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Citigroup took a sharp hit after its second quarter earnings dropped, with shares falling seven percent on the session. The results raised fresh questions about the bank's ongoing transformation under Jane Fraser, and whether the cost of restructuring is still weighing heavier than the revenue recovery investors had been pricing in.
Shifting to semiconductors, Qualcomm is making a bold case for its own relevance, projecting total revenue could more than double to one hundred billion dollars by twenty twenty nine. The thesis centers on diversification beyond smartphones into automotive and edge AI, but the stock continues to trade at a meaningful discount to Nvidia, suggesting the market still needs convincing before it reprices that growth runway.
And in a story that carries real implications for monetary policy credibility, Forbes raises the question of whether Kevin Warsh's conspicuous silence signals something deeper about the Federal Reserve's standing. With political pressure on the institution intensifying and independence increasingly questioned, the argument is that the Fed's authority is eroding quietly, which matters enormously for how markets price rate risk going forward.
That's the tape. Markets Desk, signing off the floor.
