Happy Monday. After falling into correction territory to end last week, the Russell 2000 came soldiering back this week with a 3% gain on the day. Large cap indexes also rose by healthy sums as captured by the intraday performance of the Dow (+1.7%), Nasdaq (+1.65%), and S&P 500 (+1.47%). The gains came after President Donald Trump teased a negotiation with Iran to end the conflict in the Middle East, easing oil prices and volatility.
TSMC, Samsung, Micron, and Intel are among a crop of companies spending billions to reshore semiconductor production to the United States. But they're about to have new competition from a completely new player to the chip game.
This weekend, Tesla announced Terafab, which promises to be the "largest chip manufacturing facility ever", a $25 billion investment which Tesla says could produce up to 1 terawatt hour worth of computing power per year... if it works.
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