Market View: Alibaba targets US$100 billion of cloud, AI revenue in five years; Nvidia to sell 1 million chips to Amazon by end of 2027 in cloud deal; Rupee breaches 93 per dollar to hit record low; Dollar slips, Asian markets slide as Iran war spurs hawkish rate rethink; Hongkong Land, Suntec Reit, Singtel to watch

Singapore shares fell today as investors continue to mull the impact of the Middle East war on global growth. The Straits Times Index was down 0.55% at 4,940.11 points at 2.18pm Singapore time, with a value turnover of S$1.04B seen in the broader market. In terms of counters to watch, we have Hongkong Land and Suntec Real Estate Investment Trust, after the property developer acquired a 10.8 per cent stake in the trust, for S$541 million in a bid to grow its presence in Singapore’s prime commercial sector. Elsewhere, from how Alibaba Group declared a target of reaching US$100 billion of cloud and AI-related business revenue in five years, to how the Indian rupee fell past the 93 per dollar level for the first time today, more corporate and international headlines remained in focus. On Market View, Money Matters’ finance presenter Chua Tian Tian dived into the key developments to watch for the day. See omnystudio.com/listener for privacy information.