TLDR
- Brent crude surged above $106 and WTI topped $101, raising fears of prolonged high interest rates
- U.S. Producer Price Index rose 0.4% in August and 5.4% year over year, keeping Fed rate hike talks alive
- Apple launched the iPhone Duo, its first foldable phone, priced at $1,999
- TSMC reported 53% year-over-year revenue growth to $16.3 billion, yet its shares fell around 2%
- AeroVironment jumped 7% after posting record quarterly revenue of $480.5 million
Oil prices crossed a key threshold Thursday, with Brent crude climbing more than 5% to around $106.60 a barrel. West Texas Intermediate also rose above $101.
The spike was driven by attacks on tankers and reduced traffic through the Strait of Hormuz. Houthi activity in the Red Sea added to supply concerns. Brent has now risen more than 30% from its early-August lows.
Inflation Keeps a September Fed Hike in Play
Higher oil prices feed directly into inflation. The U.S. Producer Price Index rose 0.4% in August and 5.4% from a year earlier, with energy prices jumping 4.2% in the month alone.
Markets are now pricing in a real chance that the Federal Reserve raises interest rates again at its September meeting. That puts pressure on technology and growth stocks, which tend to fall when rates rise.
The combination of rising oil, stubborn inflation, and the threat of higher rates is one of the clearest near-term risks facing investors right now.
Apple Enters the Foldable Phone Market
Apple launched the iPhone Duo on Thursday, its first foldable smartphone. The device is priced at $1,999 and features a 7.6-inch inner display and a 5.4-inch outer screen, powered by Apple’s new A20 Pro chip.
Samsung currently leads the foldable market with around 38% share. Some analysts forecast Apple could take roughly a quarter of the market.
Apple shares gained around 1% to 2% on the day, outperforming much of the broader tech sector.
TSMC Posts 53% Revenue Growth But Shares Fall
Taiwan Semiconductor Manufacturing posted August revenue of NT$514.8 billion, around $16.3 billion. That represents 53% growth year over year and a new record for the company.
TSMC makes chips for Nvidia, Apple, and AMD. Its results are closely watched as a measure of AI chip demand.
Despite the strong numbers, its U.S.-listed shares fell around 2%. That reflects just how high expectations have become in the AI semiconductor sector, where even record growth does not guarantee a stock rally.
AeroVironment Jumps 7% on Record Revenue and Backlog
AeroVironment was one of the day’s biggest winners, rising around 7%. The company reported record fiscal first-quarter revenue of $480.5 million and bookings of roughly $683 million.
Its funded backlog hit a record $1.5 billion, up 37% year over year. Demand for drones and autonomous defence systems continues to grow as governments invest in modernising their militaries.
The company kept its full-year revenue outlook in a range of $2.125 billion to $2.225 billion.
Nvidia and Palantir Expand Their AI Partnership
Palantir announced new initiatives with Nvidia around sovereign AI and AI-powered supply-chain management. The deal uses Nvidia’s Nemotron models alongside Palantir’s software platform.
Neither stock moved higher on the news. Both Nvidia and Palantir fell Thursday as rising oil prices, inflation concerns, and higher yields weighed on tech.
The partnership shows Nvidia continuing to move beyond chip sales and deeper into software and enterprise AI.
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