The glitch in China’s AI plans
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 4 September 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
Big tech groups including Nvidia led a broad US stock market sell-off on Tuesday, and Huawei’s AI chips are dealing with some bugs. Plus, US homebuilders are facing their biggest credit crunch in more than a decade, and foreign investors are backing out of Indian equities.
Mentioned in this podcast:
US homebuilders face credit crunch as banks cut lending
Huawei’s bug-ridden software hampers China’s efforts to replace Nvidia in AI
Global stocks slide as investors fret over US slowdown
Foreign investors pull out of frothy Indian equity market
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Peter Wells, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At equinore. UK. Good morning from the Financial Times. Today is Wednesday, September 4th, and this is your |
| 0:18.4 | FT news briefing. U.S. stocks suffered a bit of a tumble on Tuesday, and Huawei's goal to level up with |
| 0:26.5 | NVIDIA is glitching. Plus, foreign investors are starting to reconsider Indian equities. |
| 0:34.0 | I think in the last month we've had a moment |
| 0:36.0 | in which foreign investors have looked at the valuations |
| 0:39.4 | and have looked at the high expectations for growth in India and slightly had doubts. |
| 0:45.0 | I'm Michaela Chandara and here's the news you need to start your day. U.S. stocks took a dive on Tuesday. The NASDAQ ended the day more than 3% down and the |
| 1:07.8 | S&P 500 fell more than 2%. The decline started earlier in the day, |
| 1:13.2 | thanks to some pretty ho-hum data |
| 1:15.3 | about the state of American manufacturing. |
| 1:18.4 | They then picked up momentum as tech stocks |
| 1:20.4 | extended their losses. All of this is piling on suspense for Friday. |
| 1:25.0 | That's when we'll get the U.S. Jobs Report for August. |
| 1:28.0 | Those are some hotly anticipated numbers |
| 1:30.0 | because they're seen as an important indicator for the US Federal Reserve. |
| 1:34.4 | The Fed is meeting later this month to decide its next move on interest rates. NVIDIA has a bit of a stranglehold on the artificial intelligence chip market. |
| 1:51.0 | And that's been a problem for China ever since the US started limiting its access to |
| 1:55.2 | semiconductors. So now China's turning to homegrown replacements for |
| 1:59.4 | NVIDIA technology, especially one company in particular, Huawei. |
| 2:05.0 | But it hasn't gone all that smoothly. |
... |
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