FT News Briefing Saudi Arabia and UAE race to buy computer chips
6 snips
Aug 18, 2023 Mortgage rates in the U.S. have hit a staggering 21-year high. Retailers like Walmart and Target share mixed signals on consumer behavior. Meanwhile, Saudi Arabia and the UAE are aggressively acquiring Nvidia chips to boost their AI capabilities. The race to harness advanced technology comes with challenges in attracting talent and ethical concerns about AI sales to authoritarian regimes. Additionally, the underground screening of 'Barbie' in Russia sheds light on piracy issues and the complexities of media consumption.
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Mixed Retail Signals
- US retailers' recent earnings reports present a mixed economic outlook.
- Walmart exceeded expectations, while Target lowered its guidance, partially due to customer backlash over Pride merchandise.
Shifting Consumer Spending
- Consumers are spending cautiously due to inflation, high interest rates, and dwindling savings.
- They prioritize essential spending at Walmart over discretionary purchases at Target.
Student Loan Impact
- The resumption of student loan payments is a looming economic concern.
- This will significantly impact consumer spending, particularly discretionary purchases.