Connect with us

Published

on

An Exxon Mobil gas station in Las Vegas on July 25, 2023.

Bridgett Bennett | Bloomberg | Getty Images

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Prices mostly in line
The
U.S. consumer price index climbed 0.1% in November and rose by 3.1% from a year earlier. The monthly increase is higher than expected, as economists had predicted prices to remain unchanged. The yearly rate, however, is still lower than the 3.2% in October, signaling a steady downward trajectory. A 2.3% drop in energy prices helped keep inflation in check.

Holding pattern
U.S. stocks closed higher Tuesday as investors digested CPI data and awaited the outcome of the Federal Reserve meeting. Asia-Pacific markets mostly fell Wednesday. Mainland China’s Shanghai Composite lost 0.56% despite Chinese leaders vowing to boost domestic demand for the new year. In contrast, Japan’s Nikkei 225 climbed 0.3% as business sentiment improved more than expected.

Glut of pigs
China’s facing the risk of deflation — and a 31.8% year-on-year plunge in pork prices is adding to the country’s woes. Food makes up an estimated one-fifth of China’s consumer price index basket, with pork being a large component within the food category.

OpenAI’s revenue: $44,486
OpenAI may be valued by private investors at $86 billion, but its revenue from its nonprofit operation in 2022 was just $44,485, according to a filing with the U.S. Internal Revenue Service. OpenAI is a nonprofit — but the company launched a capped-profit” firm, OpenAI Global, which is responsible for ChatGPT and drew billions in investment from Microsoft.

[PRO] ‘Buy the dip’
Investors have been cautious on Asian markets — but Morgan Stanley’s advising its clients that the market is transitioning to a new cycle, which would favor quality assets from those countries. “Our suggested strategy is to buy the dip on Quality Growth stocks in [Asia Pacific region excluding Japan, and EM],” the bank’s strategists wrote.

The bottom line

The U.S. consumer price index report for November came in a smidge higher than expected, compared with the previous month. However, the annual increase, as well as the monthly and yearly core inflation rates came in exactly as expected. That’s both good and bad.

The positives: Investors don’t like surprises. They could swallow the 0.1 percentage point rise in the monthly inflation rate because the CPI, overall, “was very consistent with expectations,” as Adam Crisafulli, founder and president of Vital Knowledge, put it. And November’s annual rate is slightly lower than the previous month’s, showing that disinflation is, indeed, in progress.

On to the negatives. Although the CPI was “somewhat in line,” said Liz Ann Sonders, chief investment strategist at Charles Schwab, the month-over-month figure was “not as good as some might have hoped.” Indeed, that the number was so “consistent with expectations” means it “changes little,” added Crisafulli. Even U.S. President Joe Biden acknowledged that “Despite this progress, Americans still find too many things unaffordable.”

But investors seemed to take the good where they could, pushing stocks higher. The S&P 500 rose 0.46%, the Dow Jones Industrial Average climbed 0.48% and the Nasdaq Composite gained 0.7% Tuesday. All three indexes touched new intraday 52-week highs.

The rally could be spurred by falling oil prices, which means upcoming CPI reports are likely to show faster disinflation. U.S. crude oil dropped more than 3% yesterday, and gasoline prices in the U.S. are experiencing their first year-over-year decline since 2020, according to Citi.

That’s good news for consumers and central bankers worried about inflation, but a blow to oil companies — Exxon Mobil dropped to a 52-week low on flagging oil prices.

Attention now turns to the Federal Reserve’s last rate-setting meeting for the year. While market consensus is for the central bank to leave interest rates untouched, investors will comb through Fed Chair Jerome Powell’s press conference and a new dot plot — a chart that shows each Fed member’s rate expectations — for hints on when the first cut might come.

Continue Reading

Environment

A 100-MW solar farm just broke ground in Wisconsin

Published

on

By

A 100-MW solar farm just broke ground in Wisconsin

National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.

The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.

Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.

“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”

Electrek reported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla announces 500 kW charging as it finally delivers V4 Supercharger cabinets

Published

on

By

Tesla announces 500 kW charging as it finally delivers V4 Supercharger cabinets

Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.

The rollout of Supercharger V4 has been a strange one, to say the least.

Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.

Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.

For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although

Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”

Here are the main features of the V4 Cabinet as per Tesla:

  • Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
  • Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
  • Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.

Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.

We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.

Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.

While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.

Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:

It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Hyundai is launching an AI-powered EV next year to keep pace in China

Published

on

By

Hyundai is launching an AI-powered EV next year to keep pace in China

Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.

With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.

A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”

In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.

With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.

Hyundai-AI-powered-EV
Hyundai IONIQ 5 with Waymo autonomous driving tech (Source: Hyundai)

Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.

The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.

Hyundai-AI-powered-EV
Hyundai at the Beijing Auto Show 2024 (Source: Hyundai Motor)

Hyundai hopes new AI-powered EV boosts sales in China

Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.

Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.

Hyundai-AI-powered-EV
Hyundai IONIQ 6 (Source: Hyundai)

BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.

Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).

2025-Hyundai-IONIQ-5-prices
2025 Hyundai IONIQ 5 (Source: Hyundai)

Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.

Last month, Hyundai opened its first overseas digital R&D center in China to help kick off its return to the region.

According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs

With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending