Core Insights - The tech industry is experiencing a recalibration in AI infrastructure investments, particularly with Microsoft adjusting its strategy in response to changing market dynamics [3][10][19] - Microsoft has announced a strategic pacing of its AI infrastructure plans, indicating a shift from aggressive expansion to a more measured approach [3][4][12] Investment and Capacity Changes - Microsoft has walked away from over 2 gigawatts of AI cloud capacity in the US and Europe in the last six months, deferring and canceling existing data center leases [7][8] - This pullback is attributed to a decision not to support incremental OpenAI training workloads, as OpenAI begins to source capacity from other cloud providers [8][18] Market Dynamics - Analysts suggest that the current oversupply of data center capacity relative to demand forecasts is concerning, especially with significant investments tied to the generative AI boom [9] - The hyperscaler market remains competitive, with Google and Meta capitalizing on Microsoft's capacity reductions [19][20] Strategic Focus Shift - Microsoft is shifting its focus from AI training to inference, which is expected to be a larger market and requires less technical demand [13][14] - The company plans to allocate $80 billion in capital expenditures during its 2025 fiscal year, indicating continued investment in AI, albeit in a more strategic manner [12] Industry Context - The initial phase of AI infrastructure investment involved securing land and buildings, but Microsoft is now prioritizing the acquisition of GPUs and computing gear [11][12] - The shift in strategy reflects a maturation of the AI market, where success will depend on smart spending rather than just high expenditure [20]

Group 1 - Gold reached a record high above $3,200, outperforming Treasury bills as a protective asset amid market turmoil [1][2] - Concerns over the long-term impact of trade tariffs have led to a significant sell-off in US bonds, with the 10-year Treasury yield rising nearly 4.4% [1] - The dollar has weakened, hitting a three-year low against the euro and a ten-year low against the Swiss franc, indicating a shift in investment safety perceptions [2] Group 2 - Gold surpassed the $3,000 mark for the first time last month, peaking at approximately $3,150 following tariff announcements before regaining momentum as a safe-haven asset [3] - UBS analysts have raised their 2025 gold price target to $3,500, citing factors such as tariff uncertainty, weaker growth, and higher inflation [4] - Bank of America also projects a gold price target of $3,500, reinforcing the metal's status as a preferred safe haven compared to Treasuries and other currencies [4]

BlackRock's first client 37 years ago was Japanese. A majority of the $11. 6 trillion New York-based firm's employees are based internationally. The manager's risk platform Aladdin just signed its first Korean client. There are even plans to open a few more offices outside the US where the world's largest asset manager has a client base, CEO Larry Fink said Friday morning."BlackRock is a global firm, but one that operates hyper-locally," he said. In practice, this means "we are Mexican in Mexico, Canadian ...

Jamie Dimon reiterated his warning about a turbulent US economy in JPMorgan's first-quarter earnings report on Friday, as the banking giant reported earnings that beat Wall Street's expectations. JPMorgan's net revenue rose 8% year-on-year to $45.3 billion, driving net income up 9% to $14.6 billion.The bank bolstered its provision for credit losses — money set aside in anticipation of bad debts — by $973 million to $3.3 billion in the first three months of this year, citing a worse macroeconomic outlook. ...

The tariffs are paused, except the ones that aren't. Which includes a whopping 145% for products shipped from China. What does that mean for Apple?Yes, lots of giant tech companies have deep ties to China, from Amazon to Meta to Tesla. But Apple is fully enmeshed in China, where it has spent years building up the supply chain for its iPhones, which are the company's core business. If those tariffs stay in place, it could jack up the price of an iPhone by hundreds of dollars. Maybe more.So now what?Spoiler ...

Core Viewpoint - Zillow has introduced a new policy aimed at ensuring that all property listings are accessible to every potential buyer, eliminating selective sharing practices by real estate brokerages [1][4]. Group 1: Policy Details - The new listing access standards require that homes listed for sale must be submitted to a local Multiple Listing Service (MLS) and published on Zillow within one day of being marketed elsewhere [3]. - Listings that are marketed directly to consumers without being listed on the MLS will not be published on Zillow [4]. Group 2: Industry Response - The policy is a reaction to certain real estate brokerages, such as Compass, which have been selectively sharing listings by initially marketing them on a "Coming Soon" page before wider distribution [2]. - Zillow's statement emphasizes that selective sharing of listings is detrimental to consumers and creates confusion in the real estate market [4][5].

Amazon is stepping in to help weather the tariff storm — only for some vendors. Amazon will pay higher prices to its vendors on a "case-by-case basis" to "share the tariff impact," according to an internal document obtained by Business Insider.That means Amazon will pay some of its wholesale vendors more than the previously agreed-upon prices for their products. By doing so, vendors can offset the increased cost of sourcing their products from countries hit by tariffs. The change reflects the urgency Amaz ...

AI is going to get a lot cheaper, especially as the price of chips comes down, Amazon CEO Andy Jassy said Thursday in his annual shareholder letter. Jassy pointed to chips as "the biggest culprit" behind the cost of AI. "Most AI to date has been built on one chip provider," Jassy wrote in an apparent reference to Nvidia.But inference, or what AI models produce, will become more efficient in the next couple of years, Jassy wrote. Chips will also offer progressively better performance for price over time, he ...

Walmart's finance chief said the retailer is facing "day-to-day" sales volatility amid President Donald Trump's tariff uncertainty. "We are one week into this new tariff environment, and we're still working through what it means to us," John Rainey, the company's CFO, said at the Walmart Investment Community Meeting on Wednesday. Rainey said that a third of Walmart's offerings are imported from outside the US. China and Mexico are the "most significant" countries that Walmart imports from, he said. As Ch ...

Group 1: India and BYD - India has blocked BYD from expanding in its auto market, citing national security concerns and accusations of "unfair practices" [1][2] - BYD's proposal for a $1 billion joint venture in India was previously rejected [1] - In 2024, BYD sold only 3,500 cars in India, representing less than 0.1% of its global sales of 4.27 million [2] Group 2: Tesla's Efforts in India - Tesla is increasing efforts to enter the Indian market, which is the world's third-largest car market [3] - The company listed 13 job openings in Mumbai shortly after a meeting between Prime Minister Modi and Elon Musk [3] - Tesla's ambitions have faced criticism from former President Trump regarding India's high import tariffs on EVs, which can reach up to 100% [3][4] Group 3: Market Dynamics - Tesla's stock has decreased by 41% this year, while BYD shares have increased by nearly 20% [5] - Last year, BYD surpassed Tesla in global EV sales revenue for the first time, outpacing Tesla by approximately $10 billion [6]