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BlockBeats News, June 17th, Global photonics technology company Coherent (COHR) announced that it has signed a letter of intent with the U.S. Department of Commerce to receive up to $50 million in direct funding under the CHIPS Act to expand its 6-inch Indium Phosphide (InP) semiconductor manufacturing facility in Sherman, Texas, USA. Coherent stated that this investment will support the growing demand for optical networking technology in AI data centers and further strengthen its long-standing and recently expanded partnership with NVIDIA. Upon project completion, the Sherman facility is expected to create over 1,000 jobs, including more than 550 advanced manufacturing, engineering, and technical positions. The expansion will double the manufacturing production space and quadruple wafer capacity. This capacity expansion will enhance the U.S. domestic photonics chip supply chain capabilities and support the high-speed data transmission needs of AI computing infrastructure, alleviating the communication bottlenecks brought by large-scale AI computation. It will also collaborate with NVIDIA to drive the upgrade of optical networking and interconnect technologies for AI-centric "Data Center Factories." Previously, NVIDIA announced a $2 billion investment in Coherent.

Glonghui, June 17 — SpaceX stock experienced its first-ever decline since listing, ending a three-day surge that had propelled its market value past Amazon to become the world’s fifth-largest stock. The rocket and artificial intelligence company led by Elon Musk fell as much as 4.7% on Wednesday, erasing earlier gains that had reached 6% at one point. This pullback may end SpaceX’s three-day rally, reducing its total gain to nearly 50% above its IPO price of $135 per share, and potentially bringing its market capitalization below Amazon’s level. “In short, I think this is just market noise for now. If there is a significant drop, that would be a different matter,” said Michael Monaghan, partner and portfolio manager at Dallas Founder Funds, which holds SpaceX stock. “If the stock really declines further, we may increase our position,” he said.

Golden Ten Data Futures reported on June 17 that the Baltic Dry Index (BDI) fell for the third consecutive trading day, hitting a near one-month low, due to declines in Capesize and Panamax vessel rates. The BDI fell 17 points, or 0.6%, from the previous trading day to 2,653 points, the lowest level since April 21. The Capesize Index (BCI) decreased by 34 points, or 0.9%, to 3,877 points, marking a more than two-month low. Average daily earnings for Capesize vessels fell by $309 to $31,659. The Panamax Index (BPI) declined by 43 points, or 1.9%, to 2,223 points. Average daily earnings for Panamax vessels increased by $384 to $20,009. The Supramax Bulk Carrier Index (BSI) rose by 20 points, or 1.2%, to 1,705 points. The Handysize Index (BHSI) gained 7 points to 917 points.