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FT News Briefing
Viktor Orbán’s world tour irks the EU
Jul 18, 2024
Chip stocks took a hit after unsettling comments from Trump. Viktor Orbán's diplomatic ventures during the Ukraine crisis raised eyebrows in the EU, as he sought to play a peace broker role. In the tech realm, Yandex is pivoting to focus on artificial intelligence in Europe, transforming into Nebius Group. This move signals a growing ambition to compete with major American tech firms, showcasing Europe's evolving AI landscape and the emergence of new innovative players.
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Quick takeaways
- Chip stocks declined due to Trump's remarks affecting major players, highlighting the sector's impact on AI development.
- Viktor Orbán's EU opposition shows discord over his foreign policy strategy, risking tension within the European Union.
Deep dives
Impact of Chip Stocks Decline on Market and AI Development
Yesterday witnessed a significant decline in chip stocks, affecting major players like US chipmaker, Taiwan's TSMC, and Dutch chipmaker ASML. Potential reasons behind this include Donald Trump's remarks on Taiwan's defense funding and US considerations of stricter chip trading restrictions with China. The chip sector's importance in AI development and its influence on major indices like Nasdaq underline the broader implications of these stock fluctuations.
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