'Could Resonate Globally': Korea Sparks Market Chaos With 'AI Tax' Threat

US Industrial Production Surged In April Despite record low consumer sentiment (if you believe UMich), this morning saw the Empire Fed survey show New York state factory activity expanded in May at the fastest pace in four years, and firms grew more optimistic about the outlook. That was followed by a much hotter than expected Industrial Production print (up 0.7% MoM vs +0.3% MoM exp and higher than the highest estimate) for April (and March's decline revised stronger), lifting annual growth up to +1.35% YoY... Source: Bloomberg April's gain for US industrial production was...

HSBC Upgrades Apple To Buy, Sees "AI Boost" Sparking Device-Upgrade Cycle Days after KeyBanc analysts Brandon Nispel and John Vinh downgraded Apple over concerns that soaring memory chip costs and rising iPad, Mac, and iPhone prices could spark a growth slowdown, HSBC analysts took the opposite view, upgrading the stock to a "Buy" rating to end the week. HSBC analyst Nicolas Cote-Colisson upgraded Apple to "Buy" from "Hold" on Friday morning and raised his price target to $366 from $260, telling clients that an "AI boost comes at the right moment"...

Verizon Says Cut Cable Behind FAA Ground-Stops East Coast Airports, Not Their Fault (Update 1540ET): Verizon confirmed the "unknown equipment issue" behind the massive ground stop in the tri-state area was a cut fiber cable in New Jersey. The company says construction contractors working near an Amtrak rail line dug it up, that Verizon's facilities were fully functional until that happened, and that the carrier bears no responsibility for the incident. Technicians are on site, and the company says it is working to repair the damaged cable and restore connectivity. FAA...