“There are several local Chinese companies that produce chips to compete with Nvidia,” said Brady Wang, associate director at Counterpoint Research.Raa | Nurphoto | Getty ImagesAs the U.S. tightens controls on Nvidia’s sales to China, the country’s rising domestic artificial intelligence chipmakers like Huawei stand to benefit, semiconductor analysts say. The Commerce Department said last week that Nvidia’s H20 graphics processing units — designed to comply with previous U.S. restrictions — would now require export licenses, as would additional chips from AMD. Nvidia says it has already halted exports of the GPUs, resulting in a quarterly charge of approximately $5.5 billion. But…
Author: usaeverydaylife
Defense Secretary Pete Hegseth used his personal phone to send information about U.S. military operations in Yemen to a 13-person Signal group chat, including his wife and his brother, two sources with knowledge of the matter confirmed to NBC News.He did so after an aide had warned him to be careful not to share sensitive information on an unsecure communications system before the Yemen operation, the sources said.The development comes about a month after it became public that Hegseth shared details of strikes in Yemen in a separate Signal chat with top administration officials. The editor-in-chief of The Atlantic was…
South Korea has found increased attempts to disguise foreign products as Korean exports, primarily from China, to avoid U.S. President Donald Trump’s sweeping tariffs, its customs agency said on Monday.Insung Jeon | Moment | Getty ImagesSouth Korea has found increased attempts to disguise foreign products as Korean exports, primarily from China, to avoid U.S. President Donald Trump’s sweeping tariffs, its customs agency said Monday.The Korea Customs Service said it has found 29.5 billion won ($20.81 million) worth of violations related to country of origin from the first quarter, with U.S.-bound shipments accounting for 97% of the total, after a special probe last month.That compared to a total of 34.8 billion…
BEIJING — China on Monday warned it will retaliate against countries that cooperate with the U.S. in ways that compromise Beijing’s interests, as the trade war between the world’s two largest economies threatens to embroil other nations. China’s warning comes as U.S. President Donald Trump’s administration is reportedly planning to use tariff negotiations to pressure U.S. partners to limit their dealings with China. Trump this month paused major tariff increases on other countries for 90 days, while hiking duties further on goods from China to 145%.”China firmly opposes any party reaching a deal at the expense of China’s interests. If…
The People’s Bank of China (PBOC) building in Beijing, China, on Thursday, Dec. 15, 2022. Bloomberg | Getty ImagesChina expectedly kept its loan prime rates unchanged Monday, with the 1-year LPR at 3.1% and the 5-year at 3.6% as the central bank appears to prefer stabilizing the yuan amid trade tensions with the U.S.The decision from the People’s Bank of China comes as China reported better-than-expected economic data this month, with first-quarter GDP growing at 5.4% year on year.Retail sales and industrial output numbers for March also beat expectations from economists polled by Reuters.The 1-year LPR influences corporate and most household…
The Marriner S. Eccles Federal Reserve building in Washington, DC, U.S., on Thursday, Sept. 12, 2024. Stefani Reynolds | Bloomberg | Getty Images An independent central bank is seen by most (including this newsletter) as the bedrock of a functional economy. Officials steer the economy by calibrating the benchmark interest rate on which bank loans and mortgages, among other debt, are based.Corporations and consumers, in general, like low interest rates because the cost of borrowing is cheaper. The former is incentivized to expand and invest, which, in turn, tend to increase income and spending among the latter. But such behavior…
A Chinese flag flies high over The Bund.Liu Liqun | Corbis Documentary | Getty ImagesJapanese stocks were set to open lower Monday as investors awaited China’s rate decision at a time when the yuan has come under pressure due to Beijing-Washington trade tensions.Nikkei 225 futures contract in Chicago stood at 34,595 while its counterpart in Osaka last traded at 34,650, against the index’s Friday close of 34,730.28.Investors will be keeping a watch on the People’s Bank of China’s loan prime rate verdict, expected later in the day.Australian and Hong Kong markets were closed for the Easter holiday. — CNBC’s Sean…
Supreme Court Justice Clarence Thomas and Justice Samuel Alito attend a private ceremony for retired Supreme Court Justice Sandra Day O’Connor before public repose in the Great Hall at the Supreme Court on December 18, 2023 in Washington, DC. Jacquelyn Martin | Getty ImagesU.S. Supreme Court Justice Samuel Alito criticized the court majority for “hastily and prematurely” blocking the Trump administration from deporting a group of Venezuelan migrants with an emergency ruling in the early morning hours of a holiday weekend.Alito’s five-page dissent arrived late Saturday night, nearly 24 hours after the Supreme Court temporarily barred the government from deporting a…
El Salvador’s President Nayib Bukele speaks during a news conference at The Presidential House, in San Salvador, El Salvador.Jose Cabezas | ReutersSalvadoran President Nayib Bukele proposed carrying out a prisoner swap with Venezuela on Sunday, suggesting he would exchange Venezuelan deportees from the United States his government has kept imprisoned for what he called “political prisoners” in Venezuela.In a post on the social media platform X, directed at Venezuelan President Nicolás Maduro, Bukele listed off a number of family members of high-level opposition figures in Venezuela, journalists and activists detained during the South American government’s electoral crackdown last year.”The only…
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 17, 2025. Brendan McDermid | ReutersStock futures fell on Sunday evening following yet another negative trading week for Wall Street.S&P 500 futures pulled back 0.5%, while Nasdaq-100 futures dropped 0.6%. Futures tied to the Dow Jones Industrial Average also tumbled 186 points, or 0.5%.The moves come after each of the three major averages logged a third weekly decline in the last four trading weeks. While the S&P 500 closed out Thursday’s session higher, the broad market index still finished the holiday-shortened week…
