Record High for Apple Suppliers in Asia

Apple's stock hit an all-time high on Tuesday, boosting the shares of its suppliers in Asia, particularly those producing AI components, on stock exchanges in Taiwan and South Korea.

On Monday, Apple launched its AI strategy, announcing a collaboration with OpenAI. 

Apple’s AI Strategy:

This news sent Apple shares up by 5% in the first hours of Wall Street trading, reaching a record $203 per share. By the end of the day, shares had surged 6.9%, closing at $206.6.

Analysts are optimistic about Apple's AI updates, predicting they will drive increased smartphone sales. 

Gil Luria, CEO of investment firm DA Davidson, expressed excitement about Apple's AI plans, describing them as unprecedented and integral to everyday life.

TSMC, which produces processors for Apple's iPhones and Nvidia, hit a new price record, rising 3.2% on the Taipei stock exchange. 

Impact on Suppliers:

The company's market value has increased by over 50% this year. Hon Hai Precision Industry, also known as Foxconn, has seen a 77% rise this year, with a new record high reached in the past two months.

China and Japan released new inflation reports. China's price growth was 0.3%, while Japanese corporate inflation rose 2.4%.

Other Market News:

Inflation Reports:

The Bank of Japan is expected to keep interest rates unchanged, with a potential increase in July.

Interest Rates: 

Wall Street showed mixed results, with the Nasdaq up 0.81%, S&P 500 up 0.28%, and Dow Jones down 0.37%.

US Markets: 

The major American stock market indices closed moderately higher on Monday evening, with the Nasdaq technology index reaching another all-time high. However, Tuesday's trading is expected to be more subdued.

Trading on Wall Street is currently calm as investors await the Federal Reserve's interest rate meeting, with a decision expected on Wednesday. 

The timing of the rate cut remains uncertain. The key question is whether it will happen this year or if strong economic momentum will push it to next year.

The decision will heavily depend on the labor market and inflation trends. The Fed's assessment of these factors will influence both the timing and speed of any future rate cuts.

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