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The "Magnificent Seven," comprising major tech firms like Apple and Microsoft, initially drove stock market growth in 2023-2024. However, following Donald Trump's election, trade policies and economic concerns led to a downturn, rebranding them as the "Evil Seven." Despite recent declines, medium to long-term recovery prospects remain positive, contingent on avoiding a trade war escalation.
CoreWeave, an AI startup backed by Nvidia, is set to price its shares between $47 and $55 in its upcoming IPO, potentially valuing the company at $2.3 billion to $2.7 billion. In its recent filing, CoreWeave reported a revenue surge to $1.92 billion in 2024, up from $228.9 million the previous year, despite incurring a net loss of $863.4 million, compared to a loss of $593.7 million in 2023.
Nvidia CEO Jensen Huang has denied any involvement in a potential acquisition of Intel, stating that the company has not been approached to buy a stake. At a developer conference in San Jose, he dismissed rumors of a consortium acquiring Intel and clarified that Nvidia has not been invited to participate in any discussions.
Central banks are in focus today, with the Bank of England expected to maintain its rate at 4.50%, while the Swiss National Bank may cut its rate to 0.25%. The Riksbank is anticipated to hold steady at 2.25%, with a dovish outlook possible. In the US, the Fed's recent meeting resulted in unchanged rates, leading to lower rates and a weaker USD, while global equities rose, particularly in the US.
G42 and NVIDIA have introduced a hybrid AI weather forecasting model, CorrDiff, capable of 200-metre resolution simulations for urban areas, starting in Abu Dhabi. This model enhances forecasting accuracy, particularly for fog, and integrates traditional methods with AI to improve decision-making in sectors like aviation and logistics.The initiative, part of the Earth-2 Climate Tech Lab, aims to expand its applications to climate-vulnerable regions globally, supporting better disaster preparedness and climate resilience through advanced computational power.
Manycore Tech Inc., a Chinese AI startup specializing in spatial design software, is expanding its global presence despite ongoing US-China tensions. With teams in over 10 countries and serving enterprise customers in 200 markets, the company reported 86.3 million monthly active visitors in 2024.Recognized as one of Hangzhou’s “Six Little Dragons,” Manycore filed for a Hong Kong IPO after abandoning US listing plans due to regulatory challenges. While focusing on affordability to grow its user base, the company reported a loss of 422.1 million yuan (US$58.3 million) in the first nine months of 2024.
NVIDIA and xAI have joined a BlackRock-led initiative, the AI Infrastructure Partnership (AIP), aiming to invest up to $100 billion in AI-ready data centers and energy infrastructure. The partnership, which includes major players like Microsoft and GE Vernova, seeks to address the surging demand for AI computing power, with a focus on projects primarily in the US. As data center load growth is expected to double or triple by 2028, the initiative highlights the increasing convergence of digital infrastructure and energy investment.
Speculation about a potential merger between insurers Baloise and Helvetia has resurfaced, driven by major shareholder Cevian's influence. While Baloise shares have underperformed compared to Helvetia, analysts consider the merger scenario unlikely despite its intriguing nature. In financial markets, the US dollar strengthened against major currencies ahead of the Fed's interest rate decision, while oil prices fell due to rising US reserves. The SMI index struggled near the 13,000-point mark as investors awaited key interest rate announcements from both the Fed and the Swiss National Bank.
Taiwan Semiconductor Manufacturing Co. (TSMC) has announced a significant $100 billion expansion of its operations in the United States to boost semiconductor production. This move, revealed by CEO C.C. Wei, aligns with a broader trend of Taiwanese companies increasing their investments in the US, including Foxconn's collaboration with Apple on an AI server assembly site in Texas. Other firms like Wiwynn Corp., Quanta Computer Inc., and Compal Electronics Inc. are also making substantial investments in US facilities.
Foxconn, the largest contract electronics manufacturer, expects its AI server revenue to surpass iPhone sales within two years, potentially as early as this year. Chairman Young Liu highlighted strong demand for AI servers, projecting revenue could reach T$1 trillion (US$30.29 billion) by 2025, making up over half of total server revenue. Additionally, revenue from cloud and networking products is anticipated to match that of smart consumer electronics like iPhones in the same timeframe.
NVIDIA Corporation
Companies
| Symbol | NVDA |
| Name | NVIDIA Corporation |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Semiconductors & Semiconductor Equipment |
| Industry | Semiconductors & Semiconductor Equipment |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | Santa Clara |
| Zipcode | 95051 |
| Website | http://www.nvidia.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
US tech giants face challenges amid trade tensions and economic uncertainty
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