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Market : Stocks slipped ing the S & P 500 's record high close on Monday.
There was no major reaction to Federal Reserve Chair Jerome Powell's speech in Rhode Island, where he acknowledged how the Fed is balancing upside risks to inflation with downside risks to employment.
His s didn't significantly alter the market's expectations for rate cuts this year, with investors still anticipating a 25-basis-point cut at both the October and December meetings.
Liquid cooling: AI data center power stocks fell Tuesday after Microsoft announced a breakthrough in chip-cooling nology.
The company said it has developed a new method to cool AI chips through a system that removes heat up to three times more effectively than cold plates, also known as direct liquid cooling.
Microsoft 's new system utilizes an in-chip microfluidics cooling system, which the company says "brings liquid coolant directly inside the silicon." The nology creates grooves on the back of silicon chips, allowing cooling liquid to flow directly onto the chip.
Stocks GE Vernova , Eaton , and Vertiv sold off immediately after the announcement but gradually pared their losses.
These were knee-jerk reactions to an announcement that bably doesn't change the quo or backlogs for the foreseeable future, and who knows if this microfluidics nology can be done at scale.
Lilly manufacturing expansion : Eli Lilly said it is building a new $6.5 billion manufacturing facility in Houston, Texas.
This new facility will focus on manufacturing the company's small molecule medicines, including obesity drugs such as the oral GLP-1 orforglin.
In a press release, CEO David Ricks said the new site will give the company the ability to manufacture orforglipon at scale and "help fulfill the medicine's potential as a metabolic health treatment for tens of millions of people worldwide who prefer the ease of a pill that can be taken without food and water restrictions." Eli Lilly plans to file for apval for the drug by the end of the year, with a launch expected for early next year.
This is the second major U.S. manufacturing announcement Lilly has made in the past two weeks. Last Wednesday, it announced it is building a new $5 billion facility in Virginia.
Up next: Micron reports after the closing bell, and the results and ary from this memory chip manufacturer will vide a read-through to important nology end data center, PCs, and smartphones.
Cintas and Thor Industries report before the opening on Wednesday. New data includes weekly mortgage applications, new sales, and building permits.
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