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On August 6th, Tesla (TSLA.O) announced that earlier this year, SpaceX and Tesla launched Project Terafab—the worlds largest chip manufacturing initiative, integrating logic chips, memory chips, and advanced packaging technologies within a single facility. In April, Tesla broke ground on its new R&D wafer fab at its Texas Gigafactory North Campus, the precursor to Terafab. Today, we are officially announcing that Terafab will be located in Grimes County, Texas. This facility will be an advanced semiconductor wafer fab designed to bridge the huge gap between current global chip supply capacity and future computing demands. SpaceX and Teslas combined chip demand is projected to exceed 1 terawatt (TW) of computing power, a scale far exceeding current global supply capacity. We are highly grateful to existing chip suppliers and encourage them to expand capacity where possible, but the widening gap between future supply and demand is the core reason for the existence of Project Terafab. Terafab aims to manufacture new computing power at an unprecedented scale and speed. The project plans to build a vertically integrated factory with a manufacturing area exceeding 100 million square feet. The facility will encompass the manufacturing, packaging, and testing of advanced logic and memory chips. Centralizing these processes in one location will facilitate rapid iterative improvements and accelerate the deployment of new computing capabilities.Tesla (TSLA.O): TeraFab aims to produce more than 1 terawatt of computing power per year.Tesla (TSLA.O): TeraFab will be built in Grimes County, Texas. The number of chips required by Tesla and SpaceX will far exceed current and future global production capacity.The US June wholesale sales month-on-month rate and the July global supply chain stress index will be released in ten minutes.Datadog (DDOG.O) fell 20%, marking its biggest drop since August 2023.

Forecast for Gold Price: XAU/USD corrects to near $1,970 on UBS-Credit Suisse deal; Fed policy observed

Daniel Rogers

Mar 20, 2023 13:16

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After UBS announced Credit Suisse's rescue plan, the gold price (XAU / USD) corrected to near $1,970. The precious metal is estimating a cushion near the $1,970.00 support, but further correction appears likely.

 

Investors should be aware that market participants have been pouring funds into the yellow metal as a hedge against the volatility associated with a potential banking crisis. The UBS acquisition has mitigated concerns of a global banking crisis. The purchase agreement has signaled that central banks are willing to provide assistance to commercial banks in an effort to restore investor confidence.

 

The US Dollar Index (DXY) is fluctuating around 103.80 as the market anticipates the Federal Reserve's (Fed) interest rate decision on Wednesday. The analysts at Danske Bank anticipate that Federal Reserve Chair Jerome Powell will raise interest rates by 25 basis points (bps) despite the recent turmoil and banking sector concerns.

 

S&P500 futures have erased the majority of their morning gains, indicating that the UBS-Credit Suisse agreement is insufficient to calm global banking fears. As the banking debacle has yet to reveal its true colors, negative market sentiment would persist for some time. In the meantime, the UBS-Credit Suisse merger has reduced demand for US government bonds, which were previously regarded as safe-haven investments. This has increased 10-year US Treasury yields to 3.46 percent.


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