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August 27th - According to sources, Kioxia is building a new manufacturing plant at its production base in Iwate Prefecture, northern Japan, to increase capacity and meet the growing demand for storage devices from the artificial intelligence sector. The project is expected to cost over 1 trillion yen (approximately US$6.27 billion). The new plant, the third in the complex, will produce the companys latest high-density 3D NAND flash memory chips, designed to help manage the massive workflows generated by AI services. Kioxia began shipping stacked NAND chips, the 10th generation BiCS flash memory, last month. With Japan continuing to provide financial support to companies like TSMC, Sony, and Micron Technology, reports suggest that Kioxia and SanDisk will apply for subsidies from the Japanese government. One source indicated that Kioxia plans to announce the expansion plan on Thursday evening.On August 27th, Business Insider reported that Nvidia (NVDA.O) is in talks to acquire Hugging Face, a leading AI platform focused on sharing and developing open-source models. This deal could be one of the chip giants largest to date. Sources revealed that the two companies have been in serious negotiations over the past few weeks regarding a deal valued at over $13 billion. No agreement has yet been reached, and negotiations could still fall apart. Sources also indicated that Microsoft (MSFT.O) had met with Hugging Face, but there has been no further contact. Previous reports indicated that late last year, Hugging Face rejected a $500 million investment offer from Nvidia, which would have valued the company at $7 billion. At the time, Hugging Face stated that it did not want a controlling investor who could dictate its decisions.Futures News, August 27th: Positive news for fuel oil lacked support, leading to a decline in refined product prices. Market participants confidence in future trading weakened, with downstream merchants purchasing only as needed and adopting a wait-and-see approach. Refineries slowed their sales pace. It is expected that fuel oil trading will remain relatively stable in some areas today, while others will experience slight declines.Trump said there was "no timetable" for when Iran would return to negotiations, and international crude oil prices rose slightly. A chart provides a quick overview of the pre-market crude oil prices converted between domestic and international markets.Spot gold and silver prices continued to fluctuate. Can spot gold hold above the $4,600 mark? A chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international markets.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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