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Microsoft CTO Suggests' Important AI New Product 'Will Appear This Year, Oil Prices Drop to Nearly Three Year Low | Global Market

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Last night and this morning, due to the globally anticipated "Trump Harris debate" and the concentration of August CPI in the US from after Tuesday to before Wednesday, the US stock market itself is still in a state of waiting for results. Technology stocks such as Oracle and Tesla led the gains, while financial stocks weakened amid collective pessimism from Wall Street executives. As a result, the S&P and Nasdaq strengthened for the second consecutive day, while the Dow Jones Industrial Average fell alone.
Looking at it from a different perspective, when the US stock market opens on Wednesday, we will have a closer understanding of the two major macro events of this year - the US presidential election and the Federal Reserve's interest rate cut. Compared to the unknown stage of the US presidential election, the style of the Federal Reserve is more predictable.
Kristina Hooper, Chief Market Strategist at Invesco, stated that the Federal Reserve will cut interest rates by 25 basis points next week, and a 50 basis point rate cut would trigger market vigilance and be seen as officials' "apology". Hooper added that maintaining high interest rates for a long time by the Federal Reserve itself does not cause irreparable damage, but now every day it stays at this level, the likelihood of an economic recession increases.
Speaking of economic recession, Tuesday's landmark event was the sharp drop in oil prices, with both US and Brent crude oil falling by over 3%. After falling below $70 per barrel, Brent crude also hit a new low after the end of 2021. On the news front, OPEC has lowered its global oil demand growth forecast for the next two years for the second time in a row.
(Oil weekly chart, source: TradingView)
On Wednesday, there will be a highly anticipated meeting in the tech industry, where Nvidia CEO Huang Renxun will attend the Goldman Sachs Communacopia+Technology Summit at 7:20 Pacific Time (22:20 Beijing Time), which is expected to have an impact on tech stocks.
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Wall Street leaders relay to suppress market value
At the Barclays Global Financial Services Summit, after Goldman Sachs CEO Solomon spoke on Monday about the possibility of poor performance in the third quarter, JPMorgan CEO Pinto emphasized on Tuesday that analysts had overestimated the company's performance expectations. As soon as this statement was made, the stock price of the largest bank in the United States plummeted by over 7% during the day, and Goldman Sachs also fell by over 4%. In addition to these two, Bank of America CEO Moynihan also stated that the investment banking business may be weaker in the third quarter and emphasized that he doesn't know why Buffett wants to sell the company's stocks.
The German automotive industry is shrouded in clouds: Volkswagen tears up labor protection agreement, BMW revises guidance
Volkswagen announced on Tuesday that it has terminated a job security agreement with over 30 years of history, which was supposed to protect jobs until 2029, but will now end earlier in the middle of next year. Undoubtedly, the Volkswagen union has clearly stated that it will launch a "fierce protest" against the "historic attack".
BMW, a German car manufacturer, also announced on Tuesday that its operating profit in the automotive manufacturing business will fall to 6% due to the impact of brake component failures in mainland China. BMW's European stock fell 11% on Tuesday, while Continental Group closed down 9.86%.
Sony releases new PS5 Pro console, 90% of players exclaim 'expensive'
On Tuesday night Beijing time, consumer electronics giant Sony released the upgraded version of its gaming console PlayStation 5, PS5 Pro, as scheduled. While the rendering speed of the game will increase by up to 45%, the pricing of the new machine has also risen to an unexpected $699. According to a survey released by the well-known gaming website IGN, over 90% of respondents believe that Sony's pricing is "too expensive" or "a bit expensive".
However, Wall Street seems to have a different view. Sony's US stock briefly plunged after the release of the PS5 Pro price, but quickly climbed afterwards, ultimately closing up more than 2%.
Rumors suggest that OpenAI's' Strawberry 'inference model will be launched within two weeks
According to multiple sources cited by the Information Daily on Tuesday, OpenAI plans to officially launch the "Strawberry" AI model with reasoning ability as its core and join the ChatGPT service within about two weeks. It is currently unclear whether OpenAI will charge additional fees for this new feature.
Microsoft CTO Suggests' Important AI New Product 'Will Appear Within the Year
Microsoft Chief Technology Officer Kevin Scott hinted at the Goldman Sachs Communacopia+Technology Summit on Tuesday that there will be a new "significant model or product" in the AI industry before the end of the year. Scott said that something will soon come out, which will be very obvious for those looking for progress in the AI industry. He also emphasized that 'work after GPT 4 has not stopped'.
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