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On August 15th, local time, US President Trump, speaking at an event in Garden City, New York on the afternoon of August 14th, urged Americans to "accept higher gasoline prices" as "the price to pay to prevent Iran from acquiring nuclear weapons." Trump also stated, "After we defeat Iran... I will soon declare the Strait of Hormuz as American territory." The seriousness of his remarks remains unclear.August 15th - According to the Wall Street Journal, sources familiar with the matter revealed that Nvidia and OpenAI are close to reaching a financing agreement to build a large data center campus in Ohio. However, the two parties have restructured the deal, with Nvidia initially only guaranteeing half of the multi-billion dollar expansion plan, instead of the full amount. The revised plan reduces Nvidias financial guarantee from $250 billion to less than $120 billion. This adjustment is in response to investor concerns about the chipmakers exposure as it leverages its balance sheet to boost demand for its AI chips. The agreement could be signed as early as this weekend. Under the framework currently under discussion, Nvidia will provide financial guarantees for the first phase (totaling approximately 5 gigawatts of power capacity), with subsequent phases and financing methods to be decided later. According to two people familiar with the project, OpenAI is still negotiating and plans to sign a binding lease for 10 gigawatts of capacity in the project within the next few days.Indonesias Geophysical Agency: The tsunami warning issued after the 7.7 magnitude earthquake has been lifted.On August 15th, according to two people familiar with Anthropics finances, the company projects revenue of approximately $190 billion to $200 billion by 2028. This projection significantly exceeds the $47 billion "annualized revenue" the company announced in May. Four sources stated that bankers and investors are using enterprise value multiples based on these projections. Using revenue multiples is common for high-growth software companies that havent yet established a mature profit model. However, extending the projection period to two years in advance is unusual, reflecting the speed of Anthropics business expansion and the difficulty of setting a valuation benchmark for a company still heavily investing in AI infrastructure.Sources say Anthropic expects its revenue to reach $190 billion to $200 billion by 2028.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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