Bank of Hawaii price target raised to $70 from $66 at BofA
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Quantum computing could lead to a new world order, BofA says
-- Analysts at Bank of America made the claim in a note on Wednesday that quantum computing 'could be the biggest revolution for humanity since discovering fire.' The firm's analysts argued that it could reset global power structures and trigger an era of unprecedented innovation. 'A human would have to perform one sum every second for c.50 quintillion years to equal what a quantum computer can do in a single second,' BofA wrote. The analysts described quantum computing as 'a technology that can perform endless complex calculations in zero-time, warp-speeding human knowledge and development.' While full quantum advantage has not yet been achieved due to error-prone systems, BofA said the technology is approaching maturity, with timelines for broad utility estimated between 2030 and 2033. 'The challenge is to increase the qubit number and quality,' analysts noted, pointing to next-generation chips and improved qubit fidelity as critical developments. BofA sees a potential $2 trillion application market by 2035, though it added, 'the real number could be global GDP,' given quantum's potential to revolutionize encryption, drug discovery, logistics, deep learning, and materials science. Crucially, the combination of quantum computing and generative AI could yield what BofA calls 'Artificial Super Intelligence.' The firm said, 'A QC with just 10 qubits could perform 100x more operations than a classical computer,' making it ideal for accelerating generative AI model training. BofA warned that 'whoever wins the 'quantum race' will gain an unprecedented geopolitical, technological and economic advantage.' Government investments are rising fast, with over $42 billion announced globally. Of that, 35% has come from China, underscoring the high stakes of this emerging frontier. Related articles Quantum computing could lead to a new world order, BofA says Victoria's Secret Exposed: The Warning Sign Behind the Stock's 52% Collapse Buy this massive AI stock into upcoming Q2 print: Morgan Stanley
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2 hours ago
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Bank of America profit rises on trading
(Reuters) -Bank of America's profit rose in the second quarter as its traders brought in more revenue from tumultuous markets in the second quarter, it said on Wednesday. Banks' trading desks benefited from market turbulence during the quarter as clients reacted to shifting U.S. trade policies and escalating geopolitical tensions. BofA's sales and trading revenue jumped 15% to $5.4 billion in the quarter, the 13th consecutive quarter of year-over-year revenue growth. The bank's shares, which have gained 5% this year, fell 1.4% in trading before the bell. The bank's profit was $7.1 billion, or 89 cents per share, for the three months ended June 30, compared with $6.9 billion, or 83 cents per share, a year earlier. Sign in to access your portfolio
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Trump Tariffs Once Viewed as Punitive Now Win Market Approval
(Bloomberg) -- Financial markets greeted US President Donald Trump's tariff deal with Indonesia with little fanfare Wednesday, signaling the rate of around 20% that was once viewed as punitive is now seen as workable. 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 Stocks and other assets were mixed in Asia after Trump announced a 19% tariff for Indonesian goods. Shares in the Southeast Asian nation ticked higher on optimism the new levy was at least lower than the 32% originally threatened by the president. Vietnam's shares have risen since Trump in early July said he reached a trade deal with the nation. The recent calm is a turnaround from earlier in the year. The market collapse, including havens such as Treasuries, was so severe in April after Trump's global 'Liberation Day' tariffs that he paused them within days. Now, markets view them more as bargaining ploys used by the president to extract trade concessions. A number of measures of financial-market volatility, such as the ICE BofA MOVE Index of US Treasuries, have touched multi-year lows. While countries such as India and Vietnam have attempted to negotiate US tariffs of well below 20%, Trump has said he's eyeing blanket tariffs of 15% to 20% on most trading partners. This suggests the 20% level is no longer perceived as a penalty but rather as a standard in the negotiations. 'Indonesia's apparent deal with Trump, alongside the UK-US deal and the Vietnam-US deal, point to the US tariffs staying in the 10%-to-20% range,' said Homin Lee, a macro strategist at Lombard Odier in Singapore. There's some relief in Asia, but investors are largely in a wait-and-see mode as tariffs for the European Union, Mexico and Canada, which together represent half of US imports, are still in the works, he said. The US-Indonesia agreement — which hasn't yet been confirmed by Jakarta — would be the first struck with a country targeted by Trump's tariff letters dispatched last week. The correspondence was seen as attempt to ratchet up pressure on negotiators before the Aug. 1 deadline for the higher duties to come into effect. 'So far, equity markets have reacted calmly as the reduction of uncertainty has been viewed positively,' said Rajeev De Mello, a portfolio manager at Gama Asset Management SA. Still, '20% US tariff levels are a worrying evolution, which would lead to a higher effective US tariff than what was expected a few weeks ago,' he said Some analysts see the latest agreement as beneficial to wider Asian assets. The US deal with Indonesia will 'help ease uncertainty on the trade front,' Audrey Goh, head of asset allocation at Standard Chartered Wealth Management Group in Singapore, said in a Bloomberg Television interview. 'More trade deals being inked between the US and Asian partners, should help to ease and bring down marginal uncertainty and will help the likes of Asia ex Japan to outperform.' Others point to the market's waning sensitivity to tariff news in general. 'Investor concern over President Trump's trade war posturing is fading fast, even as he broadens the conflict,' Bank of America strategists including Ritesh Samadhiya in Hong Kong, wrote in a note published Tuesday. The bank's latest fund manager survey 'captures this growing optimism — a striking 70% of the participants view the potential hit to Asian economies/markets as only slightly negative — marking the most optimistic reading since December,' they wrote. US 10-year yields were little changed at 4.48%, close to a five-week high. --With assistance from Joanne Wong, Momoka Yokoyama, Alice French, Ramsey Al-Rikabi and David Watkins. (Adds US yield level in the final paragraph) Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. 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
