🚀 Google partners with ARM for new chip

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Google is entering the cloud computing market with a more cost-effective solution by introducing a custom-built Arm-based server chip, set to launch in 2024. This move is an effort to catch up with competitors like Amazon and Microsoft, who have already adopted Arm-based chips for their cloud services. Although Google's primary revenue comes from advertising, its cloud sector, which includes corporate productivity applications, is rapidly growing and now accounts for nearly 11% of the company's revenue. Google's new Arm-based chip, named Axion, aims to offer organizations the opportunity to lower their cloud computing costs, especially amid economic concerns. This strategy could also lead to reduced carbon emissions due to the higher energy efficiency of Arm chips compared to the traditional x86 model. The introduction of Axion is expected to enhance application performance, offering 30% better performance than the fastest general-purpose Arm-based virtual machines currently available and 50% better than those based on x86. Companies like Datadog and Elastic, as well as OpenX and Snap, plan to adopt Axion, demonstrating Google's potential to broaden its reach in the cloud computing market.

2. James Bullard, the former head of the St. Louis Federal Reserve, forecasts that the Fed will implement three interest rate cuts this year as inflation moves closer to the target and the economy maintains its strength. While this prediction is in sync with the Fed's position, it contrasts with market expectations, which have tilted towards anticipating only two cuts following a robust jobs report. Despite transitioning to an academic position, Bullard's perspectives remain impactful. He suggests that the economy could achieve a "soft landing," decelerating sufficiently to curb inflation without leading to a recession.

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4. Headlines

   1. Tesla has settled a lawsuit with the family of an Apple Engineer killed in a crash while using autopilot.

   2. Simon Harris has become the youngest prime minister in Ireland's history.

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