US stock index futures traded mixed ahead of Wednesday's open, with Dow futures down 0.70%, S&P 500 futures slipping 0.15%, and Nasdaq 100 futures rising 0.35%. The divergence came as Apple CEO Tim Cook (referred to as "Ternus" in source) told investors on an earnings call that surging memory chip prices are pressuring gross margins, which declined quarter-over-quarter, and warned costs will rise further.
In semiconductor news, Samsung Electronics plans to use its second Texas wafer foundry to produce base dies for high-bandwidth memory chips destined for AMD and Nvidia, with groundbreaking expected this month. Elon Musk has softened his approach to Terafab's partnership with TSMC, with both sides preparing to renegotiate terms that could see TSMC take primary responsibility for building and operating the facility. Qualcomm announced its first-generation High-Bandwidth Compute technology completed hardware validation, with the AI250 accelerator slated to sample in H1 2027. Anthropic set a target of exceeding 3.5 GW of compute capacity by end-2026, aiming to double that figure next year. Morgan Stanley's CEO projected AI capital expenditure could reach $10–$15 trillion over the next decade, with $2–$3 trillion already committed or deployed.
Commodities saw WTI crude gain 1.18% to $97.60/barrel and Brent up 0.41% to $105.20/barrel, while spot gold fell 0.29% to $3,935/oz and silver dropped 2.00% to $49.61/oz. European indices closed lower across the board. US midterm elections began voting November 3 local time, with results set to reshape congressional power dynamics and influence the Trump administration's governing agenda.
Apple Warns Memory Costs Are Squeezing Margins; Musk Reopens TSMC Talks as Midterm Voting Begins
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