Manus on Markets: Big tech gets torched amid warnings over AI hype
Manus Cranny, The National's geo-economics editor, cuts through the noise and presents insights from the stories making headlines around the world.
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Zawya
4 hours ago
- Zawya
Wall St futures subdued with retail earnings, Fed meet in focus
U.S. stock index futures dipped on Wednesday, following a tech-led selloff on Wall Street, as investors parsed earnings from retailers Target and Lowe's for clues on consumer spending ahead of a key Federal Reserve symposium later this week. Earnings from major retailers, seen as a barometer for the health of the American consumer, are in the spotlight this week, at a time when sentiment has taken a hit from concerns that tariffs could drive prices higher in the coming months. Target plunged 10% in premarket trading after the company named a new CEO and retained its annual forecasts that were lowered in May due to weak demand for the largely discretionary merchandise it sells. Estee Lauder fell 7.6% after the cosmetics giant forecast annual profit below estimates due to tariff-related headwinds, while Lowe's gained 2.7% after the home improvement retailer raised its annual sales forecast and announced plans to buy Foundation Building Materials for nearly $8.8 billion. The S&P 500 and the Nasdaq marked their worst session in more than two weeks on Tuesday as investors started to take stock of elevated valuations in the tech sector, whose gains had driven most of the market recovery from the April selloff. Deepening concerns of government interference with companies, sources said the Trump administration was looking into taking equity stakes in chip companies in exchange for grants under the CHIPS Act - just weeks after signing unprecedented revenue-sharing deals with Nvidia and AMD. Nvidia, Advanced Micro Devices and Intel were marginally lower in premarket trading. Nvidia is expected to report quarterly results on Aug. 27. "For now, this looks like a mild and possibly necessary correction after an extremely strong run for this space," said AJ Bell's head of financial analysis, Danni Hewson. "Nvidia's quarterly earning next week now look even more crucial than they already were." At 07:22 a.m. ET, Dow E-minis were down 47 points, or 0.10%, S&P 500 E-minis were down 6.75 points, or 0.10%, and Nasdaq 100 E-minis were down 37.5 points, or 0.16%. Minutes from the Fed's July meeting, where interest rates were left unchanged, are expected at 2:00 p.m. ET. It could set the tone before the central bank's highly anticipated conference in Jackson Hole, Wyoming, between August 21 and 23. Chair Jerome Powell is expected to speak on Friday and his remarks will be scrutinized for any clues on monetary policy, even as investors price in a 25-basis-point interest rate cut in September, according to data compiled by LSEG. Traders "remain wary that Powell could strike a more hawkish tone, emphasizing tariff-driven inflation risks and pushing back against the degree of easing expected by the market," said Bas Kooijman, CEO of DHF Capital S.A. Remarks from Governor Christopher Waller and Atlanta Fed President Raphael Bostic are expected later in the day. Recent economic data has suggested that the economy is yet to feel the full impact of tariffs and strategists expect the lingering uncertainty to temper market optimism, leaving the benchmark S&P 500 to potentially end the year just below current near-record levels. On the trade front, the Commerce Department slapped 50% import levies on more than 400 "derivative" steel and aluminum products. (Reporting by Johann M Cherian and Sanchayaita Roy in Bengaluru; Editing by Devika Syamnath)
Zawya
4 hours ago
- Zawya
How GenAI tools can cut mining maintenance costs by 10%?
Unexpected maintenance can reach up to 60% of total mine maintenance spending. But now, research has found that using generative AI (GenAI) tools can cut costs by a significant 10%. When mines deploy predictive maintenance systems, they tend to do so in isolation and rely on static thresholds. This lack of integration limits visibility and prevents coordinated responses, which erodes productivity and efficiency. Unlike traditional, fixed-schedule methods based on legacy telemetry data, GenAI solutions can synthesise structured and unstructured data to perform smart diagnostics, support real-time parts ordering, or augment in-field support. The differentiator is GenAI's ability to interpret patterns and contextualise valuable outputs from vast datasets. An orchestration layer powered by the right technology can process information from every sensor feed and every set of technician notes seamlessly, and across sites. Using this approach, we have seen mining companies increase fleet availability by 15% within six months, improve technician job effectiveness and optimise technician job durations by up to 20%. Problem areas Even the most advanced diagnostics fall short if parts are not available. Delays in remote sites can halt production, but excess stock will tie up working capital. Costly instances of reactive ordering, low inventory turnover, and weak integration between planning and procurement. GenAI addresses this by connecting asset health forecasts with real-time inventory, supplier lead times, and planned maintenance windows. Value is derived from ensuring optimal inventory of the right parts, purchased at the right time and price, to support planned and unplanned maintenance. Field technicians are on the front lines when it comes to maintenance, but are often underserved. They face complex repair issues, incomplete documentation, and inconsistent knowledge sharing - especially in multi-site operations. A conversational GenAI agent specifically for field technicians is capable of translating complex fault codes into actionable steps, leveraging historical data, and identifying relevant OEM guidance, effectively providing synthesised, asset-specific support on fault identification and resolution. GenAI can help tackle the talent challenge in the mining space by embedding learning into operations, providing junior team members with guidance while saving experts time to focus on high-value work. These applications of GenAI also reduce human error and operational risk significantly by providing step-by-step guidance, flagging safety concerns, and addressing problematic conditions before they escalate. The result is more consistent field decisions and a more agile, confident and safe workforce. Jumping on the bandwagon Taking the GenAI jump does not require digitally advanced operations; the key is just getting started. On the journey towards the autonomous maintenance ecosystems of the future, this is a crucial step. Perfect data foundations and digitally advanced operations are not required to begin reaping the rewards of GenAI integration. Even mines with low digital maturity using a tier-one enterprise asset management (EAM) system can adopt modular, pragmatic GenAI solutions that quickly demonstrate their value. However, two fundamental elements need to be in place. - The first is organisational readiness: aligned leadership and visible support from the top; building trust and localised change-management; a digital enablement culture that promotes usability; incentives for adoption linked to KPIs. - The second is certain technical foundations: cloud connection; network infrastructure; lightweight event bus or middleware for monitoring and alerts across platforms; about 12-24 months of maintenance data; security and access control. Performance gains are enhanced when integration has been carried out end-to-end. Autonomous coordination GenAI in mining is not a distant aspiration. Modular, mine-ready solutions are already available that deliver operational impact in complex, remote, and resource-constrained environments. Mining company leaders looking to unlock value from GenAI in operations can start with intent, alignment, and a plan, rather than waiting for the perfect conditions. Mining's next frontier is autonomous coordination. GenAI is already improving diagnostics, inventory, and technician workflows, but agentic AI will go further by scheduling interventions, placing orders, and intuitively escalating issues at the right moments.
Tahawul Tech
5 hours ago
- Tahawul Tech
Manufacturing Solutions Archives
The move comes at a time when increasing global challenges such as supply chains, rising energy and operational costs, skilled labour shortages are accelerating the shift for manufacturers to transition from traditional operations to agile, data-driven environments.
