Updates From Bloomberg Global Credit Forum in LA
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Yahoo
17 minutes ago
- Yahoo
Morning Bid: Who's afraid of a hot PPI?
A look at the day ahead in European and global markets from Gregor Stuart Hunter Did you really think that the mighty U.S. stock market was going to be stopped in its tracks by a measly PPI print, even if it was a blowout? Despite the jump in wholesale prices, S&P 500 futures clung to a gain of 0.2% in Asian trading, even as Nasdaq futures slipped for a third consecutive day. The yield on the U.S. 10-year Treasury bond was down 2 basis points at 4.2732%. One consequence of the hot PPI print is that the market has given up on hopes of a jumbo 50 basis point rate cut from the Federal Reserve, according to the CME Group's FedWatch tool. But traders are still pricing in a 92.1% probability of a 25 basis point rate cut at its September meeting, compared with a 100% likelihood of a cut yesterday. In Asia, data from the region's two biggest economies showed Japan's economy running hot last quarter to keep shelves stocked ahead of Donald Trump's tariff deadline, while China indicated renewed signs of slack. Hong Kong stocks fell 1.2% after the release of weaker-than-expected Chinese economic data for July including retail sales and industrial production, while the large-cap CSI 300 gained 0.5% as traders speculated that the data may justify extra stimulus. Markets in India and South Korea are closed for public holidays. The Nikkei 225 rebounded 1.2% after snapping a six-day winning streak on Thursday with its biggest one-day selloff since April 11, as Japanese GDP data showed the economy expanding by an annualised 1.0% in the April-June quarter, beating analyst estimates and providing more signals to the Bank of Japan, which next meets on September 19. The dollar weakened 0.3% against the yen to 147.64. In commodities markets, Brent crude was down 0.1% at $66.79 per barrel, not far from a two-month low reached on Wednesday, ahead of a meeting in Alaska between U.S. President Donald Trump and Russian leader Vladimir Putin on Friday. "The first meeting doesn't seem like a major market-moving event - it's more to set up a second meeting, which will likely be more important," said Marc Velan, head of investments at Lucerne Asset Management in Singapore. "If a ceasefire is reached, expect a positive reaction in the euro and a weaker dollar; the opposite if a ceasefire fails." Key developments that could influence markets on Friday: EU data: Euro zone reserve assets for July UK debt auctions: Reopening of 1-month, 3-month and 6-month government debt auctions (By Gregor Stuart Hunter; Editing by Muralikumar Anantharaman) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17 minutes ago
- Yahoo
AARP New York Celebrates 90 Years of Social Security with Statewide Takeover and Call to Protect It for Future Generations
From a double-decker bus tour through Manhattan, landmark light-ups from Times Square to Niagara Falls, to pizza shop conversations across the state, AARP New York brought Social Security's impact to life Click here to learn more about Social Security in New York NEW YORK, Aug. 14, 2025 /PRNewswire/ -- Today, AARP New York led a statewide celebration of Social Security's 90th anniversary, bringing together communities across the state to honor a program that has provided generations of New Yorkers with financial security, dignity, and peace of mind. From Manhattan's Times Square to landmark light-ups stretching from Grand Central to Niagara Falls, the celebrations highlighted the program's historic success while emphasizing the urgent need to protect and strengthen it for current and future generations. "In New York and across the country, Social Security is more than a check: it's a lifeline earned through a lifetime of hard work," said Beth Finkel, AARP New York State Director. "Social Security is one of the most successful and popular programs in our nation's history, and for 90 years, it has never missed a payment. Today's celebrations honored that promise of dignity and financial stability, while recommitting to protecting and strengthening it for our kids and grandkids." Social Security's impact in New York is significant: nearly one in five New York State residents—about 3.76 million people—receive Social Security, pumping $79 billion into the state's economy each year. For 38% of older New Yorkers, the program provides at least half of their income. AARP New York's events included: Times Square Takeover & "We Earned It" Bus Tour: The night kicked off at Times Square with a towering billboard celebrating Social Security's 90th anniversary, followed by a double-decker bus tour featuring more than 50 AARP volunteers, everyday New Yorkers, State Director Beth Finkel, and special guest AARP CEO Myechia Minter-Jordan. As the bus traveled through Midtown and Lower Manhattan, riders shared personal stories about how Social Security has impacted their lives. Skyline Salute: Iconic landmarks across New York State, from Times Square to Niagara Falls, were illuminated in red, white, and blue as a visual tribute to a program that has never missed a payment in nine decades, highlighting its reliability, reach, and impact. Sites included: Albany International Airport Gateway Alfred E. Smith State Office Building Empire State Plaza State Education Building The H. Carl McCall SUNY Building The "Franklin D. Roosevelt" Mid-Hudson Bridge Governor Mario M. Cuomo Bridge Bronx Borough Hall Brooklyn Borough Hall Kosciuszko Bridge 1WTC Grand Central Terminal - Pershing Square Viaduct Manhattan Municipal Building Moynihan Train Hall MTA LIRR - East End Gateway at Penn Station NYC City Hall Oculus Times Square billboard Queens Borough Hall Staten Island Borough Hall Niagara Falls Niagara Parks Peace Bridge 3 City Center Fairport Lift Bridge over the Erie Canal Joseph A. Floreano Rochester Riverside Convention Center Legacy Tower Monroe County Government Office One East Avenue Rochester City Hall The Bachelor Forum The Metropolitan Rochester The Nathaniel Tower 280 Midtown State Fairgrounds – Main Gate & Expo Center Syracuse City Hall Nassau County Executive Building Suffolk County Executive Building "Slice of the Story" Pizza Shop Conversations: In the weeks leading up to Social Security's 90th anniversary, AARP brought the celebration to local pizzerias statewide, from Albany to Long Island and all five boroughs of New York City. Over a slice of classic New York pizza, older adults shared with their local Congressmembers how their earned Social Security benefits—"their slice of the pie"—have provided financial security for themselves and their families. AARP's New York celebrations are part of the AARP nationwide "We Earned It" campaign, which honors Social Security's past while advocating for bipartisan solutions in Washington to secure its future. Social Security has helped generations of Americans avoid poverty, live with dignity in retirement, and provide financial security for their families. Nationwide, nearly 69 million Americans receive Social Security payments, while over 183 million workers contribute to ensure the program's future. "For 90 years, Social Security has been the bedrock of financial security and dignity in retirement, helping millions of Americans, especially the 40% of older adults who rely on it as their primary income, stay out of poverty after a lifetime of hard work. As a New Yorker, I'm proud to be here in New York City, surrounded by iconic landmarks lit up in red and white, to celebrate this milestone with New Yorkers. Together, we're shining a spotlight on the urgent need to protect and strengthen Social Security," said AARP CEO Myechia Minter-Jordan. In honor of Social Security's 90th anniversary, Governor Kathy Hochul issued a statewide proclamation recognizing August 14, 2025, as Social Security Day in New York. In New York City, the New York City Council also passed a resolution to mark August 14 as Social Security Day annually, highlighting the critical role Social Security plays in helping millions of New Yorkers live with dignity, stability, and peace of mind. AARP is proud to celebrate Social Security's 90th Anniversary while calling on our leaders to protect and strengthen the program for millions of New Yorkers, today and for future generations. Connect with AARP New York on X: @AARPNY, Facebook: AARP New York and LinkedIn: AARP New York About AARP AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit or follow @AARP, @AARPenEspañol and @AARPadvocates on social media. View original content to download multimedia: SOURCE AARP New York
Forbes
19 minutes ago
- Forbes
High-Capacity SSDs Will Enable AI Workloads But Also Drive HDD Demand
At the recent FMS conference in Santa Clara, almost all of the SSD companies were introducing high-capacity SSDs, many over 200TB, with promises for large form factor SSD with 1PB capacities in the future. These SSDs leverage higher logical density, four bit per cell, or QLC flash memory and lots of chips to achieve these capacities. The SanDisk keynote differentiated a couple of different uses for SSDs to support AI workloads. One type are fast eSSDs to support high bandwidth DRAM memory, HBM. The other type are high-capacity storage eSSDs for a higher performance data lake than HDDs can offer. These two types of SSD are shown below. The slide below shows Sandisk's high capacity eSSD. It is a QLC BiCS8 NAND flash U.2 and EDSFF form factor SSDn that is expected to have capacities up to 256TB by 2026. The Sandisk Keynote showed a path to a 512TB version by 2027 and 1PB product sometime in the future. The composite image below shows the Kioxia, Micron and Samsung announcements of their high capacity QLC SSDs. All of the SSD companies are exploring product for near storage AI applications. Many of the higher capacity products are using the E3.S form factor, which can hold more NAND flash chips to enable higher capacities. The Silicon Motion keynote gave an illustration of a traditional representation of the memory and storage hierarchy showing trends for NAND flash supporting GPUs directly, like the HBF announcements by SK hynix and Sandisk at the FMS. It also shows an ultra-high-capacity SSD layer to support warm storage for AI applications. Silicon Motion supplies controllers for SSDs. Higher capacity SSDs can take less rack space than HDDs and they offer higher performance than HDDs offer. This can be an advantage for AI training and inference with RAG, but flash memory is currently about 6X more expensive per storage capacity than HDDs and is expected to remain so, for some time into the future, as shown in the image below from the WDC investor day last February. Seagate shows similar trends. For instance, by 2026 44TB HDDs should be in production, a 38% increase from the largest HDDs available today. This is because the expected storage capacity growth in HDDs has accelerated with the introduction of HAMR HDDs to roughly match the growth in SSD capacities. As a consequence, we consider these larger SSDs will be used for data lakes directly feeding the memory attached to GPUs for AI workflows. However, HDDs will continue to provide lower cost storage for longer term data retention and so these higher capacity SSDs will result in greater growth of HDDs as well. Coughlin Associates has updated its projections for storage capacity shipped for HDDs, SSDs and magnetic tape, shown below. This new projection increases our expectations for growth of SSD storage from prior versions out to 2030 with some reduction in HDD capacity shipments as a consequence. The Coughlin Associates projection for HDD storage capacity prices out to 2030 is shown below. If we assume that SSDs remain at 6X the cost per storage capacity by 2030 and the HDD price per GB of $0.0051 in 2026, the NAND flash price would be about $0.031 per GB. With the projections for shipping capacity of SSDs and HDDs of about 3.0ZB and 10.7ZB, projected revenue for SSDs and HDDs in 2030 is $93B and $55B respectively. The rising storage boat, driven by AI, is expected to result in significant revenue growth for HDDs as well as SSDs. FMS 2025 shows growth of high-capacity SSDs, up to 1PB as well as high-capacity HDDs to support the growth of AI workflows.
