companies including Apple, Alphabet, and Amazon had declines of 2% to 3%. Meta Platforms, meanwhile, tested fresh lows at $88.50.


If the mega cap companies continue to experience pressure, the whole market will not be able to develop a sustained upward trend. Traders are nonetheless concerned that rising interest rates may harm the bottom lines of powerful corporations.


While the IT industry leaders seemed unstoppable during the coronavirus crisis, their stocks were under a lot of pressure from rising interest rates, a stronger currency, and a slowing global economy. Traders should continue to watch the large tech stocks' movements for hints regarding the S&P 500's future course.