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Swiss arms exports are declining despite a global increase in military spending, attributed to a strict interpretation of the country's neutrality. As tensions rise with leaders like Putin, Xi, and Trump highlighting Europe's vulnerabilities, the Swiss arms industry faces significant challenges.
China's recent work report highlights a strong focus on boosting domestic demand and consumption amid rising tariffs and a record budget deficit of 4%. Policymakers aim to stabilize growth through fiscal expansion and innovation, while maintaining open trade relations, particularly with the U.S. The report outlines significant fiscal measures, including ¥1.3 trillion in special Treasury bonds to support infrastructure and consumer spending, reflecting a commitment to address local government financing gaps and stimulate the economy despite external trade pressures.
US concerns over China's chip advancements are escalating amid the Huawei-TSMC dispute, with officials highlighting illegal shipments of advanced chips to China. Jeffery Kessler, a nominee for the US Commerce Department, emphasized the need for stringent enforcement to prevent Huawei's access to advanced technology.Despite sanctions, Huawei is making significant progress in the chip industry, aiming to boost AI chip production and alleviate the chip shortage in China. The company plans to manufacture 100,000 Ascend 910C chips and 300,000 units of 910B by 2025, positioning itself as a formidable competitor in the AI chip market.
Elon Musk's close ties to Donald Trump may hinder Tesla's efforts to launch its full self-driving technology in China, as Chinese officials consider using the approval as leverage in trade negotiations. Despite Musk's popularity in China, Tesla faces fierce competition and regulatory challenges, complicating its market position. The delay in FSD approval could impact Tesla's revenue in a market where rivals like BYD are rapidly advancing their technology.
Huawei is enhancing its AI chip yield to support China's technological ambitions, increasing the functional production of its Ascend chips to 40%, up from 20% last year. The company aims to reach a 60% yield while navigating US sanctions, with backing from the Chinese government and assistance from SMIC. This progress signals a potential turnaround in China's tech industry, as Huawei works to establish a reliable computing infrastructure for AI.
Huawei has significantly boosted its AI chip production, achieving a yield of nearly 40%, doubling from a year ago, which marks its first profitable production of Ascend chips. This advancement supports China's ambitions for semiconductor independence amid US export restrictions, as Huawei aims to produce 100,000 910C processors this year. Despite challenges in competing with Nvidia's established software and market presence, Huawei leads in China's AI chip output, accounting for over 75% of the market.
Huawei's founder, Ren Zhengfei, assured President Xi Jinping that concerns over China's reliance on foreign-developed chips and operating systems have diminished, citing advancements in technology. During a meeting with key entrepreneurs, including BYD's Wang Chuanfu and Xiaomi's Lei Jun, discussions highlighted significant growth in sectors like electric vehicles and electronics, emphasizing China's push for technological independence despite challenges such as US sanctions.
During a meeting with private sector entrepreneurs, Huawei's founder Ren Zhengfei assured President Xi Jinping that concerns over China's lack of homegrown chips and operating systems have eased. Other industry leaders, including BYD's Wang Chuanfu and Xiaomi's Lei Jun, expressed confidence in overcoming international challenges under Xi's leadership. The discussion highlighted the progress of China's EV and tech industries, emphasizing a shift towards self-sufficiency in critical technologies.
NVIDIA Corporation is expected to deliver strong results, with UBS maintaining a bullish outlook. Meanwhile, Chinese AI startup DeepSeek is seeking external funding to meet surging demand for its low-cost AI models, attracting interest from major investors like Alibaba and state funds. This move aligns with China's strategy to enhance its technological capabilities amid competition with the U.S.
Global equity markets have started the week positively, with the Euro STOXX 600 reaching a record high, driven by the defense sector. Despite ongoing geopolitical tensions and economic uncertainties, UBS GWM maintains a favorable outlook, particularly for U.S. and Asian equities, citing robust earnings growth and opportunities in the Chinese tech sector. Investors are advised to focus on small- and mid-cap stocks in Europe and consider exposure to artificial intelligence, while preparing for potential volatility.
Xi Jinping
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