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☆ Foxconn's electric car unit falls in market debut amid tough industry outlook
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

A view of a Foxtron logo on a electric vehicle on display during the company's annual Tech Day in Taipei, Taiwan, October 18, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 20 (Reuters) - Shares in Foxtron Vehicle Technologies (2258.TW), a unit of Taiwanese contract manufacturer Foxconn (2317.TW), fell in their market debut on Monday, hurt by concerns over headwinds in the highly competitive electric vehicle market. Foxtron shares did recover some ground from earlier losses of as much as 9%, ending down 2.7% which gave it a market capitalisation of around $2.7 billion. Foxtron is a joint venture between Foxconn - the world's largest contract manufacturer for iPhones and other consumer electronics - and local car maker Yulon (2201.TW). Young Liu, chairman of both Foxtron and Foxconn, said, however, the company has a clear strategy for growth.

Persons: Ann Wang, Foxtron, Yulon . Young Liu, Liu, Foxconn, Terry Gou, Ben Blanchard, Faith Hung, Anne Marie Roantree, Navaratnam, Edwina Gibbs Organizations: Tech Day, REUTERS, Rights, Vehicle Technologies, Mega International Securities, Yulon, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Foxconn, North America, Southeast Asia, China

☆ The U.S. is trying to tighten the screws on Chinese AI. What that means for stocks
▼ + stars: | 2023-10-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The artificial intelligence behind ChatGPT-like products and autonomous driving is driving enormous demand for Nvidia's chips in China. Chinese companies also dominate the burgeoning electric car market , where Nvidia has had a fast-growing business of selling chips for assisted and fully autonomous driving. When it comes to such chips for cars, Nomura analysts said there's little reason to worry. Auto chip market BYD, Nio , Li Auto and Xpeng are among the China-based electric automakers using the Orin chip. In the automotive chip category, they noted Nvidia's Thor chip and Qualcomm's Snapdragon Ride Flex chip both fall into that more advanced category.

Persons: Orin, Orin X, Joel Ying, Li Auto, Albert Liu, Weeks, Kneron, Liu, Julian Ma, Ma, Inceptio, Nomura, Inovance Organizations: Nvidia, Nomura, Nomura China Technology, Auto, CNBC's East Tech West, Apple, HSBC, SEC, U.S, Management Locations: China, U.S, Nomura China, South, German, Inovance's, Hong Kong

Sharing a stage at Foxconn's annual tech showcase in Taipei, Foxconn Chairman Liu Young-way and Nvidia CEO Jensen Huang said their companies would build these "AI factories" together. And the data centres that produce it are AI factories," Huang said, adding that Foxconn had the expertise and scale to build them globally. Showing a hand-drawn sketch, Huang - sporting his signature black leather jacket - explained how "AI factories" could continuously receive and process data from autonomous electric vehicles to make them smarter. The AI factory would improve the software and update the entire AI fleet," said the Taiwan-born Huang. "In the future, every company, every industry, will have AI factories."

Persons: Foxconn, Liu Young, Jensen Huang, Huang, Orin, Liu, Jun Seki, Terry Gou, Sarah Wu, Ben Blanchard, Christian Schmollinger, Jamie Freed Organizations: Nvidia, EV, Foxconn's Tech, Thomson Locations: TAIPEI, Taipei, Taiwan, China, Foxconn, India, Japan

Sharing a stage at Foxconn's annual Tech Day in Taipei, Foxconn Chairman Liu Young-way and Nvidia CEO Jensen Huang said their companies were building AI factories together. Huang showed a hand-drawn sketch of what the two companies are building, which he called an "AI factory". What Nvidia and Foxconn are building is an entire end-to-end AI system for autonomous electric vehicles, with the AI factory developing the car's software, Huang added. The data would go to the AI factory, the AI factory would improve the software and update the entire AI fleet," he said. "This entire end-to-end system, on the one hand AI factory, on the other end EV fleet, is what Nvidia and Foxconn are building."

Persons: Liu Young, Ann Wang, Foxconn, Jensen Huang, Huang, Liu, Sarah Wu, Ben Blanchard, Christian Schmollinger, Jamie Freed Organizations: Tech Day, REUTERS, Rights, Nvidia, Thomson Locations: Taipei, Taiwan, Rights TAIPEI

☆ Taiwan’s Foxconn to build ‘AI factories’ with Nvidia
▼ + stars: | 2023-10-18 | by ( Eric Cheung | ) edition.cnn.com time to read: +5 min

Taipei CNN —Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing. Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the plans on Wednesday in Taipei. The duo said the new facilities using Nvidia’s chips and software will enable Foxconn to better utilize AI in its electric vehicles (EV). Nearly 14 million electric cars will be sold in 2023, it projected. REUTERS/Ann Wang Ann Wang/ReutersDuring last year’s tech day, Liu told reporters that the company hoped to build 5% of the world’s electric cars by 2025.

Persons: Taipei CNN — Taiwan’s Foxconn, Young Liu, Jensen Huang, ” Huang, “, ” Liu, Foxconn, ”, Kylie Huang, Ann Wang Ann Wang, Liu, Chiang Shang, TSMC, Jun Seki, Bill Russo, Automobility, Tesla, ‘ I’m, ’, ” Hanna Ziady Organizations: Taipei CNN, Nvidia, Foxconn, Global, International Energy Agency, Hai Technology Group, Daiwa, Tech, REUTERS, Reuters, Lordstown Motors, General Motors, EV, Nissan Motor, Infineon Technologies Locations: Taipei, Taiwan, Kaohsiung, EVs, Ohio, Chiang, German, Shanghai

☆ Get ready for 'AI factories'
▼ + stars: | 2023-10-18 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Nvidia is expanding its partnership with Foxconn to build data centers called "AI factories." The aim is for the AI factories to enable development of robots, self-driving cars, and generative AI services. AdvertisementAdvertisementCountries like the US are seeing a factory boom — and so-called "AI factories" could follow. "And the data centers that produce it are AI factories." The announcement of the AI factories comes as major technology companies like Microsoft invest billions into AI-efforts like building new data centers in an effort to cash in on the generative AI hype.

Persons: Foxconn, —, Jensen Huang, Huang, Foxconn didn't, Jonathan Gray, Blackstone Organizations: Nvidia, Service, Foxconn, Hon, Reuters, Microsoft, Research, University of Massachusetts Locations: Taipei, San Francisco and New York, Sweden, Netherlands

☆ Astra investigating 'potential illegal short selling' as delisting deadline looms
▼ + stars: | 2023-03-10 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Astra CEO Chris Kemp speaks inside the company's headquarters during the company's "Spacetech Day" on May 12, 2022. Spacecraft engine manufacturer and small rocket builder Astra announced on Friday that the company is investigating "potential illegal short selling" among shareholders of its common stock. "Astra remains committed to protecting our investors and maximizing stockholder value," Chairman and CEO Chris Kemp said in a statement. The announcement comes as Astra faces a delisting deadline issued by the Nasdaq last year. If that happens, Astra is able to appeal the delisting before a Nasdaq hearings panel.

☆ Today's Google Doodle features a Silicon Valley trailblazer who knew Steve Jobs and Wozniak—and 'was not impressed with them'
▼ + stars: | 2022-12-01 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +2 min

Today's Google Doodle highlights a little-known piece of Silicon Valley history. The animation recognizes tech and gaming pioneer Jerry Lawson, one of the few Black engineers working in the tech industry in the 1970s. The console was a flop with consumers, but it changed the gaming industry forever by featuring the first-ever removable video game cartridges. A different figure from those early tech days made a much larger impression on Lawson: Allan Alcorn, creator of the iconic video game "Pong." The conversation prompted Lawson to start building his own coin-operated video game in his garage, called "Demolition Derby."

☆ Space company Astra lays off 16% of workforce as it faces rocket development delay, quarterly losses
▼ + stars: | 2022-11-08 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Astra CEO Chris Kemp speaks inside the company's headquarters during the company's "Spacetech Day" on May 12, 2022. Astra announced Tuesday it would lay off about 16% of its employees as the space company faces a pivot in its rocket development program. The company pivoted on its rocket system over the summer, ending development and flights of its Rocket 3.3 vehicle, in favor of a larger, upgraded Rocket 4.0 vehicle that Astra hopes to debut in late 2023. Astra is now building out its production facility and conducting testing an development of Rocket 4.0. Astra stock is down 94% this year as of Tuesday's close of $0.58 a share.

☆ Facebook used to be a Big Tech giant — now Meta isn't even in the top 20 most valuable U.S. companies
▼ + stars: | 2022-10-27 | by ( Ari Levy | ) www.cnbc.com time to read: +3 min

Far from Facebook's Big Tech days, Meta is no longer among the 20 most valuable U.S. companies after the stock sank 23% on Thursday. The company has shed 70% of its value this year and 74% since the stock peaked in September 2021, totaling over $730 billion in market cap lost. It's now worth half as much as Berkshire Hathaway and has a smaller market cap than companies including UnitedHealth , Chevron , Eli Lilly , Procter & Gamble , Bank of America and AbbVie . Within tech, the other two companies Meta has fallen behind are Tesla and Nvidia . Next on the list would be Oracle , which is currently valued at just over $200 billion, or $70 billion below Meta.

☆ A Foxconn Tesla? Taiwan tech giant targets 5% of EV manufacturing by 2025
▼ + stars: | 2022-10-18 | by ( Sarah Wu | ) www.reuters.com time to read: +3 min

Foxconn Chairman Liu Young-way poses on stage with an electric vehicle, the Model C, during the company's annual Tech Day in Taipei, Taiwan, October 18, 2022. Register now for FREE unlimited access to Reuters.com Register"I hope one day we can do Tesla cars for Tesla." Foxconn is leveraging its "48-year-old roots in ICT manufacturing" to halve EV design times and slash development costs by a third, Liu said. "Despite the challenges of conflict in Europe and COVID globally, Foxconn has maintained our EV strategy," Liu said. "Our heartfelt hope is that Taiwan can seize this once-in-a-hundred years, rare EV business opportunity," Liu said.

☆ Taiwan's Foxconn wants customers to sell 'a lot' of EVs
▼ + stars: | 2022-10-18 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

The ambition lines up with Taiwan-based Foxconn's (2317.TW) plans to ramp up EV business to help diversify away from its role of assembling consumer gadgets like iPhones for Apple Inc (AAPL.O) and other tech firms. Register now for FREE unlimited access to Reuters.com Register"Foxconn is not in the business of selling its own EV brand. But, yes, we want our customers to sell a lot of EVs," Liu said in pre-recorded remarks. "Our heartfelt hope is that Taiwan can seize this once-in-a-hundred years, rare EV business opportunity." "Despite the challenges of conflict in Europe and COVID globally, Foxconn has maintained our EV strategy," Liu said.

☆ iPhone maker Foxconn wants to build 5% of the world's EVs by 2025 — and just launched its latest 3 models. Take a look.
▼ + stars: | 2022-10-18 | by ( Stephen Jones | ) www.businessinsider.com time to read: +1 min

iPhone maker Foxconn has ambitious plans to make 5% of the world's EVs by 2025. At its annual Tech Day on Tuesday, the Taiwanese tech giant unveiled its latest 3 EVs. Foxconn might have made its name globally as the manufacturer of Apple's iPhone, but the Taiwanese company is targeting a new future; electric vehicles. At the company's annual Tech Day on Tuesday, executives unveiled the next three vehicles in that plan, including the first Taiwan-made electric pickup. However, unlike its rivals in the congested market for EVs, the group has no plans to market any vehicles under its own brand.

☆ Taiwan's Foxconn says wants its customers to sell a lot of EVs
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Oct 18 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, said on Tuesday it was not in the business of selling its own electric vehicle brand but wanted its customers to sell a lot of EVs. Chairman Liu Young-way said at the company's annual Tech Day that from design to build, the company has the capability in EVs and its global footprint gave it a "huge advantage" to meet the EV industry's demands. Foxconn has ambitious plans with EVs to diversify away from its role of building consumer electronics for Apple Inc (AAPL.O) and other tech firms. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sarah Wu; Writing by Ben Blanchard; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Uber's chief incrementalist: Sundeep Jain is a divisive leader who shuns flying cars in favor of a steady march toward 'super app' status.
▼ + stars: | 2022-10-12 | by ( Tom Dotan | ) www.businessinsider.com time to read: +12 min

Instead, Jain has overseen the introduction of add-on features to Uber's app, such as rental car bookings and party buses leasing. "Spending a half billion a year on flying cars doesn't make sense for the type of business we are," said one current Uber executive. "I don't think innovative people want to work for a non-innovative product leader," said one former Uber executive. "Under Sundeep's leadership the product team has shipped more products, to more users, than ever before," a spokesperson told Insider. That's two billion dollars," a current Uber product executive said.

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