AAPL and BABA will bring AI to iPhones in China. (0:15) Fed's Powell in no hurry. (1:12) Corporate sentiment highest on record. (5:08)Show NotesEU aims for an AI continentMoomoo is an advanced investing trading platform that integrates real-time and comprehensive data with no commission on options trading, stocks or ETFs. New users from Seeking Alpha can exclusively enjoy an 8.1% APY* account opening bonus, up to 15 free stocks, and up to $300 in cash rewards. Terms & Conditions apply, visit moomoo.com for more details.
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Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. Good afternoon. Today is Tuesday, February 11th, and I'm your host, Kim Kahn. Our top story so far. Apple is working with Alibaba to bring artificial intelligence features to iPhones in China.
The information reports that the two companies have submitted the AI features to China's cyberspace regulator for approval. Timing of the Apple intelligence launch in China was not immediately clear. However, the company said on its recent earnings call that its next round of language rollouts will be in April.
In addition, the European Commission launched an initiative called Invest AI to mobilize 200 billion euros for investment in artificial intelligence, including a new European fund of 20 billion euros for AI gigafactories. The regulator said the large AI infrastructure is needed to allow open, collaborative development of the most complex AI models.
Commissioner Ursula von der Leyen said the unique public-private partnership akin to CERN for AI will enable all our scientists and companies, not just the biggest, to develop the most advanced, very large models needed to make Europe an AI continent.
Heading to Capitol Hill, Federal Reserve Chairman Jay Powell addressed the Senate Banking Committee in the first part of his semiannual testimony before Congress, still known to some of us Gen Xers and boomers as Humphrey Hawkins. Powell said the Fed does not need to be in a hurry to adjust its rates further now that its policy stance is significantly less restrictive than it was a few months ago.
He said. If the economy stays strong and inflation doesn't continue to move towards the Fed's 2% goal, "...we can maintain policy restraint for longer. But the central bank also needs to be attentive to risks on both sides of its dual mandate. If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can ease policy accordingly," he said.
Michael Rosner, managing director at Raymond James, says while Wednesday's CPI is an important input into the Federal Reserve's thinking on rates, we may be six to eight months away from the next rate cut, so it's premature to put too much weighting on what this data point means for the Fed.
Barring any major changes on near-term economic data, we don't think the Fed is going to pivot from its wait-and-see approach on rates.
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