RBI's Cash Boost Seen Spuring Indian Stocks to New Record High
Indian stocks are positioned for a record-breaking surge, with analysts expecting the central bank's liquidity bazooka to propel them out of a narrow trading range.
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Bloomberg
5 minutes ago
- Bloomberg
China Corn Miller Shunned by North Dakota Near Deal for New Site
China's Fufeng Group is selecting a new site to build a corn mill in the US after an earlier plan in North Dakota fell through amid heightened tensions between the world's two biggest economies. Hong Kong-traded Fufeng, which processes corn into biochemical products from monosodium glutamate to xanthan gum, is finalizing its decision on a location, according to an emailed statement to Bloomberg. The company's Fufeng USA subsidiary is also advertising for engineering roles to aid in the design of the new wet mill.
Yahoo
20 minutes ago
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Apple in the AI race: Could an external AI model power Siri?
Apple (AAPL) is reportedly considering external artificial intelligence (AI) models like Anthropic ( or OpenAI ( to power Siri, according to Bloomberg reporting. TechRadar editor at large Lance Ulanoff joins Asking for a Trend with Josh Lipton to discuss what the report signals about Apple's place in the AI race and the iPhone maker's unique position as an AI laggard with a massive user base. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. Apple weighing its options in the AI space, the company considering help from Anthropic or OpenAI to power a new version of Siri. For more, we're bringing in now Lance Ulanoff, editor-at-large of Tech Radar. Lance, my friend, it is always good to see you. So, Bloomberg reports, Lance, you saw this. Apple thinking about OpenAI or Anthropic to power a new version of Siri, so not relying on its own in-house models. You saw that headline, Lance, you saw the report. What do you make of it? Well, I mean, look, everyone knows that Apple's behind. Apple's admitted it. Apple, you know, basically was trying to do too much at once. I mean, when we spoke to them after WWDC, they were talking about working on sort of V1 and V2 simultaneously. And it just wasn't where it wasn't up to Apple standards. So they couldn't release the Siri, the amazing Siri that was going to understand you and understand your your interface and talk to you more naturally. They just weren't ready to do it. And now, obviously, we know that they've admitted they're pushing it out into next year. But Apple has never really talked about pushing aside its own models, at least not publicly. You know, they're still trying to work on their models. They like to do as much locally, they like to do as much on their private cloud compute, which protects the privacy of their consumers. And this idea that they simply can't get their models to where they need to be and they're turning to the true experts, which is Anthropic and OpenAI among others who are out there doing this, to maybe replace their own, I'm not sure I believe it yet. I think that what I do believe about this report is that conversations are happening. And look, conversations could be happening just so Apple can learn more. You know, that they want to understand how are people doing this so we can do better. And if they find that we simply can't do better, then maybe they will spend those many billions of dollars to gain access to these models. Lance, the folks over at CFRA, those analysts, now they're fans of Apple, they got to buy. He was their response to this report, and they said they said this is a good sign. It provides a hedge against Apple internal initiatives. And then they said, Lance, they said, although Apple has clearly fallen behind the AI race to others, we still expect the company to get it right over the next 12 months and believe it is uniquely and best positioned as a distributor of AI to the consumer. So that is the optimistic take. Do you do you share that optimism, Lance? Well, they are in a good position. I mean, you think about the the the billions of iPhones out there, right? You think about everybody that is using their services, right? The touch points that Apple has with the population. So that's their unique position, right? If they can flip the switch on so that people are truly engaging with the AI that they're going to build. The problem is Apple doesn't seem to have the core expertise for the competition. It has struggled, and you know, I said to Apple a couple about a month ago, I said, you know, you guys play it very safe because of your commitment to privacy and security and and not sort of making the big mistake, whereas the competition in the AI space, they run a little fast and loose and they mop it up later on. That's not how Apple works. So there is a tension here between what you're talking about, the Apple's core, you know, ability to reach so many people and Apple's need to have that privacy and that control. And I don't know exactly how Apple solves it. This would be a very big deal because if they pull in a third party, there is a risk factor, right? When you pull in a cloud, you know, an Anthropic or OpenAI and you say now that model lives on our servers, you really have to say how is that model trained? Because now the liability is on us. If they don't have that new version of Siri though, Lance, what would that mean for the iPhone upgrade cycle? Because you know, in just a few months, come September, you would expect Tim Cook to take the stage and introduce the new iPhone lineup. Yeah, yeah, that's that 100%. I'm sure that's going to happen. Everyone expects an iPhone 17 line. And, you know, they they since they kind of have down pat the story on what's happening with their AI, they don't have to say that much about it. I don't think they'll oversell it. But yeah, it's becoming a problem because AI is moving markets, right? AI is the most important, the most transformative technology we have seen in a generation. That's not going anywhere. Apple needs to be at the forefront of it. It has to show something. I think it is going to be difficult in the fall because they won't be able to pair the new iPhone with their latest AI because it simply won't be ready unless they do something major in the interim. But even if they do, to get it baked into those new pieces of hardware would be very difficult. Final question, Lance. How how do you think Apple finds itself in this position where it's reportedly they may have to look to Sam Altman's OpenAI or Anthropic? Well, look, Apple said it to me, you know, that they want things to be at the Apple level, right? That unless it meets their requirements for performance, they're not going to put it out there. And so that's how they end up in that position because they keep looking at what they're doing, and if they're not satisfied, they have to find a way to be satisfied. And they know that this is, you know, this is very unlike Vision Pro where they kind of threw something out there and said, hey, maybe the consumers will love this, we're leading the way. This is them chasing after a market that is getting out of control, that they know that consumers are deeply, you know, they've embraced it, it is moving fast, the competition is moving much more quickly. They must do something, which probably means Apple has to change its approach. Lance, always great to have you on the show. Thank you, sir. It's a pleasure. 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
24 minutes ago
- Yahoo
Traders' Fear of Missing Out on Stock Gains Outweighs Tariff Concerns
(Bloomberg) -- President Donald Trump's tariff pause is set to end on July 9, with few deals locked in and scant progress in negotiations. Yet the stock market that once swung wildly on trade headlines appears to see little risk, as equity indexes sit near all-time highs and volatility evaporates. Struggling Downtowns Are Looking to Lure New Crowds Sprawl Is Still Not the Answer California Exempts Building Projects From Environmental Law What gives? In part, the calm is being fueled by expectations that Trump will extend his tariff deadline based on his pattern of threatening harsh measures and subsequently backing down, a strategy analysts and strategists call 'TACO' for 'Trump Always Chickens Out.' But more importantly, Wall Street pros see no sense in fighting the market's momentum as the economy remains healthy and Corporate America appears to be taking trade policies in stride — at least for now. 'There's still some focus on July 9, but so many other factors are being watched these days, too,' said Michael Kantrowitz, chief investment strategist at Piper Sandler & Co. 'Once again, investors are less worried. In the absence of a spike in rates, inflation or the unemployment rate, stocks will continue to grind higher.' The S&P 500 Index just closed out its best quarter since December 2023 and cleared the 6,200 level before dipping back below on Tuesday and ending the session down 0.1%. The technology-heavy Nasdaq 100 Index had its best quarter since March 2023 as the stock market's usual leaders are taking their place at the front of the line again. Both posted losses in the first quarter. Meanwhile, traders have amped up their allocations to the market's riskiest corners. Even institutional investors, who mostly stayed put for much of the 25% upswing since April, are gradually moving off the sidelines. And options data shows that Wall Street isn't concerned about substantial volatility anytime soon. Smart Money In 'Trade deals of some kind are likely to come, and underneath, earnings estimates have stabilized after falling in the immediate aftermath of April,' Steven Chiavarone, senior portfolio manager and equity strategist at Federated Hermes, said in a Bloomberg Television interview on Monday. 'What started out as just a relief rally is starting to become something real, and that's what sucks those investors in — slowly and reluctantly.' The S&P 500's double-digit surge from its April 8 trough just before Trump paused his tariffs has largely been driven by retail investors. Now, the so-called smart money is starting to buy in as the rally shows few signs of stopping. Systematic strategies last week ratcheted up their exposure to equities, though they still remain underweight, with positioning in most sectors below the historical average, according to data compiled by Deutsche Bank AG's Parag Thatte. Markets have priced out 84% of macroeconomic risk, based on an assessment by Piper Sandler's Kantrowitz of high-yield credit spreads, leaving room for stocks to move even higher despite the S&P 500 adding more than $10 trillion in value since early April. The optimism has defied war in the Middle East, uncertainty around the macroeconomic outlook, and a lack of clarity on trade. 'We were pretty bullish for June on things that have nothing to do with Trump — this just has to do with the fact there's other stuff going on that's quite positive,' said Alexander Altmann, global head of equities tactical strategies at Barclays Plc. The strategist cited bank deregulation, big tech firms' continued spending on artificial intelligence, and Trump's $3.3 trillion tax and spending bill as factors bolstering the economy. The Senate passed the bill on Tuesday in 51-50 vote with Vice President J.D. Vance casting the deciding ballot. But it could still face resistance in the House of Representatives. Of course, none of this is to say that the risks facing the market have gone away. Even if Trump extends his tariff pause, there are other levies that are likely to raise expenses for companies or consumers — or both. Tempered Enthusiasm 'We're still going to end up with high tariff rates and absorb that cost at some point in the future,' Altmann said. 'This is a market where it's very hard to look and trade more than four weeks ahead right now. And it's very hard to have a strong opinion on events that could or could not happen six months from now.' The way things stand, exporting nations without a bilateral accord in place by July 9 will face tariffs Trump presented on April 2, ones that are much higher than the current baseline 10% so-called reciprocal rate applied to most countries. The UK has locked in a deal that reduced some proposed levies but kept the reciprocal rate in place and left unresolved one of Britain's pain points — 25% duties on steel. The US and China finalized a trade understanding reached in Geneva, US Commerce Secretary Howard Lutnick said last week, but described it as far from comprehensive and with key questions remaining. And Trump has threatened to ramp up tariffs on Japan. 'We don't have any significant trade deals — we have some memorandums of understanding, we have some agreement to move forward, but we don't have anything concrete,' said Kate Moore, chief investment officer of Citigroup Inc.'s wealth unit. 'I've been surprised, to be very honest with you, that the market seems to not care about it. It's one of the reasons why this doesn't feel like a fundamentally-driven market, despite the fact that we see a lot of strength in technology and artificial intelligence.' At the same time, JPMorgan Chase & Co.'s trading desk says the setup is bullish, projecting a streak of all-time highs as earnings carry positive momentum with trade deals expected to be announced. Andrew Tyler, the bank's head of global market intelligence, is looking out for the June nonfarm payrolls report due Thursday. As long as it remains above 100,000, he expects stocks to keep logging fresh records. A survey by Bloomberg of economist estimates sees it coming in at 110,000. 'For now, the market will look through those potential events,' Tyler wrote in a note to clients on Monday, referring to trade turbulence. 'Further, we think the July 9 date gets rolled to avoid any market volatility.' --With assistance from Matt Turner. (Updates with S&P 500's Tuesday performance in fifth paragraph.) 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