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There's been so much love for one global chip stock that as many as 14 analysts upgraded it in the past two weeks. Based on a CNBC Pro FactSet screen, 14 analysts upgraded the stock in the past two weeks, and none downgraded it. Those covering the stock say they are optimistic in light of AI demand, among other factors. This "inefficiency" has been estimated to likely create an additional ~10% in equipment demand over time," Kim added. When it comes to AI, Kim also said that each large language model upgrade cycle requires roughly 100 times more in compute capacity upgrades.
Persons: There's, That's Taiwan's, Phelix Lee, Lee, Dan Kim, Kim, FactSet, TSMC Organizations: Taiwan Semiconductor Manufacturing Company, Nvidia, CNBC, Morningstar, Saturna Locations: U.S, China, Taiwan
Russian President Vladimir Putin is replacing his defense minister with a civilian economist. Andrei Belousov will lead Russia's military-industrial complex as Putin prepares for a protracted war. The move shows Russia's wartime economy has become a key pillar of growth. AdvertisementRussian President Vladimir Putin replaced his defense minister with a civilian economist on Sunday. The Russian leader proposed Andrei Belousov, a 65-year-old former deputy prime minister, as defense minister to replace his longtime ally Sergei Shoigu.
Persons: Vladimir Putin, Andrei Belousov, Putin, , Putin —, Sergei Shoigu Organizations: Service, Business Locations: Ukraine
All this, the business administration student says, is part of his quest to land a job with a big bank like Goldman Sachs or JPMorgan. Advertisement"I have to grind a lot for academics and then do internships on top of that," Loh said. Many Singapore students have adopted a similar playbook to Loh's, padding their résumés with stacks of internships in the hopes of landing a spot at a top bank. AdvertisementHussain ended up doing five internships throughout his college career, including stints at a hedge fund and a private bank. Tan is slated to join a top European bank as an investment banking analyst this summer.
Persons: , Channon Loh, he's, Loh, Goldman Sachs, Mike Kemp, Eric Sim, Sim, It's, Adnan Hussain, Hussain, Adnan Hussain Adnan Hussain, you'll, Nicholas Tan, Tan, Duo Geng Goh, Goh, it's, Chi Ang, gunning, Ang, Adrian Choo, Choo Organizations: Service, National University of Singapore, NUS, JPMorgan, Business, Getty, Goldman, Harvard, Crazy Rich, UBS Investment Bank, BI, Singapore Management University, SMU, Students, Banking Locations: Singapore, Crazy
Anti-Israel protesters are just engaging in a form of performance art, says Citadel CEO Ken Griffin. Griffin said he was pausing his donations to Harvard over its approach to on campus antisemitism. AdvertisementCitadel founder and CEO Ken Griffin, 55, isn't a fan of the anti-Israel protesters that have taken over American college campuses. That's just anarchy," Griffin said of the student protesters. Griffin's criticisms of student protesters highlight the huge influence that Corporate America has on higher education.
Persons: Ken Griffin, Griffin, , we're, That's, Griffin didn't, Harvard didn't, Darren Woods, Kevin O'Leary, O'Leary Organizations: Israel, Citadel, Harvard, Service, Financial Times, Columbia University, UCLA, The New York Times, BI, mater, Harvard University, Harvard Gazette, Senate, IBM, Funds Association Network Miami, Ivy League, CNBC, Fox News Locations: Israel
Putin replaced his longtime defense minister Sergei Shoigu with an economist Andrey Belousov. AdvertisementRussian leader Vladimir Putin is replacing his longtime defense minister Sergei Shoigu, 68, with an economist. On Sunday, Putin named former deputy prime minister and economic development minister Andrey Belousov, 65, as his new defense chief. Shoigu, who served as defense minister since 2012, now runs Russia's Security Council instead, taking over from Putin ally Nikolai Patrushev. Representatives for Russia's defense ministry didn't immediately respond to a request for comment from BI sent outside regular business hours.
Persons: Vladimir Putin, Putin, Sergei Shoigu, Andrey Belousov, Belousov, , Dmitry Peskov, Shoigu, Nikolai Patrushev, Peskov, Timur Ivanov, Admiral Sir Tony Radakin, Wagner, Yevgeny Prigozhin, Prigozhin, Shoigu's, It's, didn't Organizations: Sunday, Service, TASS, Russian Ministry of Defense, Security, Putin, Industrial Commission, CNN, BI Locations: Shoigu, Russia, Ukraine
Apple executives knew they needed to upgrade Siri after they started using ChatGPT. The company's software chiefs spent weeks using the OpenAI chatbot before making the decision. AdvertisementApple executives realized their digital assistant Siri badly needed an upgrade after they began testing OpenAI's chatbot, ChatGPT. Unlike most tech giants, Apple has remained relatively coy about how it intends to compete in the field of AI. The Sam Altman-led AI company has long been on Apple's radar, with Cook admitting in an interview with Good Morning America last year that he, too, uses ChatGPT.
Persons: Siri, , Craig Federighi, John Giannandrea, Giannandrea, Tim Cook ., Apple didn't, Cook, hasn't, Sam Altman Organizations: Apple, Developers, Service, New York Times, BI, Developers Conference, coy, Microsoft, Meta, Google, Financial Times, Taiwan Semiconductor Manufacturing Company, Street, OpenAI, Bloomberg, Good Morning America Locations: Cupertino
The bank therefore expects Arm-based AI PCs to "start a transformation that will affect the global semis industry." Morgan Stanley added it believes that Apple may expand its Arm-based CPU to AI servers as well. The bank estimates that AI PCs will reach a penetration rate of 95% by 2027 — up from 8% in 2024. Stocks What stocks will benefit from Arm's foray into AI PCs? As for TSMC, Morgan Stanley says its foundry market share with the "x86" CPU market will grow.
Persons: Morgan Stanley, That's, TSMC, MediaTek, bode, — CNBC's Michael Bloom Organizations: Microsoft, Intel, AMD, Qualcomm, Apple, Nvidia Locations: British, Taiwan
According to the business chamber's survey, just 13% view China as a top investment destination — a record low. EU firms' China operations are 'decoupling' from their headquartersIt's not just the gloomy economy and slowing demand that are weighing on investor confidence. EU firms have also started to "decouple" their operations in China as the number of foreign nationals employed locally falls. It also makes it increasingly difficult for the China operations of the EU firms to get approval from their headquarters. The European business chamber called for "full access to legitimate and trustworthy sources of economic data" in its report.
Persons: , Xi Jinping, It's, Jens Eskelund Organizations: Service, European Union Chamber of Commerce, Business Locations: Europe, France, Serbia, Hungary, China
The bill, if enacted, imitates the Russian approach of using prisoners to fuel its war efforts. AdvertisementLawmakers in Ukraine passed a bill on Wednesday that would allow the country's military to recruit prisoners to fight on the battlefield. The bill, which has yet to be signed into law by Ukrainian President Volodymyr Zelenskyy, will allow Ukraine to mimic the Russian tactic of drafting convicts for their war effort. Related storiesBut while Russia hasn't imposed many restrictions on which prisoners they conscript, the Ukrainian bill is a lot more particular on who gets selected. The passing of the bill comes at a precarious time for Ukraine, which has to reckon with what US officials are calling a reinvigorated Russian army.
Persons: , Volodymyr Zelenskyy, Vsevolod Vukolov, Russia hasn't, Shulyak, Christopher Cavoli, didn't Organizations: Service, Lawmakers, Russian, Kommersant, Washington Post, Pravda, US, Armed, BI Locations: Russia, Ukraine, Russian
RFK Jr. said in a 2012 divorce deposition that doctors found a dead worm in his brain. "I offer to eat 5 more brain worms and still beat President Trump and President Biden in a debate," he said. Kennedy said on Wednesday that he's confident of winning a presidential debate even if he were to eat a couple more of those "brain worms." "I offer to eat 5 more brain worms and still beat President Trump and President Biden in a debate," Kennedy wrote in a post on X. Kennedy claimed that doctors found a dead worm in his brain during his divorce deposition in 2012, per The Times.
Persons: Trump, Biden, , Robert F, Kennedy Jr, Kennedy, Kennedy's, Stefanie Spear, Mr, Joe Biden, Donald Trump, Spear, Bill Ackman, Jack Dorsey, He's, Nicole Shanahan, Sergey Brin, Kennedy didn't Organizations: RFK Jr, Service, The New York Times, Times, BI, , Biden, Trump, White Locations: Africa, South America, Asia
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The tech giant unveiled its latest iPad models on May 7. The ad certainly made a statement, just probably not in the manner that Apple intended. "Maybe hire Ridley Scott again next time instead," read one X post referencing the award-winning director behind the "1984" ad. Representatives for Apple didn't immediately respond to a request for comment from BI sent outside regular business hours.
Persons: , Tim Cook's, 6PeGXNoKgG, Tim Cook, Joe B, Transue, Cook, Roger Rabbit, Apple, Ridley Scott, Y, Paul Graham, Graham, would've, Steve Jobs, Steve wouldn't, Jobs, Apple didn't Organizations: Service, Business, Venture, Apple, BI Locations: Cupertino
The proposal covers a range of issues, including minimum technical standards and ecological guidelines for battery production. AdvertisementChina's battery production in 2023 alone was already big enough to fill global demand, according to an analysis from BloombergNEF. China's global share of battery manufacturing capacity is expected to fallDespite the West's consternation, there is an upside for the bloc. China's global share of battery manufacturing is expected to decline in the years ahead, according to a report from the International Energy Agency, or IEA, published on Monday. AdvertisementChina now accounts for more than 80% of battery manufacturing capacity, followed by the US and the EU with around 5% each, per the IEA.
Persons: China's, , Xi Jinping's, Louise Loo, Loo, Chim Lee, Lee Organizations: Service, China's Ministry of Industry, Information Technology, European Union, Oxford Economics, Economist Intelligence, International Energy Agency, US, EU Locations: China, Beijing, Canada, Europe, India
Read previewNoah Kagan, an early Facebook employee, may have worked for Mark Zuckerberg for only nine months, but he says the brief stint taught him a lot about Zuckerberg's management style. Then I got fired," Kagan wrote in an X post on Tuesday before launching into what he said were the "10 non-obvious lessons" he picked up from Zuckerberg. Kagan joined Facebook as a product manager in 2005, the same year Zuckerberg dropped out of Harvard University to run the company full time. Representatives for Kagan and Zuckerberg didn't immediately respond to a request for comment from Business Insider sent outside regular business hours. Zuckerberg told employees in January 2023: "I don't think you want a management structure that's just managers managing managers, managing managers, managing managers, managing the people who are doing the work."
Persons: , Noah Kagan, Mark Zuckerberg, Kagan, Zuckerberg, uPGrc5aq6V — Noah Kagan, Mark, he's, Zuckerberg didn't, Meta Organizations: Service, Facebook, Zuckerberg, Business, Harvard University, Harvard, LinkedIn, Business Insider, Meta
Tesla is planning to rollout its robotaxis in China, state-owned newspaper China Daily reported. Elon Musk suggested implementing Tesla's Full Self-Driving technology in China's taxi services. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla CEO Elon Musk is looking to to deploy his company's Full Self-Driving (FSD) technology in China's taxi services, Chinese state-owned newspaper China Daily reported on Tuesday. The Tesla chief made a surprise visit to China last month, where he met the country's second-highest-ranking politician, Premier Li Qiang.
Persons: Tesla, Elon Musk, , Li Qiang Organizations: China Daily, Service, Tesla, Bloomberg Locations: China
U.S. stocks have been rather volatile in the past month, but in the past week they had a strong run on hopes of rate cuts. The Dow Jones Industrial Average had its fourth consecutive winning session on Monday, and the S&P 500 also climbed for the past four days. Elsewhere, analysts are getting more optimistic on China stocks, especially those in the tech sector. CNBC Pro screened FactSet for stocks from four exchange-traded funds. — Weizhen Tan
Persons: Weizhen Tan Organizations: Dow Jones, Tech, CNBC Locations: China
Boeing is lauding an employee who reported a lapse with the 787 Dreamliner's safety checks. A senior Boeing executive said the employee should be celebrated for doing the "right thing." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Boeing employee who raised an issue with the 787 Dreamliner's quality checks to his superiors did the "right thing," a senior executive of the company said last week. "I wanted to personally thank and commend that teammate for doing the right thing," Scott Stocker, who heads the 787 manufacturing program, said in an internal memo on April 29.
Persons: , Scott Stocker, " Stocker Organizations: Boeing, Service, Business
U.S. stocks have been rather volatile in the past month, but in the past week they had a strong run on hopes of rate cuts. Tech stocks, which would be boosted by rate cuts, have been a big part of that rally — with Meta , Alphabet and Amazon in particular having a strong showing over the past couple of weeks. Elsewhere, analysts are getting more optimistic on China stocks, especially those in the tech sector. Kevin Liu, managing director and strategist at CICC Research, said his conviction call would be a structural barbell allocation with themes including tech names "with high-end upgrading opportunities," among others. Stock screen Against this backdrop, CNBC Pro screened FactSet for stocks from four exchange-traded funds (KraneShares CSI China Internet ETF, Vanguard Information Technology ETF, Invesco China Technology ETF and the iShares MSCI China Multisector Tech ETF) to find stocks that: have beaten the S & P 500's around 9% year-to-date performance.
Persons: Bernstein, Kevin Liu Organizations: Dow Jones, Tech, UBS, CICC Research, CNBC Pro, CSI China Internet, Vanguard Information Technology, China Technology ETF, China Multisector Tech Locations: China
Central banks are on a gold-buying spree, contributing to record-high spot gold prices. Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback. Other central banks are also loading up on gold. Emerging market central banks that bought gold in the first quarter of the year include Kazakhstan, Oman, Kyrgyzstan, and Poland. There are political motivations for central banks to diversify their assets, too.
Persons: , it's, bode Organizations: Service, People's Bank of China, greenback, Gold, JPMorgan, Allianz Locations: China, Turkey, India, Kazakhstan, Oman, Kyrgyzstan, Poland, United States
China stocks have staged such a strong rally after a protracted slump for the past few years that they're beating even the S & P 500 so far this year. The MSCI China index, which includes the mainland A-shares, Hong Kong-listed shares and U.S.-listed China names, has jumped around 9%, while the KraneShares CSI China Internet ETF is up around 13%. Most analysts said whether the rally can be sustained will largely depend on China policy. How to play China Though most were bullish on China stocks, they would be selective in stock-picking. They include: SPDR S & P China ETF iShares MSCI China A ETF Global X MSCI China Consumer Disc ETF iShares MSCI Hong Kong ETF — CNBC's Michael Bloom contributed to this report.
Persons: Bernstein, it's, , Goldman Sachs, Kevin Liu, CICC, Nomura's, Goldman, Kweichow, Ping, Morningstar, Michael Bloom Organizations: U.S, CSI China, Investors, CICC Research, CNBC, BYD, SAIC, Changan Automobile, Energy, Anhui, Cement, JPMorgan, Kuaishou, Ping An Insurance, China Merchants Bank, Hong, China, iShares, China Consumer Locations: China, Hong Kong
US presidential candidates Biden and Trump both vow to get tough on China. EIU predicts worsening US-China economic and diplomatic ties over the 2020s. EIU doesn't expect US trade policies to significantly reduce China's role in global production networks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US presidential election is less than six months away, and Democratic and Republican presidential nominee frontrunners Joe Biden and Donald Trump have both vowed to get tough on China.
Persons: Trump, EIU, , frontrunners Joe Biden, Donald Trump, Biden Organizations: Biden, Service, Democratic, Republican, Economist Intelligence Unit, Business Locations: China
Russia's military is paying more in sign-on bonuses and salaries than the oil and gas sector. Russia's oil and gas revenues have been keeping its war chest filled. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia is facing a labor crisis as its war with Ukraine siphons manpower away from the country's economy. Russia's oil and gas sector has been paying wages that are at least two-thirds higher than the national average wage since 2017, per Bloomberg calculations based on official data.
Persons: Organizations: Service, Bloomberg, Business Locations: Russia, Ukraine
Berlusconi, Cicchitto said, was accompanying Putin on a hunting trip in the Russian countryside when Putin spotted a pair of deer. After shooting the deers, Putin told Berlusconi he would prepare an extraordinary meal with it, per Cicchitto's recount. According to Cicchitto, Putin proceeded to cut open one of the deer's body with a hunting knife. Berlusconi might have balked at Putin's culinary offering, but the former Italian prime minister shared a close relationship with Putin. In fact, eating a deer's heart is probably not that strange once you consider what else Putin has done with animals, per prior accounts.
Persons: , Vladimir Putin, Silvio Berlusconi, Fabrizio Cicchitto, della Sera, Berlusconi, Cicchitto, Putin, Silvio, Putin's machismo, he's, didn't Organizations: Service, Forza Italia, della, Business, BI Locations: Italian, Russia, Russian, Cicchitto, Ukraine
Kevin O'Leary said he would've fired the Hims & Hers CEO for backing the pro-Palestinian protests. AdvertisementHims & Hers CEO Andrew Dudum should have been fired immediately for supporting the pro-Palestinian student protesters, says "Shark Tank" host and investor Kevin O'Leary. On May 1, Dudum said in an X post that student protesters should "keep going" because "it's working." People are very polarized by this war, as they are in every war," O'Leary said. Last week, the businessman said in an interview on Fox News' "The Five" that pro-Palestinian student protesters will be "screwed" when they start job hunting.
Persons: Kevin O'Leary, would've, Andrew Dudum, " O'Leary, Dudum's, , O'Leary, Dudum, you’re, Dudum didn't, CNN's Laura Poole Organizations: Service, Palestinian, Fox Business, Columbia University, UCLA, BI, Fox News, Google, National Labor Relations Board Locations: Israel, Gaza
Xi is spending two days in France, meeting French President Emmanuel Macron on Monday before heading to Serbia and Hungary. "I'm calling for an 'aggiornamento' because China is now in excess capacity in many areas and exports massively to Europe," Macron told La Tribune Dimanche, per a Bloomberg translation. She said China's trade practices are leading to unfair trade that are "market-distorting" and "could lead to deindustrialization in Europe." China has pushed back on the West's claims of overcapacity, accusing the bloc of being protectionist and of trying to curb China's economic development. However, Europe — like China — isn't quite the same anymore, following years of economic malaise punctuated by the pandemic and the war in Ukraine.
Persons: , Janet Yellen, Olaf Scholz, Xi Jinping's, Emmanuel Macron, Macron, Matt Geraci, Geraci, Ursula von der Leyen, Von, Leyen, Léonie Allard, Allard, Xi Organizations: Service, State Authority, European Union, Business, La Tribune Dimanche, Atlantic, Associated Press, European, overcapacity, Council's Locations: China, France, Serbia, Hungary, European, Germany, Europe, Beijing, Washington, Russia, Ukraine
Jack Dorsey has gone from loving to hating to loving Elon Musk again. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTwitter co-founder Jack Dorsey might have once been a critic of Elon Musk's changes to his creation. But all that seems to be water under the bridge now for Dorsey, who's now seemingly in his "I Love Elon" era. For starters, Dorsey unfollowed over 2,000 accounts on X over the weekend, leaving just three accounts — Elon Musk, NSA whistleblower Edward Snowden, and Stella Assange, the wife of Wikileaks founder Julian Assange.
Persons: Jack Dorsey, Elon Musk, Bluesky, Dorsey, , Elon, who's, Dorsey unfollowed, Edward Snowden, Stella Assange, Julian Assange Organizations: Service, Twitter, NSA
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