Oil breaks US$100, Wall Street retreats and bond yields rise, inflation is becoming the market’s biggest risk again Global markets are starting Thursday in a more defensive position. Brent crude has broken above US$100 a barrel , U.S. Treasury yields are pushing higher, and Wall Street fell for a third straight session as investors reassess whether central banks may need to keep tightening rather than easing. For Malaysian investors, the key chain today is increasingly clear: Oil → inflation → interest rates → bond yields → USD/MYR → Bursa valuations. 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,636.36, -0.48% 🇺🇸 Dow Jones 52,380.66, -0.77% 🇺🇸 Nasdaq 26,253.34, -0.64% 🇲🇾 FBM KLCI 1,714.34, virtually flat 💵 USD/MYR ~4.06 🇺🇸 U.S. 10Y Treasury ~4.84% 🇺🇸 U.S. 2Y Treasury ~4.42% 🥇 Gold ~US$4,396/oz 🛢️ Brent crude US$101.21/bbl 🛢️ WTI crude US$96.05/bbl ₿ Bitcoin ~US$79,300 🇯🇵 Nikkei ~64,760, -0.6% this morning Brent jumped about 3.4% Wednesda...
Tesla CEO Elon Musk announced on Thursday that he will discuss a US$5 billion (RM23.3 billion) investment in the artificial intelligence startup xAI with Tesla's board. This move aims to enhance the electric-vehicle maker's development of robotaxi and self-driving products.
Key Takeaways:
- Investment Proposal: Musk indicated the public's support for the investment through a poll on social media platform X, where nearly 68% of respondents favored the move.
- AI Infrastructure: The investment will bolster Tesla's AI infrastructure, critical for training models essential to the company's autonomous technology.
- Earnings Call Insights: During Tesla's earnings conference call earlier this week, Musk mentioned that xAI could significantly advance Tesla's full self-driving capabilities and support the development of a new data center. He also hinted at potential integration opportunities for xAI's Grok chatbot with Tesla's software.
- Financial Performance: Tesla's second-quarter automotive gross margin and profit fell short of Wall Street estimates as the company cut prices and offered incentives to boost sales.
- xAI Background: Musk launched xAI last year to compete with ChatGPT maker OpenAI, its backer Microsoft, and Alphabet's Google. The startup raised US$6 billion in a Series B funding round in May, achieving a post-money valuation of US$24 billion. Investors include Andreessen Horowitz and Sequoia Capital.
Musk's proposed investment in xAI underscores Tesla's commitment to advancing its autonomous technology despite recent financial challenges.
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