ASML: Pauses China Deliveries

In a significant development, the Dutch semiconductor equipment manufacturer ASML has halted several of its deliveries to China, complying with a request from President Biden. This action precedes the implementation of new Dutch export restrictions set for January. ASML, known for its advanced deep ultraviolet lithography machines, was initially licensed to supply three such machines to Chinese companies. This move comes at a time when China represents a substantial portion of ASML's business, accounting for almost 50% of its sales in the third quarter. This marks a sharp increase from 24% in the preceding quarter and 8% in the quarter ending in March. 

Notably, last year, Huawei, a major Chinese technology firm, successfully created a smartphone that competes with Apple's iPhone. This achievement was partly due to the utilization of chips made in China with the aid of ASML's technology, a development that raised concerns in the United States.

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Barclays: Downgrades Apple

In today's early trading session, Apple's stock experienced a downturn following a notable downgrade from analysts at Barclays. The downgrade was driven by concerns over diminishing iPhone demand, potentially leading to a sustained period of underwhelming results for the world's highest-valued corporation.

Barclays analyst Tim Long, in a client note released Tuesday, highlighted that the underwhelming performance of the upcoming iPhone 15, coupled with a lackluster recovery in demand for Macs and iPads, could negatively impact Apple's sales during the holiday season and its revenue in 2024. Long also pointed to possible declines in both iPhone and wearables sales in the first quarter of the year. Furthermore, he mentioned that Apple's overall revenue could suffer due to a deceleration in the growth of Apple Store sales.

OIL: Rises on Middle East Tensions

Oil prices witnessed an uptick on Tuesday, spurred by heightened tensions in the Red Sea following Iran's deployment of a warship to this crucial waterway. The Red Sea is a vital artery for global shipping and has been a hotspot for incidents, including recent attacks by Yemen’s Houthi rebels on maritime vessels.

Iran's state media reported on Monday that the Alborz destroyer was sent through the strategically significant Bab al-Mandeb Strait. While the mission's specifics were not detailed, such deployments are reportedly regular to maintain the security of the shipping routes in the Red Sea.

This development follows a recent confrontation where the U.S. Navy neutralized three vessels operated by Iran-backed Houthi rebels, leading to the deaths of 10 militants. This action was a response to a distress call from the Singapore-flagged Maersk Hangzhou, which came under fire from the Houthis, as confirmed by a statement from the U.S. Central Command and an Associated Press report.

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David Tepper’s Prized Vacation Home

This guy was fired from his job at Goldman Sachs, started his own hedge fund, and then destroyed his old boss’s vacation home. 

You might know David Tepper as the billionaire owner of the Carolina Panthers. But David Tepper is one of the greatest stock traders ever to live. 

In the 1980s, Tepper led Goldman Sachs through times of economic hardship. He was their best trader and focused on distressed debt, specifically bankruptcies. He made Goldman Sachs an absolute killing. 

Tepper was expecting to get a promotion, but his boss gave it to someone else, and Tepper was essentially fired from his job because of his arrogance. 

He started his own hedge fund and became a billionaire in less than ten years. 

But this is where things get interesting: 

Tepper’s old boss got divorced and lost his prized position Hampton’s vacation home to his ex-wife. 

Tepper knew how much his old boss loved this house, so out of revenge, he bought the house, bulldozed it down, and then built a house twice the size of the same lot. 

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📊 Millennials vs. Baby Boomers

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