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- BOE Holds Rates, Eyes Data
Good Morning!
Happy Thursday! One more day until Friday:
👉 BOE holds rates steady
👉 ARM earnings are here
👉Neuralink has a malfunction
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BOE: Rates Unchanged
On Thursday, the Bank of England kept its interest rates unchanged at 5.25%, citing effective inflation control but remained non-committal about a potential rate cut in June. The decision was influenced by persistent high inflation, notably a 6% rise in service sector prices in March, and ongoing geopolitical risks.
Source: BBC
Market speculation suggests possible rate cuts later this summer, with expectations of cuts totaling 50 basis points for the year. The Bank of England also projects modest GDP growth of 0.4% in the first quarter and 0.2% in the second, after a mild recession last year. Governor Bailey emphasized that upcoming economic indicators will guide their decisions on whether inflation risks are easing.
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EARNINGS: Arm Holdings
Shares of Arm Holdings fell after the company forecasted weaker-than-expected revenues for fiscal 2025, suggesting a slowdown in AI-related tech spending. The chip designer anticipates revenues between $3.8 billion and $4.1 billion, with earnings of $1.45 to $1.65 per share, below analysts' expectations of $4.01 billion in revenue and $1.53 per share in profit.
Source: Reuters
Despite a strong start to the year, Arm is now focusing on expanding into data center hardware to cater to growing AI demands, offering comprehensive technology solutions for major clients like Amazon’s AWS. In the next quarter, Arm expects to outperform analyst revenue estimates, projecting sales between $875 million and $925 million and adjusted earnings per share of 32 to 36 cents.
NEURALINK: Malfunction In Patient
On Wednesday, Neuralink reported a malfunction in its brain implant that is being used in a human patient. The device, part of a brain-computer interface (BCI) called the Link, uses 1,024 electrodes across 64 ultra-fine threads. Initially implanted in 29-year-old Noland Arbaugh for a safety trial, some threads later retracted, reducing the number of functional electrodes and impacting performance measurements.
Source: CNBC
Despite this setback, Neuralink adjusted its software and techniques without needing to remove the implant, as it posed no immediate safety risk. Arbaugh continues to use the system extensively, and described the technology as providing a "luxury overload," helping him reconnect with the world. Neuralink must undergo further safety and efficacy testing before seeking FDA approval.
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