-- Xiaomi Corp.’s roaring entry into the electric vehicle market is dimming the recovery outlook for China’s beaten down auto startups.S&P 500 Breaks Below 5,100 as Big Tech Sells Off: Markets WrapHype around the launch and better-than-expected initial orders for the SU7 have helped a rally in Xiaomi shares gain momentum. Investors have meanwhile ramped up bets on further declines in EV makers NIO Inc. and Xpeng Inc.
The marketing capabilities and strong appeal among young consumers that Xiaomi have developed are well utilized in its EV business. The SU7 has been a hot topic on Chinese social media with a push from Lei Jun, the company’s billionaire co-founder, who boasts 23 million followers on Weibo. As the macro outlook is still unclear, costs are key to success not only for individual EV models but ultimately to the financial health of the automakers themselves. BYD has managed to stay profitable, supported by its broader array of products and strong exports, while the smaller China-focused EV pure plays Nio and Xpeng post losses.
Ericsson AB’s earnings slumped last quarter as it signaled a global decline in demand for the telecom network equipment maker’s products will continue throughout the year. Microsoft Corp.’s just-announced partnership with Abu Dhabi’s G42 followed behind-the-scenes negotiations between the US government and the Middle Eastern firm, which agreed to divest from China and pivot to American technology.Race for AI Supremacy in Middle East Is Measured in Data CentersFirst Capital REIT announced today that it will make a cash distribution of $0.072 per REIT unit for the month of April, representing approximately $0.86 per REIT unit on an annualized basis.
Oil prices soared last week to the highest levels since October, but fell on Monday after Iran's attacks, which its government called a retaliation for an air strike on its Damascus consulate, caused only modest damage. Israel's Prime Minister Benjamin Netanyahu on Monday summoned his war cabinet for the second time in less than 24 hours to weigh how to react to Iran's first-ever direct attack on Israel.
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