MARKET RECAP → The S&P 500 (VOO) fell Friday to close out the week, but locked in a 9-week winning streak and closed with a 24% gain for the 2023 trading year.
NVIDIA’S CHINA CHIP → 🔧 Nvidia (NVDA) tweaks its RTX 4090 for China, dodging U.S. export rules with a clever downgrade, all while riding the AI wave to market highs!
OIL’S SLIPPERY SLOPE→🛢️ In 2023, oil slicked down 10%, defying Middle East mayhem with a U.S. production gush and global demand drought, hinting at a market more slippery than ever!
Head of Investor Relations @ MoneyLion
🔒 Compliance Through Compromise: Nvidia (NVDA) introduced a toned-down version of its RTX 4090 gaming processor, the RTX 4090D, in China to adhere to U.S. export controls. This adjusted chip features 11% fewer CUDA cores, aligning with restrictions aimed at curbing China’s access to advanced technology, particularly those with potential AI applications.
🎮 Strategic Maneuvering: The move reflects Nvidia’s strategic response to navigate stringent U.S. regulations while maintaining its market presence in China. By engaging extensively with the U.S. government, Nvidia aims to balance compliance with continued innovation and market competitiveness in a critical international market.
📈 Market Impact and AI Focus: Despite regulatory hurdles, Nvidia’s shares have seen a significant surge, thanks to the booming demand for AI capabilities, with the RTX 4090D leveraging AI to enhance performance. This adaptation underscores the growing intersection of gaming technology and AI, as well as the broader implications of U.S. tech policy on global markets.
📉 Dipping Despite Tensions: Oil prices are set to end the year around 10% lower, marking the first annual decline since 2020. Despite geopolitical tensions in the Middle East stirring occasional price spikes, the overarching narrative was one of oversupply, particularly from record U.S. production, overshadowing concerns and pushing prices down.
🛢️ Supply Surges, Demand Slows: The U.S., along with Brazil and Guyana, pumped oil at historic rates, while major economies, notably China, experienced slowdowns, dampening demand. OPEC’s production cuts seemed to barely ripple in the market, as non-OPEC production, especially from the U.S., is expected to more than cover demand growth in 2024.
🌍 Geopolitical Watch: While traders primarily focused on supply and demand dynamics, experts warned not to overlook the Middle East’s simmering tensions. Incidents like drone attacks and shipping disruptions underscore the region’s potential to impact global oil prices, suggesting that geopolitical risks could still fuel future market volatility.
Google settles $5 billion consumer privacy lawsuit (CNBC)
The top 10 countries where young Americans want to move abroad (CNBC)
Here’s what to expect in 2024 for U.S. crypto regulation (CNBC)
A ‘skimpflation’ plague took over supermarkets in 2023 with consumers saying products are smaller (Fortune)
The U.S. presidential race isn’t the only election next year. Here are four in Asia that could also reshape global politics (Fortune)
First reported Tesla Cybertruck accident results in only ‘minor’ injury (The Verge)
Pioneering spacecraft reaches moon’s orbit, beams back images (Mashable)
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)
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