Key Updates in Finance and Tech: Biden Tariffs, Tesla Expansion, Consumer Sentiment, Apple AI, SoundHound Surge

President Joe Biden is making waves in the financial world with his upcoming decision on Chinese tariffs, set to be unveiled next week. This decision is expected to target key strategic sectors such as electric vehicles, batteries, and solar cells, while maintaining existing levies. This move is seen as a departure from the across-the-board hikes implemented by former President Donald Trump.

In other news, Tesla CEO Elon Musk announced that the company plans to invest over $500 million to expand its electric-vehicle charging network this year. This comes shortly after reports of layoffs within the team responsible for the network. Additionally, BP is eyeing Tesla supercharging sites in the U.S. and has pledged $1 billion to expand its own EV charging network.

Investors are eagerly awaiting the release of the May consumer sentiment reading from the University of Michigan, which is expected to show a more downbeat outlook compared to April. With inflation pressures persisting, consumer sentiment will provide valuable insights into the state of the economy.

Apple is reportedly set to deliver artificial intelligence features this year using its own in-house processors in data centers. This move is aimed at processing advanced AI tasks for Apple devices, with simpler features being handled directly on iPhones, iPads, and Macs.

Lastly, SoundHound AI shares are surging after the company topped quarterly revenue estimates and raised its full-year sales guidance. Demand for AI speech recognition software is driving growth for the company, which has caught the attention of investors after Nvidia disclosed a stake in it.

Overall, U.S. stock futures are on the rise, bolstered by hopes for interest rate cuts by the Federal Reserve following a rise in initial unemployment claims. Investors should keep a close eye on these developments as they navigate the ever-changing financial landscape.