Peter Tchir, head of macro strategy at Academy Securities, dubs a potential war over semiconductors World War 3.1
Welcome back from a three-day break honoring America’s founding father, which one congresswoman decided to celebrate by proposing a national divorce. Would a blue and red state split be good for stocks? Bad probably for defense contractors but there would be whole new asset classes opening up, so who knows. Investors tend to reward spinoffs, after all.
. He cites a retired lieutenant general, Robert Walsh, in noting why chips are so important. For one, the U.S. wants to prevent China from getting the highest-end chips that can be used in advanced military systems during a conflict with the U.S. According to FactSet, 29% of the revenue from companies in the iShares Semiconductor ETF SOXX come from China.
The market U.S. stock futures ES00 NQ00 were weaker as rate fears, as well as geopolitical tensions, weighed on sentiment. The yield on the 10-year Treasury TMUBMUSD10Y was 3.87%. Credit Suisse CS shares slumped after Reuters reported a regulatory probe into comments made by the bank’s chairman that outflows had stopped in December, when the bank later said they had continued. HSBC HSBC shares slipped amid 2023 guidance that analysts viewed as cautious.
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