Tonight’s Highlights | August Nonfarm Far Below Expectations, US Stock Index Futures Surge Short-Term
On Friday, following the release of the latest nonfarm report, US stock index futures surged short-term.
Major European indices generally rose. Pre-market data showed that US nonfarm employment in August increased by only 22,000, far below the market’s expected 75,000; the unemployment rate for August was 4.3%.
Meanwhile, June nonfarm job growth was revised down from 14,000 to -13,000, while July’s figure was revised up from 73,000 to 79,000.
After the nonfarm data release, traders increased bets on the Federal Reserve continuing to cut rates beyond September. The market had previously anticipated a certain rate cut in September, but there was no clear judgment on actions afterward.
On the macroeconomic front, the trade agreement reached between the US and Japan on Thursday evening officially took effect, with US President Trump signing an executive order reducing tariffs on Japanese automobiles and parts from 25% to 15%.
The world’s richest man, Elon Musk, also received significant news. The Tesla board proposed a compensation plan worth up to $1 trillion on Friday to ensure he continues as CEO.
However, the prerequisites for this astronomical compensation package are extremely high, with Musk required to achieve ambitious milestones, including boosting Tesla’s market capitalization to $8.5 trillion—approximately double Nvidia’s current valuation.
As of press time, Broadcom’s US pre-market shares rose over 13%, with reports indicating that an AI chip co-designed by OpenAI and Broadcom is expected to launch next year.
Company News
Tesla Board Proposes New Compensation Plan for CEO Musk
Tesla announced on September 5 that the board has proposed a new compensation plan for CEO Elon Musk, potentially offering a record-breaking $1 trillion payout tied to performance goals. The plan would grant Musk up to 12% of Tesla’s stock, which could be worth approximately $1.03 trillion if the company reaches its $8.6 trillion market cap target.
The plan requires increasing Tesla’s valuation by nearly eightfold, or about $7.5 trillion, over the next decade. It also adds 60 million shares to the employee stock pool. The board further proposed another measure seeking authorization to invest in Musk’s AI company xAI.
TikTok Europe Monthly Active Users Surpass 200 Million
TikTok announced on September 5 that it has over 200 million monthly active users in Europe, up from 175 million last year, currently accounting for about one-third of the European population.
Apple’s Last Fiscal Year Sales in India Reach Record $9 Billion
Reports indicate that Apple’s sales in the Indian market for the last fiscal year hit a record $9 billion.
OpenAI Reportedly to Collaborate with Broadcom on Mass-Producing In-House AI Chips
Sources suggest OpenAI will partner with Broadcom to mass-produce its own AI chips, with shipments expected next year.
OpenAI Announces Construction of AI Job Platform
OpenAI’s Chief Application Officer Fidji Simo announced on September 4 local time the expansion of the OpenAI Jobs Platform. The platform will leverage AI to help companies find perfect matches between needs and employee skills. OpenAI commits to certifying 10 million Americans by 2030.