Wall Street Breakfast Chinese tech stops slip
Mar 31, 2025
Chinese tech stocks face a downturn due to profit-taking and a global selloff. Tensions rise as Musk's SpaceX and Apple clash over satellite internet services. In exciting pharmaceutical news, Eli Lilly's new drug shows promise, dramatically cutting heart disease risk by 94% in trials. Meanwhile, Trump hints at a TikTok deal closure looming before April, and TSMC reinforces its support for Taiwan amidst U.S. expansion efforts.
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Chinese Tech Correction
- Chinese tech stocks entered correction territory, with the Hang Seng Tech Index down 12% from its 2024 high.
- Profit-taking and a subdued China recovery are cited as reasons, not specific bad news.
SpaceX vs. Apple
- SpaceX is lobbying against Apple's satellite fleet expansion, citing spectrum disputes.
- This contrasts with their deal to offer Starlink on iPhones starting this summer.
Eli Lilly Heart Disease Drug
- Eli Lilly's Lepodisiran showed a 94% reduction in heart disease risk factor LPA in a Phase 2 trial.
- Some patients maintained lower LPA levels for nearly 18 months.