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27 Jan 2025

27 Jan 2025

Tech tumbles

• Equity pressure. AI news out of China weighed on US tech stocks. The 7 US megacaps have driven the overall market strength the past few years.• Spill-overs. Risk off tone in equities washed through other markets. Bond yields fell as did oil. JPY outperformed while AUD & NZD slipped back a bit.• Event radar. Locally, Q4 CPI in focus this week (Weds). Offshore, the US Fed, Bank of Canada, & ECB meet. Tech stocks also report earnings. Global Trends Some nervousness returned to markets after what had been a relatively more positive period last week. US equities kicked off...

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27 Jan 2025

Dollar Retreat Gains Momentum on Tech Sector Plunge

Futures on US stock markets are tumbling this morning as outsized performance gains from China’s DeepSeek artificial intelligence start-up raise uncomfortable questions about the competitive moats surrounding America’s biggest tech firms. According to artificial intelligence experts, a thinly-resourced open-source large language model released by the Chinese company last week shows comparable performance to those built by US firms like OpenAI and Meta, suggesting that the race among Silicon Valley firms to invest tens of billions of dollars in advanced chips may not pay off—at least not for those on the vanguard. DeepSeek’s chatbot topped downloads on Apple’s App Store over...

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