Ready for Amazon's Drone Swarms?

The Federal Aviation Administration (FAA) approved Amazon Prime Air’s new safety protocols after extensive testing.

The FAA's approval means Amazon’s drones can now deliver packages beyond the visual line of sight of their operators.

Amazon already does drone deliveries in Texas, California, Italy, and the UK.

Amazon’s vision is to deliver packages in 30 minutes or less using autonomous drones. The goal is to deliver 500 million packages annually by 2030.

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The Economy is Cooling Down

The European Central Bank (ECB) plans to cut interest rates. This will widen the borrowing cost gap between Europe and the US and could lead to a weaker euro.

Meanwhile, in the US, the Personal Consumption Expenditures (PCE) price index rose 0.3% in April, matching March's rise. Consumer spending increased by 0.2%, a slowdown from earlier months.

Savings are at a 16-month low. Many Americans are turning to credit cards to support their spending habits.

This prompted traders to speculate on future Fed rate cuts, possibly starting in September.



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Nvidia's Next-Gen AI Platform: Rubin

Nvidia plans to roll out its next-generation AI chip platform, Rubin, in 2026.

Rubin will include new graphics (GPU) and central processors (CPU) as well as networking chips. It will feature high-bandwidth memory from SK Hynix, Micron, and Samsung.

Nvidia is accelerating its release cycle, moving from a two-year to a one-year schedule. The company already dominates 80% of the AI chip market.

Nvidia also showcased the Omniverse, a digital twin of Earth for running complex simulations. Companies like Foxconn are already using this tool to optimize operations.

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OPEC+ Extends Oil Cuts

OPEC+ decided to extend oil production cuts until the end of 2025. The group aims to stabilize the market amid soft demand and rising oil reserves.

Saudi Arabia and Russia led the effort to prolong the voluntary cuts, initially set to expire this month. These cuts total 2.2 million barrels per day.

However, starting in October 2024, OPEC+ will begin reversing these cuts. This phased approach will span a year until September 2025.

The extension also helps balance budgets, as oil prices hover around $80 per barrel, below what many OPEC+ members need. But also means that you will pay more at the gas pumps.

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