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☆ Nvidia's AI-driven stock surge pushed earnings multiple three times higher than Tesla's
▼ + stars: | 2023-08-11 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

They're widely viewed as the best chips for training AI models, and Nvidia's financial forecasts suggest insatiable demand. Even with all that momentum and seemingly insatiable demand, baked into Nvidia's stock price is a slew of assumptions about growth, including the doubling of sales in coming quarters and the almost quadrupling of net income this fiscal year. Looking at the last 12 months of company earnings, Nvidia has a price-to-earnings ratio of 220, which is stunningly rich even compared with notoriously high-valued tech companies. Should Nvidia meet analysts' projections, the current price still looks high compared to most of the tech industry, but certainly more reasonable. It's the steepest weekly decline for Nvidia's stock since September of last year.

Persons: Jensen Huang, Piper Sandler, Harsh Kumar, Amazon's, There's, Christopher Gannatti Organizations: Nvidia, Apple, Microsoft, Amazon, Tesla, Google, AMD, Nasdaq Locations: Taipei, Silicon, Friday's, U.S

There were plenty of reasons to think the “Barbie” movie might have a hard time finding an audience in China. It’s an American film, when Chinese moviegoers’ interest in, and government approval of, Hollywood movies is falling. It’s been widely described as feminist, when women’s rights and political representation in China are backsliding. But not only did the film screen in China — it has been something of a sleeper hit, precisely because of its unusual nature in the Chinese movie landscape. It has an 8.3 rating on the movie rating site Douban, higher than any other currently showing live-action feature.

Persons: Barbie, It’s, ”, Mina Li, Greta Gerwig, “ Barbie ” Locations: China, Beijing, Weibo

☆ Canada guarantees up to $2.2 billion in fresh loans to Trans Mountain expansion project
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

Companies Kinder Morgan Inc FollowAug 5 (Reuters) - A Canadian government agency has guaranteed fresh commercial loans of up to C$3 billion ($2.2 billion) to the controversial Trans Mountain pipeline expansion project that has suffered repeated cost overruns. Prime Minister Justin Trudeau's Liberal government bought the Trans Mountain pipeline in 2018 from Kinder Morgan Inc (KMI.N) to ensure the expansion project got built and provided a C$10 billion loan guarantee to TMC. It is meant to unlock Asian markets for Canadian oil, which is mostly exported to the United States now. TMC had received a up to C$3 billion loan guarantee between late March and early May this year and had received a C$10 billion loan guarantee in 2022 from the federal government. Canada's finance ministry did not immediately respond to a Reuters request for comment on the fresh loan guarantee.

Persons: Justin Trudeau's, Chrystia Freeland, Anirudh, Alistair Bell Organizations: Kinder Morgan, Canadian, Export Development Canada, Justin Trudeau's Liberal, Kinder Morgan Inc, TMC, Finance, Liberal, Thomson Locations: United States, Burnaby , British Columbia, Bengaluru

☆ Canada govt body guarantees up to $2.2 bln fresh loan to Trans Mountain expansion project
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

It is meant to unlock Asian markets for Canadian oil, which is mostly exported to the United States now. Critics have also slammed the ownership of a pipeline project by the Liberal government, which they argue runs counter to Trudeau's ambitious climate goals. TMC had received a up to C$3 billion loan guarantee between late March and early May this year and had received a C$10 billion loan guarantee in 2022 from the federal government. Canada's finance ministry did not immediately respond to a Reuters request for comment on the fresh loan guarantee. In June, a finance ministry spokesperson said the loan guarantee was "common practice" and did not reflect any new public spending.

Solar and wind power generation is set to triple by 2030, according to a new report from the Rocky Mountain Institute, leading to a disruption in the global electricity sector. According to the report, solar and wind power will fuel 33% of electricity generation in 2030, up from 12% in 2022. RMI predicts solar energy, which is already the cheapest energy source in history, will halve in price by 2030, continuing the dramatic downward trajectory of solar and wind energy costs. CNBC Pro used FactSet data to screen for companies that are well-positioned to outperform from the rise of solar and wind energy production. Maxeon shares have popped 68% in 2023 and could jump another 50%, per the average price target on shares.

Persons: Morgan Stanley, Andrew Percoco, Percoco, MAXN, — CNBC's Michael Bloom Organizations: Rocky Mountain Institute, RMI, CNBC, New York Stock Exchange, Nasdaq, Technologies, SolarEdge Technologies, Enphase Energy

☆ Zoom is 'extremely optimistic' about growth in Asia-Pacific despite weaker outlook
▼ + stars: | 2023-07-07 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +2 min

watch nowZoom is "doubling down" on its technical investments in the Asia-Pacific region as it seeks to strengthen growth, said the video communications company on Friday. We made a strong commitment about two years ago to really turn on the speed and step on the gas," Abe Smith, Zoom's head of international, told "Squawk Box Asia." watch nowHowever, Smith said Zoom is "extremely optimistic" about the growth of its phone product in Asia Pacific. Zoom's A.I. Zoom's big bet on AI also includes an investment in Anthropic, an AI safety and research company, back in May.

Persons: Abe Smith, Zoom's, Smith Organizations: Microsoft Locations: Asia, Pacific, Singapore, India, Chennai, Bangalore, Asia Pacific, Anthropic

☆ American companies are draining their cash at the dumbest possible time
▼ + stars: | 2023-06-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Companies are sitting on a lot less cash than they were last year, largely because they’re spending it on share buybacks and corporate dividends. What’s happening: A new report from Moody’s Investors Service finds that nonfinancial companies’ corporate cash declined 12% last year to $2 trillion. But debt was flat year over year, meaning that companies didn’t use much of their cash reserves to pay down outstanding loans. Now that it’s more expensive to borrow, companies in the US should reconsider the amount of money they’re spending on buybacks, he added. Preventing companies from repurchasing their own shares, they argue, would free corporate cash to invest in growth and raise wages instead.

Persons: Emile El Nems, ”, Ben Lofthouse, Janus Henderson, ” El Nems, Joe Biden, buybacks, “, Brian Moynihan, Moynihan, CNN’s Poppy Harlow, Nathaniel Meyersohn, That’s Organizations: CNN Business, Bell, New York CNN — Companies, Moody’s Investors Service, Moody’s, Federal Reserve, Bank of America, Corporations, ”, CNN, Commerce Department, UBS Locations: New York, buybacks

☆ Yellow-crested cockatoos find an unlikely urban refuge in Hong Kong
▼ + stars: | 2023-06-26 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +18 min

Hong Kong CNN —It’s dusk in Hong Kong Park. On a sweltering summer day in Hong Kong Park, nestled between skyscrapers in the urban center of the Asian metropolis, a yellow-crested cockatoo perches on a branch. Noemi Cassanelli/CNN Yellow-crested cockatoos nest in old trees, typically more than 100 years old, which form cavities in the trunk. Hong Kong, despite its urban sprawl and concrete veneer, is a stronghold for several endangered species, including Chinese pangolins, Hong Kong groupers, and the black-faced spoonbill. (According to the AFCD, it has “not received any report related to poaching of yellow-crested cockatoos in the past three years.”)Extremely picky about where they roost, the yellow-crested cockatoos use cavities that form in the trunks of trees that are typically older than 100 years.

Persons: Hong Kong CNN —, –, Astrid Andersson, it’s, ”, Andersson, Quadrupling, Noemi Cassanelli, Cassanelli, CNN Andersson, CNN There's, they’ve, “, Tom Booth, Fox, It’s, ’, Fiona Woodhouse, Woodhouse, Hong Kong’s, Jovy Chan, Chan, “ They’ve Organizations: CNN, Hong Kong CNN, Press, University of Hong, Timor Leste, International Trade, Fisheries, Conservation Department, CITES, Scottish wildcats, ADM Capital Foundation, Society for, Bird, Cultural Services Department, Facebook, Hong, SPCA HK, WWF Locations: Hong Kong, Swedish, Indonesia, Timor, Australia, University of Hong Kong, Hong, ”, Mainland China, HKD28,000, Indonesian

REUTERS/Mike Segar/File PhotoNEW YORK, June 21 (Reuters) - JPMorgan Chase & Co's (JPM.N) commercial bank is entering Singapore and Israel this year as its unit catering to midsize and small companies makes a global push, the bank said. The moves will give the commercial bank a presence in 28 countries by year-end. The largest U.S. lender has been beefing up its global presence, with a goal of quadrupling the number of commercial clients as it enters new geographies. JPMorgan's commercial bank began branching outside of the U.S. and Canada in 2019, establishing bases in Europe and Asia. Revenue for the international commercial business stood at $847 million at the end of 2022, reflecting annual growth of 17%.

Persons: Morgan Chase, Mike Segar, Andrew Kresse, Doug Petno, Morgan McGrath, Nupur Anand, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, JPMorgan Chase, U.S, JPMorgan, World Trade Organization, Revenue, Thomson Locations: New York, Singapore, Israel, U.S, Paris, London, Tel Aviv, Sydney, Canada, Europe, Asia

☆ GM investing $920 million in Ohio diesel engine plant
▼ + stars: | 2023-06-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Companies General Motors Co FollowWASHINGTON, June 20 (Reuters) - General Motors (GM.N) on Tuesday said it was investing $920 million to expand operations at its Ohio diesel engine plant for production of future internal combustion engine (ICE) heavy-duty truck powertrain products. GM on Tuesday said it will build a 1.1-million-square-foot expansion of the its Brookville, Ohio, diesel engine facility and install new technology and equipment, more than quadrupling the current size of the facility, which produces Duramax diesel engines for the Chevrolet Silverado HD and the GMC Sierra HD. GM declined to release "product details and timing related to its "future HD truck powertrain products." GM also announced C$280 million ($210 million) in its Canadian Oshawa Assembly and $632 Million in Fort Wayne, Indiana, for future next-generation ICE full-size trucks. GM did not post an announcement on its website about the $920 million Ohio investment, but sent a press release to Reuters after Senator Sherrod Brown, of Ohio, issued a statement touting the plan.

Persons: Sherrod Brown, David Shepardson, Leslie Adler Organizations: General Motors, Ohio, U.S, GM, Chevrolet Silverado, GMC Sierra HD, Canadian Oshawa Assembly, U.S . Environmental Protection Agency, Reuters, Thomson Locations: WASHINGTON, Brookville , Ohio, Flint , Michigan, Arlington , Texas, Fort Wayne , Indiana, California, Ohio

☆ TikTok is dialing up its efforts to dominate in search and it should scare Google
▼ + stars: | 2023-06-13 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +3 min

TikTok is testing a visual-search tool in its shopping tab that could put more pressure on Google. A May analyst report said TikTok may be "the most imminent threat to Google's Search dominance." TikTok is testing a new visual-search tool within its shopping feature that could dial up the pressure on search-giant Google. The short-video app has already become a go-to search engine for Gen Zers looking for restaurants or how to do things, threatening Google's search dominance. "Younger Gen Z users don't have the baggage and memory of opening the browser and searching on Google," he continued.

Persons: Zers, TikTok, Bernstein, Mark Shmulik, ChatGPT, Shmulik, They're, Z, Yelp, Morgan Stanley Organizations: Google, Tech, YouTube, Bloomberg Locations: Asia, TikTok

☆ 10 Things in Tech: A French Gigafactory, Google's WFH crackdown, and Tesla's bioweapon defense mode
▼ + stars: | 2023-06-09 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Speculation is rife ahead of Elon Musk's trip to Paris, where he's due to attend the VivaTech conference next week. The video platform is aiming to challenge the tech giant by quadrupling its ecommerce business, according to a Bloomberg report. Musk has repeatedly criticized OpenAI's relationship with tech giant Microsoft. The tech giant is planning to include attendance figures in performance reviews, according to an internal email sent on Wednesday, which was seen by Insider. Tesla drivers are using the car's bioweapon defense mode to escape wildfire smoke.

Persons: Nathan Rennolds, let's, Clive Mason, Tesla, Elon, Marc Benioff, Dan Schulman, Bernard Arnault, Maurice Lévy, Sam Altman, Elizabeth Frantz, Morgan Stanley, TikTok, Musk, Altman, Tesla's, Ted Lasso, Keeley, Lionel Messi, Getty, Simon Bruty, he's, Messi, Brandon Baum, Instagram, Hallam Bullock Organizations: Google, Getty, Twitter, Reuters, Big Tech, Amazon, Bloomberg, Elon, Microsoft, Economic, Juno, Messi, Inter Miami —, YouTube Locations: London, WFH, France, Paris, Southeast Asia, Miami

OTTAWA, June 1 (Reuters) - The Canadian government is backing up to C$3 billion ($2.24 billion) in loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to Canada's Pacific Coast. Last year Liberal Prime Minister Justin Trudeau's government, which bought the Trans Mountain pipeline in 2018 to ensure the expansion project got built, provided a C$10 billion loan guarantee to TMC. The Trans Mountain Expansion will nearly triple the flow of crude from Alberta's oil sands to Burnaby, British Columbia, to 890,000 barrels per day and is intended to boost access to Asian refining markets. Finance Ministry spokeswoman Marie-France Faucher said the loan guarantee was "common practice" and did not reflect any new public spending. TMC is paying a fee to the government for the loan guarantee, she said.

Persons: Justin Trudeau's, Chrystia Freeland, Marie, France Faucher, Faucher, Stephen Ellis, Keith Stewart, Ismail Shakil, Nia Williams, Daniel Wallis, Richard Chang Organizations: OTTAWA, Canadian, Trans Mountain Corp, Export Development, Liberal, TMC, Finance, Morningstar, Greenpeace Canada, Thomson Locations: Coast, Burnaby , British Columbia, France

☆ ASCO conference will put the focus on the fight against cancer. These stocks are in the spotlight
▼ + stars: | 2023-05-28 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +9 min

Developments in cancer research will be in the spotlight as the American Society of Clinical Oncology hosts the world's biggest cancer research conference in Chicago, starting Thursday. The pair has already has won regulatory approval for Enhertu for metastatic HER2-low breast cancer, but the companies are also studying its use in a variety other HER2 tumors in breast cancers. Lilly's drug, Verzenio, is used in high-risk patients with HR-positive HER2-negative breast cancer that is more likely to reoccur and has already breached the patient's lymph nodes. In a research note earlier this month, Guggenheim analyst Seamus Fernandez said Kisqali is already taking market share from Pfizer's Ibrance in metastatic breast cancer. Merck's Keytruda is also being watched for what benefits it could offer early-stage lung cancer patients .

☆ SEC Plans to Demand More Information About Companies’ Stock Buybacks
▼ + stars: | 2023-05-03 | by ( Paul Kiernan | ) www.wsj.com time to read: 1 min

The SEC votes Wednesday on a rule that would require significantly more disclosure from public companies about share repurchases. Photo: Farrah Skeiky for The Wall Street JournalWASHINGTON—Regulators are poised to make companies jump through more hoops to buy back their own stock, in Washington’s latest move to rein in the transactions. The Securities and Exchange Commission will vote Wednesday on whether to adopt a rule that would require significantly more disclosure from public companies about share repurchases. The planned change comes after Congress last year created a new 1% excise tax on stock buybacks, a levy President Biden has proposed quadrupling.

☆ EU's von der Leyen hails Infineon factory as chip production milestone for Europe
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

DRESDEN, Germany May 2 (Reuters) - European Commission President Ursula von der Leyen on Tuesday hailed the construction of a new factory by Germany's Infineon (IFXGn.DE) a milestone in mass chip production as Europe tries to capture a larger slice of the strategic industry. Speaking at the groundbreaking ceremony of Infineon's factory in the German city of Dresden, von der Leyen said it was a step in Europe's goal of doubling its share of global chip production to 20% by 2030 by quadrupling its current capacity. But she warned that Europe was still too dependent for raw materials on individual suppliers, citing in particular that China has a 76% share of producing the silicon metals needed in chip production. This is why it is vital that we in Europe strengthen the supply chains of our most important goods and technologies," von der Leyen said in a speech. Infineon expects production at the 5-billion-euro semiconductor plant, the largest investment in the company's history, to start in 2026.

☆ Silicon Valley Bank red flags: Why did almost everyone fail to predict its collapse?
▼ + stars: | 2023-03-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

A bank run took down Silicon Valley Bank on March 10, as depositors withdrew $42 billion in a single day. To embrace a uniquely Silicon Valley ethos that champions boldness, growth and disruption. Silicon Valley Bank held 55% of its customers' deposits in long-dated bonds whose value eroded as interest rates went up. Silicon Valley Bank held an unusually large proportion (55%) of its customers’ deposits in long-dated Treasuries. And for most of that year, Silicon Valley Bank was operating with a massive vacancy in its corporate leadership team: a chief risk officer.

☆ Moderna CEO Stephane Bancel defends fivefold price hike of Covid vaccine during Senate grilling
▼ + stars: | 2023-03-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Moderna plans to raise the list price of its vaccine 400% to $130 when the shots are sold on the private market as early as this fall. Moderna CEO Stephane Bancel on Wednesday defended the company's plans to hike the price of its Covid shots fivefold, deflecting pressure at a Senate hearing to abandon the increase while taking barbs over his compensation. Chairman Bernie Sanders, I-Vt., questions Stephane Bancel, CEO of Moderna, during the Senate Health, Education, Labor and Pensions Committee hearing titled Taxpayers Paid Billions For It: So Why Would Moderna Consider Quadrupling the Price of the COVID Vaccine? He told the committee that the Covid vaccine market is changing substantially as the U.S. government stops buying and distributing the shots for the entire country. The Covid vaccine remains Moderna's only product on the market at the moment.

☆ Buffett's Berkshire Hathaway speeds up stock buybacks
▼ + stars: | 2023-03-19 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

March 19 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) has stepped up its pace of stock buybacks, repurchasing more than $1.8 billion of its own stock this year. Berkshire's repurchases have also included Class B shares, which normally cost about 1/1500th as much as Class A shares. The Class A shares closed on Friday at $442,765, their low for the year, while the Class B shares closed at $293.51, near their low. Buffett owns 15.6% of Berkshire's stock. In his Feb. 25 annual letter to shareholders, Buffett defended buybacks, calling someone who views all repurchases as harmful "an economic illiterate or a silver-tongued demagogue."

☆ Biden challenges Republicans with budget that raises taxes, sets up 2024 run
▼ + stars: | 2023-03-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Biden's proposal, which resurrects many items stripped from last year's budget plan, faces even stiffer opposition in Congress this year, after Republicans won control of the House of Representatives in November's midterm elections. A White House official, who was not authorized to speak publicly, contrasted Biden's vision with that of Republicans, saying the budget would reduce the U.S. deficit while lowering costs for families. It also proposes raising taxes on the wealthy and large corporations, the official said, and "tackles wasteful special interest giveaways." Biden's budget plan proposes funding higher outlays and closing the deficit by imposing a 25% minimum tax on billionaires and doubling the capital gains tax from 20%, the White House official said. Biden has also said the budget will propose quadrupling a 1% stock buyback tax, while going after corporations and rich individuals who skip paying taxes.

☆ Biden budget would cut deficit by $3 trillion over next decade with 25% minimum tax on richest Americans
▼ + stars: | 2023-03-09 | by ( Emma Kinery | ) www.cnbc.com time to read: +6 min

President Joe Biden released his budget on Thursday, vowing to cut $3 trillion from the federal deficit over the next decade, in part, by levying a 25% minimum tax on the wealthiest Americans. "It does this in part by reforming our tax code to reward work, not wealth, including by ensuring that no billionaire pays a lower tax rate than a teacher or firefighter and by quadrupling the tax rate on corporate stock buybacks," Young said. In addition to social spending, the budget includes robust defense funding. House Budget Chairman Jodey Arrington told CNN on Wednesday the GOP budget should be ready by the second week in May. Preempting Republican concerns, Rouse stressed the ways the Biden White House has repeatedly bucked economic expectations.

☆ Factbox: What's in Biden's budget: taxes on buybacks, rail safety, childcare
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Buybacks Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders. The White House has said taxing buybacks levels a distortion in the tax system. Rail safetyThe budget is expected to include millions in new funding for railroad safety measures after a series of high-profile accidents and derailments. Billionaire minimum income taxBiden is expected to reiterate his call for a 20% minimum tax on households worth more than $100 million. The White House refers to it as the "billionaire minimum income tax."

☆ The 10 power players you need to know to understand the booming world of venture debt
▼ + stars: | 2023-03-06 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +2 min

Venture debt is booming as VCs pull back on investments. Once a sleepy backwater within the startup ecosystem, venture debt has exploded in recent years, more than quadrupling in size over the past decade. Last year startups raised more than $31 billion in venture loans even as traditional venture-capital investments dwindled. But many of these power players, listed here in alphabetical order, were veterans of the industry years or even decades before venture debt was a known term in Silicon Valley. One thing is clear: Anyone interested in navigating the booming world of venture debt better get to know these 10 power players.

☆ Airtel would be a complex saviour for Paytm
▼ + stars: | 2023-02-28 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

An investment from tycoon Sunil Bharti Mittal would deliver a timely vote of confidence in the loss-making Indian financial technology darling whose Chinese investors are exiting. Currently it only has a payments bank licence, so it can accept deposits but not lend. New shareholders might also help ease an ongoing regulatory freeze on Paytm accepting deposits from new customers. He is seeking a stake in Paytm by merging his financial services unit – Airtel Payments Bank – into Paytm’s comparable unit, and wants to buy shares in its parent too from other holders, per Bloomberg. Mittal seeks to fold Airtel Payments Bank into Paytm Payments Bank in a stock deal and is also seeking to buy Paytm shares from other holders, the people said, asking not to be identified discussing private information.

☆ Warren Buffett’s Slap at Buyback Illiterates Rings True
▼ + stars: | 2023-02-27 | by ( Spencer Jakab | ) www.wsj.com time to read: 1 min

Berkshire Hathaway, whose chief executive is Warren Buffett, uses its stock repurchases to reward shareholders. Warren Buffett rarely uses his annual letter to shareholders to lobby for policies that would enrich Berkshire Hathaway or himself personally. He also generally strikes a grandfatherly tone, avoiding name-calling, though his acerbic 99-year-old business partner, Charlie Munger, is less restrained. Berkshire’s 2022 letter, released Saturday, was an exception. The topic was stock buybacks, newly subject to a 1% excise tax that President Biden recently proposed quadrupling in his State of the Union address.

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