Stock market today: S&P 500, Nasdaq pace for record closes as Fed rate cut bets jump after CPI inflation report

Yahoo

16 hours ago

US stocks moved higher on Tuesday as Wall Street digested fresh inflation data and President Trump revealed his pick to head the Bureau of Labor Statistics.
The Dow Jones Industrial Average (^DJI) rose about 1% or more than 450 points. The S&P 500 (^GSPC) popped over 0.8%, while the tech-heavy Nasdaq (^IXIC) also added around 1%. Both the S&P 500 and Nasdaq Composite were pacing for record closes.
The latest data from the Bureau of Labor Statistics showed that "core" inflation, which excludes volatile food and energy costs, rose 3.1% over the past year in July, ahead of June's 2.9% increase. The reading indicated that rising goods inflation is no longer being offset by easing services inflation.
But on a headline basis, the Consumer Price Index (CPI) increased 2.7% year over year, matching June and coming in softer than economists' expectations of a 2.8% rise.
After the inflation report's release, bets jumped on a Fed rate cut in September. Around 94% of traders expect that outcome, according to the CME Group.
The report was the first major piece of economic data to be released by the Bureau of Labor Statistics after Trump fired Erika McEntarfer as commissioner earlier this month, following the release of the July jobs report. Late Monday, Trump announced that he nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the agency.
Investors will get two more pulse checks on the state of the economy later this week, with the release of the Producer Price Index on Thursday and retail sales data on Friday.
In corporate news, Intel (INTC) stock gained over 1% after CEO Lip-Bu Tan met with Trump, who had called for Tan's resignation just last week.
After the meeting, Trump posted to Truth Social calling the meeting "a very interesting one" and hailing the CEO's "success and rise" as "an amazing story."
On Tuesday, reports said China urged local firms not to use Nvidia H20 chips, complicating Trump's bid to turn those sales into a US windfall. Trump also granted another 90-day pause on the most punishing tariffs on China as the two countries work toward a trade deal.
Read more: The latest on Trump's tariffs
Trump blasts Goldman over tariff forecasts, tells David Solomon to 'focus on being a DJ'
President Trump called out Goldman Sachs' (GS) research team for a stock market forecast it made earlier in the year, which initially predicted the S&P 500 (^GSPC) would finish the year lower as the US economy entered recession following the initial "Liberation Day" tariff announcements.
Specifically, Trump targeted Goldman Sachs CEO David Solomon in a Truth Social Post Tuesday while also taking a pass at the executive's hobby as a DJ.
"David Solomon and Goldman Sachs refuse to give credit where credit is due," Trump wrote in a Tuesday post in Truth Social while lauding the revenue tariffs are bring in and a stock market that's hovering near record highs. "They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else. I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution."
Goldman Sachs declined to comment on the post.
Read more here.
Ethereum treasury company Bitmine Immersion plans to issue $20 billion worth of stock to buy more ETH
Yahoo Finance's Jake Conley reports:
Bitmine Immersion Technologies (BMNR) stock popped as much as 5% at the opening bell on Tuesday after ethereum (ETH-USD) rose another 5% to trade north of $4,400 and the company announced plans to sell up to another $20 billion worth of stock to increase its holdings of the cryptocurrency.
Bitmine, whose board is led by investor Tom Lee, announced Monday that its holdings of ETH stood at $4.96 billion, or a little over 1.15 million tokens, meaning the company owns roughly 1% of all tokens in circulation.
The company's goal is to eventually acquire 5% of the world's outstanding ETH tokens. Monday's news pushed the stock up more than 14%. The stock is up over 600% this year.
Read more here.
Everybody's buying the stock market dips now
When markets first bounced off the April bottom, there was a flurry of data showing that retail traders had led the dip-buying.
Many market bulls argued that this left room for institutional buying to pour into the market in the coming months and continue to lead stocks higher.
Following the worst day of the summer for stocks, when the market sold off after a weaker-than-expected July jobs report, that's exactly what happened.
Data from Bank of America released on Tuesday showed net buys by institutional clients were the biggest since September 2024 and the 10th-largest in history since 2008. Those clients preferred large-cap technology stocks. The $4.3 billion poured into single stocks last week by BofA clients marked the largest weekly inflow in two years.
One reason July's CPI data supports the case for Fed rate cuts
At a high level, July's Consumer Price Index (CPI) had a bit of something for everyone.
The latest data from the Bureau of Labor Statistics showed that "core" inflation, which excludes volatile food and energy costs, rose 3.1% over the past year in July, ahead of June's 2.9% increase. But on a headline basis, the Consumer Price Index (CPI) increased 2.7% on an annual basis in July, matching June's number and slower than economists' expectations of a 2.8% rise.
In a note to clients following the release, Renaissance Marco's head of economics Neil Dutta zoomed in on the headline increase, which came in better than expected.
"If tariffs are causing an inflation problem, then headline inflation rates ought to be accelerating," Dutta wrote. "However, overall inflation is not rising as rapidly as expected likely because nominal growth remains sluggish."
Dutta points out that over the past six months, headline CPI has increased at a 1.9% annualized rate, the slowest pace seen since October 2024. In his view, July's CPI data "cements" a September interest rate cut from the Fed. Markets seem to agree for now, with traders pricing in a roughly 94% chance the Fed lowers rates in September, per the CME FedWatch Tool.
"You might be thinking, why not a bigger upfront move," Dutta wrote. "Doves on the FOMC need to fight one battle at a time. There is a wide contingent of folks on the FOMC with tariff derangement syndrome, not seeing cuts at all this year. They won't be able to make the leap from no cuts to a large upfront move overnight."
Stocks open higher
US stocks moved higher on Tuesday as Wall Street digested fresh inflation data and President Trump revealed his pick to head the Bureau of Labor Statistics.
The Dow Jones Industrial Average (^DJI) rose about 0.5%. The S&P 500 (^GSPC) popped 0.4%, while the tech-heavy Nasdaq (^IXIC) led the gains rising more than 0.5%.
September Fed rate cut bets hold steady following CPI
Following Tuesday's July inflation reading, market bets on a Federal Reserve interest rate cut held relatively steady. Investors are now pricing in a roughly a 90% chance the central bank cuts rates in September, up slightly from a 86% chance seen the day prior, per the CME FedWatch Tool.
'Core' price increases accelerate more than expected in July
Price increases accelerated more than expected in July.
The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%.
Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations.
The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior.
Circle stock jumps on first earnings report since going public
Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread.
Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%.
Reuters reports:
Read more here.
US small business optimism rebounds, but uncertainty clouds outlook
Reuters reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July)
Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA)
Here are some of the biggest stories you may have missed overnight and early this morning:
July inflation report expected to show prices accelerated
Media musical chairs are reshaping the sports landscape
Earnings live: Circle pops on higher revenue in first earnings report
Intel stock rises after Trump praises CEO's 'amazing story'
China urges firms to shun Nvidia chips, trade truce extended
Musk accuses Apple of unfairly favoring OpenAI on iPhone
Google and IBM believe workable quantum computer is in sight
US small business optimism up but uncertainty clouds outlook
Switzerland wants binding Trump commitment on gold tariffs
Cannabis stocks soar as President Trump considers reclassifying marijuana
Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug.
The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year.
Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%.
On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks.
"We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject."
Intel is still a disaster
Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday.
Don't be fooled by the price action, however.
This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is.
Intel's statement on the meeting:
"Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company."
Japan's Nikkei hits record high on tariff relief, tech rally
The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief.
Bloomberg News reports:
Read more here.
Trump blasts Goldman over tariff forecasts, tells David Solomon to 'focus on being a DJ'
President Trump called out Goldman Sachs' (GS) research team for a stock market forecast it made earlier in the year, which initially predicted the S&P 500 (^GSPC) would finish the year lower as the US economy entered recession following the initial "Liberation Day" tariff announcements.
Specifically, Trump targeted Goldman Sachs CEO David Solomon in a Truth Social Post Tuesday while also taking a pass at the executive's hobby as a DJ.
"David Solomon and Goldman Sachs refuse to give credit where credit is due," Trump wrote in a Tuesday post in Truth Social while lauding the revenue tariffs are bring in and a stock market that's hovering near record highs. "They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else. I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution."
Goldman Sachs declined to comment on the post.
Read more here.
President Trump called out Goldman Sachs' (GS) research team for a stock market forecast it made earlier in the year, which initially predicted the S&P 500 (^GSPC) would finish the year lower as the US economy entered recession following the initial "Liberation Day" tariff announcements.
Specifically, Trump targeted Goldman Sachs CEO David Solomon in a Truth Social Post Tuesday while also taking a pass at the executive's hobby as a DJ.
"David Solomon and Goldman Sachs refuse to give credit where credit is due," Trump wrote in a Tuesday post in Truth Social while lauding the revenue tariffs are bring in and a stock market that's hovering near record highs. "They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else. I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution."
Goldman Sachs declined to comment on the post.
Read more here.
Ethereum treasury company Bitmine Immersion plans to issue $20 billion worth of stock to buy more ETH
Yahoo Finance's Jake Conley reports:
Bitmine Immersion Technologies (BMNR) stock popped as much as 5% at the opening bell on Tuesday after ethereum (ETH-USD) rose another 5% to trade north of $4,400 and the company announced plans to sell up to another $20 billion worth of stock to increase its holdings of the cryptocurrency.
Bitmine, whose board is led by investor Tom Lee, announced Monday that its holdings of ETH stood at $4.96 billion, or a little over 1.15 million tokens, meaning the company owns roughly 1% of all tokens in circulation.
The company's goal is to eventually acquire 5% of the world's outstanding ETH tokens. Monday's news pushed the stock up more than 14%. The stock is up over 600% this year.
Read more here.
Yahoo Finance's Jake Conley reports:
Bitmine Immersion Technologies (BMNR) stock popped as much as 5% at the opening bell on Tuesday after ethereum (ETH-USD) rose another 5% to trade north of $4,400 and the company announced plans to sell up to another $20 billion worth of stock to increase its holdings of the cryptocurrency.
Bitmine, whose board is led by investor Tom Lee, announced Monday that its holdings of ETH stood at $4.96 billion, or a little over 1.15 million tokens, meaning the company owns roughly 1% of all tokens in circulation.
The company's goal is to eventually acquire 5% of the world's outstanding ETH tokens. Monday's news pushed the stock up more than 14%. The stock is up over 600% this year.
Read more here.
Everybody's buying the stock market dips now
When markets first bounced off the April bottom, there was a flurry of data showing that retail traders had led the dip-buying.
Many market bulls argued that this left room for institutional buying to pour into the market in the coming months and continue to lead stocks higher.
Following the worst day of the summer for stocks, when the market sold off after a weaker-than-expected July jobs report, that's exactly what happened.
Data from Bank of America released on Tuesday showed net buys by institutional clients were the biggest since September 2024 and the 10th-largest in history since 2008. Those clients preferred large-cap technology stocks. The $4.3 billion poured into single stocks last week by BofA clients marked the largest weekly inflow in two years.
When markets first bounced off the April bottom, there was a flurry of data showing that retail traders had led the dip-buying.
Many market bulls argued that this left room for institutional buying to pour into the market in the coming months and continue to lead stocks higher.
Following the worst day of the summer for stocks, when the market sold off after a weaker-than-expected July jobs report, that's exactly what happened.
Data from Bank of America released on Tuesday showed net buys by institutional clients were the biggest since September 2024 and the 10th-largest in history since 2008. Those clients preferred large-cap technology stocks. The $4.3 billion poured into single stocks last week by BofA clients marked the largest weekly inflow in two years.
One reason July's CPI data supports the case for Fed rate cuts
At a high level, July's Consumer Price Index (CPI) had a bit of something for everyone.
The latest data from the Bureau of Labor Statistics showed that "core" inflation, which excludes volatile food and energy costs, rose 3.1% over the past year in July, ahead of June's 2.9% increase. But on a headline basis, the Consumer Price Index (CPI) increased 2.7% on an annual basis in July, matching June's number and slower than economists' expectations of a 2.8% rise.
In a note to clients following the release, Renaissance Marco's head of economics Neil Dutta zoomed in on the headline increase, which came in better than expected.
"If tariffs are causing an inflation problem, then headline inflation rates ought to be accelerating," Dutta wrote. "However, overall inflation is not rising as rapidly as expected likely because nominal growth remains sluggish."
Dutta points out that over the past six months, headline CPI has increased at a 1.9% annualized rate, the slowest pace seen since October 2024. In his view, July's CPI data "cements" a September interest rate cut from the Fed. Markets seem to agree for now, with traders pricing in a roughly 94% chance the Fed lowers rates in September, per the CME FedWatch Tool.
"You might be thinking, why not a bigger upfront move," Dutta wrote. "Doves on the FOMC need to fight one battle at a time. There is a wide contingent of folks on the FOMC with tariff derangement syndrome, not seeing cuts at all this year. They won't be able to make the leap from no cuts to a large upfront move overnight."
At a high level, July's Consumer Price Index (CPI) had a bit of something for everyone.
The latest data from the Bureau of Labor Statistics showed that "core" inflation, which excludes volatile food and energy costs, rose 3.1% over the past year in July, ahead of June's 2.9% increase. But on a headline basis, the Consumer Price Index (CPI) increased 2.7% on an annual basis in July, matching June's number and slower than economists' expectations of a 2.8% rise.
In a note to clients following the release, Renaissance Marco's head of economics Neil Dutta zoomed in on the headline increase, which came in better than expected.
"If tariffs are causing an inflation problem, then headline inflation rates ought to be accelerating," Dutta wrote. "However, overall inflation is not rising as rapidly as expected likely because nominal growth remains sluggish."
Dutta points out that over the past six months, headline CPI has increased at a 1.9% annualized rate, the slowest pace seen since October 2024. In his view, July's CPI data "cements" a September interest rate cut from the Fed. Markets seem to agree for now, with traders pricing in a roughly 94% chance the Fed lowers rates in September, per the CME FedWatch Tool.
"You might be thinking, why not a bigger upfront move," Dutta wrote. "Doves on the FOMC need to fight one battle at a time. There is a wide contingent of folks on the FOMC with tariff derangement syndrome, not seeing cuts at all this year. They won't be able to make the leap from no cuts to a large upfront move overnight."
Stocks open higher
US stocks moved higher on Tuesday as Wall Street digested fresh inflation data and President Trump revealed his pick to head the Bureau of Labor Statistics.
The Dow Jones Industrial Average (^DJI) rose about 0.5%. The S&P 500 (^GSPC) popped 0.4%, while the tech-heavy Nasdaq (^IXIC) led the gains rising more than 0.5%.
US stocks moved higher on Tuesday as Wall Street digested fresh inflation data and President Trump revealed his pick to head the Bureau of Labor Statistics.
The Dow Jones Industrial Average (^DJI) rose about 0.5%. The S&P 500 (^GSPC) popped 0.4%, while the tech-heavy Nasdaq (^IXIC) led the gains rising more than 0.5%.
September Fed rate cut bets hold steady following CPI
Following Tuesday's July inflation reading, market bets on a Federal Reserve interest rate cut held relatively steady. Investors are now pricing in a roughly a 90% chance the central bank cuts rates in September, up slightly from a 86% chance seen the day prior, per the CME FedWatch Tool.
Following Tuesday's July inflation reading, market bets on a Federal Reserve interest rate cut held relatively steady. Investors are now pricing in a roughly a 90% chance the central bank cuts rates in September, up slightly from a 86% chance seen the day prior, per the CME FedWatch Tool.
'Core' price increases accelerate more than expected in July
Price increases accelerated more than expected in July.
The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%.
Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations.
The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior.
Price increases accelerated more than expected in July.
The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%.
Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations.
The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior.
Circle stock jumps on first earnings report since going public
Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread.
Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%.
Reuters reports:
Read more here.
Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread.
Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%.
Reuters reports:
Read more here.
US small business optimism rebounds, but uncertainty clouds outlook
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July)
Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA)
Here are some of the biggest stories you may have missed overnight and early this morning:
July inflation report expected to show prices accelerated
Media musical chairs are reshaping the sports landscape
Earnings live: Circle pops on higher revenue in first earnings report
Intel stock rises after Trump praises CEO's 'amazing story'
China urges firms to shun Nvidia chips, trade truce extended
Musk accuses Apple of unfairly favoring OpenAI on iPhone
Google and IBM believe workable quantum computer is in sight
US small business optimism up but uncertainty clouds outlook
Switzerland wants binding Trump commitment on gold tariffs
Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July)
Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA)
Here are some of the biggest stories you may have missed overnight and early this morning:
July inflation report expected to show prices accelerated
Media musical chairs are reshaping the sports landscape
Earnings live: Circle pops on higher revenue in first earnings report
Intel stock rises after Trump praises CEO's 'amazing story'
China urges firms to shun Nvidia chips, trade truce extended
Musk accuses Apple of unfairly favoring OpenAI on iPhone
Google and IBM believe workable quantum computer is in sight
US small business optimism up but uncertainty clouds outlook
Switzerland wants binding Trump commitment on gold tariffs
Cannabis stocks soar as President Trump considers reclassifying marijuana
Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug.
The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year.
Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%.
On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks.
"We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject."
Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug.
The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year.
Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%.
On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks.
"We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject."
Intel is still a disaster
Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday.
Don't be fooled by the price action, however.
This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is.
Intel's statement on the meeting:
"Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company."
Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday.
Don't be fooled by the price action, however.
This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is.
Intel's statement on the meeting:
"Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company."
Japan's Nikkei hits record high on tariff relief, tech rally
The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief.
Bloomberg News reports:
Read more here.
The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief.
Bloomberg News reports:
Read more here.