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Traders work the floor of the New York Stock Exchange on August 16, 2024. 

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This report is from today’s CNBC Daily Open, our 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

Winning run
The
S&P 500 and the Nasdaq Composite rose for the eighth straight session, up 0.97% and 1.39%, respectively, marking their longest winning streak so far this year. The Dow Jones Industrial Average jumped 0.58%. Meanwhile, the yield on the 10-year Treasury was little changed as investors await minutes of the Federal Reserve’s meeting and Chair Jerome Powell’s speech at Jackson Hole on Friday. U.S. oil prices fell almost 3% as the U.S. pushes for a Middle East ceasefire deal.

AMD deal
Advanced Micro Devices is acquiring server maker ZT Systems for $4.9 billion to strengthen its AI chip and hardware portfolio. The move allows AMD to roll out AI chips at the scale customers such as Microsoft require and to compete more effectively with Nvidia. AMD, which had $5.34 billion in cash and short-term investments as of the second quarter, plans to finance 75% of the acquisition with cash and the rest with stocks. The company also plans to split and sell its server manufacturing business as it does not wish to compete with the likes of Super Micro Computer, CEO Lisa Su said. 

GM layoffs 
General Motors is laying off over 1,000 salaried employees globally in its software and services division, following a review to streamline operations, CNBC has learned. The cuts include about 600 jobs at its tech campus near Detroit. The layoffs, representing 1.3% of GM’s global salaried workforce, come as automakers, including GM, focus on reducing costs amid industry challenges while investing heavily in electric and so-called software-defined vehicles.

Boeing grounds 777X
Boeing has paused 777X flight tests after discovering damage to a structural part. Three 777-9 test aircraft have also been grounded due to damage. Boeing has informed the Federal Aviation Administration and its customers, which have ordered 481 units of the 777X. The impact on certification and delivery is unclear, but this issue could further delay the already behind-schedule 777X program. The news comes as new CEO Kelly Ortberg tries to move the company past its safety crisis. 

Asia markets mostly rise
Markets in the Asia-Pacific region were mostly higher, led by Japan’s Nikkei 225, which climbed 2%, powered by utilities and healthcare stocks. Australia’s S&P/ASX 200 edged up 0.17%, while the Reserve Bank of Australia signaled it was “unlikely” that rates would be reduced in the short term as inflation remained “above target” and was “proving persistent.” Hong Kong’s Hang Seng index shed 0.36% after real estate firm Kaisa announced a debt restructuring agreement. Mainland China’s CSI 300 dropped 0.7% as the central bank left benchmark lending rates unchanged. South Korea’s Kospi rose 0.89%.

[PRO] Metric to watch
Veteran investor Mark Mobius is focused on a metric he deems “historically significant” and potentially detrimental to U.S. stocks at a time when markets have been marred with volatility. 

The bottom line

AMD estimates the AI chip market will reach $400 billion by 2027. CEO Lisa Su is on a mission to capture a significant share of that market. However, it has to compete with Nvidia, the industry leader. Analysts predict Nvidia’s AI revenue from data centers will hit $105.9 billion this year, while AMD lags with $4.5 billion.

It’s like Microsoft’s Bing challenging Google’s search business. However, AMD is winning customers including Microsoft and Meta Platform. And its striving to strengthen its offerings with the acquisition of ZK Servers to better compete with Nvidia. 

“I don’t think it changes anything for the next 1 to 2 years,” said Doug Clinton, managing partner at Deepwater Asset Management, on CNBC’s “Closing Bell.” He emphasized that AMD’s focus is on becoming more competitive in training clusters, supporting hyperscalers in building data centers. However, Nvidia already excels in this area. “It’s not a big threat,” Clinton added.

Nvidia’s dominance is so strong that Bank of America expects its earnings report on Aug. 28 to be a bigger market catalyst than Powell’s speech at Jackson Hole on Aug. 23, CNBC’s Sarah Min has more on bank’s views.  

While investors were concerned about a recession at the start of the month, which contributed to a sell-off, Goldman Sachs has lowered the probability of a recession to 20% after more favourable jobs and retail sales data. 

Jan Hatzius, Goldman Sachs chief economist, told CNBC’s “Squawk on the Street,” that the investment bank could lower the probability further depending on the next jobs report in September. In the meantime, Hatzius doesn’t believe Powell will allow himself to be “nailed down” on what the Fed’s next move will be. 

“I think he’s not going to be specific, in terms of the moves that are coming, I’m sure his comments will be consistent with the idea that the risks are more two-sided, and there are some signs of softening in some areas and more importantly, or as importantly, inflation has come down. I don’t think he’s going let himself be, you know, nailed down one way or the other,” Hatzius said. 

“If the data supports 50 [basis points], they should do 50, and I think they will do 50 but I think it much more likely that things would look good enough for a series of 25 basis point cuts to do the job.”

CNBC’s Alex Harring, Kevin Breuninger, Samantha Subin, Jenni Reid, Rohan Goswami, Michael Wayland and Spencer Kimball contributed to this report.

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This is the first ever semi-solid-state battery going into a production e-bike

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This is the first ever semi-solid-state battery going into a production e-bike

Solid-state batteries have long been the holy grail of electric vehicles, especially for light EVs like electric bicycles that are usually charged indoors. They hold major safety benefits over traditional lithium-ion batteries, plus offer better energy density, making it possible to use smaller batteries or simply fit more capacity in the same-sized battery pack.

Solid-state batteries have spent decades being touted as five years away, but if you thought you’d have to keep waiting, then I’ve got news for you: yes, you still have to keep waiting.

However, in the meantime, semi-solid-state batteries are here and will be launched on their first production e-bike next month.

I had the chance to check out the batteries in person at EICMA 2025 when I visited with the company that makes them, T&D. The company was spun out of e-bike component maker Bafang (and founded by the same co-founder of Bafang, Sunny He) in order to move more in the direction of electric motorcycle component development.

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In addition to their drivetrain components, a significant portion of their R&D has also focused on semi-solid-state batteries, which contain a minimal amount of electrolyte compared to traditional lithium-ion batteries found in today’s e-bikes. With a fraction of the electrolyte material, these semi-solid-state batteries developed by T&D are more energy-dense and safer than traditional batteries. The cells can be stabbed through by a nail and won’t ignite – don’t try that with the battery on your current e-bike!

Whereas most e-bike batteries today have an energy density of around 150-250 Wh/kg, these new semi-solid-state batteries push the needle even further into the 250-350 Wh/kg ballpark, depending on the specific packaging.

The cells are also rated for long cycle lifespan, with an expected 1,500 charge cycles before reaching 70% of the original capacity. And with fast-charging support, those same cells can be recharged significantly more quickly.

T&D’s semi-solid-state batteries will roll out on their first production e-bike next month, though the company isn’t at liberty to announce which e-bike maker will land the title of first production electric bike with semi-solid-state batteries. Hopefully we’ll hear that announcement soon.

T&D is also known for its e-moto drivetrains. The company’s new Equator City commuter e-moped project, launched in collaboration with Dimentro, utilizes T&D’s swingarm-mounted motor system.

The drivetrain offers 11 kW of peak power, a 5 kWh high-capacity LFP battery, and supports a range of over 100 km (62 miles).

Other projects featuring T&D’s drivetrains at the booth included interesting examples such as a part go-kart, part tractor project that resembles a heavy-towing ATV.

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Ford ‘can’t walk away from EVs’ or it risks falling even further behind China

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Ford 'can't walk away from EVs' or it risks falling even further behind China

Ford’s CEO Jim Farley admitted he was humbled after tearing down the first Tesla and Chinese EVs. If it wants to compete globally, Ford can’t walk away from EVs altogether, so it’s planning to shake things up.

Ford can’t walk away from EVs, or it will lose to China

After taking apart a Tesla Model 3 and several electric vehicles from China for the first time, Farley said he was “very humbled” during a new episode of the Office Hours: Business Edition podcast.

The “shocking” revelation is what pushed Ford to overhaul its EV program. Ford is shifting its focus to smaller, more affordable EVs, which require smaller batteries and fewer materials.

Ford is promising its next-generation electric vehicles will be significantly more efficient and advanced than the current Mustang Mach-E and F-150 Lightning. Farley told host Monica Langley that the Mach-E had about 1.6 km of electrical wiring, which led to a larger battery.

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Ford’s CEO has warned several times now that Chinese EV makers pose an “existential threat” to Western brands, including itself.

Ford-walk-away-EVs
Xiaomi SU7 (Source: Xiaomi)

After flying a Xiaomi SU7 from Shanghai to Chicago last year and driving it around for a few months, Farley even said he didn’t want to give it up.

“EVs are exploding in China,” Ford’s CEO said on the podcast, adding the Chinese government had its “foot on the economic scale” to promote electric vehicles.

Ford-walk-away-EVs
Xiaomi SU7 production (Source: Xiaomi)

Although the US is facing headwinds with the $7,500 federal tax credit now expired and the Trump administration shifting policies, Farley admitted, “We can’t walk away from EVs, not just for the US, but if we want to be a global company, I’m not going to just cede that to the Chinese.”

Ford, like most automakers, is bracing for slower EV sales over the next few months. Farley said on the company’s third-quarter earnings call that he expects electric vehicles to account for just 5% of the US market in the near term.

Ford-F-150-Lightning-production
The 2026 Ford F-150 Lightning STX (Source: Ford)

The “EV market in the US is totally different than we thought,” Farley explained during the podcast, adding buyers are looking for more affordable options rather than the “$70-80,000” EV.

To stay competitive, Ford is betting on its new low-cost EV platform, the Ford Universal EV Platform, which the company says will help unlock more affordable electric cars.

Ford-walk-away-EVs
CEO Jim Farley presents the Ford Universal EV Platform in Kentucky (Source: Ford)

The first vehicle Ford plans to launch on the platform is a midsize electric pickup, starting at around $30,000. It’s expected to arrive in 2027. Ford will use lower-cost LFP batteries licensed from China’s CATL. They will be manufactured at Ford’s new plant in Michigan.

According to Lisa Drake, Ford’s vice president of tech platform programs and EV systems, the company intends to match the cost structure of leading Chinese brands.

In the meantime, Ford has paused production of its current electric pickup, the F-150 Lightning. A new report from The Wall Street Journal claims it’s now considering scrapping the EV pickup altogether.

Source: Business Insider

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Mercedes gives first look at the GLB EV interior and it’s loaded with massive screens [Images]

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Mercedes gives first look at the GLB EV interior and it's loaded with massive screens [Images]

The Mercedes GLB EV will be here in less than a month. With its debut just around the corner, Mercedes offered a first look at the new GLB EV’s interior, and yes, it’s loaded with massive screens.

First look at the new Mercedes GLB EV interior

Mercedes is putting the new electric GLB through the paces at the Mercedes Technology Center (MTC) in Singlefingen, Germany, ahead of its world premiere on December 8.

The testing is conducted in wind tunnels that range in temperature from -40 to 104 degrees Fahrenheit. Meanwhile, snow cannons shoot various types of snow while high-powered fans generate winds up to 124 mph, simulating fierce blizzard conditions.

Although it’s covered in snow, you can still see that the new EV version maintains a similar boxy design to the current gas-powered GLB.

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If you look a little closer, it appears to have a larger grille design, like the new GLC EV, which Mercedes said “redefines” the face of the brand.

Mercedes also unveiled the new GLB EV’s interior for the first time, which looks pretty similar to the GLC’s. The optional floating MBUX Superscreen is the highlight, extending the entire width of the dash.

Mercedes-GLB-EV-first-look
The new Mercedes GLB EV during cold-weather testing (Source: Mercedes-Benz)

It also features Mercedes’ new multifunction steering wheel, which reintroduces a rocker switch for the cruise control.

Another new feature is the concave door handle design, which features a floating center panel that opens a storage space. The center console has a similar design, offering an optional wireless charging cradle and cup holders.

Mercedes-GLB-EV-interior-first-look
The interior of the new Mercedes GLB EV (Source: Mercedes-Benz)

Mercedes said the new SUV offers “noticeably more headroom for first and second row occupants” compared to its predecessor. It will offer standard seating for five, with the option to add a third row for seven.

According to Mercedes, the new GLB takes “interior climate comfort” to the next level. For example, the climate control heats up twice as fast as its predecessor during a 20-minute drive at 19 degrees Fahrenheit. Mercedes said that since it only requires half the energy of the current GLB, it helps maximize range.

We will learn more about the Mercedes GLB EV on December 8. Check back soon for updates.

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