Category: 3. Business

(Reuters) -Qualcomm on Monday unveiled two artificial intelligence chips for data centers, with commercial availability from next year, as it pushes to diversify beyond smartphones and expand into the fast-growing AI infrastructure market.

Shares of Qualcomm surged nearly 15% on the news.

The new chips, called AI200 and AI250, are designed for improved memory capacity and running AI applications, or inference, and will be available in 2026 and 2027, respectively.

Global investment in AI chips has soared as cloud providers, chipmakers and enterprises rush to build infrastructure capable of supporting complex, large language models, chatbots and other generative AI tools.

Nvidia chips, however, underpin much of the current AI boom.

Qualcomm, to strengthen its AI portfolio, agreed to buy Alphawave in June, which designs semiconductor tech for data centers, for about $2.4 billion.

In May, Qualcomm also said it would make custom data center central processing units that use technology from Nvidia to connect to the firm’s artificial intelligence chips.

Qualcomm said the new chips support common AI frameworks and tools, with advanced software support, and added they will lower the total cost of ownership for enterprises.

The San Diego-based company also unveiled accelerator cards and racks based on the new chips.

Earlier this month, peer Intel announced a new artificial intelligence chip called Crescent Island for the data center that it plans to launch next year.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Vijay Kishore)

Donald Trump is on course to push US debt levels above those of Italy and Greece by the end of the decade after wide-ranging tax cuts and increased defence spending, according to International Monetary Fund (IMF) forecasts.

Illustrating the rising debt levels in Washington and efforts made by Rome and Athens to bring spending under control after the 2008 financial crash and Covid-19 pandemic, the IMF predicts the US will see its debts climb from 125% to 143% of annual income by 2030, while Italy’s will flatline at about 137%.

Greece is on track to cut the ratio of debt to gross domestic product (GDP) from 146% to 130% over the same period. According to IMF data, Athens has tackled a budget overspend that raced to 210% as a proportion of GDP in 2020.

Amid tax cuts for high earners, the US is expected to run annual budget deficits of more than 7% over the next five years, while Italy is due to cut its spending shortfall this year to 2.9%, allowing it to meet a 3% limit set by Brussels a year early, in analysis first reported in the Financial Times.

Trump increased US government spending and cut federal taxes in the “big, beautiful bill”, passed by Congress in the summer, forcing the White House to rely more heavily on borrowing to fund annual spending.

The US president reversed efforts under the previous Biden administration to limit the size of the US deficit, offering tax cuts that will benefit mostly middle and high income groups. He has also pledged to build a “golden dome” defence shield, which could cost almost $1tn.

Spending increases could push the budget deficit higher by $7tn a year by the time Trump is due to leave office in January 2029.

Both Italy and Greece have committed to maintaining primary budget surpluses, which entail cuts in spending to below the incomes from tax receipts.

Italy’s growth rate is expected to average 0.5% over the next couple of years. Its population is falling due to a declining birthrate and a level of emigration that hit 200,000 last year, but Italy has seen average household incomes recover.

Lorenzo Codogno, the head of Lorenzo Codogno Macro Advisors and a former chief economist at Italy’s treasury department, said there was pressure on Giorgia Meloni’s government to increase spending in the wake of Trump’s tariffs and his demands for bigger European defence budgets.

He said: “The economy and public finances remain vulnerable to a sudden negative shift in the global scenario.”

Mahmood Pradhan, head of global macro at the Amundi Investment Institute, told the FT: “It is a symbolic moment, and according to the Congressional Budget Office the projections are for US debt to carry on rising – that is the impact of running perpetual deficits.

“But Italy has a weaker growth outlook than the US, so this should not be read as meaning Italy is out of the woods.”

James Knightley, chief international economist at ING, said: “Many US politicians and investors look down somewhat on Europe and its slow growth and struggling economies, but when you have metrics like this, the conversation changes.”

ITR recognized Deloitte for distinction across several categories, including technology, policy and transfer pricing

NEW YORK, Oct. 27, 2025 /PRNewswire/ — Deloitte announced today that it has received nine total awards at the 2025 International Tax Review (ITR) Americas Tax Awards, highlighting achievements in delivering best-in-class tax solutions and services. This year’s slew of awards recognized work spanning tax technology, tax policy, transfer pricing and more, highlighting the combination of Deloitte’s wide-ranging tax prowess and tech-forward approach.

Award Highlights:

• Tax Advisory Firm of the Year
• Tax Technology Firm of the Year
• Tax Policy Firm of the Year
• Tax Compliance & Reporting Firm of the Year
• Indirect Tax Firm of the Year
• North America Tax Advisory Firm of the Year
• Transfer Pricing Advisory Firm of the Year
• North America Transfer Pricing Advisory Firm of the Year
• US Transfer Pricing Firm of the Year

“These recognitions across our practice are a testament to our organization’s enduring commitment to excellence, innovation, and purpose,” said Carin Giuliante, chair and CEO, Deloitte Tax LLP. “They reflect the deep experience and the collaborative spirit that define our teams. Each award is not just a milestone, but an affirmation of how our people consistently transform bold ideas into meaningful impact for our clients. I am deeply proud of the ingenuity, integrity, and purpose-driven leadership that continue to elevate our organization.”

“Transformation is not simply about adopting new technologies, it’s about reshaping how we think, collaborate, and lead,” said Chuck Kosal, chief transformation officer, Deloitte Tax LLP. “These awards reflect the ingenuity of our teams who don’t just implement change, they architect it. From pioneering AI-powered applications to reimagining global compliance platforms, I’m proud that our approach to innovation continues to set new standards across the profession.”

Deloitte continues to set the standard for tax innovation, earning consistent industry recognition for cutting-edge solutions and digital transformation services in tax. Of Deloitte’s many ITR submissions this year, highlights include:

• Deloitte’s IncentivesHub platform, which applies AI to help automate compliance and support deep data analysis. Armed with award-winning modules, like the Prevailing Wage and Apprenticeship solution and the Tax Incentive Opportunity Insights tool, IncentivesHub helps tax professionals efficiently identify tax credits and incentives, keeping pace with regulatory demands and helping optimize financial outcomes.
• A major leap forward in tax technology, Deloitte’s Indirect Tax Compliance (ITC) platform integrates AI-powered robotic process automation (RPA) to streamline entire indirect tax workflows, from data intake to e-filing and reconciliation. By automating millions of tax records and enabling real-time collaboration and transparency, the ITC platform transforms a traditionally fragmented process into a unified, efficient, and secure system, helping set a new standard for indirect tax compliance in the digital age.
• Deloitte’s GenAI Incubator Lab & Client Pilot Program is empowering organizations to develop AI-powered tax applications that drive transformative changes in their tax and accounting operations. This initiative further positions Deloitte as a pioneer in responsible AI innovation, delivering real-world impact through collaborative experimentation.
• With the launch of GAIN (GlobalAdvantage Incentives) 3.0 platform, a next-level solution for addressing tax withholding for employee incentive compensation, Deloitte has reimagined its global incentive compensation tax solution. Built on modern architecture and informed by real-world insights, GAIN 3.0 delivers enhanced speed, scalability, and intelligence, helping multinational organizations manage tax withholding for employee incentives with greater precision and efficiency.

“At Deloitte Tax, we see technology as a catalyst for empowering tax professionals to solve complex challenges with greater speed and confidence,” said Nathan Andrews, technology innovation leader at Deloitte Tax. “We are committed to offering solutions that not only advance efficiency, but also foster trust, transparency, and agility in every engagement. This year’s awards from ITR demonstrate our continued dedication to pioneering innovations that help organizations adapt to change and deliver impact at scale.”

Deloitte’s recognition in tax policy highlights its work in helping clients interpret and respond to complex domestic and global tax developments. Through a multidisciplinary lens, Deloitte provides insight and clarity organizations need to navigate change with confidence. Award-winning work this year included:

• Deloitte Tax Policy Leadership: Deloitte continues to lead the way in helping clients understand and plan for domestic and international tax policy changes. The firm’s multidisciplinary approach helps organizations navigate complex tax landscapes with confidence and clarity.
• Deloitte’s Pillar Two Agent is a breakthrough compliance solution designed to meet the demands of new global tax regulations. Featuring a robust audit trail, intuitive dashboard, and advanced analytics, the platform equips teams with the insights needed to help tax departments navigate Pillar Two requirements confidently and effectively.

The 2025 ITR Americas Awards recognize efforts that pioneered novel approaches in the tax industry and were executed between January 2024 and January 2025.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters for our people, clients, and communities. We bring together distinct talents, technologies, disciplines, and an ecosystem of alliances to help tackle today’s most complex business challenges and drive long-term progress. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 180 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 470,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

SOURCE Deloitte

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These dynamics have served as a bellwether for Nvidia throughout the AI boom. But according to Wall Street, the AI infrastructure revolution is just getting started.

According to management consulting firm McKinsey & Company, an estimated $7 trillion is expected to be spent on AI infrastructure over the next five years. In the near term, research from Goldman Sachs indicates that the hyperscalers will spend nearly half a trillion dollars on AI buildouts just next year.

It’s this rise in AI infrastructure that has technology analyst Beth Kindig of the I/O Fund calling for Nvidia to reach a $6 trillion valuation by 2026 — implying more than 30% upside from its current market capitalization of roughly $4.5 trillion.

According to data from Yahoo! Finance, a total of 64 sell-side analysts cover Nvidia stock. Among these researchers, 59 place a rating of “buy” or an equivalent on Nvidia stock. Only one analyst rates Nvidia stock as a sell.

While the topics explored above provide some qualitative details surrounding Nvidia’s bullish prospects, let’s dig into the numbers to add some quantitative color around why so many on Wall Street still see Nvidia stock as an attractive value.

A valuation metric that I like to look at is the forward price-to-earnings (P/E) multiple. This ratio accounts for projected earnings growth in a company — potentially giving investors a glimpse of how optimistic Wall Street is over a company’s future profit potential.

In the chart above, investors can see how Nvidia’s forward P/E has fluctuated throughout the AI revolution. Two key details stick out from the analysis above.

First, Nvidia stock has clearly enjoyed some outsized momentum over the last few months, leading to a prolonged period of valuation expansion. That said, the company’s forward earnings multiple of 40 is materially lower than the prior peak of 51, witnessed early last year.

This is an important nuance to digest. What the trends above are implying is that despite having more tailwinds behind it now — and a greater ability to command even more record profits — Nvidia stock is actually cheaper today than it was in early 2024.

In this case, I am aligned with Wall Street. I think Nvidia is poised to benefit from numerous secular tailwinds as the AI infrastructure boom accelerates. While the stock is not inexpensive, per se, it trades at a relative discount compared to earlier stages of the AI revolution. That makes it an attractive buy-and-hold opportunity for long-term investors right now.

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Adam Spatacco has positions in Alphabet, Amazon, Meta Platforms, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Goldman Sachs Group, Home Depot, Intel, International Business Machines, Meta Platforms, Microsoft, Nvidia, Oracle, Walmart, and Walt Disney. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft, short January 2026 $405 calls on Microsoft, and short November 2025 $21 puts on Intel. The Motley Fool has a disclosure policy.

Meet the Newest Artificial Intelligence (AI) Stock in the Dow Jones. It Has Soared 268% Since Early Last Year, and It’s Still a Buy Right Now, According to Wall Street was originally published by The Motley Fool

Stock futures are pointing to a sharply higher open this morning after major indexes closed last week at record highs; investor sentiment is getting a boost after President Donald Trump said he was optimistic the U.S. would reach a trade deal with China and address ownership of social media app TikTok; Avidity Biosciences (RNA) shares are surging after Swiss pharmaceutical maker Novartis (NVS) said it would acquire the biotechnology firm; and U.S.-listed shares of Argentine companies are soaring after President Javier Milei’s political party posted victories in legislative elections there.  Here’s what you need to know today.

1. Major Stock Indexes Poised to Open Higher After Hitting Record Highs

Stock futures are higher this morning amid optimism about an apparent easing of trade tensions between the U.S. and China, while investors prepare for an expected rate cut by the Federal Reserve and a flurry of earnings reports from major technology companies later in the week. The three major U.S. stock indexes come into today’s session at record highs after each gained about 2% last week following a mild inflation report that reaffirmed expectations that the Fed will cut its key rate on Wednesday. Futures tied to the Dow Jones Industrial Average were up 0.5% recently, while those linked to the the benchmark S&P 500 and the tech-heavy Nasdaq added 0.9% and 1.3%, respectively. Bitcoin was trading at $115,400, up from a low over the weekend around $111,000. Gold futures were down 2.6% at $4,030 an ounce, as the precious metal continues to step back from recent highs. The yield on the 10-year Treasury note, which affects borrowing costs on a wide array of consumer loans, rose to 4.02% from 4.00% at Friday’s close. Crude oil futures were down slightly at around $61.40 after jumping last week following a move by the U.S. to place sanctions on Russian oil firms.

2. Trump Sounds Positive Note on U.S.-China Trade Talks

President Donald Trump said early Monday that the U.S. is positioned to reach a trade deal with China, as the the president gets set to meet with Chinese leader Xi Jinping on Thursday in South Korea. “I have a lot of respect for President Xi, and we are going to come away with the deal,” Trump said. U.S. and Chinese negotiators over the weekend reached a framework for a trade deal that could result in a reduction of tariffs and trade barriers between the two countries. The deal will reportedly delay the implementation of 100% tariffs on Chinese imports that were slated to begin on Nov. 1, while China’s export controls on rare earth elements are also expected to be delayed as the two sides continue negotiations. Trump also expects the two countries to reach a deal on ownership of the social media app TikTok. The U.S. also announced that separate trade and mineral agreements were reached with Malaysia and Cambodia, while trade pact frameworks were struck with Thailand and Vietnam.  Shares of U.S. chipmakers Nvidia (NVDA) and Advanced Micro Devices (AMD), which are seeking to sell into Chinese markets, were both up more than 2% in premarket trading.

3. Trump Says Canada Will Face Additional 10% Tariffs for Reagan Ad

Trump said that the U.S. will slap an additional 10% tariff on Canadian goods after the Ontario provincial government ran an ad criticizing tariffs during the World Series on Friday. Ontario Premier Doug Ford said that broadcasts of the ad would end on Monday. Trump has criticized the ad for featuring comments from former President Ronald Reagan, which he described as a “serious misrepresentation of the facts.” Trump had placed a tariff of 35% on Canadian goods not covered by the USMCA agreement, though tariffs on some products like steel and aluminum are subject to levies of 50%. Trump had previously said trade negotiations with Canada would be “terminated” over the ad.

4. Novartis Agrees to Acquire Biotech Firm Avidity Biosciences

Shares of Avidity Biosciences (RNA) are soaring in premarket trading after Swiss pharmaceutical giant Novartis (NVS) agreed to buy the biotechnology company in a deal valued at $12 billion. Avidity will spin off part of its early-stage precision cardiology business before closing the deal in the first half of 2026, Novartis said in a statement. “The Avidity team has built robust programs with industry-leading delivery of RNA therapeutics to muscle tissue,” Novartis CEO Vas Narasimhan said. “We look forward to developing these programs to meaningfully change the trajectory of diseases for patients.” Shares of Avidity jumped more than 40% ahead of the opening bell, while Novartis shares were down about 1%.

5. U.S.-Listed Argentine Shares Rise on President Milei’s Legislative Victory

Shares of U.S.-listed Argentine companies are surging after President Javier Milei’s La Libertad Avanza party won a landslide legislative victory. President Donald Trump had offered to provide financial support for Argentina but said that the bailout hinged on the outcome of the election. “BIG WIN in Argentina for Javier Milei, a wonderful Trump Endorsed Candidate?,” Trump said on Truth Social. Shares of financial services companies Grupo Financiero Galicia SA (GGAL), Banco BBVA Argentina SA (BBAR) and Banco Macro SA (BMA) each gained more than 30% in premarket trading. Shares of oil company YPF (YPF) jumped about 25%, while shares of e-commerce firm MercadoLibre (MELI) added 7%.