Streetbeat News

Regulatory

AMD

BIDU

GOOG

GOOGL

NVDA

China's $40 billion state fund aims to boost the domestic chip industry, challenging US companies like Nvidia and AMD. The fund is a response to the US semiconductor embargo that barred China from acquiring Nvidia and AMD's AI chips. Meanwhile, Huawei and SMIC have built an advanced 7-nanometer processor, and Baidu has announced over ten new AI-based applications. US chipmakers warn of potential damage from the embargo.

Portfolio Pulse from Anusuya Lahiri

September 05, 2023 | 2:13 pm

CSX

NSC

SPY

UNP

The House Oversight Committee is investigating the Transportation Department's response to recent air and rail safety issues, according to Reuters. The probe may involve companies such as Canadian Pacific (CP), CSX Corporation (CSX), Norfolk Southern Corporation (NSC), SPDR S&P 500 ETF Trust (SPY), and Union Pacific Corporation (UNP).

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 2:05 pm

GOOG

GOOGL

META

Meta Platforms Inc (NASDAQ:META) announced that Facebook News will cease to exist in the U.K., France, and Germany in early December. This move is part of Meta's strategy to prioritize features that users are interested in, such as short-form videos. The decision also marks Meta's protest against laws in these countries that require tech companies to negotiate commercial deals and pay news publishers for their content. Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) and Facebook have previously struck deals with Australian media companies after they offered amendments to the legislation.

Portfolio Pulse from Anusuya Lahiri

September 05, 2023 | 2:01 pm

SPY

The USA CB Employment Trends Index for August has decreased to 113.02 from 115.45 in the previous month.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 2:01 pm

Mastercard has issued a press release stating that it will not be raising interchange rates or network fees in the U.S. this fall and has no plans to do so. The company also clarified that the Authorization Optimizer service is the only Mastercard fee noted in a study cited by the Wall Street Journal, and it is not related to interchange rates or network fees. The press release also mentioned that Congress is considering legislation that could potentially lower costs for merchants but could have negative consequences for consumers.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 1:56 pm

TNXP

Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) shares are trading lower after the company announced topline results from the Phase 2 proof-of-concept PREVAIL study of TNX-102 SL 5.6 mg for managing fibromyalgia-type Long COVID. The treatment showed improvements in fatigue, sleep quality, cognitive function, disability, and patient global impression of change, but did not meet the primary endpoint of improving Long COVID pain intensity scores at Week 14. Tonix plans to meet with the FDA to discuss a path to registration.

Portfolio Pulse from Vandana Singh

September 05, 2023 | 1:51 pm

INTC

An Intel manager has stated to German newspaper SZ that Intel does not require industrial power price in Germany.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 1:45 pm

EWJ

MGM

The Osaka prefectural and municipal governments have announced a delay in the opening of a planned casino resort to autumn 2030, a year later than initially planned. The delay is due to the plan not receiving central government approval until April 2023. The initial investment will also increase to ¥1.27 trillion from ¥1.08 trillion due to rising construction material costs. The resort will be constructed and operated by a company led by MGM Resorts International and Japan's Orix.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 1:42 pm

AAPL

NVDA

QQQ

SFTBF

SFTBY

SPY

Nvidia Corp is trading lower in line with the broader indexes. The semiconductor space is active with Arm Ltd eyeing a $50 billion - $54 billion valuation for its U.S. IPO, China launching a war chest against U.S. semiconductor sanctions, and Nvidia CEO meeting with Indian Prime Minister. Nvidia, Apple, and other tech giants are anchor investors in Arm's IPO. China is preparing to launch a new state-backed investment fund for its semiconductor sector, which Nvidia might miss due to U.S. sanctions. Speculations are rife about Nvidia setting up a GPU and AI chip factory in India.

Portfolio Pulse from Anusuya Lahiri

September 05, 2023 | 1:36 pm

BTCUSD

FTTUSD

NVDA

BitMEX founder Arthur Hayes stated that traditional strategies are no longer applicable in the crypto market. He believes the Federal Reserve's interest rate hikes have inadvertently influenced the larger economy. Despite this, Bitcoin and Nvidia's stock continue to thrive. Hayes concluded that the cryptocurrency sector remains well-positioned regardless of the Fed's decisions.

Portfolio Pulse from Murtuza Merchant

September 05, 2023 | 1:20 pm