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Good Morning!
Happy Friday! It is almost the weekend:
👉 Costco misses earnings
👉 China launching new fund
👉 The State of The Union
Let’s get into it!
CHINA: Launching Fund
China is working on creating its biggest semiconductor fund yet, aiming to raise over $27 billion to boost its tech development in response to US restrictions. The fund, known as the Big Fund, will gather money from local governments and state companies for its third round, aiming to surpass its previous $200 billion yuan fund.
Source: CNBC
This move is part of China's efforts to become more self-reliant in technology and strengthen its position in the global semiconductor market, despite facing challenges such as dependence on US technology for advanced processors. The majority of the funding is expected to come from local sources, with the central government contributing less, reflecting a national strategy to pool resources for significant projects. This initiative is crucial as the US pushes its allies to tighten tech restrictions on China. The fund plans to finance various projects and directly support local firms, with negotiations ongoing and expected to take several months to finalize.
BIDEN: State Of The Union
President Joe Biden announced plans to reform the tax system and reduce costs for Americans in his State of the Union address. He claimed the U.S. economy has greatly improved under his leadership and aimed to ensure that large corporations and the wealthy pay their fair share of taxes.
Source: CNN
Biden advocated for a billionaire tax and eliminating tax breaks for certain high-income executives and industries. He also highlighted efforts to challenge unfair pricing practices and proposed a mortgage tax credit to assist first-time homebuyers. Additionally, Biden highlighted his administration's efforts to boost domestic manufacturing through legislation.
Headlines You Need To Know: 🎙
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Chart of the Day
📊 How U.S. Taxpayers Spend Their Refunds
Source: CNBC
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