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☆ EU approves Italian aid for $5.4 billion STMicro chip plant
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +3 min

STMicroelectronics has committed 5 billion euros ($5.4 billion) of investment in what it calls the world's first fully integrated Silicon Carbide (SiC) plant in Italy. The project is backed by 2 billion euros from the Italian state, and is the result of the EU's Chips Act which aims to provide support for Europe's chip industry. The European Commission on Friday approved Italian state aid for STMicroelectronics to build a 5 billion euro ($5.4 billion) microchip plant as Europe battles to reduce reliance on Asian imports for vital manufacturing components. The STMicro plant will produce chips made from silicon carbide, which is more energy-efficient than standard silicon. STMicro is the largest maker of silicon carbide chips, which are more expensive to manufacture than regular silicon chips but favoured by automakers because they are energy-efficient, lightweight and tough.

Persons: STMicroelectronics, Margrethe Vestager, it's, Vestager, STMicro Organizations: Carbide, European, United, European Union, Union, BMW, Renault Locations: Italy, Catania, Sicily, Rome, China, Asia, United States, Catania . U.S, STMicro

☆ 'Buy on the dips': Morgan Stanley names its favorite stocks in European tech
▼ + stars: | 2024-01-17 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Those themes can "drive earnings momentum throughout this year, especially in 2H24," Morgan Stanley's analysts led by Lee Simpson wrote in a Jan. 11 research note titled "2024 Outlook: buy on the dips." The stocks are listed in the order of Morgan Stanley's preference in the table above. ASML The Dutch semiconductor equipment maker made Morgan Stanley's list, with a 12-month price target of 700 euros ($764.26), giving it around 7.8% upside. They expect the stock to "outperform on recovery" and thus gave it a target price 48 euros, or 20.8% upside potential. VAT Group This German company was among Morgan Stanley's top stocks, thanks to its exposure to the memory segment.

Persons: Morgan Stanley, Morgan, Lee Simpson, Morgan Stanley's, Besi, STMicroelectronics Morgan Stanley, — CNBC's Michael Bloom Organizations: Wall Street Bank Locations: 2H24, upcycles

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Eli Lilly, Salesforce, Snowflake, Snap, Pinterest and more
▼ + stars: | 2023-11-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Jefferies upgrades Pinterest and Snap to buy from hold Jefferies sees growth upside in 2024 for both stocks. " Wolfe upgrades Ally Financial to outperform from peer perform Wolfe said in its upgrade of the financial company that it's well-positioned. "In an environment where the probability of a mild recession or soft landing both appear plausible, we believe ALLY is well positioned to outperform in either scenario and upgrade shares to Outperform." "We continue to believe that Salesforce is on track to become the next quality [growth at a reasonable price] stock." Goldman Sachs reiterates Snowflake as buy Goldman Sachs stood by its buy rating on Snowflake after earnings on Wednesday.

Persons: Berenberg, Eli Lilly, Lilly, Wells, BTIG, Jefferies, Bernstein, Burger, Wolfe, TD Cowen downgrades Okta, Cowen, Stifel, Raymond James, Morgan Stanley, Bilibili, BILI, Baird, Pat Shanahan, Wells Fargo, Salesforce, Goldman Sachs, Snowflake, DUK Organizations: pharma, Nvidia, NVIDIA, Jefferies, SNAP, BK, UBS, Service Corporation, Deutsche Bank, Lattice Semiconductor, Apple, JPMorgan, Nokia, Infineon, Watch, Hewlett Packard Enterprise, Barclays, GE Healthcare, Airbus, Bank of America, Duke Energy, HSBC, Molson Coors Locations: FTCH, North America, China

☆ Morgan Stanley is bullish on this emerging AI trend — and names 6 stocks to play it
▼ + stars: | 2023-11-23 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

One part of artificial intelligence will have an increasing role to play, according to Morgan Stanley. The theme, which it called "Edge AI," involves running AI algorithms directly on a user's device, be it a smartphone, laptop or wearable, among other things. Edge AI can help save costs, reduce latency (or lag time), among other benefits, Morgan Stanley said. MediaTek Morgan Stanley said MediaTek , the largest chip design house in Asia, is gearing up for Edge AI. Xiaomi Morgan Stanley said Xiaomi is a key beneficiary, given its first-mover advantage in Edge AI.

Persons: Morgan Stanley, Apple Morgan Stanley, Apple, DELL, Dell, MediaTek Morgan Stanley, MediaTek, Qualcomm Morgan Stanley, STMicroelectronics, Xiaomi Morgan Stanley, Xiaomi, — CNBC's Michael Bloom Organizations: Edge, Apple, Dell, PCS, Qualcomm, Hong Locations: Asia, Taiwan, Hong Kong

☆ Here are Tuesday's biggest analyst calls: Tesla, SoFi, Pinterest, Roku, Boeing, Apple, Shopify, Chewy and more
▼ + stars: | 2023-10-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Baird downgrades ON Semiconductor to neutral from outperform Baird said it sees "pricing pressures" for the semiconductor maker. Morgan Stanley upgrades Chewy to overweight from equal weight Morgan Stanley said in its upgrade of the stock that share sell-off is overdone. " Morgan Stanley upgrades SoFi to equal weight from underweight Morgan Stanley said the risks to SoFi are more than priced in. Morgan Stanley initiates Celsius Holdings as equal weight Morgan Stanley said in its initiation of the stock that it sees a balanced risk/reward. Northcoast upgrades Boeing to buy from neutral Northcoast said in its upgrade of Boeing that it sees a "more promising long term earnings horizon."

Persons: Wells Fargo, Bernstein, Goldman Sachs, it's, Baird, Rowe Price, Tesla, Piper Sandler, Wells, Morgan Stanley, CHWY, Guggenheim, Tourmaline, AutoNation, Jefferies, underperform Jefferies, MoffettNathanson, D.A, Davidson, Northcoast, ABG, Wolfe, Phillips, PSX Organizations: Wells, MARA, Apple, Semiconductor, Citi, TROW, Deutsche Bank, Bank of America, of America, 4Q, Arista Networks, TAM, Lincoln Electric, Seaport, Guggenheim, JPMorgan, Susquehanna, WSM, D.A, Disney, Boeing, Boeing Company, Asbury Automotive Locations: Williams, Sonoma, CELH

☆ STMicro beats third quarter sales forecasts
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsOct 26 (Reuters) - European chipmaker STMicroelectronics (STMPA.PA) beat expectations on Thursday for third quarter sales, helped by demand from the automotive sector. However, the company, whose clients include Tesla (TSLA.O) and Apple (AAPL.O), said it expects a drop in sales in the fourth quarter. Third quarter net revenues rose 2.5% year on year to $4.43 billion, beating the average of $4.38 billion expected by analysts in an Refinitiv poll. STMicro said it expects fourth quarter sales to fall about 3% year on year to $4.30 billion. STMicro on Thursday added it projects a gross margin of 46% in the fourth quarter, give or take 200 basis points.

Persons: Sarah Meyssonnier, Jean, Marc Chery, STMicro, Olivier Sorgho, Clarence Fernandez, Sonali Paul Organizations: REUTERS, Apple, Automotive, Electronics, Thomson Locations: Montrouge, Paris, France, U.S, China

☆ What soft landing? Stocks are acting like there's a rough road ahead
▼ + stars: | 2023-09-25 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

For the most part, the market has paid little attention, but this time the message seems to have hit home. Banks stocks have been weak, and even former leaders in industrials like Parker Hannifin have been down. Fewer than 50% of NYSE stocks are above their 200-day moving average. Energy stocks are up, but even they have been selling off in the last week, despite the rise of oil. "Rising interest rates have made commodities-related areas, from industrial metals to energy, interesting for the time being," Timmer noted.

Persons: Jerome Powell, Powell, Russell, Parker, Frank Gretz, Timmer, Lowry Organizations: UAW, Retail, Airlines, JETS, Transports, Banks, Nvidia, Marvell, AMD, Wellington, Commodities, Energy Locations: Banks, industrials, Taiwan, Wellington Shields, mused

☆ Bank of America names 2 European chip stocks as its 'top picks' into year-end
▼ + stars: | 2023-09-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America named European chip stocks ASM International and STMicro as its "top picks" going into the end of the year. The Wall Street bank said it continues to favor ASMI with a 521 euro ($559) price target, which represents 25% upside potential from the current share price. Bank of America's $72 price target for STM points to a 62% upside potential over the next 12 months. STM ASMXF YTD line Bank of America analysts cited "resilient pricing and secular growth drivers in silicon carbide (SiC)" as reasons the stock should benefit into year-end. Bank of America cautioned that mixed signals on smartphone demand are an issue for the semiconductor sector more broadly.

Persons: Didier Scemama, Jean, Marc Chery Organizations: of America, ASM International, " Bank, America's, Bank of America, carmakers Locations: United States, Paris

☆ Morgan Stanley names 3 high-conviction global stock ideas, says one could soar 40%
▼ + stars: | 2023-08-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Morgan Stanley has identified three Asia Pacific stocks as "high conviction" and actionable trade ideas. The bank said the three stock ideas highlight "actionable, high-conviction calls" made by its equity research team in the preceding week. However, it cautioned that investors should not interpret these stock ideas as portfolios. Treating 'Three Actionable Ideas' ideas as a portfolio will subject you to the risk of losing all or a substantial portion of your investments," the bank said. Morgan Stanley said its price target was probability-weighted, giving 30% to its bull case and 60% to its base case scenarios.

Persons: Morgan Stanley, Renesas Electronics Morgan Stanley, FactSet, Macquarie, ICICI Bank Morgan Stanley, Michael Bloom Organizations: Asia, Electronics, Australia's Macquarie Group, India's ICICI Bank, Renesas Electronics, Macquarie Group, ICICI Bank Morgan, ICICI Bank Locations: Japan, U.S

☆ Apple supplier Foxconn's failed India chip venture shows how tough it is for new players
▼ + stars: | 2023-07-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

In this article 2317-TW Follow your favorite stocks CREATE FREE ACCOUNTThis month, Foxconn pulled out of its joint venture with Vedanta. In May 2021, it formed a joint venture with Yageo Corporation, which makes various types of electronic components. Foxconn looked to India for its joint venture with Vedanta because the country's government is looking to boost its domestic semiconductor industry and bring manufacturing on shore. This month, Foxconn pulled out of its joint venture with Vedanta. Foxconn and Vedanta wanted to license the technology from STMicro and India wanted the firm to have a stake in the joint venture, but the European chipmaker did not, Reuters reported.

Persons: Foxconn, Gabriel Perez, Neil Shah, Shah, BMI's Perez, Vedanta Organizations: Vedanta, Getty, BMI, Fitch Group, CNBC, Samsung, Micron, Hai Technology, Yageo Corporation, Counterpoint Research, Reuters Locations: India, EU, Mainland China, STMicro

☆ ASML, STMicro, Infineon and more: Barclays predicts the AI impact as earnings loom
▼ + stars: | 2023-07-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

"We expect AI excitement to continue (hence our Positive industry view)," said the Barclays analysts led by Simon Coles in a note to clients on June 28. The below table highlights the European chip stocks covered by Barclays, the date of their earnings, and the bank's 12-month price target for each. The stock has potential upside of 37.3%, according to Barclays' analysts; the second-highest on their list. The bank's analysts are optimistic about the company's revenue exposure and anticipate a strong quarter driven by the auto sector. Barclays puts Infineon's upside potential at 40% — the highest on its list of chip stocks.

Persons: Simon Coles, ASML, telco, STMicroelectronics Organizations: Barclays, Samsung, Nokia, ASM, Infineon Locations: Asia, China, EUV, STMicro, 2024E

☆ Foxconn withdraws from $19.5 bln Vedanta chip plan in India
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Here is a timeline of how events have unfolded since the signing of the $19.5 billion joint venture:* Feb. 14, 2022: Foxconn partners with Vedanta to make semiconductors in India in a bid to diversify its business. * Sept. 13, 2022: Vedanta and Foxconn sign pacts to invest $19.5 billion to set up semiconductor and display production. * Sept. 14, 2022: Vedanta's Anil Agarwal says the Indian metals-to-oil conglomerate does not see funding problems for the JV. * May 31, 2023: Reuters reports that Vedanta-Foxconn JV proceeding slowly as talks to involve STMicroelectronics (STMPA.PA) are deadlocked. * July 10, 2023: Foxconn drops Vedanta chip JV, without specifying a reason.

Persons: Foxconn, Narendra Modi's chipmaking, Vedanta, Vedanta's Anil Agarwal, Chandrasekhar, Tanvi Mehta, Alexander Smith Organizations: Vedanta, Indian, JV, Reuters, Thomson Locations: DELHI, India, Gujarat

TAIPEI/BENGALURU, July 10 (Reuters) - Taiwan's Foxconn said on Monday it has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi's home state of Gujarat. "Foxconn (2354.TW) has determined it will not move forward on the joint venture with Vedanta," the electronics maker said in a statement, without elaborating on the reasons. India, which expects its semiconductor market to be worth $63 billion by 2026, last year received three applications to set up plants under a $10 billion incentive scheme. These were from the Vedanta-Foxconn joint venture, a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner and from Singapore-based IGSS Ventures.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Vedanta, Foxconn, Modi, STMicro, IGSS, Munsif, Ben Blanchard, Aditya Kalra, Louise Heavens, Jason Neely, Alexander Smith Organizations: Vedanta, Apple, Reuters, IGSS Ventures, Intel, Thomson Locations: TAIPEI, BENGALURU, India, Gujarat, Singapore, Bengaluru, Taipei, New Delhi

☆ Summer's here, and a 5%-10% pullback in concentrated big cap tech may be too
▼ + stars: | 2023-06-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The risk of too great a concentration in big cap tech stocks is again back in focus. Many have been saying that a 5%-10% pullback is overdue, certainly for big cap tech. The correction may already be starting: many big tech names, particularly semiconductors, were down in the high- to mid-single digits last week. (market cap vs. country GDP) Apple $2.9 trillion France $2.9 trillion Source: Wells Fargo Microsoft bigger than Italy? "Using 1999 as our example, we wonder how much longer the current chart (Apple > France and Tesla > Taiwan) is sustainable," he writes.

Persons: Today's Russell rebalance, Wells, Chris Harvey, Harvey —, Russell, There's, David Faber, Wells Fargo's Chris Harvey, Tesla, Harvey, Dan Ives, Ives Organizations: NYSE, Nasdaq, Intel, AMD, Broadcom, Apple, Microsoft, Nvidia, Wells, today's Tech, General Electric, Cisco, Walmart, Nokia, Pfizer, ExxonMobil, IBM, Citigroup, Tesla, Big Tech Locations: France, Italy, Mexico, Taiwan, Wedbush

☆ Renault's Mobilize in talks with European retailer to provide charging boxes for EV
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

PARIS, June 14 (Reuters) - Renault's (RENA.PA) new Mobilize unit is in advanced talks with a major European retailer to provide charging boxes for electric vehicles, a Mobilize spokesperson told Reuters on Wednesday. The spokesperson was confirming comments made earlier by chipmaker STMicroelectronics (STMPA.PA). Frederique Le Greves, CEO of STMicro France, had told the VivaTech conference in Paris that this would the first contract for the Mobilize PowerBox, developed by Software Republique, a tech partnership that counts Renault and STMicro among its members. Reporting by Gilles Guillaume, Writing by Dominique Vidalon; Editing by Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

Persons: chipmaker STMicroelectronics, Frederique Le Greves, Gilles Guillaume, Dominique Vidalon, Benoit Van Overstraeten Organizations: Reuters, Software Republique, Renault, Thomson Locations: STMicro France, Paris

PARIS, June 5 (Reuters) - France said on Monday it will provide 2.9 billion euros ($3.10 billion) in state aid to help support an investment of 7.5 billion euros that chipmakers STMicroelectronics and GlobalFoundries (GFS.O) are making to build a semiconductor factory in Crolles, southeastern France. The 2.9 billion euros are part of the 5.5 billion euros package France has set aside for its investments in the microchip sector by 2030, he added. On April 28, STMicroelectronics and GlobalFoundries secured EU approval to build the Crolles chip factory with French state aid. France overall aims to create 10,000 new jobs in the semiconductor sector by 2030. ($1 = 0.9352 euros)Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta; Editing by Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

Persons: Bruno Le Maire, GlobalFoundries, Dominique Vidalon, Sudip Kar, Benoit Van Overstraeten Organizations: Finance, European Union, EU, America, Thomson Locations: France, Crolles, United States, U.S

[1/2] Visitors stand next to a "Make In India" logo during a three-day semiconductor event in Bengaluru, India, April 30, 2022. They were from the Vedanta-Foxconn JV; a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner; and from Singapore-based IGSS Ventures. SETBACK FOR VEDANTAMost of the world's chip output is limited to a few countries like Taiwan, and India is a late entrant. Amid much fanfare, in September, the Vedanta-Foxconn JV announced its chipmaking plans in Gujarat. Modi called the $19.5 billion plan "an important step" in boosting India's chipmaking ambitions.

Persons: Munsif, India's Modi, Taiwan's Foxconn, Narendra Modi, IGSS, Rajeev Chandrasekhar, Modi, Foxconn, STMicro, Chandrasekhar, David Reed, Aditya Kalra, Jane Lanhee Lee, Steven Scheer, Nick Zieminski Organizations: Visitors, REUTERS, Companies, Intel, India's Vedanta, Vedanta, IGSS Ventures, JV, Reuters, Orbit, Foxconn JV, Twitter, Thomson Locations: India, Bengaluru, DELHI, OAKLAND , California, Singapore, Gujarat, Taiwan, New Delhi, Oakland , California

☆ Big tech is still the hope in a sideways stock market
▼ + stars: | 2023-05-15 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

With the S & P 500 down 1% this month, and essentially flat for the quarter, the best you can say is that the overall trend has moved from down in 2022 to mostly sideways in 2023. Lowry, the nation's oldest technical analysis service, has taken to calling the rally in tech "the mega-cap mirage." Lowry noted over the weekend that "core indicators of market health have demonstrated significant deterioration from the early February market high through recent days." Even as the S & P 500 was near a new rally high for the year recently, the S & P Midcap 400 and S & P Smallcap 600 were 12% and 17% below their February 2nd highs last week. Only 46% of S & P 500 stocks are above their 200-day moving averages, hardly a sign of broad market strength.

☆ STMicro CEO: Don't see any price cuts on semiconductors
▼ + stars: | 2023-04-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSTMicro CEO: Don't see any price cuts on semiconductorsJean-Marc Chery, CEO of STMicroelectronics, weighs in on consumer demand, the robustness of the automotive sector, and price pressures as his firm's first-quarter revenue tops estimates.

☆ Atomera, STMicro sign deal to use new chipmaking material
▼ + stars: | 2023-04-26 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

Atomera said the deal allows STMicro to install Atomera's technology in its factories, and manufacture and distribute chips made with it. Atomera has developed a new material that can slot into existing semiconductor manufacturing processes to improve transistors, the tiny electrical switches at the heart of all chips. Atomera claims its material in some cases can improve transistors as much as jumping to a new-generation technology, but with lower costs. Atomera Chief Executive Scott Bibaud told Reuters that STMicro, with the new deal, is now Atomera's closest customer to moving to mass production. Bibaud said there is no firm timeline for when chips with Atomera technology will be in production, but it could be within 12 to 18 months.

☆ Tesla's plan to slash silicon carbide use sends some chipmakers' shares down
▼ + stars: | 2023-03-02 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

Shares in some chipmakers dipped on Thursday after electric vehicle maker Tesla said it plans to greatly reduce the use of silicon carbide transistors in its next-generation vehicle powertrains. Campbell revealed that, "In our next powertrain, the silicon carbide transistors that I mentioned, that are key component[s] but expensive, we figured out a way to use 75% less without compromising the performance or the efficiency of the car." Chips made with silicon carbide transistors are widely used in electric vehicles. They added the possibility that "cheaper [silicon carbide chips] could drive up EV adoption globally so what vendors lose on content could be partially offset by greater EV volumes." New Street does not expect a lower-priced, next generation Tesla vehicle to "ramp in volumes before 2025 or 2026."

☆ Elon Musk's 'Master Plan' for Tesla fails to charge up investors
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

March 2 (Reuters) - Tesla Inc's (TSLA.O) shares fell 6% premarket on Thursday, after Chief Executive Elon Musk and team's four-hour presentation failed to impress investors waiting for an affordable electric vehicle and a plan with a concrete timeline. However, the event, where Musk revealed the EV maker's 'Master Plan 3', was short on details about the timeline or any new Tesla products. "The timeline and cost details were limited, and the event lacked a Tesla-like surprise," Wells Fargo analyst Colin Langan said. The reduction plan was "bad news for the whole silicon carbide production chain and in particular for STMicro," Brokerage Equita said. It estimates that Tesla accounted for 70% of 2022 semiconductor sales at STMicro.

☆ STMicro leans on AI, cloud as chip designs become more complex
▼ + stars: | 2023-02-07 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - European chipmaker STMicroelectronics (STM.BN) and chip design software maker Synopsys (SNPS.O) on Tuesday said STMicro had for the first time used artificial intelligence software running on Microsoft Corp's (MSFT.O) cloud to design a working chip. The achievement would help solve the growing problem of getting increasingly complex designs ready for customers in an acceptable time, STMicro said. The company is one of a several that are using AI to help design chips, which involves translating a complicated circuit architecture into a blueprint for fabricating billions of transistors on a small piece of silicon. Shankar Krishnamoorthy, general manager of the design automation group at Synopsys, said that company's AI engine got better results faster when it had more computing power behind it. Cloud providers like Microsoft offer the option to rent a huge burst of computing power in a short time.

☆ STMicroelectronics posts fourth-quarter sales rise
▼ + stars: | 2023-01-26 | by ( Martin Coulter | ) www.reuters.com time to read: +1 min

LONDON, Jan 26 (Reuters) - European chipmaker STMicroelectronics on Thursday beat fourth-quarter sales expectations, despite challenging economic conditions, benefiting from strong customer demand. Net revenue rose to $4.42 billon from $4.32 billion the previous quarter. Analysts had on average expected sales of $4.32 billion, IBES data from Refinitiv Eikon showed. Citing strong demand and increased manufacturing capacity, Chery said the company expects full-year revenue of $16.8 billion to $17.8 billion. The company has previously targeted full-year revenue of $20 billion by 2027.

☆ STMicro, Soitec deepen cooperation over fast-growing semiconductor material
▼ + stars: | 2022-12-01 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

PARIS, Dec 1 (Reuters) - French semiconductor materials supplier Soitec (SOIT.PA) and chipmaker STMicroelectronics said on Thursday they were deepening their cooperation over the manufacturing of a key and fast-growing material used in the electric car industry. The material, silicon carbide (SiC), is used to make a growing number of chips that improve the power management of electric vehicles. Under the enhanced cooperation, STMicro, whose biggest clients include EV maker Tesla Inc (TSLA.O), agreed to use Soitec's SiC substrate technology, in the form of a bigger, 200 millimetre wafer which is upcoming, the two companies said in a statement. While not exclusive, the Soitec-STMicro cooperation gives STMicro a time advantage in the adoption of the technology. STMicro is aiming to sell $700 million worth of SiC chips this year and is targeting $1 billion in 2023, it has said.

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