• What was the focus of the Fed's meeting?
• What to expect from Nvidia’s GPU Technology Conference?
• Why is Apple teaming up with Google?
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IN THE HEADLINES
The Federal Reserve Holds Interest Rates Steady, Predicts 3 Rate Cuts in 2024
The US Federal Reserve has maintained its key interest rate, awaiting further evidence of inflation stabilization. Despite expectations of rate cuts later in the year, the Fed is proceeding cautiously after previous aggressive hikes. Chairman Jerome Powell emphasized a balanced approach, noting a strong labor market and declining inflation. While higher rates aim to curb inflation, prolonged elevation risks economic slowdown. The US economy remains resilient, with revised forecasts anticipating growth and declining inflation. However, extended higher rates may pose risks for emerging markets, potentially necessitating similar rate hikes to attract investment. Read more
NVIDIA's GTC 2024 Heralded A New Era in AI Innovation, Termed 'GenAI’
Despite overcrowding, the event highlighted substantial progress in AI infrastructure, featuring advancements like the Blackwell GPU series and DGX GB200 System, promising improved performance and efficiency. NVIDIA also demonstrated advancements in enterprise AI software, emphasizing a 'genAI-native' approach tailored to modern development requirements. With expanded partnerships and a broader software ecosystem, NVIDIA is reshaping its role beyond GPUs, providing solutions to enhance AI performance in enterprises. Read more
Apple Is Reportedly Exploring Partnership With Google for Gemini-Powered Feature on iPhones
This collaboration would build upon Google's current role as Safari's primary search engine provider on iPhones, where Alphabet pays Apple billions annually. While specifics are pending, this partnership could provide Gemini access to a large user base, prompting inquiries into Apple's AI development progress. Apple's upcoming iOS 18 is set to introduce new features leveraging its proprietary AI models, emphasizing device-based functionalities. Nevertheless, Apple is seeking a partner for intricate generative AI tasks like image and essay generation, with confirmation of the deal potentially awaiting Apple's June Worldwide Developers Conference. Read more
TradeUP TIDBITS
US Weekly Jobless Claims Unexpectedly Fall; Labor Market Gradually Cooling
"Fed officials are waiting on confirmation that inflation is in check before cutting interest rates, but one thing they can be confident of is that companies are not laying off workers and the labor market remains relatively strong,"
——Christopher Rupkey, chief economist at FWDBONDS. Read the Full Article
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