The Finimize Daily Brief
TSMC’s Results Offered Fresh Reassurance On The AI Boom, While Rio Tinto And Glencore Revived Their Earlier Merger Talks
10 Jan 2026
Chapter 1: What reassurance did TSMC's results provide about the AI boom?
Hey, I'm Jackson with your Daily Brief for Saturday, January 10th. Coming up, TSMC's results offered fresh reassurance on the AI boom, reinforcing Nvidia's upbeat message from earlier in the week. And Rio Tinto and Glencore revived their earlier merger talks, discussing a deal that would be the mining industry's biggest ever.
We'll also check in with Carl to get his answers to your burning questions. TSMC brought the receipts.
Chapter 2: How did TSMC's revenue performance compare to analyst expectations?
The Taiwanese chipmaker's revenue jumped 20% last quarter, a bigger bump than analysts expected. You'll have to wait until next week for the full results, but this early peak matters. TSMC is where lofty AI investment speak turns into actual chips. Any real slowdown in spending would show up there first. And demand from big customers like Apple helped drive the gain.
That backs up Nvidia's message from earlier this week. AI data centers are being built to meet real demand, not just keep up appearances. And once TSMC transforms cash into chips, those chips still need to become actual products. And right now, a lot of eyes are on Minimax. The Chinese AI developer just raised around $620 million in a Hong Kong IPO, with shares jumping 87% on day one.
Chapter 3: What is the significance of Rio Tinto and Glencore reviving their merger talks?
Unlike US giants with huge cash piles, many Chinese AI firms rely on stock markets to fund new models and data centers. If deals like minimaxes keep landing well, the money and China's AI rally can keep rolling. If they flop, sentiment could turn fast. For a sense of the sheer scale of AI spending, just look at Elon Musk's XAI. The startup burned through nearly $8 billion in eight months.
Chapter 4: How could a merger between Rio Tinto and Glencore impact the mining industry?
And yeah, revenue is growing fast, but it's still a fraction of that expense. Still, deep-pocketed backers aren't scared. XAI just raised $20 billion at a $230 billion valuation, with NVIDIA and Apollo Global Management among the investors. Before we dive into the next story, it's time for our daily check-in with Carl. You've got questions, he's got answers. Carl, what you got for us?
We've got an interesting one from Lars in Stockholm. He asks, How can rates be below zero? I don't understand how an interest rate can be negative. Yes, it might sound strange, but negative rates are designed to push people to spend or invest.
Chapter 5: What factors are influencing copper prices and investor interest?
They punish saving and reward activity. They usually show up in weak economic environments. They're weird, but they're a policy tool, not a glitch. Think of them as economic caffeine. Rio Tinto and Glencore are trying to mine as one again, digging into a deal that could fuse two heavyweights into a single $200 billion plus giant.
The pair tried to strike an agreement last year, but couldn't agree on the fine print. If they get over the line this time, it would be the mining industry's biggest deal ever. Glencore's stock climbed 8% after the news. The Swiss firm would be the prize in the partnership, with its future prospects brightening. Meanwhile, Rio, the one paying up and taking on the risk, saw its shares slide 2%.
Chapter 6: How are governments attempting to reduce dependency on China for critical minerals?
The Revive talks are part of a broader wave of mining deals. Giants are buying off rivals rather than betting on new projects, which can take over a decade to start paying off. And much of the deal-making targets copper, crucial for power grids, EVs, and the AI build-out. Combined with a rush of investor interest, that's pushed copper to break records, hitting over $13,000 a ton.
But those high prices are putting off today's buyers. Many Chinese manufacturers have been effectively priced out. That means prices are being driven less by factories using copper and more by investors betting on future shortages. And that makes copper investors vulnerable if real-world demand doesn't follow through.
Governments are also trying to lean less on China for critical minerals, using policies and money to rewire supply chains. But that shift will take years. In the meantime, sheer size helps miners finance new projects and lock in long-term customers. Rio and Glencore's potential tie-up is a prime example. Together, they'd control a strategically valuable chunk of copper. That's it for today.
I'm Jackson. Lana will see you next week.