US futures edge lower with AI spending in focus

Matthew Burgess / Bloomberg

Aug 23

Nasdaq 100 contracts fell 0.2% in early trading on Monday, while the dollar traded in a tight range against most major peers.(Aug 24): US equity futures dipped with the rising cost of the artificial-...

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The Canadian dollar slipped as US trade tensions intensified.\nNasdaq 100 contracts fell 0.2% in early trading on Monday, while the dollar traded in a tight range against most major peers. Gold was steady after rising above US$4,600 an ounce last week as the US Treasury's intervention in bond markets fanned demand for the precious metal. Oil declined.\nSome of Nvidia Corp's biggest customers have been told that the prices of servers containing its AI chips are going up more than 15% in many cases, Bloomberg reported. The price hikes will go into effect on systems shipped early next year and will impact systems including those with the flagship Vera Rubin and Grace Blackwell chips, according to people familiar with the process.\nAlibaba Group Holding Ltd is seeking to raise about HK$80 billion (US$10.2 billion or $12.96 billion) from a share sale, its latest move to compete for global leadership in artificial intelligence. The online retail giant-turned-AI player intends to use the proceeds to invest in full-stack AI capabilities, including by expanding and enhancing its infrastructure.\nThe developments add to already brewing concerns over the sustainability of the AI spending boom, with soaring hardware costs threatening returns just as companies commit ever-larger sums to the technology. Alibaba's capital raising underscores the funding demands, while pricier Nvidia servers risk lengthening the path to recouping those investments. \n\"Nvidia's price hikes show cost pressures are filtering through the supply chain, potentially putting pressure on margins across the tech sector,\" said Kyle Rodda, a senior analyst at Capital.com in Melbourne. \"Naturally, that's a risk to profitability and share prices, and could magnify fears about return on investment in AI companies.\"\nThe Canadian dollar slipped as much as 0.5% in early trading following the sudden collapse of trade talks with the US late Friday that saw Washington place a 50% duty on about US$20 billion worth of Canadian goods. Prime Minister Mark Carney said Canada will apply counter-tariffs on US$20 billion of US products on Sept 8. in response. The US is pledging to escalate if he proceeds. \nWhile the news is negative for Canada's currency, \"moves won't be too excessive,\" said Nick Twidale, chief market analyst at AT Global Markets. \"We've all seen this movie before over the last couple of years, so I'm expecting some sort of a deal or resumption of trade talks to be announced during the week.\"\nMeantime, the dollar was mixed against most major peers after falling to a three-month low last week. Investors are awaiting a promised new initiative from Treasury Secretary Scott Bessent aimed at fiscal consolidation after US intervention in bond markets last week to curb borrowing costs, and the Federal Reserve's annual retreat in Jackson Hole. \nWhile Bessent has attempted to ease concerns over US fiscal policy, the Congressional Budget Office offers little evidence of fiscal consolidation, projecting large budget deficits and debt rising to a record 120% of GDP in 10 years, Elias Haddad, global head of markets strategy at Brown Brothers Harriman, wrote in a note to clients. \"Without credible spending cuts or revenue increases, the White House plan risks being little more than putting lipstick on a pig.\" \nUploaded by Isabelle Francis","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}