Crocs Withdraws Guidance on Tariff Uncertainty
Crocs withdrew its full-year outlook as consumer behavior remains uncertain amid tariff policies after logging higher profit and lower revenue in the first quarter.
'The new global trade environment as well as business and consumer uncertainty, has made it challenging to predict how consumers may respond in the future,' Chief Executive Andrew Rees said.
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News24
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Huawei chips are one generation behind US, but ‘no need to worry', says CEO
Huawei Technologies' chips are one generation behind those of US peers but the firm is finding ways to improve performance through methods such as cluster computing, Chinese state media quoted CEO Ren Zhengfei as saying on Tuesday. The chipmaker invests 180 billion yuan (R444 billion) in research annually and sees promise in compound chips - chips made from multiple elements - Ren said in an interview with the People's Daily newspaper of the governing Communist Party. There is "no need to worry about the chip problem", Ren said, addressing concerns stemming from US export controls. The article, published on the front page of the newspaper, come as top US and Chinese officials are set to resume trade talks for a second day in London where topics such US tech restrictions on China are expected to be discussed. Since 2019, a slew of US export curbs, aimed at curbing China's technological and military advancements, have restricted Huawei and other Chinese firms from accessing high-end chips and the equipment needed to produce them from abroad. Ren's comments are the first ever from him or Huawei about the company's advanced chipmaking efforts, which have become a flashpoint in US-China tensions. Huawei is just one of many Chinese chipmakers, Ren said in the interview, adding: "The United States has exaggerated Huawei's achievements. Huawei is not that great. We have to work hard to reach their evaluation." "Our single chip is still behind the US by a generation. We use mathematics to supplement physics, non-Moore's law to supplement Moore's law and cluster computing to supplement single chips and the results can also achieve practical conditions. Software is not a bottleneck for us," he said. Cluster computing is when multiple computers work together. Moore's law refers to the speed of chip advancement. Huawei's Ascend series of AI chips compete in China with offerings from Nvidia, the global leader in AI chips. The US commerce department last month said the use of Ascend chips would be a violation of export controls. Nvidia's AI chips are more powerful than Huawei's but the company has been barred by Washington from selling its most sophisticated chips to China, causing it to lose significant market share to Huawei. In April, Huawei launched "AI CloudMatrix 384", a system that links 384 Ascend 910C chips in a cluster that companies can use to train AI models, which has been described by analysts as able to outperform Nvidia's GB200 NVL72 system on some metrics. Dylan Patel, founder of semiconductor research group SemiAnalysis, said in an article that month that it meant that Huawei and China now had AI system capabilities that could beat Nvidia. Nvidia and the US commerce department did not immediately respond to a request for comment on Ren's remarks. Ren also said about a third of Huawei's annual research spending went to theoretical research while the rest was spent on product research and development. "Without theory, there will be no breakthroughs, and we will not catch up with the United States."
The Verge
15 minutes ago
- The Verge
Posted Jun 10, 2025 at 4:15 AM EDT
Huawei plays coy on AI chips. Founder Ren Zhengfei says Huawei's Ascend chips are still 'one generation' behind US rivals like Nvidia, and that the 'US has exaggerated Huawei's capabilities — we're not that strong yet.' If that sounds an odd line for a CEO to take, remember that fears over Huawei's AI prowess have driven a US clampdown intended to boost Nvidia in its place, and that the US and China are negotiating today over export controls and more.
CNET
25 minutes ago
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Mortgage Rates Go Down Over the Last Week: Today's Mortgage Rates for June 10, 2025
Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what's next for Fed rate cuts, labor data and inflation. Despite forecasts of gradually falling mortgage rates, the housing market remains largely unaffordable for most prospective buyers. The average 30-year fixed rate has remained close to 7% for the last seven months, leading to cost-prohibitive monthly payments. The average interest rate for a standard 30-year fixed mortgage is 6.90% today, a decrease of -0.07% compared to one week ago. The average rate for a 15-year fixed mortgage is 6.11%, which is a decrease of -0.05% since last week. Further compounding the financial pressure on borrowers are high home prices and the skyrocketing cost of ownership due insurance and property taxes. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities. Meanwhile, the "lock-in" effect, where current homeowners with low-rate mortgages are reluctant to sell and take on higher interest rates, has kept housing inventory tight and fueled price competition in high-demand areas. Even if an economic slowdown compels the Federal Reserve to cut interest rates later this year, it's unlikely to alleviate the burden on buyers in an overheated market. A potential job-loss recession is also making more households cut back budgets and take on less financial risk. When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders. About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates. What's behind today's high mortgage rates? The last few months have seen mortgage rates navigate a bumpy course. Persistent inflation, the looming threat of a global trade war and escalating recession fears have all contributed to an uncertain economic outlook. As a result, the Fed has adopted a wait-and-see approach when it comes to interest rate adjustments. After cutting borrowing costs three times last year, the central bank is keeping borrowing costs at their current range so far in 2025. Experts predict the Fed will hold rates steady again at its upcoming meeting on June 17-18. If President Trump eases some of his aggressive tariff measures or if the labor market deteriorates, it could prompt the Fed to resume easing interest rates in the fall, which would put downward pressure on bond yields and mortgage rates. Still, experts warn of a lot more volatility in the market. As a result, buyers are being more patient and strategic about financing, comparing different loan types and planning ahead. "Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. For a look at mortgage rate movement in recent years, see the chart below. Mortgage predictions for 2025 Despite hopes that 2025 would bring relief to the housing market, concerns over a potential recession and uncertain trade policies have kept longer-term bond yields and mortgage rates high. Mortgage rates are closely tied to the bond market, specifically the 10-year Treasury yield, which is sensitive to investors' expectations for inflation, labor data, changes to monetary policy and global measures like tariffs. "Rates could fall if inflation keeps cooling and the labor market softens," said Smith. "On the other hand, tariffs could create new inflation pressure. Add in government deficits and increased bond supply, and that puts upward pressure on rates." In short, it will be difficult for mortgage rates to drop below 6% without the risk of a job-loss recession. Fannie Mae now expects rates around 6.1% by the end of 2025 and 5.8% by the end of 2026. According to Smith, mortgage rates could move lower slowly and steadily, but numerous risks could keep rates elevated. Which mortgage term and type should I pick? Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront. 30-year fixed-rate mortgages The average interest rate for a standard 30-year fixed mortgage is 6.90% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment. 15-year fixed-rate mortgages Today, the average rate for a 15-year, fixed mortgage is 6.11%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner. 5/1 adjustable-rate mortgages A 5/1 adjustable-rate mortgage has an average rate of 6.16% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option. Calculate your monthly mortgage payment Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments. Where can I find the best mortgage rates? Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right. Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
