The rally in U.S. stocks is encountering a fresh hurdle -- a potentially problematic rise in Treasury yields as the Federal Reserve signals fewer interest rate cuts for 2025. The central bank's rate outlook on Wednesday included only two cuts in the coming year, rather than the four previously penciled in, catching investors off guard, and sending stocks tumbling while driving up yields and the dollar. That overshadowed the Fed's widely expected decision to reduce its benchmark rate for a third straight meeting.
Apple is in talks with Tencent and TikTok owner ByteDance about integrating their artificial intelligence models into iPhones sold in China, according to three sources familiar with the matter. The U.S. firm started the rollout of OpenAI's ChatGPT into its devices this month, part of the Apple Intelligence product that allows its Siri voice assistant to tap the chatbot's expertise including on user queries about photos and documents such as presentations. ChatGPT is not available in China and the country's regulatory requirements mandate that generative AI services obtain government approval before public release, forcing Apple to seek local partners for its AI features at a time when its market share in the country is declining.
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