What is DeepSeek and why is it shaking up the U.S. tech market?
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Asian shares are mixed after S&P 500 and Nasdaq composite pull back from their all-time highs
BANGKOK (AP) — Shares were mixed in Asia on Monday after the S&P 500 and the Nasdaq composite edged away from the records they set last week. An announcement over the weekend by U.S. President Donald Trump that he plans 30% tariffs on goods from Mexico and the European Union had scant immediate impact, as analysts said they expected progress toward trade deals before an Aug. 1 deadline. Trump detailed the planned tariffs Saturday in letters posted to his social media account. The Mexican peso weakened slightly against the dollar, trading at 18.6 pesos to the dollar. Chinese shares advanced after the government reported that exports rose last month as a truce in a tariffs war prompted a surge in orders ahead of an Aug. 12 deadline for reaching a new trade deal with Washington. Hong Kong's Hang Seng gained 0.5% to 24,253.18, while the Shanghai Composite index also was up 0.5%, at 3,526.75. Tokyo's Nikkei 225 index slipped 0.3% to 39,459.20, while the Kospi in South Korea jumped 0.8% to 3,200.25. In Australia, the S&P/ASX 200 was little changed at 8,577.80. Taiwan's benchmark lost 2.3%. On Friday, a modest pullback for U.S. stocks left major stock indexes on Wall Street in the red for the week. The S&P 500 closed 0.3% lower, at 6,259.75, a day after setting a record high. The Dow Jones Industrial Average dropped 0.6% to 44,371.51, and the Nasdaq composite gave up 0.2% to 20,585.53 after drifting between small gains and losses much of the day. The tech-heavy index was coming off its own all-time high on Thursday. The selling capped an uneven week in the market as Wall Street kept an eye on the Trump administration's rollout of new tariff threats against trading partners like Canada and looked ahead to the upcoming corporate earnings reporting season. Trump said in a letter Thursday that he will raise taxes on many imported goods from Canada to 35%, deepening the rift between the longtime North American allies. The letter to Canadian Prime Minister Mark Carney was an aggressive increase to the top 25% tariff rates that Trump first imposed in March. The administration had initially set Wednesday as a deadline for countries to make deals with the U.S. or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has been been extended to Aug. 1. Trump also floated this week that he would impose tariffs of as much as 200% on pharmaceutical drugs and place a 50% tariff on copper imports, matching the rates charged on steel and aluminum. The initial rollout of Trump's tariff policies in the spring roiled financial markets. But they have been relatively stable in recent weeks, suggesting investors have adjusted to the unpredictability of his sudden policy shifts. Markets are set to shift their focus to quarterly earnings over the next few weeks. JPMorgan Chase, Wells Fargo and Citigroup are among big banks due to report their results on Tuesday. Shares in aviation company Red Cat Holdings jumped 26.4% Friday after Defense Secretary Pete Hegseth issued orders aimed at ramping up production and deployment of drones. Bitcoin climbed to another all-time high, rising 3.6% early Monday to $122,065, according to Coindesk. Monday Mornings The latest local business news and a lookahead to the coming week. Bitcoin's price has jumped amid bullish momentum across risk assets and coincides with Nvidia's surge to a $4 trillion valuation. The U.S. Congress' Crypto Week starts Monday. Lawmakers will debate a series of bills that could define the regulatory framework for the industry. In other dealings early Monday, U.S. benchmark crude oil gained 9 cents to $68.54 per barrel. Brent crude, the international standard, was up 10 cents at $70.46 per barrel. The dollar slipped to 147.36 Japanese yen from 147.38 yen. The euro fell to $1.1659 from $1.1692. ___ AP Business Writer Alex Veiga contributed.
Canada News.Net
3 hours ago
- Canada News.Net
Middle East, Asia seen as test markets for Huawei AI chips
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast Asia for its artificial intelligence hardware, according to a Bloomberg News report. The Chinese tech giant has begun offering limited quantities of its older-generation Ascend 910B AI chips to prospective buyers in countries like the United Arab Emirates, Saudi Arabia, and Thailand, the report said, citing sources familiar with the discussions. Huawei is positioning itself as a rival to dominant U.S. chipmaker Nvidia, which currently leads the global AI semiconductor market. While Huawei's chip offerings are relatively modest—reportedly in the low thousands—no transactions have been finalized. According to Bloomberg, the UAE has not expressed interest, and the status of talks in Thailand remains unclear. Officials from Thailand and Saudi Arabia did not respond to requests for comment. Huawei also did not reply to Reuters' inquiries. In addition to physical chips, Huawei is pitching remote access to CloudMatrix 384, a China-based AI computing platform powered by its more advanced chips. Due to supply constraints, those newer chips are not currently available for export, the report said. The Middle East has become an increasingly attractive market for AI infrastructure, with multiple U.S. tech companies announcing partnerships and sales in the region. In May, President Donald Trump announced US$600 billion in commercial commitments from Saudi Arabia to U.S. firms. Back in China, Huawei is focused on its newer 910C chips, supplying them to domestic companies that have been cut off from U.S. semiconductor imports due to export restrictions. "With the current export controls, we are effectively out of the China datacenter market, which is now served only by competitors such as Huawei," an Nvidia spokesperson said. Successive U.S. administrations have maintained tight controls on chip exports to China, citing fears that cutting-edge technology could be used to advance Beijing's military capabilities.
Winnipeg Free Press
6 hours ago
- Winnipeg Free Press
China's exports jump 5.8% in June as tariffs reprieve prompts a rush of orders
BEIJING (AP) — China's exports accelerated in June as a reprieve on U.S. tariffs prompted a rush of orders by companies and consumers. Exports climbed 5.8% from a year earlier, up from a 4.8% rise in May. Imports also recovered, growing 1.1% in the first increase so far this year, according to customs data released Monday. Exports to the United States fell 16% but that was less than half the 34.5% drop seen in May. After U.S. President Donald Trump imposed tariffs of up to 245% on imports from China and Beijing responded with its own steep import duties, the two sides agreed to hold back to allow time for talks. But preliminary discussions between the two sides have yet to produce significant progress. Monday Mornings The latest local business news and a lookahead to the coming week. In the meantime, the Trump administration has hiked tariffs on imports from China by 35%, pending an Aug. 12 deadline for reverting to the higher tariffs Washington and Beijing have delayed for now. The recovery in trade is expected to help boost economic growth in the April to June quarter. The Chinese government is due to report those figures on Tuesday.
