Apple began showing off a new round of smart home products on Tuesday, led by the HomeView, an iPad-like device that can hang on walls or sit on tabletops and serve as a hub for other smart home gadgets. The devices are meant to showcase an upgraded Siri AI. HomeView starts at $299 and ships next month, and Apple also announced a new Apple TV 4K and HomePod Mini.
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Applied Materials shares fell as the outlook for chip equipment remained uncertain, according to one report. Another outlet reported the Santa Clara-based supplier unveiled a $5 billion research facility in Silicon Valley. The site aims to speed AI chipmaking breakthroughs by bringing together scientists, engineers and researchers from companies and universities worldwide. Its customers include TSMC, Intel and Samsung.
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American-born economists Robert E. Hall and Michael Woodford won the Nobel Prize in economics for their work on models that help governments and central banks manage economic shocks. The Washington Times adds that the shocks include energy crises and inflation, and that the announcement came on Monday. NPR focuses on sticky prices, which it says help explain why recessions hurt so much and what policymakers can do about them. Reason highlights only Hall, noting his affiliation with the Hoover Institution.
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Outlets explain the work's practical meaning, linking price stickiness to the pain of recessions and to policy responses, while also noting the winners are Americans.
Hedge-fund billionaire Paul Tudor Jones said U.S. stocks could face a serious test in 2027. He pointed to a surge of new equity issuance that could disrupt the AI-driven bull market. He also said corporate buybacks and mergers and acquisitions, which have supported the rally, are about to turn.
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Semiconductor shares fell on Tuesday, with Asian tech stocks leading the decline. South Korea's market, which is heavily exposed to Samsung and SK Hynix, sold off sharply, and the Guardian reports the Kospi dropped 6.25%. Broadcom's chief executive, named as Hock Tan by the New York Post, said on Monday that many AI investors barely understand where their money is going and compared them to people in a casino. The outlets differ on cause: the Guardian also cites Chinese chipmaker CXMT's claim of progress on a new chip architecture, while Semafor points to investor worries about AI overspending.
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The Guardian links the chip selloff to both the Broadcom casino remark and Chinese rival CXMT's chip progress, emphasizing Samsung's shares and the Kospi's steep drop.
Starbucks publicly denied plans to buy Chipotle Mexican Grill, ending speculation that followed a report that it had looked into a possible takeover. That report said the coffee chain had reportedly hired advisers to work on a proposal. Starbucks said it is focused on organic growth.
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The FTC and several states have filed a contempt claim alleging that Martin Shkreli broke a lifetime ban from the pharmaceutical industry. He was barred after a trial found he orchestrated an illegal scheme to maintain a monopoly on the drug Daraprim. One report says he has been weighing in on biopharma stocks despite the prohibition.
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JPMorgan, the largest US bank by assets, reported earnings per share of $5.57 against expectations of $5.90, and revenue of $50.91 billion versus $51.22 billion expected. One report cited a surprising drop in fixed-income trading revenue that pushed shares lower in premarket trading. The stock then recovered those losses after the bank issued net interest income guidance. The New York Post also noted Goldman Sachs delivered strong revenue in a mixed quarter.
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Oil prices fell as investors weighed possible supply disruptions, including a Saudi-Houthi conflict, against the prospect of more Russian diesel reaching global markets. Meanwhile, average U.S. diesel prices remain above $6 a gallon, raising costs for trucking, agriculture and construction, and prompting the question of whether access to Russian diesel could bring prices down.
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Pickleball facility franchisor The Picklr filed for Chapter 11 bankruptcy. Founder Jorge Barragan said corporate guarantee arrangements at about 40 locations became untenable for the company, and he acknowledged the business mistake, saying he owns it. An investor group is committing millions of dollars to support the restructuring.
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General Motors CEO Mary Barra said the automaker is still on track to introduce eyes-off, hands-off driving technology by 2028. At the company's Global Technical Center in Warren, Michigan, hundreds of volunteer drivers have tested a Cadillac Lyriq and other GM models in simulated scenarios, including regular roads, hills, construction, rain and nearby traffic.
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Wall Street started a busy week with mixed trading on Monday, keeping the market close to its all-time high. Another report notes a wide gap between the benchmark and its average member: about four in ten S&P stocks are down this year. That suggests the rally depends on a handful of companies as the bull market nears its four-year anniversary.
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Photo: The Guardian
