Here’s the translation of the article:
“The US stock market closed lower on Wednesday, with the Dow Jones dropping more than 420 points. US CPI data for March exceeded expectations, showing that inflation pressures remain high, leading the market to lower bets on a Fed rate cut. Minutes from the Fed meeting showed the central bank is more confident in moving towards its 2% inflation target.
The Dow fell 422.16 points, or 1.09%, to 38,461.51; the Nasdaq fell 136.28 points, or 0.84%, to 16,170.36; and the S&P 500 fell 49.27 points, or 0.95%, to 5,160.64.
Nvidia topped Wednesday’s US stock trading volume, up 1.97% with a trading volume of $37.044 billion. Morgan Stanley raised Nvidia’s target price from $795 to $1,000 on Wednesday. The bank stated that it is highly encouraged by businesses’ long-term investment plans, with large enterprises planning to expand data centers over the next 3 to 4 years, including Microsoft’s $100 billion Stargate Project. Nvidia pointed out that 40% of data centers are already using inference technology, indicating that the market is still too focused on the application of chips in large language models, ignoring other artificial intelligence applications.
Tesla, ranked second, fell 2.89% with a trading volume of $14.448 billion. According to India Business Online, Tesla is in talks with India’s Reliance Industries to discuss the establishment of a joint venture and the construction of a factory in India.
In addition, it was reported that Musk will visit India on April 22 and meet with Indian Prime Minister Modi. It is reported that Musk is expected to announce investment plans and news related to building factories in India.
Tesla has been significantly lowering the price of the Model Y in North America, leading to speculation that it is trying to clear inventory before the update. On April 10th, a Tesla spokesperson told a reporter from Securities Times that there are no plans to introduce a redesigned Model Y in North America this year.
There are also reports that Tesla is developing a Model Y project codenamed “Project Juniper,” and rumors suggest that production of the redesigned Model Y will begin at the Shanghai Gigafactory in mid-2024. Tesla also explicitly stated that there are no plans to redesign the Model Y for the Chinese market this year.
AMD, ranked third, fell 2.13% with a trading volume of $9.836 billion. BlackBerry announced a collaboration with AMD on Tuesday, with the two companies jointly launching a platform to provide stronger performance, reliability, and scalability for robotic systems in the industrial and healthcare sectors. The platform will combine BlackBerry’s real-time software tools with hardware supported by AMD’s architecture.
Apple, ranked fourth, fell 1.11% with a trading volume of $8.305 billion. According to media reports on Wednesday (April 10th), Apple’s iPhone assembly business in India has seen significant growth over the past year. According to data, Apple assembled $14 billion (about RMB 101.36 billion) worth of iPhones in India last year, doubling year-on-year. Currently, Foxconn and Wistron account for nearly 67% and about 17%, respectively, of iPhones produced in India, while Tata Group is responsible for the remaining Indian-made iPhones.
To further increase its investment in the Indian market, Apple plans to increase the production of ‘Made in India’ iPhones fivefold over the next five years. Foxconn Technology Group in the supply chain has already added at least $1 billion (about RMB 7.24 billion) in investment to its factory in India. Foxconn also plans to allocate about $2.7 billion (about RMB 19.548 billion) in budget for its Indian factory to strengthen the assembly industry chain in the region and expand iPhone production capacity.
Amazon, ranked seventh, rose 0.15% with a trading volume of $6.508 billion. According to reports, Amazon allows mid-to-low-level employees to decide to what extent their future compensation will be tied to the company’s stock performance.
An internal memo seen by the media shows that in May of this year, Amazon will offer many US corporate employees a choice – to reduce the number of shares they will receive next year by a quarter in exchange for more cash.
Amazon has joined the ranks of increasingly more tech companies, including Tesla and Shopify, which do not emphasize stock-based compensation as a way to incentivize employees. This represents a significant change in how tech companies pay their employees.
Meta Platforms, ranked eighth, rose 0.57% with a trading volume of $5.89 billion. The company announced on Wednesday that it will deploy a new self-developed chip for its artificial intelligence services, aiming to reduce its reliance on external semiconductor companies like Nvidia.
The chip announced on Wednesday is the latest version of Meta’s Training and Inference Accelerator (MTIA), which will help rank and recommend content on Facebook and Instagram. Meta released its first MTIA product last year.
Google, ranked tenth, Class A shares (GOOGL) fell 0.29% with a trading volume of $3.456 billion. At the Google Cloud Next 2024 event, tech giant Google announced a major breakthrough: the launch of its first CPU designed specifically for data centers based on the Arm architecture, named Axion. This new processor marks Google’s latest breakthrough in cloud computing hardware, aiming to enhance the performance and energy efficiency of data centers.
MicroStrategy, a Bitcoin concept stock ranked eleventh, rose 8.67% with a trading volume of $2.749 billion.
TSMC, ranked twelfth, rose 0.56% with a trading volume of $2.741 billion. TSMC’s consolidated revenue in March 2024 was approximately NT$195.211 billion, an increase of 7.5% from the previous month and 34.3% from the same period last year. TSMC’s cumulative revenue from January to March 2024 was approximately NT$592.644 billion, an increase of 16.5% from the same period last year.
UnitedHealth, ranked seventeenth, fell 2.10% with a trading volume of $2.023 billion.
Intel, ranked nineteenth, fell 2.95% with a trading volume of $1.898 billion. On Tuesday, Intel launched the Gaudi 3 AI chip, which costs only “a fraction” of the cost of Nvidia’s H100 chip, and announced that it had won contracts from companies such as Dell, HP, and Lenovo. Nvidia said that compared to the H100, the Gaudi 3 has increased training performance by 170%, inference capabilities by 50%, and efficiency by 40%, but at a much lower cost.”
