President Donald Trump has changed his mind about Intel CEO Lip-Bu Tan. A week after telling him he should resign, Trump called Tan a "winner" and talked about steps to bolster US technology industry leadership. The meeting also follows an outpouring of a tug-of-war against Nvidia and China that has been triggered by Intel.
Asian markets saw gains in Tuesday trade after the U.S. agreed to a tariff ceasefire with China for 90 days. Japan's Nikkei set a record closing high driven by tech gains, and well ahead of the US inflation data on Friday, an Australian rate decision as soon as today, and a big US-Russia meeting at week end.
Asian markets edged higher on Monday as strong earnings lifted investors' sentiments. Nikkie futures closed to a record high. Investors await U.S. inflation data that could influence Fed rate cuts. Significant geopolitical events such as Trump-Putin's scheduled meeting and US-China U.S.-China tariffs kept market cautious. Gold and oil slipped, while currencies traded in narrow ranges.
Intel CEO Lip-Bu Tan under pressure as President Donald Trump demanded his resignation for dealing with China. Tan will go to the White House for dinner, where he plans to defend his record and talk about future collaboration with Trump. The spat is happening against a backdrop of Intel dialing back U.S. factory expansion plans, which has stoked tensions over local manufacturing and national security.
The Chinese state-affiliated media platform Xinhua has published a scathing critique of Nvidia's H20 AI chips, accusing them of creating backdoor security risks, having limited technological utility, and performing poorly environmentally.
Global markets decline as July data showed the US economy slowed down, and large corporations in the service sector have started feeling its effects. Trump said he will soon announce tariffs on semiconductors, chips, and the pharmaceutical sector.
Global stock markets rose further on Tuesday as investors bet that the Federal Reserve would lower U.S. interest rates to prevent a recession after weak jobs data raised worries of one. Their optimism was tempered by geopolitical concerns after President Trump threatened more tariffs on India and dismissed the head of U.S. labor data.
The suspect in a quadruple murder in Tiptonville, Tennessee has allegedly been seen in Jackson. Police have also arrested three others who they maintain aided him to stay at large. He is considered armed and dangerous, and a $17,500 reward for his arrest is now being offered.
A tech firm called Sensay has built an AI country with entire government of AI replicas of historical figures on an actual island bordering the Philippines. It is a virtual personality governed ecosystem better known as Sensay Island as an attempt to exhibit the potential of AI in ethical and transparent leadership (Marcus Aurelius, Churchill, Gandhi et al).
In Asia, markets opened the week in the green as renewed hopes for U.S. interest rate cuts, though few and far between, eased some of the recent pressure on investors. The prospect of another rate cut in September was lifted by Friday's soft job market report. However, concerns about U.S. policy credibility and political pressure on the Fed remain high.
Andrew Tulloch, a high-profile AI researcher and co-founder of Thinking Machine Lab has reportedly refused to join Meta's MSl even after receiving a 1 billion compensation offer. Tulloch has previously worked with Goldman Sachs, OpenAI and Meta before launching Thinking Machine Lab with Mira Maruti, the former CTO of OpenaAI
A U.S. federal agency has launched an investigation into former Special Counsel Jack Smith over alleged political bias during his Trump probes. The inquiry, sparked by Senator Tom Cotton's complaint, focuses on possible violations of the Hatch Act.
Los Angeles' famed Spelling Manor, former home of late TV producer Aaron Spelling, has been sold to ex-Google CEO Eric Schmidt for a whopping $110 million.
Amazon shares were worst hit while apple also warned against the adverse effect of tariffs on cost. Analysts believe that weak job data will push fed act swiftly to cut rates.