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TezNewz delivers AI-scored financial news with impact ratings from -100 to +100. Latest stories cover Unknown sectors. Top impact story: "Apple Chip Chief Johny Srouji 'Seriously Considering' Exit, Raising Alarms Over Future Of iPhone, Mac Silicon" with -75 impact score.
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Apple Inc.'s chip chief, Johny Srouji, is reportedly considering leaving the company, raising concerns about leadership stability as Apple pushes to enhance its artificial intelligence capabilities. This news follows a series of executive changes, including the retirement of COO Jeff Williams and AI chief John Giannandrea. Analysts express that Srouji's departure could significantly impact Apple's custom silicon development, which powers its key products like iPhones and Macs.
Public companies that invested heavily in cryptocurrencies are experiencing significant financial losses, with the median stock price of US and Canadian firms that transitioned to digital asset treasuries (DATs) decreasing by 43% this year. SharpLink Gaming Inc. saw its stock surge over 2,600% after investing in Ethereum but has since dropped 86% from its peak. The downturn is attributed to the lack of yield from these holdings, leading to difficulties in meeting debt obligations and a decline in investor confidence. Despite these challenges, some companies are considering acquisitions of smaller DATs, indicating a potential belief in the long-term prospects of digital assets.
Copper prices have surged on the London Metal Exchange, reaching over $11,700 a ton, driven by anticipated near-universal copper tariffs starting in 2027 and tightening supply. Citigroup projects prices could hit $13,000 a ton by Q2 2026, while JP Morgan forecasts a refined copper deficit of 330,000 tons and prices averaging over $12,000 in 2026. In contrast, Goldman Sachs warns that current price levels may not be sustainable, citing sufficient metal availability to meet demand. Additionally, trading firm Mercuria has ordered $500 million worth of copper for withdrawal from LME warehouses, further tightening available stocks.
Bitcoin is currently trading at $89,496.98, just below the $90,000 mark, as cooling inflation data contributes to a risk-off sentiment in the market. Other cryptocurrencies, including Ethereum ($3,024.66), XRP ($2.02), and Dogecoin ($0.1384), are also experiencing losses. Notably, BlackRock's IBIT Bitcoin ETF has seen a record $2.7 billion outflow, indicating potential shifts in investor sentiment.
Nvidia Corp's CEO Jensen Huang revealed his collaboration with Elon Musk in developing the first computer for Tesla's Model S and the FSD hardware during a podcast. Nvidia recently reported a third-quarter revenue of $57 billion, marking a 62% year-on-year increase and surpassing Wall Street's expectations of $54.88 billion. Huang also mentioned that Musk had previously helped connect Nvidia's technology to OpenAI, further emphasizing the longstanding partnership between the two companies.
Recent U.S. economic data indicates cooling inflation and a rebound in consumer sentiment, leading to increased expectations for a Federal Reserve rate cut. The CME FedWatch tool shows an 87.2% probability of a quarter-point move, which could benefit large-cap growth ETFs like Invesco QQQ Trust (NASDAQ: QQQ) and Vanguard Growth ETF (NYSE: VUG). Consumer sentiment rose from 51.0 to 53.3, with younger Americans' expected personal finances jumping by 13%, suggesting potential support for small-cap growth ETFs if borrowing costs decrease.
