GeopoliticsLead Story · 8 min read
The new world order of trade is being written in chip foundries
From Taipei to Phoenix, the contest for semiconductor supremacy is redrawing alliances faster than any treaty in a generation.
By Anya Verma
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S&P 5005,872.42+0.42%|
NASDAQ18,902.10+0.61%|
DOW43,210.55-0.18%|
FTSE8,231.01+0.22%|
NIKKEI39,140.88-0.74%|
DAX19,420.30+0.31%|
BTC$71,920+1.84%|
ETH$3,512+0.92%|
GOLD$2,654+0.11%|
BRENT$74.12-0.55%|
EUR/USD1.0892+0.08%|
USD/JPY153.84-0.21%|
Signature Briefing
The Daily Watch
Five things moving global business this morning. Read in 90 seconds, sound smart all day.
Get it in your inbox- 01FedPowell hints at a pause — markets read it as dovish, economists aren't so sure.
- 02ChipsTSMC's Arizona fab hits commercial yield. The geography of compute is shifting.
- 03EnergyBrent dips below $74 as OPEC+ debates a slower production glide path.
- 04DealsBlackRock closes its largest infrastructure raise on record: $24B.
- 05WatchlistEarnings to watch: NVDA, JPM, BABA. PMI prints from Germany and Japan.
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Markets
Trailing 12 months · USDTop 5 performers
The five global companies that turned in the strongest business performance this cycle, side by side.
| # | Company | Sector | Price | 12M Change | Revenue | Op. Margin |
|---|---|---|---|---|---|---|
| 01 | Nvidia NVDA AI compute demand drove a third consecutive blowout year. | Semiconductors | $948.20 | +162.4% | $96.3B | 55.6% |
| 02 | Novo Nordisk NVO GLP-1 franchise still expanding faster than supply can catch up. | Pharma | $142.10 | +71.2% | $33.7B | 37.8% |
| 03 | Eli Lilly LLY Mounjaro and Zepbound rewrote the obesity-care category. | Pharma | $812.55 | +58.9% | $42.1B | 31.2% |
| 04 | TSMC TSM 3nm ramp and pricing power lifted operating leverage materially. | Foundry | $192.04 | +47.6% | $84.5B | 42.1% |
| 05 | Meta Platforms META Ad efficiency plus aggressive cost discipline reset the model. | Tech | $612.30 | +42.1% | $156.2B | 41.5% |
Watch
On the channel
4:12
What the Fed actually said — in 4 minutes
6:38
Why ports matter again: a visual explainer
3:55
Inside a trading floor at the open
Voices
On our desk this week
Anya Verma
Geopolitics Editor
"If your supply chain map hasn't changed in five years, you're already exposed."
Marcus Chen
Markets Columnist
"The bond market is the only adult in the room — and it is whispering, not shouting."
Priya Nair
Tech & AI
"Compute is the new oil. The countries that figure that out first will write the next decade."