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Good morning! Check out today’s trending headlines:
CPI report: Investors may get September’s CPI data despite the government shutdown, as the Bureau of Labor Statistics recalled staff to get the report out.
EV updates: Ford (F) will delay buying lithium from Liontown (OTCPK:LINRF), and reversed a plan for claiming the now-expired EV tax credit.
$20B lifeline: The U.S. Treasury finalized a $20B currency swap framework with Argentina and directly purchased Argentine pesos (ARS:USD).
China is stepping up enforcement of its import controls on semiconductors – including Nvidia’s (NVDA) AI chips – with customs officers conducting stringent checks at all major ports, the Financial Times reported. The crackdown signals Beijing’s resolve to ensure Chinese companies end their dependence on U.S. technology, while tightening its rein on the semiconductor supply chain.
Stricter checks: The inspections initially aimed to ensure that local companies don’t order Nvidia’s chips tailored for the Chinese market – H20 and RTX Pro 6000D. China’s internet regulator last month directed local firms, including Alibaba (BABA) and ByteDance (BDNCE), to stop buying these chips and cancel existing orders. Senior officials believe local chips have reached performance standards that compare with Nvidia’s China-specific chips.
But customs inspections have recently extended to all advanced semiconductor products to better target smuggling of high-end U.S. chips. Some customs officials are looking into whether companies made false declarations about advanced semiconductor imports in the past. At least $1B worth of Nvidia’s top AI chips were reportedly smuggled and sold in China in the three months from May. At the time, the B200 was the most sought-after chip in the Chinese black market.
America first: Over in the U.S., the Senate passed bipartisan legislation requiring advanced AI chipmakers such as Nvidia and AMD (AMD) to prioritize American customers over Chinese buyers. The measure was approved as part of the annual defense policy bill. But the measure’s future remains uncertain, as the House of Representatives passed its own version of the defense bill without the export-control provisions. Lawmakers from both chambers must now reconcile the differences before sending a final bill to President Donald Trump.
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What else is happening…
Microsoft (MSFT) forecast: Data center demand outpacing capacity.
SoftBank (OTCPK:SFTBY) nears $5B margin loan backed by ARM.
Trump: China may resume buying U.S. soybeans, farmer aid on hold.
Civitas Resources (CIVI) weighs merger with rival SM Energy (SM).
Cannabis stocks rise after Tilray Brands’ (TLRY) strong earnings.
It’s back! GM (GM) revives popular Chevy Bolt, priced under $30K.
GoodRx (GDRX) shares spike after report on plans to join TrumpRx.
Institutional crypto exposure set to double by 2028 – State Street poll.
Ray Dalio warns of debt surge, brewing ‘civil war of some sort’ in U.S.
SA Asks: Will the U.S. government continue taking stakes in miners?
Today’s Markets
In Asia, Japan -1%. Hong Kong -1.7%. China -0.9%. India +0.4%.
In Europe, at midday, London +0.1%. Paris +0.2%. Frankfurt -0.2%.
Futures at 7:00, Dow+0.1%. S&P flat. Nasdaq flat. Crude -1.3% to $60.72. Gold +1% to $4,012.30. Bitcoin -0.6% to $121,631.
Ten-year Treasury Yield -3 bps to 4.11%.
On The Calendar
See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar.
