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Foxconn (OTCPK:FXCOF), Nvidia (NVDA) tie up to build AI factories. (00:25) Microsoft (MSFT) said to sell $1B in 365 cloud tools to Amazon (AMZN): report. (01:18) RE/MAX says September home sales saw Y/Y decline of 17%. (02:11)
This is an abridged transcript of the podcast.
Foxconn (OTCPK:FXCOF) and Nvidia (NASDAQ:NVDA) are partnering up.
The world’s largest contract electronics manufacturer will join hands with Nvidia to build artificial intelligence factories for a range of applications including self-driving cars.
Nvidia’s (NVDA) CEO said, “In the future, every company, every industry, will have AI factories.”
The announcement was made at Foxconn’s (OTCPK:FXCOF) tech showcase in Taipei. The AI factories – will be used for training autonomous vehicles, language-based generative AI and robotics platforms.
Foxconn (OTCPK:FXCOF) will use Nvidia’s (NVDA) latest chips – including the GH200 superchip that it is not allowed to sell in China – and software to build these data centers.
Foxconn’s chairman did not clarify how these AI factories would differ from existing rival ones that use Nvidia’s (NVDA) technology.
It looks like Microsoft (NASDAQ:MSFT) has nailed a $1B megadeal with Amazon (NASDAQ:AMZN).
The Insider reported, citing an internal document and a person familiar with the matter, that Microsoft is set to add Amazon as a customer of its 365 cloud tools.
Amazon (AMZN) and Microsoft (MSFT) compete in web services and are generally considered to be rivals, especially in the cloud computing space.
The report says that Amazon (AMZN) purchased more than 1M license seats for the 365 suite and committed $1B to the deal over 5 years.
This would shift the company to cloud-based tools for corporate employees and frontline workers starting next month.
Amazon and Microsoft did not immediately respond to a request for comment from Seeking Alpha.
Amazon (AMZN) is already a customer of localized Microsoft (MSFT) Office products.
Re/Max Holdings (RMAX) said on Tuesday the number of homes on the market grew month over month for a sixth consecutive month in September as sales declined 13.8% from August and 17% from a year ago.
The company said the 9.3% increase in inventory was the largest month-over-month increase in 14 months.
Despite growth in inventory over August 2023, new listings were down 1.8% from August and 7.8% Y/Y.
With three months left in 2023, the median sales price of $415,000 posted a seasonal decline of 2.4% month over month – last September’s sequential drop was 1.2% – but remained 2.5% higher than last September’s $405,000.
Other articles to look out for on Seeking Alpha:
VMware falls amid report about China’s review of Broadcom deal (update)
U.S. Bancorp stock spikes as Fed exempts firm from Category II requirements
Netlist plunges amid 9th Circuit Court appeals ruling in Samsung fight (update)
On our catalyst watch for the day,
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Oracle (ORCL) management will give a product keynote presentation at the company’s SuiteWorld event in Las Vegas.
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The IPO lockup period expires on Jayud Global Logistics (JYD).
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Tesla (TSLA) will hold its Q3 earnings conference call. Options trading on Tesla implies a 7% swing up or down for shares after the report drops. Tesla shed just under 10% after its last earnings report. Fisker (FSR) and Rivian Automotive (RIVN) are the two EV stocks that correlate the closest to Tesla.
Wall Street’s major averages on Tuesday ended near the flatline.
The Nasdaq Composite (COMP.IND) slipped 0.25%. The S&P 500 (SP500) was little changed. The Dow (DJI) posted marginal gains, adding 0.04%.
Of the 11 S&P sectors, seven closed in the green, led by Materials and Energy. Tech topped the losers.
Treasury yields jumped after the retail sales report. The 10-year yield (US10Y) soared to a session high of 4.86%, its highest level since 2007. The 2-year yield (US2Y) was up 12 basis points to 5.22%
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. The Dow is down 0.2%, the S&P 500 is down 0.3% and the Nasdaq is down 0.4%. Crude oil is up 3% at more than $89 a barrel.
In the world markets, the FTSE 100 is down 0.4% and the DAX is down 0.3%.
The biggest movers for the day premarket: Viking Therapeutics’ (NASDAQ:VKTX) is up 10% after clinical results from a Phase 1 trial on its obesity drug, VK2735, were released. Despite exceeding expectations in Q3, United Airlines (NASDAQ:UAL) is down 5% as the carrier’s Q4 EPS projection fell short of market expectations.
On today’s economic calendar:
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8:30 am housing starts and permits
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12 pm the Fed’s Christopher Waller will speak on the economic outlook at an event in London.
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At 6:55 pm The Fed’s Lisa Cook will speak on The Evolution of the Federal Reserve’s Employment Mandate at a ceremony at the 2023 Future of Black Communities Summit in Washington, D.C.
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
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