Kering And Hermès Sink As War Batters Earnings; Goldman Warns Luxury Dip-Buying Is "Premature"

DeepSeek Developing In-House AI Chip In Bid To Cut Nvidia Reliance DeepSeek is developing its own artificial intelligence chip, a move that could reduce its reliance on both US-based Nvidia and China-based Huawei. Leading model developers are increasingly seeking to control more of their compute stacks, particularly for inference, as AI models move from training labs into the mass market. DeepSeek is the latest company to pursue this strategy by developing a new in-house inference chip, Reuters reports. If successful, this effort would mark a major shift for the Chinese AI chatbot...

Fed's Favorite Inflation Indicator Ticks Up In July As Americans Suddenly Start Saving More Following the CPI and PPI internals, this morning's PCE data should not offer too many surprises with expectations for the headline price Index to rise just 0.1% MoM in July (after deflating for the first time since COVID in June). The (old) Fed's favorite inflation indicator - Core PCE (a measure of price changes in consumer goods and services that excludes volatile food and energy costs) - printed in line with expectations (+0.2% MoM and +3.3% YoY),...