Here are the top stories from global financial media overnight and this morning.
1. Trump Rings Opening Bell from White House for 'Trump Account' Children's Savings Program
Former US President Donald Trump rang the opening bell for the New York Stock Exchange and Nasdaq from the Oval Office to celebrate the launch of a new investment tool for children called the "Trump Account."
On Monday, Trump stated: "As the market's opening bell rings, these accounts will begin to grow alongside our thriving economy, and I truly believe we are on the cusp of the greatest prosperity ever."
He also said: "Whether from private donations or seed funding, $8 billion in new capital will enter the stock market this week for America's children."
2. NVIDIA Denies Delay in AI Server Architecture, Says Roadmap Unchanged
Shares of Asian printed circuit board manufacturers fell sharply following reports that NVIDIA's next-generation artificial intelligence server rack architecture faced manufacturing difficulties and would be delayed by over a year.
Research firm SemiAnalysis posted on social media platform X that NVIDIA's Kyber NVL144 architecture system encountered setbacks in the PCB manufacturing process.
An NVIDIA spokesperson responded via a written statement, saying, "Our roadmap has not changed."
3. Microsoft Cuts 4,800 Jobs; Xbox Unit Downsizes and Plans to Divest Four Game Studios
Microsoft announced on Monday that it would immediately eliminate 4,800 positions, representing 2.1% of its workforce. This is the latest cost-cutting move by the software giant as it adapts to the AI era. Its Xbox division will reduce its headcount by about one-fifth, including 1,600 jobs cut on Monday and additional layoffs in the coming months.
"The way technology is built, deployed, and used is changing at an unprecedented pace, something I haven't seen in my career," wrote Amy Coleman, Microsoft's Chief People Officer, who has been with the company for 27 years, in a memo to employees on Monday.
Xbox CEO Asha Sharma stated in an email to the division's staff that the Xbox unit would cut a total of 3,200 jobs. Half of these are included in the 4,800 cuts announced Monday, with the remaining 1,600 to depart during the 2027 fiscal year.
4. Aging May Not Hamper the Economy; New Study Suggests Population Decline Could Aid Prosperity
The global decline in birth rates has led many to worry about its economic impact, with predictions of slower growth and reduced innovation. However, a new paper suggests the opposite may be true.
According to new research by Daron Acemoglu, David Autor, Keelan Beirne, and Andrew Scott, historical data shows that aging and population shrinkage have boosted per capita output in economies without suppressing overall Gross Domestic Product. The study found that workers and firms shift to using technology to compensate for a smaller labor force, thereby increasing productivity per worker. Acemoglu is a recipient of the 2024 Nobel Prize in Economics.
"Our findings challenge the prevailing pessimism. Lower fertility, and the resulting population aging and decline, raises rather than lowers per capita GDP," the authors wrote in a paper published by the National Bureau of Economic Research. This gain "is large enough to fully offset the negative effect of population decline, leaving total GDP essentially unaffected."
5. SpaceX Set to Officially Join the Nasdaq 100 Index
SpaceX, the second most actively traded stock in the US by value, closed down 1.02% with a turnover of $29.698 billion. The company is set to officially join the Nasdaq 100 index before the market opens on July 7, marking the fastest inclusion record for the index since its inception, just 15 days after its initial listing on June 12.
Calculations by JPMorgan indicate that inclusion in the Nasdaq 100 alone will attract approximately $4.3 billion in mandatory passive fund buying of SpaceX stock. When factoring in the simultaneous inclusion effects for MSCI and FTSE Russell global index systems, the total mandatory buying by global passive funds for SpaceX over 15 trading days could reach around $35 billion.
Separately, the company recently announced a new plan for AI data center construction while confirming it is proceeding with plans to deorbit approximately 100 first-generation Starlink satellites. This signals the Elon Musk-led aerospace firm is accelerating its expansion into AI infrastructure.
6. Hedge Fund Bearishness on Yen Reaches Highest Level Since 2007
Hedge fund bearish sentiment towards the Japanese yen has climbed to its highest level since 2007, as the currency hovers near its lowest level in nearly four decades.
Data released Monday by the US Commodity Futures Trading Commission showed that leveraged traders in options and futures markets increased their short yen positions to nearly 138,000 contracts as of June 30, betting on further depreciation of the yen.
As the US dollar broke past the 162 yen level, pushing the yen to its lowest since 1986, speculation has renewed about when the Japanese government might intervene to support the currency.
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