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Top stories today:
- U.S. accuses China of unfair chip trade amid Trump-Xi truce
- Q3 GDP +4.3%, strongest growth in 2 years on consumer spending
- H-1B visa fee hike to $100K by Trump admin gets judge backing
- Starlink hits 9M active customers worldwide, accelerating growth
- Bitcoin miners pivot to AI, lifting stocks as crypto prices lag
- Marissa Mayerās Dazzle raises $8M seed at $35M valuation
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. U.S. accuses China of unfair chip trade amid Trump-Xi truce
Representational image generated using ChatGPT.
Tue.: the USTR released findings from a yearlong probe into Chinaās chip sector launched under Biden.
āChinaās targeting of the semiconductor industry for dominance,ā the USTR said in a Federal Register notice.
China āhas employed increasingly aggressive and sweeping non-market policiesā to bolster its semiconductor industry, the office found.
The U.S. signaled future tariffs on China, with rates staying at zero for 18 months before rising from Jun. 23, 2027.
Remained opposed to the āabuse of tariffs,ā China said it will defend its lawful interests.
2. U.S. Q3 GDP +4.3%, strongest growth in 2 years on consumer spending
+2.8% QoQ in business investment, vs. 7.3% in Q2.
AI-related spending helped, too.
The overall economic growth is on par with 2024ās 2.4% average pace.
+3.5% annualized consumer spending in Q3.
The Tue. report was delayed ~2 months by the government shutdown.
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4. H-1B visa fee hike to $100K by Trump admin gets judge backing
