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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
The IT sector is poised for a turnaround, driven by cloud, data, and AI, with banking and financial services (BFS) expected to see revenue normalization by FY26 due to increased discretionary spending from US firms. Major banks are modernizing legacy systems, with Citi retiring 450 applications and Morgan Stanley experiencing double-digit tech spending growth. However, some institutions like Wells Fargo and TD Bank prioritize regulatory compliance, with TD planning to invest $500 million annually in upgrades by CY2026 following a significant fine.
UBS Global Wealth Management anticipates a positive outlook for US equities in 2025, driven by resilient growth and lower interest rates, with a focus on tech, utilities, and financial sectors. The firm also sees opportunities in AI-linked semiconductors and emphasizes the potential of diversified exposure to Asia, particularly India and Indonesia, amid geopolitical tensions. Additionally, UBS GWM projects the S&P 500 could reach 6,600 by year-end 2025, while gold is expected to hit new highs due to ongoing economic uncertainties.
Morgan Stanley has received regulatory approval to establish its Middle East headquarters in Riyadh, Saudi Arabia, joining other major Wall Street firms like Citigroup and Goldman Sachs. Abdulaziz Alajaji, CEO for Saudi Arabia and co-head of the Middle East and North Africa region, stated that this move reflects the growth and development of the kingdom and is a natural progression of the bank's long-standing presence in the area.
A California startup, OceanWell, is revolutionizing seawater desalination with modular, undersea pods that utilize natural hydrostatic pressure, reducing energy consumption by up to 40%. Each pod can produce 1 million gallons of fresh water daily, with plans for larger "water farms" to address freshwater shortages while minimizing environmental impact. The company has secured $11 million in funding and is collaborating with Kubota Corporation to enhance its technology.
Goldman Sachs Asset Management's funds are poised to write off nearly $900 million on their investments in Swedish battery manufacturer Northvolt AB, which has recently filed for bankruptcy protection. The private equity funds, with approximately $896 million in exposure, will fully account for this loss by year-end.
Dell Technologies Inc. (NYSE: DELL) has outperformed competitors in all-flash storage demand, with a recent UBS survey indicating that 71% of IT executives rated Dell's storage demand as strong, compared to 53% for NetApp, 32% for Hewlett Packard Enterprise, and 20% for Pure Storage.The global demand for data center capacity is projected to grow significantly, with AI-ready data centers expected to account for 70% of this demand by 2030, driven by advanced-AI workloads, particularly Gen AI, which will represent 40% of the total.
Rhomaios Ram, CEO of Fnality, plans to step down as the company seeks a replacement. Fnality, backed by 20 global institutions, including UBS and Goldman Sachs, operates a tokenized payment system designed for interbank transactions, with plans to expand to multiple currencies. Despite recent funding rounds, the company faces challenges, including potential competition from central bank digital currencies in both the UK and EU.
After a 22-year banking career across major global cities, Ana Cabral transitioned to become a prominent CEO in the mining industry, leading a company she previously supported through her private equity firm. Despite her initial goal of a more balanced life, her travel commitments have intensified over the years.
UBS has identified the recent correction in gold prices as a buying opportunity, projecting a rise to $2,900 by the end of 2025, reflecting an 8.8% upside. The bank attributes this optimism to central banks' increasing interest in gold amid rising debt and geopolitical tensions, noting that their reserves remain low relative to total assets.
Swiss investors are capitalizing on US election-linked opportunities, with the Vontobel Republican 2024 US Election Index certificate outperforming its Democratic counterpart by over 15%. The Republican version benefits from US banking sector stocks, while European banks face challenges due to strict regulations and low interest rates. New structured products, including BRCs and autocallables, are emerging in both the Swiss financial and US healthcare sectors, reflecting investor sentiment amid political changes.
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13:32 22.11.2024
ex-goldman banker leads lithium firm amid industry challenges and personal commitments
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structured products gain traction amid us election and european banking concerns
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