US equity markets fell sharply ahead of tonight’s AEST consumer price inflation (CPI) figures for May - Dow fell -638-points or -1.94%, The broader S&P500 shed -2.38%, with Communication Services (down -2.75%), Information Technology (-2.72%) and Financials (-2.61%) all declining over >2.5% to lead all eleven primary sectors lower. Tesla Inc fell -0.89% despite UBS upgrading the electric vehicle leader to “buy” from “neutral”, while leaving the price target of US$1,100 unchanged. The Nasdaq dropped -2.75%. All three benchmark indices booked their worst daily percentage drops since 18 May, according to FactSet data. Facebook parent Meta Platforms (down -6.43%) began trading under its new ticker, META, completing a rebranding effort. Advanced Micro Devices Inc (down -3.04%) hosted an Investor Day, with Chief Executive Lisa Su identifying Artificial Intelligence as the chipmaker’s “single highest growth opportunity” over the next few years. With the recent acquisition of Pensando, Ms Su said that AMD now has leading technology in data processing units (DPUs) chips specifically designed to process data on a large scale, adding that the company plans to be the “partner of choice in the data centre over the next three to four years.” Ms Su also released details of the company’s financial model over the next three to four years. The company is predicting annual revenue growth of ~20% annualised, free cash flow margins of more than >25%, and gross margins of more than >57%. AMD just broke 50% gross margins a few quarters ago, while Intel Corp (down -2.96%) has struggled to keep its gross margins higher than 50%. The small capitalisation Russell 2000 lost -2.12%. Nutrien Ltd rose +1.06% after the world’s largest fertiliser company said it has plans to boost its fertiliser production capability as the world grapples with shaky supply from eastern Europe. The company said it will ramp up potash production capability to 18M tonnes by 2025, representing a 40% increase compared to 2020, citing “structural changes in global energy, agriculture and fertiliser markets”.