China's Bankers Ditch Global Hotel Chains as Travel Budgets Bite
To his surprise, the discount in room rate didn't lead to a discount in experience. Yes, the expansive breakfast buffet is gone, but Zhang relishes the local dishes served at the domestic chain Atour. Its pillows and comforters are so popular that many guests buy them after checking out. There's no scramble to pack and leave in the morning as checkout can wait until 6 p.m.
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15 minutes ago
- Yahoo
Nvidia, AMD Stocks Rise on US-China Reversal
Shares of Nvidia and Advanced Micro Devices rose as the companies prepared to resume sales of some AI products to China. Bloomberg's Mike Shepard discusses the US policy reversal with Ed Ludlow on "Bloomberg Tech."
Yahoo
31 minutes ago
- Yahoo
Trending tickers: The latest investor updates on Nvidia, Palantir, The Trade Desk, Rio Tinto, Barratt Redrow and Volvo Cars
Shares in Nvidia (NVDA) popped 3.5% in pre-market trading on Tuesday, after the company said that it would resume sales of its H20 artificial intelligence (AI) chips in China. In a blog post on Monday, the company said Nvidia (NVDA) CEO Jensen Huang had told customers during a trip to Beijing that the chipmaker was filing applications to resume selling its H20 graphic processing unit (GPU). Nvidia (NVDA) said that the US government had assured the company that licences will be granted, with the chipmaker adding that it hoped to start deliveries soon. This would mark a reversal of curbs on sales of Nvidia's (NVDA) key AI chips in China, which was imposed by US president Donald Trump's administration in April. Read more: London heads near all-time highs as EU readies for US tariffs The US Department of Commerce had not responded to Yahoo Finance UK's request for comment at the time of writing. Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "This is a major catalyst for Nvidia (NVDA) shares, as many had written off the chance of any meaningful revenue coming from China after the White House blocked the sale of Nvidia's (NVDA) weaker H20 chips a few months ago. "Not only does this represent incremental upside to future revenue, to the tune of $15bn (£11bn) – 20bn this year, depending on when approval is granted and how quick deliveries can ramp back up," he said. "But there's also a chance Nvidia (NVDA) can reverse some, or all, of the $5.5bn impairment charge taken in the first quarter, providing a double boost for earnings." Software company Palantir (PLTR) rose nearly 5% on Monday to close at a fresh high of $149.15, with the stock now up 97% year-to-date. Wedbush Securities managing director and global head of technology research Dan Ives, who has an "outperform" rating on the stock, told Yahoo Finance on Monday that he believed Palantir (PLTR) is going to be "one of the core players" in AI. Read more: Oil prices down as Trump's deadline for Russia eases supply fears "I'm seeing it as a trillion dollar company next two to three years," he said of Palantir (PLTR), which currently has a market capitalisation of nearly $352bn. Ives said he viewed Palantir (PLTR), which provides data analytics technology, as "one of the best AI plays in the world". Shares in The Trade Desk (TTD) surged nearly 15% in pre-market trading on Tuesday, after it was announced that the digital advertising company would join the S&P 500 (^GSPC). S&P Global said on Monday that The Trade Desk (TTD) would replace engineering simulation software company Ansys (ANSS) in the US blue-chip index effective prior to the start of trading on Friday 18 July. Stocks: Create your watchlist and portfolio Chip-design software maker Synopsys (SNPS) is set to acquire Ansys in a deal expected to be completed on 17 July. Synopsys said on Monday that it had "received approval from all necessary authorities to proceed with the acquisition" of Ansys, in a deal worth $35bn. On the London market, Rio Tinto (RIO.L) was in focus on Tuesday, after the miner said it had tapped Simon Trott to be the company's next CEO. Trott, who is currently the CEO of Canada-based Iron Ore, had previously worked as Rio Tinto's (RIO.L) first chief commercial officer. Read more: Stocks that are trending today He is set to succeed Jakob Stausholm with effect from 25 August, according to Rio Tinto's (RIO.L) announcement. Despite the news, shares in Rio Tinto (RIO.L) hovered around the flatline on Tuesday morning. Shares in Barratt Redrow (BTRW.L) slid more than 8% on Tuesday morning, after the housebuilder said it had missed its homebuilding target. Barratt Redrow (BTRW.L) CEO David Thomas said in a trading update on the company's full-year performance on Tuesday that home completions for the year were slightly below the housebuilder's guided range. He said that this was mainly due to the impact of fewer international and investor completions than expected in the company's London businesses. Read more: Bank of England could cut interest rates faster if jobs market slows, Bailey says Total home completions came in at 16,565 for the 2025 fiscal year, compared to a guided range of between 16,800 and 17,200, provided in the company's half-year results in February. Barratt Redrow (BTRW.L) is set to publish its full annual results on 17 September. Richard Hunter, head of markets at Interactive Investor, said: "In terms of outlook, adjusted pre-tax profit should to be in line with estimates, and the group has upped its expected completions for next year to a range of 17,200 to 17,800 homes, en route to its medium-term target of 22000 homes per year, which is a strong position. "The possibility of interest rate deductions, true planning reforms and the remaining under-supply of homes in the UK are all factors which should eventually lift all boats in the sector." Sweden-based Volvo Cars ( announced on Monday that it will record a one-off impairment charge of 11.4 billion Swedish krona (£880m) due to tariffs and launch delays. Volvo Cars, which is owned by China's Zhejiang Geely Holding Group ( said it would see lower profitability on its EX90 sports utility model, due to significant launch delays in the past and subsequent additional development costs. Read more: Rachel Reeves plans boost for savers with cash in low-interest accounts In addition, the carmaker said it was unable to sell its Volvo ES90 profitably in the US due to import tariffs, adding that margins for this model were also under pressure in Europe for the same reason. Trump has imposed a 25% tariff on imports of foreign-made vehicles. As a result, the company said it would book the one-off non-cash impairment charge in the second quarter of its 2025 fiscal year. Volvo Cars said the effect on group net income would be 9 billion Swedish krona, which would be reported in its second quarter results, set to be released on 17 July. Despite Volvo Cars' announcement, shares were up 2% on Tuesday morning. Read more: How to make pension pots tax-efficient Stocks to watch this week: Goldman Sachs, Netflix, TSMC, ASML and Burberry Bitcoin price hits all-time high as 'crypto week' beginsSign in to access your portfolio
Yahoo
34 minutes ago
- Yahoo
Nvidia's Huang Wins China Reprieve in Rare Trade War Reversal
(Bloomberg) — Nvidia Corp.'s (NVDA) Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Then, very suddenly, that all changed. Late on Monday, the chipmaker said it received assurances that the US government would allow it to export some chips to the Asian nation. Advanced Micro Devices Inc., Nvidia's chief rival, quickly followed with a similar announcement. These export license approvals could generate billions of dollars in total revenue for the companies this year — and they mark a dramatic reversal after the Trump administration said the issue wasn't even up for debate. Huang has taken almost every opportunity available to him — from the stage of tech events to Washington visits — to argue that a crackdown on China is counterproductive. During his appearances, he navigated a fine line between praising Trump policies aimed at bringing back chip manufacturing to the US and demanding more freedom to do business in China. Just last week, Huang met with President Donald Trump at the White House. 'Jensen has done a wonderful job at advocating to the administration,' said Matthew Bryson, an analyst at Wedbush Securities. The CEO has catered to the White House's interest in investing in the US, 'while at the same time advocating his views on the importance that US AI should flow freely,' he said. When Nvidia announced its plans to reenter the China market, Huang was visiting Beijing, attending a government-sponsored event and meeting officials to discuss 'safe and secure AI for the benefit of all,' according to a company statement. Nvidia said it was assured that licenses would be granted by the US government and 'hopes to start deliveries soon.' 'It is a positive signal not only for Nvidia and its related supply chain but also for broader markets given its implications for US-China trade talks,' said Richard Clode, portfolio manager at Janus Henderson Investors. Still, there's no guarantee the new approvals will lead to flourishing business in China. Nvidia and AMD aren't certain how many chips the new export licenses will cover or how long they will last, according to a person familiar with the matter. In China, the US chipmakers are only permitted to sell older, limited versions of their products. And many buyers in the country, where companies are rapidly churning out AI models, have moved to local suppliers. It's also not clear how much Huang's lobbying turned the tide. The concession was part of broader US negotiations with China, which the White House said will accept higher tariffs and cooperate on rare-earth minerals. 'Senior administration officials are pretty clearly characterizing this as having been explicitly traded for what we got in those talks,' said Tobin Marcus, head of US policy and politics at Wolfe Research. Huang has argued that restrictions in China mean American chipmakers will cede the immense market to local rivals, chiefly Huawei Technologies Co. White House AI adviser David Sacks has echoed that, calling for an American 'tech stack' — a set of complementary hardware and software services that the nation can export and control. Sacks, a tech entrepreneur and venture capitalist, was critical in reversing recent semiconductor restrictions to Saudi Arabia and the United Arab Emirates, arguing that the Gulf powerhouses would otherwise turn to China for their growing AI ambitions. 'We are not selling the latest and greatest chips to China,' Sacks said in a Bloomberg Television interview on Tuesday. 'The policy is nuanced, and it makes a lot of sense.' But there's another contingent who view chip bans as a key way to keep Beijing from advancing in what's widely seen as an AI arms race. The abrupt about-face this week came as a shock to many China hawks in the administration and on Capitol Hill, leaving several privately fuming, people with knowledge of the matter said. Many policymakers were in the dark on how the changes will be implemented and raced to get a better understanding of the mechanics, said these people, who asked not to be identified because they aren't authorized to speak publicly on the matter. The House select committee on China plans to seek clarification from the Commerce Department on the reversal, according to the panel's Republican chairman, Representative John Moolenaar. 'It is crucial that the US maintain its lead' and keeps advanced AI out of the hands of the Chinese Communist Party, he said in a statement. US Commerce Secretary Howard Lutnick told CNBC that the policy change makes sense because Nvidia and AMD won't be selling their latest chips in the market. 'We want to keep having the Chinese use the American technology. They still rely upon it, and that's key,' he said. 'So we try to play that balance. We don't sell them our best stuff.' The US first restricted Nvidia's sales in China in 2022, placing curbs designed to keep the most advanced AI resources from the Chinese military. In response, Nvidia designed new processors, including the H20. It's an AI accelerator with certain components — such as memory access — deliberately limited to comply with US bans. Officials under President Joe Biden weighed the idea of placing restrictions on the H20 but ultimately didn't. Trump then went ahead with the curbs in April, citing national security concerns. A month later, Huang said the US government was shooting itself in the foot with the policy. 'All in all, the export controls were a failure. The facts would suggest it,' he told reporters in Taipei. He also said demand in China for AI chips would reach $50 billion in 2026 — a market that Trump basically kept his company out of. Nvidia's products are central to the creation and running of artificial intelligence software. The company has more than a 90% share in AI accelerators — chips that are the key component in giant data centers being built around the world. Access to the chips have become a negotiating card for Trump during his trips to the Middle East, where he secured massive pledges from Gulf states to invest in the US. Along the way, he's praised Huang for going further than some other tech CEOs, such as Apple Inc.'s Tim Cook. During a trip to Riyadh, Saudi Arabia, Trump scanned the crowd for the tech luminaries who joined him for an event. He spotted Huang. 'Thank you very much, Jensen. I mean, Tim Cook isn't here. But you are,' the president said. 'What a job you've done.' —With assistance from Laura Avetisyan, Brunella Tipismana Urbano and Alicia Diaz. Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI How Hims Became the King of Knockoff Weight-Loss Drugs 'The Turbulence Is Brutal': Four Shark Tank Businesses on Tariffs Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Sign in to access your portfolio
