⚡️AMD Introduced A New Chip That Will Compete With Nvidia's Blackwell

⏺A new development is graphics processing units for data centers, known as GPUs. Production of the Instinct MI325X, as the chip is called, will begin before the end of 2024. If developers and cloud giants view AMD's AI chips as close replacements for Nvidia's products, it could put pricing pressure on the latter, whose GPUs were in high demand last year.

⏺Advanced generative AI such as OpenAI's ChatGPT requires huge data centers equipped with GPUs to perform the necessary processing, which has led to increased demand for AI chips from more companies.

⏺Nvidia has dominated most of the data center GPU markets over the past few years, but AMD has historically been in second place. Now AMD is aiming to ta inke share from its Silicon Valley rival, or at least grab a larger slice of a market it says will be worth $500 billion by 2028.

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⚡️China Announced New Economic Stimulus, But Has Not Yet Detailed Its Plan

⏺China has announced new stimulus plans, promising to soon introduce a package of additional fiscal policy measures to support economic development. It is reported that the package includes a significant increase in public debt, measures to support consumers, local authorities, subsidies for the poor, recapitalization of banks, measures to stabilize real estate markets.

⏺However, during Saturday's press conference, specific details of the plan and, most importantly, numbers were not yet announced, which is likely to prolong nervousness in the markets in anticipation of a clearer policy roadmap of the Chinese authorities. China's legislature is expected to meet in the coming weeks to approve additional debt issuance.

⏺A wide range of economic data in recent months has fallen short of forecasts, raising fears among economists and investors that the government's goal of growing the economy by about 5% this year is in jeopardy and that a longer-term structural decline could occur. Data for September, due out next week, is expected to show a further decline, but officials said they were "fully confident" the 2024 target would be met.

⏺New fiscal stimulus was the subject of intense speculation in global financial markets after a September meeting of the Communist Party's Central Committee Politburo signaled a heightened sense of economic urgency.

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⚡️Tesla lost 8% After Disappointing Robotaxi Presentation

⏺Shares of electric car maker Tesla fell after investors were underwhelmed by its long-awaited robotaxi unveiling. Musk unveiled the Tesla Cybercab concept car - a low, silver two-seater without a steering wheel or pedals - on Thursday evening. It is planned that the car will be able to be driven autonomously.

⏺Tesla's boss said the company hopes to produce the Cybercab until 2027, but did not provide details on where the vehicles would be built. Consumers will be able to buy a Tesla Cybercab for less than $30,000, he said. He also expects Tesla to launch "unsupervised" driver assistance (FSD) in Texas and California in its Model 3 and Model Y electric vehicles next year. So far, the technology requires the presence of a human driver behind the wheel, ready to steer or brake at any time.

⏺Following the event, analysts said the announcements failed to highlight any near-term opportunities for Tesla, instead prioritizing Musk's vision for a fully autonomous driving future. It is expected that it will be several more years before self-driving cars become an accepted reality on public roads, as regulators are concerned about the safety features built into such vehicles. Among the few companies that have successfully launched self-driving cars on public roads is Google's Waymo, which has offered its robotaxi service to the general public since June.

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⚡️BlackRock Hits Record $11.5 Trillion In Assets Amid Market Rally And ETF Surge

⏺BlackRock's assets under management hit a record high for the third quarter in a row, helped by rising inflows into the company's exchange-traded funds and soaring stock gains that have boosted the value of its clients' investments.

⏺Stock markets reversed the August sell-off and extended gains in the third quarter, driven by renewed hopes for a soft landing for the U.S. economy following encouraging inflation data. Broad market equities ended the third quarter higher, with the S&P 500 index up 5.4% and the MSCI Worldwide Stock Index rising 6.2%.

⏺Assets managed by BlackRock rose to $11.48 trillion in the third quarter, up from $9.10 trillion a year earlier and $10.65 trillion in the second quarter. The world's largest asset manager recorded $160 billion in long-term net flows in the third quarter. Total net flows hit a quarterly record of $221.18 billion, up from $2.57 billion a year earlier. Most of the inflows came from ETFs, at $97.41 billion. Meanwhile, clients poured $62.74 billion into BlackRock's fixed income products

⏺With Fed finally beginning its long-awaited easing cycle, asset managers are poised to benefit as huge cash reserves move into riskier assets such as fixed income products.

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⚡️Canadian Bank TD Bank Will Pay Colossal Fines Worth $3 Billion To US Authorities

⏺Canadian bank TD Bank has pleaded guilty to money laundering and will pay $3 billion in fines. According to the court decision, the US Department of Justice and federal financial regulators will receive money. The bank failed to control money laundering by drug traffickers and other criminals, a judge ruled.

⏺As part of the deal, TD Bank, whose U.S. unit is the 10th largest U.S. bank by assets, is accepting limits on its growth, the Office of the Comptroller of the Currency said Thursday. The combined assets of TD Bank's two U.S. subsidiaries will not exceed $434 billion.

⏺Attorney General Merrick Garland said will monitor the bank's compliance with anti-money laundering practices for three years as part of a settlement with the Justice Department that will receive $1.8 billion due to the bank's guilty plea in federal court

⏺Garland said that over a six-year period ending last October, TD Bank failed to track a staggering $18.3 trillion in customer activity, allowing three money laundering networks to move more than $670 million through bank accounts.

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⚡️Huawei Has Overtaken Apple In China Sales For The First Time In 46 Months

⏺Chinese company, under US sanctions, continues to build on the success of last year's 5G smartphone. That's consistent with findings from government think tank China Academy of Information and Communications Technology, which reported a 12.7% year-on-year decline in smartphone shipments abroad, including Apple's iPhone, in the same month. Those shipments fell to 1.87 million units in August from 2.14 million a year earlier as domestic smartphone shipments rose 26.7% to 24.05 million over the same period.

⏺The competition between Huawei and Apple in the world's biggest smartphone market has taken on new significance as the Shenzhen-based telecom equipment giant experiences a revival in its mobile phone business amid the US tech giant's recent troubles on the mainland.

⏺Strong demand for Huawei's high-end phone models such as the Mate and Pura series, as well as foldable smartphones such as the recently introduced Mate XT, helped push the company's average selling price and wholesale revenue to record highs in the second quarter, according to TechInsights. It said China remains Huawei's main market, accounting for 89% of global smartphone shipments.

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⚡️Fed Suffers Split Over The Level Of Rate Cuts

⏺Federal Reserve Chairman Jerome Powell received some pushback over a half-point rate cut in September, with some officials favoring a smaller quarter-point cut at the meeting. Such information is provided in the Fed minutes.

⏺“Several participants indicated that they would prefer a 25 basis point reduction in the target range at this meeting, and several others indicated that they might support such a decision,” notes the minutes of the Sept. 17-18 meeting. All participants said it would make sense to reduce borrowing costs.

⏺US Federal Reserve cut its benchmark rate by 0.5 percentage points last month, a decisive move to protect economic growth as inflation weakens and risks to the labor market rise. Despite the debate, the minutes noted that a “substantial majority” supported a massive rate cut.

⏺One problem for some officials was that such a large change was inconsistent with their intention to gradually lower interest rates. Although Fed board member Michelle Bowman was the lone dissenting voice against the move, the minutes revealed a deeper rift among officials than the near-unanimous decision suggested. This suggests that Powell has led the committee to take a larger step.

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⚡️S&P Puts Boeing's Rating Under Review

⏺Global ratings agency S&P yesterday placed Boeing on CreditWatch with a negative rating due to a strike by 33,000 of the planemaker's US workers, which is halting production of its best-selling planes. The union, whose members have been on strike for 26 days, is seeking a 40% pay rise over four years and the restoration of a defined benefit pension that was eliminated in the contract a decade ago.

⏺The rating agency estimates Boeing will face cash outflows of about $10 billion in 2024 and will likely require additional financing. S&P's inclusion on CreditWatch reflects the increased likelihood of a rating downgrade if the strike continues, which would increase costs and delay the company's return to aircraft production and cash flow generation.

⏺Last month, all three major ratings , including S&P, warned that a prolonged strike at Boeing's West Coast plants could lead to ratings downgrades, a headache for the heavily indebted planemaker. At the same time, the company itself announced that it was stopping negotiations with the union of striking workers. She also withdrew her salary offer.

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☄️Chinese Market Plunges 10% After Rally In Absence Of New Stimulus

⏺Chinese stock market crashed in trading on October 8 after a massive rally over the past few weeks. Hang Seng Index (HSI) fell 9.56% to its low of 20,891.98 points. Hang Seng China Enterprises, which includes Chinese shares traded in Hong Kong, fell 10.9% to 7,421.3 points. CSI 300 index began the first day of trading after the holidays with an upward gap of almost 11%, but immediately began to lose ground.

⏺Shares in Chinese stock market suffered a sharp decline today after a recent rally, due to the lack of additional economic stimulus measures from the Chinese government. Over nine trading sessions, up to and including September 30, the CSI 300 index grew by 27.8% and reached 4038.7 points at its peak. Previously, the indicator lost more than 45% from its 2021 maximum to mid-September.

⏺Today's decline Chinese stock market is associated with growing doubts among investors about the government's readiness to further stimulate the economy. This followed a press conference by the National Development and Reform Commission (NDRC) held on October 8. At the press conference, officials confirmed their intentions to increase spending and support low-wage groups of the population, but specific steps to stimulate the economy were not named. This created an atmosphere of uncertainty among investors, who expected more decisive action from the government.

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⚡️Japan Records Highest Number Of Bankruptcies In A Decade

⏺Japan recorded its highest number of bankruptcies since 2013 in February-September this year as the country's companies increasingly struggled due to rising costs.

⏺According to a Teikoku Databank report, about 4,990 firms went bankrupt during the period under review, an increase of 18.6% compared to the same period last year. It is noted that the number of bankrupt firms in Japan has continued to grow since the second half of the fiscal year ending in March 2022.

⏺The sharp rise in bankruptcies partly reflects the impact of high prices, especially for smaller companies. A record 472 of 4,990 firms cited inflation as the main reason for their failure, the report said. What's more, the weak yen has driven up the cost of importing everything from food to energy.

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