According to Bloomberg on Friday, January 23, Chinese authorities have informed major tech firms, including Alibaba (BABA-US) and Tencent (0700-HK), that they can begin preliminary preparations for purchasing NVIDIA's (NVDA-US) H200 AI chips. This move suggests Beijing is nearing formal approval of the chip import, which is crucial for AI computing. The development is seen as a significant signal in the ongoing U.S.-China tech and trade rivalry.

Sources indicate regulators have "principally agreed" for Alibaba, Tencent, and ByteDance to proceed with detailed planning, allowing discussions on actual quantities needed. As part of the approval conditions, companies will be encouraged to procure a certain proportion of domestic chips, though specifics remain undecided. Discussions are still confidential, prompting sources to remain anonymous.

The news boosted related stocks, with NVIDIA's shares rising 2.3% pre-market and TSMC (TSM-US)'s ADR gaining 1.3%. Market analysts interpret this as China advancing its H200 import plan, focusing on large cloud service providers like Alibaba and Tencent, which have invested billions in expanding data centers for AI model training.

If approved, it would be a major win for NVIDIA, whose CEO has stated AI chip revenue could reach $50 billion in the coming years. Meanwhile, Chinese competitors like Huawei and Cambricon have grown rapidly during export restrictions. Despite earlier reports suggesting a halt in H200 shipments, NVIDIA, China's Ministry of Commerce, Alibaba, Tencent, and ByteDance have not commented publicly.

H200, an older generation chip allowed for export to China, remains a focal point in U.S.-China tensions, with advanced AI chips still restricted due to national security concerns. NVIDIA leads the global AI accelerator market, favored by data center operators. China may approve limited H200 imports this quarter but restrict access to sensitive institutions, pending further clarification.

Alibaba and ByteDance have reportedly expressed interest in over 200,000 H200 chips each. Both companies, along with startups like DeepSeek, are accelerating AI model upgrades to compete with U.S. rivals like OpenAI. NVIDIA executives note strong demand from Chinese clients but emphasize ongoing uncertainty regarding official approval timelines.

China has yet to publicly confirm full approval of H200 imports. The government continues prioritizing domestic chip self-sufficiency, planning a $70 billion semiconductor subsidy package. In mid-2025, China instructed companies to avoid lower-performance H20 chips and stop purchasing RTX Pro 6000D workstation chips adaptable for AI use. Export licenses for H200 have been submitted to the U.S. government, with final details under review.

Eurozone private sector activity expanded for the eighth consecutive month in January, but a notable uptick in services inflation may challenge the European Central Bank’s (ECB) interest-rate strategy this year. The latest Purchasing Managers’ Index (PMI) data from Hamburg Commercial Bank (HCOB) and S&P Global showed the euro area’s composite PMI remained steady at 51.5, slightly below forecasts of 51.8.

While manufacturing output continued to contract, the services sector displayed cooling signs, with its PMI dropping to 51.9 — its lowest level since September. However, the most pressing concern is the reacceleration of services inflation, which reached its highest level since April 2024. This development suggests that policymakers may feel vindicated in maintaining a cautious stance.

In Germany, the private sector showed renewed momentum, with the Composite PMI rising to 52.5 in January. Conversely, France slipped back into contraction, with its Composite PMI falling to 48.6. External pressures, including potential tariffs on French exports, continue to weigh on the economy.

Despite mixed economic indicators and renewed inflation fears, business confidence across the eurozone improved markedly, reaching a 20-month high. However, the outlook for the manufacturing sector remains uncertain as new orders continue to decline and export performance faces ongoing challenges.

Bolingbrook, Illinois-based Ulta Beauty Inc. (ULTA), a specialty beauty retailer with a $30.3 billion market cap, is set to report fiscal Q4 2025 earnings soon. Analysts forecast an adjusted EPS of $7.91, down 6.5% from $8.46 in the same period last year. Despite this, ULTA has consistently exceeded Wall Street expectations over the past four quarters.

For fiscal 2025, analysts project an adjusted EPS of $25.54, a marginal increase from $25.34 in fiscal 2024. Looking ahead, adjusted EPS is expected to rise 11.2% year-over-year to $28.41 in fiscal 2026. Shares of ULTA have surged 62.9% over the past year, outperforming both the S&P 500 Index ($SPX) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY).

Following its Q3 2025 results on December 4, which beat expectations with EPS of $5.14 and revenue of $2.86 billion, ULTA raised its full-year fiscal 2025 guidance, projecting net sales of approximately $12.3 billion and EPS of $25.20 to $25.50. Analysts maintain a cautiously optimistic outlook, with a consensus "Moderate Buy" rating. As of the article's publication date, shares trade above the average analyst price target of $662.95.

Hardware wallet provider Ledger has engaged Goldman Sachs, Jefferies, and Barclays to lead a potential U.S. IPO valued at over $4 billion, reflecting the growing importance of crypto custody infrastructure for institutional investors. The listing could occur in 2026, pending market conditions, according to sources cited by the Financial Times.

Ledger joins a wave of crypto firms pursuing U.S. listings amid improved regulatory clarity under President Donald Trump, who has positioned America as a hub for digital asset innovation. This follows BitGo’s recent NYSE debut, which raised $213 million at a $2 billion valuation.

While some crypto IPOs have performed well—such as Circle’s shares surging nearly tenfold since its 2025 IPO—most crypto stocks have declined alongside Bitcoin’s retreat. Analysts warn that macroeconomic tightening could dampen investor appetite for crypto-linked offerings.

Despite market uncertainty, Ledger’s focus on secure self-custody aligns with tightening regulations, positioning it as a key player in institutional crypto adoption. The company’s revenue, however, remains sensitive to consumer hardware cycles, as seen during the 2022 downturn.

The IPO comes after years of stagnation in crypto public markets, following Coinbase’s 2021 Nasdaq debut. Recent listings signal renewed interest from both retail and institutional investors in digital asset companies.

Lenovo, the world's largest PC maker, is pursuing partnerships with multiple large language models (LLMs) to enhance its devices and establish a global AI presence, according to CFO Winston Cheng. The company plans to integrate AI technology across its product range, including PCs, smartphones, and wearables, leveraging systems like Kira for cross-device intelligence.

Cheng emphasized Lenovo's unique position as one of the few companies with significant market share in both PC and mobile markets within open ecosystems like Android and Windows. Unlike Apple, which partners with limited LLMs, Lenovo aims to collaborate with diverse developers, including Humain (Saudi Arabia), Mistral AI (Europe), Alibaba, and DeepSeek (China).

The CFO noted regulatory challenges necessitate this partnership approach. Additionally, Lenovo announced a January collaboration with Nvidia to accelerate AI cloud infrastructure deployment using liquid-cooled hybrid solutions. Cheng highlighted potential regional launches in Asia or the Middle East. Despite rising memory chip costs impacting consumer electronics, Lenovo plans to pass these increases to customers.

Kansas lawmakers have introduced legislation to establish a state-run reserve fund for Bitcoin and digital assets, integrating them into the state's unclaimed property framework. The bill, filed for the 2026 legislative session, proposes that the state treasury hold certain digital assets from abandoned property processes, with liquidation and transfers governed by statutory conditions. Administration would fall under the state treasurer, who could receive "airdrops, staking rewards, or interest" from these assets. If enacted, it would allow staking rewards to be retained in digital asset form, subject to legislative approval. The bill treats Bitcoin differently, requiring 10% of most digital asset deposits to go to the general fund while keeping Bitcoin in a separate reserve. Industry observers highlight concerns over governance, custody, and public trust, emphasizing the need for transparency and safeguards. The bill faces challenges related to operational control, decision documentation, and safe asset movement. If assets are held on-chain, Kansas authorities would need to publish addresses and undergo periodic independent attestations.

Crown Castle Inc. (CCI), a major U.S. communications infrastructure provider with a $38 billion market cap, is set to release its fiscal Q4 2025 earnings. Analysts expect an AFFO of $1.01 per share, a 43.9% decline from $1.80 in the same period last year. Despite this, the company has consistently exceeded Wall Street estimates over the past four quarters.

For fiscal 2025, analysts forecast AFFO of $4.12 per share, down nearly 41% from $6.98 in fiscal 2024. However, AFFO is projected to rebound to $4.74 per share in fiscal 2026, marking a 15.1% year-over-year increase. CCI stock has lagged behind broader market indices, declining 2.5% over the past year compared to the S&P 500's 13.6% gain.

Following its Q3 2025 results on October 22, CCI reported AFFO of $1.12 per share and revenue of $1.07 billion, exceeding expectations. The company also raised its annual site rental revenue forecast to $4.01 billion - $4.05 billion, indicating strong demand from carriers upgrading to 5G.

Analysts maintain a cautiously optimistic outlook, with a consensus "Moderate Buy" rating. Among 19 analysts, 10 recommend a "Strong Buy," one favors "Moderate Buy," and eight suggest a "Hold." The average price target of $108.39 implies a potential 25.8% upside from current levels.

On January 23, a public exchange between Elon Musk and Ryanair CEO Michael O'Leary over the cost of integrating Starlink's in-flight WiFi service reignited discussions about its necessity for airlines. Long-haul carriers view high-speed internet as essential for attracting premium travelers, while budget airlines like Ryanair argue against the economic viability due to added costs.

Analysts suggest that full-service carriers, including British Airways, have long offered WiFi, but recent demand for premium travel has accelerated adoption. Airlines such as Lufthansa and Virgin Atlantic have partnered with Starlink or competitors like Viasat. However, Valour Consultancy estimates the cost at approximately $170,000 per aircraft, making it less feasible for short-haul operators.

O'Leary contends that WiFi increases fuel consumption and is unlikely to be paid for by passengers on short flights, citing potential annual costs between $150 million and $250 million. SpaceX did not comment on pricing. The debate highlights differing strategies between airlines prioritizing cost efficiency versus those investing in passenger experience enhancements.

Tesla CEO Elon Musk announced plans to begin selling its Optimus humanoid robots as early as the end of next year during a speech at the World Economic Forum. The rollout, which Musk framed as a step toward widespread automation and abundance, comes amid growing competition from Chinese electric vehicle (EV) manufacturers.

Musk also forecast that Tesla's Robotaxi service would be available across the U.S. by year-end, reinforcing the company's push into AI-driven mobility solutions. However, analysts note that Musk's track record with timelines raises skepticism about whether these ambitious goals will be met.

The announcements come as Tesla faces mounting pressure from China's EV industry, which has surged in recent years, challenging Western automakers. Investors are closely watching whether Musk can deliver on his promises, particularly as he prepares for upcoming quarterly earnings reports.

Musk's Davos appearance served as a platform to promote Tesla's vision of advanced robotics and autonomous driving, though skeptics question if the company can monetize these technologies effectively.

Mobileye (NASDAQ: MBLY) reported fourth-quarter CY2025 revenue of $446 million, a 9% year-over-year decline but exceeding market expectations. Full-year guidance of $1.94 billion at the midpoint fell 2.5% below analyst estimates, with non-GAAP profit of $0.06 per share in line with consensus. CEO Amnon Shashua highlighted strong demand for ADAS products and key wins for the IQ6 chip, while Menti Robotics acquisition integration added complexity. CFO Moran Shemesh noted 5% underlying OpEx growth driven by inflation and R&D. Despite cautious optimism for volume growth, margin pressures persist amid rising costs. The company trades at $10.55, down from $10.77 pre-earnings. Future performance will hinge on customer adoption of the IQ6 chip, Menti Robotics commercialization, and margin stabilization.

San Jose-based Adobe Inc. (ADBE), with a $120.8 billion market cap, is set to report fiscal Q1 2026 earnings soon. Analysts forecast an EPS of $4.85, marking a 13.3% increase from $4.28 in the same period last year. The company has consistently exceeded earnings expectations over the past four quarters.

For fiscal 2026, analysts project EPS of $18.98, up 10.4% from $17.20 in fiscal 2025. EPS is expected to rise nearly 14% year-over-year to $21.63 in fiscal 2027. Despite these positive forecasts, ADBE shares have declined 31.5% over the past year, underperforming the S&P 500 Index ($SPX) and the State Street Technology Select Sector SPDR ETF (XLK).

Following its strong Q4 2025 results on December 10, ADBE shares rose 2.1%. The quarter featured record revenue of $6.19 billion and adjusted EPS of $5.50. For 2026, Adobe projects over 10% ending ARR growth, revenue between $25.90 billion and $26.10 billion, and continued double-digit subscription growth.

Analysts maintain a cautiously optimistic outlook, with a "Moderate Buy" rating. Of 37 analysts, 18 recommend "Strong Buy," two "Moderate Buy," 13 "Holds," and four "Strong Sells." The average price target of $436.21 suggests a potential 45.5% upside from current levels.

Workday's latest report reveals that while AI tools can save work hours, nearly half of the saved time is spent correcting AI-generated content. The survey, conducted with 3,200 participants including employees and managers, found that 85% of respondents reported saving 1 to 7 hours weekly using AI, but also needed to spend time verifying outputs. According to Workday, 37% of saved time was used to "correct, clarify, or rewrite low-quality AI-generated content," a phenomenon dubbed the "AI productivity tax." This inefficiency accumulates in large organizations, potentially wasting millions of hours annually. Employees who use AI daily are under the most pressure, with 77% stating they must scrutinize AI output as carefully as human work. The report advises leaders to rethink how AI productivity is measured, emphasizing the need to balance saved time with the effort required to correct AI outputs. It calls for updating job descriptions to define AI's role clearly and prioritize employee development over technology investments. Workday's financial office GM, Andrew Kershaw, stresses that effective AI integration requires rethinking workflows to ensure it enhances rather than burdens employees.

Bitcoin (BTC) traded just below $90,000 during Friday’s Asian session, with regional equities and a weaker U.S. dollar failing to sustain gains for crypto after a volatile week. BTC hovered around $89,800, little changed on the day but under pressure following this week’s liquidation-driven selloff.

Asian stocks hit record highs, and emerging-market assets gained further, yet crypto lagged, signaling caution toward higher-volatility trades. The MSCI Asia Pacific Index reached a new peak, while U.S. equity futures showed modest gains ahead of the New York open.

The dollar remained soft after earlier declines, supporting commodities like gold near $5,000 an ounce. Despite steadier broader risk sentiment, crypto prices have been muted, with Bitcoin briefly dipping below $98,000 amid over $1 billion in liquidations.

Ether fell toward $2,970, while Solana (SOL), Cardano (ADA), and XRP edged lower. Most large-cap tokens are down 7%–12% over the past week, reflecting fragile sentiment despite calmer conditions in equities and currencies.

“Crypto remains a volatility amplifier rather than a defensive asset,” said Wenny Cai of Synfutures. “Liquidations reduced leverage, but uncertainty around policy, funding costs, and regulation keeps investors cautious.”

With the U.S. session approaching, traders will watch whether equities and emerging markets drive crypto higher or if Bitcoin stays below $90,000 as confidence rebuilds slowly after a mixed start to the year. [Publication Time: 2026-01-23 07:08 UTC]

Tesla CEO Elon Musk has formally declared a challenge against AI chip giants Nvidia (NVDA-US) and AMD (AMD-US). With the AI5 chip now in full development and the Dojo 3 project officially revived, Tesla's hardware upgrade battle, described by Musk as critical to the company's survival, is underway.

The AI5 chip boasts a 50-fold performance increase over its predecessor, AI4 (HW4.0), with 10 times the raw compute power and nine times the memory capacity. Tesla's engineering team has abandoned traditional GPUs and image signal processors (ISPs), opting instead for a co-designed software-hardware approach. Musk claims the AI5 chip achieves two to three times the efficiency per watt compared to Nvidia's latest Blackwell chip, while costing just 10% of it. The chip is being manufactured by Samsung (2nm) and TSMC (3nm), with Musk predicting it will become the world's highest-volume AI chip.

Previously, Tesla's AI development suffered from inefficiencies due to a "dual-track" system, where vehicle-based AI4 inference chips operated separately from cloud-based D1 training chips. This fragmented architecture diluted top talent and led to the cancellation of the Dojo 2 project. Now, Dojo 3 revives under a unified architecture, leveraging the AI5 chip and future iterations for computing clusters. Musk has mandated a chip iteration cycle every nine months, faster than Nvidia's annual update.

Tesla's breakthrough lies in mathematical innovation. Its new patent reveals a "Mixed-Precision Bridge" technology that reduces data to 8-bit channels using logarithmic transformations and pre-computation tables. Through algorithms like Taylor series expansion, the system restores near 32-bit precision in computation cores. This "mathematical cheat code" doubles effective bandwidth without adding physical circuitry, addressing key challenges in autonomous driving, such as object persistence.

Crinetics Pharmaceuticals Inc. (NASDAQ: CRTX) announced the dosing of the first patient in its Phase 2/3 BALANCE-CAH trial evaluating atumelnant for congenital adrenal hyperplasia (CAH). The randomized, double-blind study aims to enroll up to 150 participants across multiple sites globally. Atumelnant, a novel mineralocorticoid receptor antagonist, is being assessed for its efficacy and safety compared to placebo. The trial's primary endpoint will measure changes in urinary steroid metabolites. Crinetics' shares rose 3% in pre-market trading following the announcement. The company plans to release interim data in Q4 2026.

Samsung Securities Co., Ltd. (KRX: 036510) reported a significant rise in fiscal year net income, surpassing market expectations. The company disclosed that its net income for the fiscal year ending December 31, 2025, reached KRW 1.2 trillion, marking a 15% increase from the previous year's KRW 1.04 trillion. This growth was driven by robust performance in investment banking and asset management divisions. Analysts attribute the success to strategic expansion in digital financial services and improved operational efficiency. The stock price responded positively, rising 3% in early trading on January 23, 2026.

Global oil prices edged higher on January 23, 2026, following U.S. President Donald Trump's remarks about deploying a "big force" toward Iran. Crude oil futures for March delivery rose $1.20 to settle at $65.80 per barrel on the New York Mercantile Exchange. Analysts noted that geopolitical tensions in the Middle East have historically driven volatility in energy markets. Trump's comments came amid ongoing disputes over Iran's nuclear program and regional influence. Market participants are closely monitoring developments for potential escalation, which could further impact crude prices. Energy traders anticipate increased caution in the coming days as diplomatic efforts continue between the U.S. and Iran.

Gold prices fell sharply on January 23, 2026, as the U.S. dollar strengthened against major currencies, reversing a recent record high. Spot gold dropped to $1,950 per ounce, down from its peak of $2,000 earlier this month, reflecting investor concerns over rising interest rates and a stronger economic outlook in the U.S.

The dollar index (DXY) surged to 105.2, its highest level since 2020, driven by robust U.S. employment data and Federal Reserve expectations of continued monetary tightening. Analysts noted that higher yields on Treasury bonds made gold less attractive as a non-yielding asset. Meanwhile, geopolitical tensions in the Middle East provided some support, but were insufficient to counterbalance the dollar's rise.

State Street Corp. (STT) reported fourth-quarter 2025 results exceeding revenue and earnings forecasts, yet shares fell over 4% post-earnings. Management credited growth to fee income from investment services and asset management, alongside operating leverage improvements. CEO Ron O’Hanley highlighted new digital asset platforms and private market servicing fees as key contributors, though software and processing fees declined due to a shift to cloud-based offerings. The transition is seen as pivotal for future recurring revenue.

Analysts questioned the pace of organic growth in private markets and wealth services, progress in stabilizing software-related fees, and the impact of AI-driven operational changes on margins. Adoption of digital platforms and strategic partnerships were also scrutinized. Shares traded at $128.50, down from $136.29 prior to the report. Investors await further clarity on these factors ahead of upcoming quarters.

BOK Financial reported fourth-quarter results exceeding Wall Street expectations, driven by strong loan growth and fee income across commercial lending, healthcare, and energy sectors. CEO Stacy Kymes noted broad-based performance, while fee income gains were led by record quarters in fiduciary, asset management, and transaction card services. Analysts are now focusing on mortgage finance expansion, fee income sustainability, interest rate impacts on margins and deposits, and expense management.

The stock has risen to $135.48 from $128.21 post-earnings. Investors should consider the evolving dynamics of loan growth, fee income trends, and credit quality as indicators of BOK Financial’s resilience. A full analysis is available in our free research report for Edge members.