Dow dropped 180, decliners over advancers 3-2 & NAZ lost 153.  The MLP index declined 3+ to the 238s & the REIT index was off 1+ to the 361s.  Junk bond funds drifted lower & Treasuries saw a little more selling, driving yields higher.  Oil slid back in the 86s following recent strength & gold pulled back 9 to 1942.

AMJ (Alerian MLP Index tracking fund)

Fed’s Collins says policymakers can ‘proceed cautiously’ on future rate hikes 

Mortgage demand drops to 27-year low as interest rates pull back

The CEO of US chip giant Qualcomm (QCOM) thinks artificial intelligence could give the smartphone market a fresh lease on life.  CEO Cristiano Amon said he sees significant opportunity in AI ahead & that the company's upcoming Snapdragon Summit in Oct could lead to major developments in mobile technology.  “The [Snapdragon] Summit is going to be around incredible use cases that we’re seeing from our OEMs [original equipment manufacturers] and phones and ... could create a new upgrade cycle for phones.”  “We we don’t know the timing, but it’s definitely happening,” Amon added.  Smartphone sales have depreciated this year as consumers have gotten a lot more cost-conscious.  Many are opting not to upgrade their devices, as they see little difference in the phones of today versus older models in the market with already sophisticated cameras & processors.  In 2022, global smartphone sales tumbled 11.3% year-over-year to 1.2B, the lowest level since 2013, according to data from market research firm IDC.  Amon said QCOM is taking a different path to its arch semiconductor rival Nvidia (NVDA) in the AI space, one that involves bringing AI to smartphones & other devices rather than data centers, an area that NVDA's more focused on.  “We’re in a slightly different segment ... I think we see an opportunity,” Amon said.  “I think that’s going to get reflected once that opportunity materializes. You have not yet materialized it.”  “But it’s important for you to see the activity. You’ve heard a lot about Gen AI. And you see right now with ChhatGPT and those things [and] what’s happening to data center — we’re doing something different. We’re actually bringing AI to the device.”  The stock fell 1.59.
If you would like to learn more about QCOM, click on this link:
club.ino.com/trend/analysis/stock/QCOM_aid=CD3289&a_bid=6aeoso5b6f7

Qualcomm CEO says AI may breathe new life into smartphones: ‘It could create a new upgrade cycle’

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