Good morning. US stock futures traded lower in Thursday morning trading as investors awaited commentary from Federal Reserve Chairman Jerome Powell.
📉 Tech titans team up to build “AI Factories”
📝 Our report: Sometimes tech titans clash, other times they join forces! Foxconn, the world’s largest contract electronics maker, and Nvidia announced they were teaming up to build a new kind of data center they’re calling “AI Factories” to construct everything from electric cars to a range of other hardware and software applications.
In January, Foxconn and Nvidia announced a partnership to develop autonomous vehicle platforms that would use Nvidia’s chipset.
The announcement comes after Nvidia said new US export restrictions would also block sales of two less powerful high-end AI chips it created for the Chinese market along with one of its top-of-the-line gaming chips.
Foxconn, the largest supplier of Apple’s iPhone’s, wants to replicate its level of success in assembling personal computers and smartphones as it expands into making electric vehicles for other companies.
💡 So what: Artificial intelligence has been the dominant theme in the tech space over the past year. Two massive companies working together in the space highlights the fact that corporations are recognizing they may not be able to go it alone, but may have to work collaboratively if they are to win market share and prevent their businesses from getting left behind.
Thursday - Fed Chairman Jerome Powell Speaks, Initial Jobless Claims (wk end Oct 13)
Friday - No Major Economic News
💰 Everything you need to know about ETFs?
🛢️ OPEC stays still in midst of Middle East conflict
🔌US doubles down on clean energy, bolsters power grid
WHY: The funding for 58 projects across 44 states comes from the bipartisan infrastructure law signed by Biden in 2021, and is the largest ever direct investment into the grid.
👀 SEC trains eye on stock brokerage tactic
WHY: The American Securities Association said it would study the proposal, pointing out that the Commission had “an obligation to promote competition and transparency.”
🤖 Amazon rolls out the robots
WHAT: Amazon is unleashing its robots…well in Houston at first. The company rolled out its new robotic system designed to improve inventory management and speed up deliveries. According to Amazon, the technology, called “Sequoia” can help identify and store inventory 75% faster while reducing the time to process orders at a warehouse by as much as 25%.
WHY: The e-commerce giant has been investing aggressively in automation for years, using them to package orders and creating technology that enables cashier-less retail stores, among others.
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