The unpredictable dynamics in U.S. tariff policies toward Canada and Mexico sent immense shockwaves to the U.S. equity markets on Thursday. The DJIA experienced a steep intraday slump, sliding as much as 625 points to a low of 42,381, before closing down 427 points, or 1%, at 42,579.

The Nasdaq Composite saw an even more pronounced decline, diving 483 points, or 2.6%, to close at 18,069, barely holding above the critical 18,000 level. This marked a combined drop of nearly 11% from its mid-February peak, pushing the index into technical correction territory. The S&P 500 Index also waned, shedding 104 points, or 1.8%, to end the session at 5,738.

Techs faced heavy selling pressure. Nvidia (NVDA.US) slid 5.7%. Tesla (TSLA.US) shed 5.6%, while Meta (META.US) and Amazon (AMZN.US) saw losses ranging from 3% to 4%. Microsoft (MSFT.US) logged a milder loss of 1%, with Apple (AAPL.US) and Alphabet (GOOG.US) each falling by less than 1%.

Elsewhere, Marvell Technology (MRVL.US) issued cautious guidance for the current fiscal quarter, resulting in a nearly 20% plunge in its stock price. Intuitive Machines (LUNR.US) tumbled 20% after failing to confirm the success of its lunar landing mission.
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OpenAI and Oracle (ORCL.US) plan to begin installing tens of thousands of AI chips from Nvidia (NVDA.US) in a massive new data center in Texas, USA, named Stargate, over the next few months, Bloomberg reported.

The facility, located in the small city of Abilene, is expected to have 64,000 Nvidia GB200 semiconductors installed by the end of 2026, sources familiar with the matter revealed.

The chips will be reportedly added in phases to several halls within the data center, with an initial installation of 16,000 chips set to be completed this summer.

An OpenAI spokesperson stated that the company is collaborating with Oracle to design and deliver the Abilene data center, while Oracle is responsible for acquiring and running the supercomputer.
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Ming-Chi Kuo, a reputable Apple analyst at TF International Securities, predicted that Apple (AAPL.US)’s first foldable iPhone will emerge as a true AI-powered smartphone and the top-tier iPhone model, with an estimated price range of USD2,000-2,500 or higher. Given the rigid demand for iPhones and strong brand value of Apple, Kuo believed that as long as the quality is good enough, the premium pricing could still trigger a significant upgrade cycle.

Kuo forecast that the foldable iPhone will feature a dual-screen design with a left-right folding mechanism, boasting a crease-free inner display of approximately 7.8 inches and an outer screen of about 5.5 inches. Touch ID is expected to be integrated into the side button. The final specifications for the foldable iPhone are projected to be finalized in 2Q25, with mass production slated to begin in 4Q26. Shipments in 2026 are estimated to reach 3 million to 5 million units.

Due to the high production complexity, large-scale manufacturing may not be feasible until 2027, Kuo added. By that time, a second-generation foldable iPhone could emerge, and Kuo estimated that total shipments of foldable iPhones in 2027 will reach 20 million units.
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Singapore previously charged three men for allegedly supplying Nvidia (NVDA.US) chips to China’s DeepSeek, with two Singaporean defendants facing an additional fraud charge today (6th).

The prosecution alleged that the trio conspired to make false statements last year to supplier Super Micro Computer, claiming that servers containing Nvidia chips would not be transferred to unauthorized recipients. The two Singaporeans will remain in custody pending further proceedings.

Following searches at multiple locations last week, Singapore police and customs charged the two Singaporean men and one Chinese national with fraud-related offenses. They are accused of supplying banned advanced US Nvidia chips to DeepSeek.
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HSBC Global Research wrote in its report that BYD COMPANY (01211.HK) shocked the market last month by announcing that autonomous driving features will come as standard in its mass-market models priced below RMB200,000 and even below RMB100,000. On March 3, GEELY AUTO (00175.HK) also unveiled its autonomous driving strategy for mass-market models. More electric vehicle (EV) peers are expected to follow suit.

Factoring in the latest developments in autonomous driving technology and its potential impact on sales and brand influence, HSBC Global Research raised its forecasts and target prices for BYD COMPANY, GEELY AUTO, XPENG-W (09868.HK), and LI AUTO-W (02015.HK), all rated as Buy.

The broker lifted its target price for BYD COMPANY from $389 to $430, for GEELY AUTO from $19.3 to $24, and for XPENG-W from $60 to $101, reflecting an improved sales outlook.

Meanwhile, the broker's target price for LI AUTO-W was elevated from $106 to $150. In light of a new EV series starting in 2025, the broker increased its 2025-26 sales outlook for the company by 2% and 4% and adjusted upward the earnings forecasts.
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US President Donald Trump announced a one-month delay in imposing tariffs on auto imports from Canada and Mexico, sparking market hopes for further tariff exemptions. US stocks reversed earlier losses and staged a rebound.

The DJIA surged as much as 614 points in the afternoon session, closing up 485 points or 1.1% at 43,006. The S&P 500 Index climbed 64 points or 1.1%, ending at 5,842. The Nasdaq Composite outperformed the three major indices, swelling 267 points or 1.5% to rest at 18,552.

US automakers saw widened gains, with European carmaker Stellantis (STLA.US) jumping over 9%. General Motors (GM.US) and Ford (F.US) also rose sharply, with share prices proliferating by 7.2% and 5.8%, respectively.

Several large-cap tech stocks leapfrogged, led by the "Magnificent Seven". Microsoft (MSFT.US) led the pack with a 3.2% upswing. Tesla (TSLA.US), Meta (META.US), and Amazon (AMZN.US) each advanced over 2%. NVIDIA (NVDA.US) and Alphabet (GOOG.US) gained over 1%. However, Apple (AAPL.US), which has been rolling out new products in recent days, bucked the trend, closing slightly lower.
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Taiwan’s Hon Hai Technology, an AI server supplier for Nvidia (NVDA.US) operating under the "Foxconn" brand, announced that its sales revenue for 2M25 gained 25% YoY to approximately TWD1.1 trillion (about USD33.5 billion). The market expected Hon Hai’s 1Q25 sales to increase 22% YoY to TWD1.6 trillion.
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According to data released by the China Passenger Car Association (CPCA), 720,000 new energy vehicles (NEVs) were retailed in China in February 2024, up 85% YoY but down 3% MoM.

The cumulative retail sales for 2M25 leaped by 38% YoY to 1.465 million vehicles.
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Malaysia will pay SoftBank-owned British chip designer, Arm (ARM.US), US$250 million over 10 years for the Company's chip design solutions for local manufacturers, Malaysia's Economy Minister Rafizi Ramli said.

Malaysia planned to produce its own GPU chips in the next 5-10 years as demand for AI and data centers continues to grow. Malaysia aimed to record semiconductor exports of US$270 billion by 2030.

Since 2023, a host of tech giants including Microsoft (MSFT.US), NVIDIA (NVDA.US), Google's parent company Alphabet (GOOGL.US) and ByteDance have announced billions of dollars of investment in digital technologies in Malaysia, primarily for cloud services and data centers. AI demand is driving an infrastructure boom.
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In his first speech to Congress, US President Donald Trump acknowledged that there may be an “adjustment period” following the implementation of comprehensive tariff measures that will create a bit of a disruption.

While the economy may be at downside risk, Trump emphasized that the tariffs are designed to make the US rich and great again.

The US has been cheated by nearly every country in the last few decades, Trump added. Therefore, he will impose reciprocal tariffs on other countries, believing that his tariffs will be more effective at creating job opportunities in the US than the Joe Biden administration's policies.

Trump urged members of Congress to repeal the Chip Act, and said that he would no longer provide chip makers with funds from the act.
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