—— BlackRock Bullish on Asia Pacific AI Infrastructure; China Cuts Key Interest Rate by Most in 8 Years; US Mortgage Refinancing Surges; Micron Surges 10% Amid Upbeat Forecast; GM and Ford Drop After Morgan Stanley Warning; Buffet Sold Another $863mn Bank of America Shares
1. BlackRock Bullish on Asia Pacific AI Infrastructure
BlackRock Inc. sees significant growth potential in Asia’s infrastructure sector, driven by the rapid expansion of artificial intelligence (AI) and the associated rise in energy and water demands.
“The need for data centers over the next five years will be double the current capacity,” said Brad Kim, BlackRock’s Asia Pacific managing director for global infrastructure funds, during a media briefing on Wednesday. He added that water infrastructure, particularly for cooling systems, will also need to nearly double within the same period, while overall energy consumption in the Asia-Pacific region is expected to increase by about 50% over the next decade.
Electricity demand in Asia is already rising, as tech companies race to secure long-term energy contracts for data farms powering AI applications.
Southeast Asia has become a hotspot for investment, with major corporations like Amazon Inc. and Microsoft Corp. committing billions of dollars to build data centers in the region.
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2. China Cuts Key Interest Rate by Most in 8 Years
China’s central bank has implemented its largest interest rate reduction on one-year policy loans, initiating a comprehensive program aimed at restoring confidence in the world’s second-largest economy.
On Wednesday, the People’s Bank of China cut the rate on its medium-term lending facility from 2.3% to 2%, a 30-basis-point reduction — the largest since the bank introduced this tool to influence market interest rates in 2016.
The rate cut comes on the heels of Governor Pan Gongsheng’s announcement of a broad stimulus package designed to give a major boost to an economy teetering on the edge of a deflationary spiral.
“This cut is part of the broader package,” noted Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc. “The market is closely watching the strength, frequency, and coordination of additional measures as China works toward its 5% growth target for the year.”
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3. US Mortgage Refinancing Surges
Mortgage refinance applications surged for the second consecutive week as more Americans took advantage of the lowest borrowing costs seen in two years.
According to the Mortgage Bankers Association, the refinancing index rose by 20.3% during the week ending September 20, reaching its highest point since April 2022. The contract rate for a 30-year fixed mortgage decreased by 2 basis points to 6.13%, marking the eighth consecutive weekly decline, the longest such streak since 2018-2019.
This also led to a 1.4% increase in the group’s home-purchase applications index last week, the highest level since early February. The fifth consecutive weekly rise in this measure signals growing demand in a housing market that is slowly regaining stability.
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4. OpenAI CTO to Leave Company
OpenAI’s Chief Technology Officer, Mira Murati, is stepping down from her role at the artificial intelligence startup, marking another significant departure from the company.
In a post on X (formerly Twitter) on Wednesday, Murati explained her decision, stating, “I’m stepping away because I want to create the time and space to do my own exploration,” while also committing to a smooth transition process.
Murati had been a key leader at OpenAI, briefly taking on the role of interim CEO after the temporary ousting of Sam Altman, OpenAI’s Chief Executive Officer, last November. In response to her announcement, Altman expressed deep gratitude, saying, “It’s hard to overstate how much Mira has meant to OpenAI, our mission, and to us all personally.” He added that further details about the transition would be shared with employees soon.
Her departure adds to a growing list of high-profile exits from OpenAI, following the resignation of Chief Scientist Ilya Sutskever in May, co-founder Greg Brockman’s decision to take leave until the end of the year, and researcher John Schulman’s move to AI competitor Anthropic. With these exits, only two original members of OpenAI’s founding team remain: Sam Altman and Wojciech Zaremba.
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5. Micron Surges 10% Amid Upbeat Forecast
Micron Technology Inc., the largest U.S. producer of computer memory chips, saw a surge in late trading after issuing unexpectedly strong sales and profit forecasts, driven by demand for artificial intelligence (AI) hardware.
The company announced on Wednesday that fiscal first-quarter revenue is expected to be around $8.7 billion, surpassing the average analyst estimate of $8.32 billion. Additionally, profits are projected to be approximately $1.74 per share, excluding certain items, compared to the forecasted $1.52 per share.
One key growth driver has been high-bandwidth memory, a product in high demand among AI developers, as it accelerates access to vast data sets. This demand has outstripped supply, allowing Micron to raise prices and secure long-term contracts. The company noted that it is already sold out of this product for 2024 and 2025.
Following the announcement, Micron’s shares jumped about 10% in after-hours trading. The stock had already gained 12% this year, closing at $95.77 in regular trading in New York.
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6. GM and Ford Drop After Morgan Stanley Warning
Shares of General Motors Co. and Ford Motor Co. dropped after Morgan Stanley analyst Adam Jonas warned that vehicles have become too expensive for U.S. consumers and that a price war in China will impact profits.
Automakers are facing difficulties in both markets. Despite declining interest rates, the average monthly vehicle payment in the U.S. now exceeds $700, discouraging many consumers from making purchases. Additionally, Japanese and Korean automakers are gaining market share, further limiting potential upside for U.S. companies.
Jonas also highlighted that Chinese automakers are producing nearly 9 million more vehicles than they are able to sell locally, leading to a price squeeze and making the market unprofitable for most companies.
In his note to clients, Jonas stated that car affordability in the U.S. is “very stretched.” He added, “Industry structure has not changed. Inventory is at pre-Covid levels. Japanese, Korean, and EV manufacturers are gaining share, while others are squeezed. The U.S. market is dealing with falling prices, rising costs, and decreasing market share.”
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7. Buffet Sold Another $863mn Bank of America Shares
Warren Buffett’s Berkshire Hathaway Inc. has sold an additional $863 million worth of Bank of America Corp. stock, bringing its stake closer to the 10% regulatory threshold.
After the latest disposals, made over three trading days through Tuesday, Berkshire now holds a 10.5% stake in the second-largest U.S. bank, according to a regulatory filing. As long as the stake remains above 10%, Berkshire is required to disclose its trades within a few days.
Buffett, 94, started reducing the sizable investment in mid-July. Despite months of sales, Berkshire’s remaining stake in Bank of America is still valued at $32.1 billion, based on Tuesday’s closing price, making it the largest shareholder in the bank.
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本文内容来自《Financial Times》、《Bloomberg》，以及《The Real Deal》等多家财经新闻媒体。