Fed Holds Steady as Nvidia H200 Shipments to China Stall; HP Inc Navigates Memory Volatility

Federal Reserve - Federal Reserve officials indicated no imminent need to adjust monetary policy, maintaining a cautious stance after three rate cuts in late 2025 [2] - Inflation is currently trending between 2.4% and 2.7%, with the priority being to return sustainably to the 2% target [2] - Market participants expect the central bank to remain on hold until at least the June meeting, weighing risks of a "sticky" inflationary environment against a stabilizing labor market [2][8] Semiconductor Sector - U.S. Assistant Secretary for Export Enforcement confirmed that zero H200 chips have been delivered to Chinese customers to date, with strict licensing requirements stalling shipments [3] - Major Chinese tech players, including Alibaba, Tencent, and ByteDance, have orders for over 2 million units valued at approximately $14 billion, but these remain in regulatory limbo [3] HP Inc - HP Inc provided a mixed outlook during its fiscal first-quarter earnings call, highlighting a "dynamic memory environment" with rising costs [4] - The company expects volatility in DRAM and NAND supply to persist for the next 18 to 24 months, implementing aggressive cost-cutting measures and pricing actions to protect margins [4] - HP executives downplayed the impact of the February 20 Supreme Court ruling that invalidated several tariffs, stating it will continue engagement on trade issues without expecting a material hit to operations [5] - HP Inc remains confident despite trade uncertainty and expects no negative impact from the recent Supreme Court ruling regarding tariffs [8]