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On May 6th, it was reported that Elon Musks SpaceX has proposed investing $55 billion to build a new semiconductor manufacturing facility in Texas to advance its ambitious "Terafab" project. According to a public notice posted on the Grimes County website, SpaceX plans to build a "next-generation vertically integrated semiconductor manufacturing and advanced computing manufacturing facility" there. If all subsequent phases of the project are completed, the total capital investment is expected to rise to $119 billion. Musk first unveiled the "Terafab" concept in March, aiming to produce chips for his robotics, space, and artificial intelligence projects. He stated that this joint venture project, involving SpaceX and Tesla, is crucial because the semiconductor industry is developing too slowly to meet the growing chip demand for his projects and the entire technology industry. He said, "We either build Terafab or we dont have chips, and we need chips, so we build Terafab."On May 6th, in response to recent market rumors that LG New Energy was about to secure a 10 trillion won order for BMWs 46 series cylindrical batteries, BMW stated that it would not comment on media speculation. BMW also emphasized that to ensure the resilience of its global supply chain, the company continuously evaluates its supplier lineup based on its own needs, and this principle also applies to the rapidly developing electric vehicle industry and the supply of related battery cells.Citigroup raised its price target for AMD (SMCI.O) from $25 to $31.Qualcomm shares rose more than 5% in pre-market trading.The head of the Semiconductor Industry Association (SEMI) said that energy shocks and supply disruptions are a wake-up call for the chip industry.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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