Chip Stocks Descend into Bear Market, US Considers AI Models Watchdog, More
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What is the main topic discussed in this episode?
This week on Leaders, with me, Francine Lacqua. I speak to tennis legend Rafa Nadal about how he stayed competitive despite injury.
I was able to enjoy the victories probably more than if I will not have this issue.
One iconic match.
In my mind was, I am almost dead.
And whether he misses playing.
I don't miss tennis because there was nothing else to offer.
Listen and watch Leaders with me, Francine Lacroix, on Bloomberg Television or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Ed Kalecki. A losing week for the S&P 500 index with chip stocks moving into a bear market. We get the story from Bloomberg's Charlie Pellett.
The SOX, the Philadelphia Stock Exchange Semiconductor Index, is now down 20% from a recent high, and that meets the definition of a bear market. Stocks finished the week lower. Semis dipped following the reveal of an AI model from a Chinese startup. The S&P 500 index was down 1.5% on the week, snapping two straight weeks of gains. The Dow fell for a second week, down 0.9%. NASDAQ this week down 2.9%. In New York, Charlie Pellett, Bloomberg Radio.
China's Moonshot AI brought out its latest addition, comparable in many respects to the best American models. Bloomberg Senior Technology Editor Mike Shepard discussed its significance on balance of power.
It really is another step level change in China's effort to not only keep up with the U.S., but really assert its own global dominance in this space. We did see Xi Jinping, president of China, lay out his vision and his country's vision for trying to assert that leadership worldwide.
Bloomberg Senior Technology Editor Mike Shepard. The Trump administration is considering plans for an independent regulator to vet the safety of artificial intelligence models with industry input. After Silicon Valley leaders complained about the ad hoc nature of recent U.S. moves to slow the release of cutting-edge AI systems, Treasury Secretary Scott Besson helped develop the proposal, which would create an independent regulatory agency for AI that would report to the Securities and Exchange Commission, similar to the Financial Industry Regulatory Authority. This according to people familiar with the matter. The plan is now being reviewed by White House Chief of Staff Susie Wiles. The U.S. and Iran traded attacks again on Friday, pressuring oil prices and making a quick return to the fragile ceasefire deal signed last month even less likely.
U.S. Central Command said a new round of airstrikes were underway beginning at 3 p.m. Eastern on Friday with the goal of degrading Iranian military capabilities. A week of back-and-forth strikes by both sides has expanded beyond strictly military targets to include bridges, utilities and port facilities.
Why did chip stocks fall into a bear market this week?
CENTCOM earlier confirmed that it had destroyed a surveillance tower. at the Iranian port of Chabahar on Thursday, saying it was part of a string of maritime outposts along the Gulf of Oman that Tehran used to track and target commercial vessels. Produce supplier Taylor Farm says it's recalling all iceberg lettuce in the U.S. sourced from central Mexico. After a farm there was linked to a diarrhea-causing parasite outbreak that sickened thousands in Michigan and nearby states. Taylor Farm said its Mexican subsidiary is voluntarily removing the product on information provided, by the US Food and Drug Administration. It added,
How did semiconductor indexes and major US indices perform during the week?
that no other Taylor Farms products are affected by the recall and that its branded salad kits sold in supermarkets don't contain iceberg lettuce. SpaceX shares tumbled on Friday, erasing more than $1 trillion in market value from the rocket at artificial intelligence giant's all-time high. The stock fell 5.4 percent to $123.99 per share, giving the company a market value of $1.63 trillion. The value stood at $2.64 trillion at the close on June 16th, its third day of trading. Elon Musk's company initially rallied after the largest initial public offering in history, but has lost ground and is trading below the $135 IPO price.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:51
2
Why did chip stocks fall into a bear market this week?
2:51–3:26
3
How did semiconductor indexes and major US indices perform during the week?
3:26–6:22
4
What impact did China's Moonshot AI reveal have on markets and geopolitics?
6:22–7:47
Speakers
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