Key Takeaways
- AMD (AMD) CEO Lisa Su highlighted significant demand for chips from major AI players, including OpenAI and Elon Musk's companies, underscoring the robust growth in the artificial intelligence sector.
- Ukraine's delegation proposed a leaders' meeting by late August and expressed readiness for an immediate ceasefire, even as talks in Istanbul concluded quickly after less than an hour.
- Fitch Ratings issued a warning that U.S. gaming and hospitality companies continue to face substantial bankruptcy pressure due to the prolonged impact of the COVID-19 pandemic.
- U.S. crude oil futures settled slightly lower at $65.25 per barrel, reflecting a modest downturn of 6 cents or 0.09%.
- The White House indicated that former President Trump seeks to retain personal authority over Russia sanctions and discretion over the $550 billion from the Japan trade deal.
AMD (AMD) is experiencing strong demand from key players in the artificial intelligence (AI) sector, according to CEO Lisa Su. Su noted significant interest from both OpenAI and Elon Musk's companies, indicating a booming market for advanced semiconductors. However, the cost of production in the U.S. remains a factor, with Su stating that chips manufactured at TSMC's (TSM) facility in the U.S. are priced 5% to 20% higher than those produced in Taiwan.
Geopolitical tensions remain a focal point, with Ukraine's delegation at the Istanbul talks proposing a meeting of leaders by the end of August. Kyiv has also expressed its readiness for an immediate ceasefire. Despite these overtures, the talks between Ukraine and Russia in Istanbul were brief, concluding in less than an hour, according to Ukraine’s Suspilne broadcaster.
Economically, the U.S. gaming and hospitality sectors are still grappling with the fallout from the COVID-19 pandemic. Fitch Ratings has warned that these companies remain under significant bankruptcy pressure due to lingering effects.
In U.S. energy markets, crude oil futures saw a slight dip, settling at $65.25 per barrel. This represented a decrease of 6 cents, or 0.09%, for the session.
Meanwhile, the White House has shed light on potential future policy directions. It was noted that former President Trump desires to retain the personal authority to make decisions regarding Russia sanctions. Furthermore, the $550 billion from the Japan trade deal will be spent at Trump's discretion. White House Press Secretary Karoline Leavitt also confirmed that numerous other trade deals are still awaiting finalization. In other diplomatic efforts, Middle East envoy Witkoff is currently traveling to Europe to meet with Middle East leaders to discuss the Gaza ceasefire proposal.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.