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Nvidia CEO Jensen Huang has highlighted the narrowing gap between the US and China in the AI race, calling Huawei a formidable competitor. He urged the US government to implement policies that foster AI development, while Nvidia faces challenges from export restrictions impacting its revenue and market position. Huang emphasized the need for onshore manufacturing to maintain competitiveness against Chinese advancements in AI technology.
Sundeep Gantori from UBS Global Wealth Management advocates for diversified investments in the expanding AI market, emphasizing the importance of including emerging players, particularly from China. He predicts that AI spending outside the Big 4 tech companies will surge to over 40% by 2025, driven by new entrants and increased capital expenditures. Gantori expects global AI spending to reach $360 billion in 2025, with a significant rise in sectors like high-bandwidth memory and industrial infrastructure, indicating a healthier, less volatile market landscape.
Barclays has raised its price target for eBay Inc. to $77 from $72 while maintaining an overweight rating. eBay, a leading online marketplace, facilitates transactions for goods and services through various platforms, with significant sales coming from the U.S. (50.9%), the U.K. (14.7%), and China (11.4%).
UBS FX strategists forecast the EUR/USD exchange rate could reach 1.20 if universal tariffs are set at 10% and tariffs on China at 60%. This projection is based on expectations of a faster decline in US growth and interest rates compared to Europe, alongside increased risk premiums on dollar assets.Emerging market currencies have appreciated 3% against the US Dollar this year but have fallen 6% against the Euro. UBS recommends buying dips in Euro against emerging market currencies and anticipates that the Brazilian Real, Turkish Lira, and Taiwanese Dollar will outperform in the near future.
Emerging markets, particularly China and India, are poised to benefit from U.S. trade policies, despite initial negative reactions to tariffs. While risks such as inflation and geopolitical conflicts persist, potential positive developments could enhance market conditions, especially in Central and Eastern Europe. Local currency bonds have shown resilience, contrasting with the volatility in hard currency bonds, as governments and central banks maintain significant maneuvering space.
Gold prices have declined for the third consecutive day amid signs of a potential easing in the US-China trade conflict, with China demanding concrete actions from the US. Attention is now on upcoming US labor market data, particularly the non-farm payrolls, which could influence market sentiment ahead of the Federal Reserve's interest rate decision next week.
Tesla's board chair, Robyn Denholm, has refuted claims that the company considered replacing Elon Musk as CEO amid a stock price decline and brand crisis linked to his involvement with DOGE. Despite reports of board members seeking a new CEO, Denholm expressed strong confidence in Musk's leadership, especially after he announced plans to focus more on Tesla. The automaker is facing challenges, including a significant drop in sales and increased competition, particularly from BYD in the EV market.
The Australia 200 index is up 12 points (0.15%) at 8138, continuing a six-day rally despite weak trading volumes and a slump in commodity prices. April closed with a 3.61% gain, but May typically sees a 3-5% pullback, potentially revisiting March lows around 7730. The technology sector surged 3.83%, while major miners and energy stocks faced declines due to falling commodity prices.
Tesla, Inc. focuses on designing, manufacturing, and marketing electric vehicles, with 74.2% of sales from motor vehicles. The company also offers services (10.8%), energy production and storage systems (10.3%), vehicle credit (2.8%), and leasing (1.9%). By the end of 2024, Tesla operated 8 production sites across the USA, China, and Germany, with sales primarily in the USA (48.9%) and China (21.4%).
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