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☆ TSMC flags 10% fall in 2023 sales, spending at low end of forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +3 min

[1/2] A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu, Taiwan August 31, 2018. The world's largest contract chipmaker estimated investment spending for this year at the lower end of a previous estimate of $32-$36 billion amid challenges from rising inflationary costs and an uncertain global economic outlook. For the second quarter ended June, TSMC, a major Apple Inc (AAPL.O) supplier, reported a 23.3% fall in net profit - beating forecasts - although it was its first on-year drop in quarterly profit since the second quarter of 2019 when it fell 7.6%. TSMC saw April-June net profit drop to T$181.8 billion ($5.85 billion) from T$237.0 billion a year earlier. TSMC, Asia's most valuable listed company, said second-quarter revenue dropped 13.7% year-on-year to $15.68 billion, in line with the company's previous forecast.

Persons: Tyrone Siu, TSMC, Refinitiv, Yimou Lee, Sarah Wu, Ben Blanchard, Jacqueline Wong Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Ltd, Apple Inc, Thomson Locations: Hsinchu, Taiwan, Arizona, TAIPEI, U.S, TSMC, China, Taipei

☆ Stock Market Today: Dow Opens Higher; Netflix, Tesla Stocks in Focus
▼ + stars: | 2023-07-20 | by ( ) www.wsj.com time to read: +1 min

A selloff in Netflix and Tesla shares weighed on the S&P 500 and the Nasdaq Composite, denting investor optimism about the second-quarter earnings season after largely reassuring bank results. Netflix slid after the company reported revenue that fell short of its own projections , despite adding 5.9 million subscribers. Tesla fell after Chief Executive Officer Elon Musk cautioned that the company might need to cut prices further . The S&P 500 and Nasdaq Composite were down. Chip stocks fell, pulled down by a disappointing update from Taiwan Semiconductor Manufacturing Co., the world’s biggest contract chip maker.

Persons: Tesla, Elon Musk, Stocks, Dow industrials Organizations: Netflix, Tesla, Nasdaq, Truist, Zions Bancorp, Taiwan Semiconductor Manufacturing Co

☆ Why Nvidia, Intel and Other Chip Stocks Are Dipping
▼ + stars: | 2023-07-20 | by ( ) www.wsj.com time to read: 1 min

It turns out there’s more to chip stocks than just AI. The world’s biggest contract chip maker had a disappointing update for investors, and semiconductor stocks are selling off. Taiwan Semiconductor Manufacturing Co. said Thursday the company will likely post a low- to mid-single digit percentage decline in full-year sales, which is worse than the outlook issued in January. That is due in part to weak demand in key categories like smartphones.

Organizations: Taiwan Semiconductor Manufacturing

☆ Apple supplier TSMC delays start of Arizona chip factory
▼ + stars: | 2023-07-20 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

Taiwan Semiconductor Manufacturing Company will delay production at its new Arizona-based chip plant to 2025 due to a shortage of skilled labor, the company's chairman said on the company's second-quarter earnings call Thursday. Apple has said it plans to use computer chips built at TSMC's Arizona facilities. TSMC Chairman Mark Liu told analysts on an earnings call Thursday that the company does not have enough skilled workers to install advanced equipment at the facility on its initial timeline. Liu said the company is working to send trained technicians from Taiwan to train local workers to help accelerate installation. The U.S. has embarked on a major push to bring semiconductor manufacturing back stateside, including through funding the multi-billion dollar Chips and Science Act to turbocharge development.

Persons: Apple, Mark Liu, Liu Organizations: Taiwan Semiconductor Manufacturing Company, U.S, CNBC, YouTube Locations: Arizona, TSMC's Arizona, Taiwan, U.S, Phoenix

One senior Taiwan fund manger told Reuters that third quarter profit would bounce back given expectations for AI demand and launches of new iPhones ahead of the year-end holiday shopping season. The second quarter is traditionally a slow period for sales for the tech industry with demand usually picking up in the third quarter and towards the year-end shopping season. TSMC , Asia's most valuable listed company, posted a surprise rise in net profit for the quarter ended March, up 2% from a year earlier. The company will provide guidance for the third quarter and update previous forecasts on its earnings call at 0600 GMT on Thursday. ($1 = 30.9600 Taiwan dollars)Reporting by Faith Hung and Ben Blanchard Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: TSMC, TSMC's, Faith Hung, Ben Blanchard, Shri Navaratnam Organizations: TAIPEI, Taiwan Semiconductor Manufacturing Co, Nvidia, Reuters, Investment, EV, Thomson Locations: Taiwan, China, Taipei

☆ Meet the $1 billion water-recycling startup helping the likes of Coca-Cola, BMW, and TSMC curb their usage and clamp down on pollution
▼ + stars: | 2023-07-18 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

The water-recycling firm Gradiant became one of the first in the space to be valued at $1 billion. Bajpayee's Gradiant helps industrial businesses get this under control by treating and recycling used water. Gradiant has raised over $400 million from investors to date and counts BMW, Coca-Cola, Pfizer, and Taiwan Semiconductor Manufacturing Co. as customers. "If you think about it, ever since the industrial revolution, we've just been taking water from nature," Bajpayee told Insider. Bajpayee added that the company used fewer and, "in some cases," no chemicals in its treatments.

Persons: Gradiant, Anurag Bajpayee, we've, Bajpayee, MIT spinout, Iris, Extantia, Leonardo DiCaprio, Lindsey Higgins, Higgins Organizations: BMW, Cola, Pfizer, Taiwan Semiconductor Manufacturing, MIT, Synthesis Locations: Microsoft's, South America

WASHINGTON, July 17 (Reuters) - U.S. chip company executives met with top Biden administration officials on Monday to discuss China policy, the State Department and sources said, as the most powerful semiconductor lobby group urged a halt to more curbs under consideration. Secretary of State Antony Blinken talked with chip company chief executives about the industry and supply chains after his recent trip to China, a department spokesperson told reporters. The chip industry is keen to protect its profits in China as the Biden administration considers another round of restrictions on chip exports to China. Last year, China accounted for $180 billion in semiconductor purchases, more than a third the worldwide total of $555.9 billion and the largest single market, according to Semiconductor Industry Association (SIA). The Biden administration is considering updating a sweeping set of rules imposed in October to hobble China's chip industry and a new executive order restricting some outbound investment.

Persons: Antony Blinken, Gina Raimondo, Lael Brainard, Jake Sullivan, Biden, Blinken, Matthew Miller, Commerce's Raimondo, Washington, hobble, Pat Gelsinger, David Shepardson, Andrea Shalal, Simon Lewis, Stephen Nellis, Chris Sanders, Susan Heavey, Matthew Lewis, Nick Zieminski Organizations: Biden, State Department, National Economic, National Security, Intel, Qualcomm, Nvidia, Reuters, Semiconductor Industry Association, SIA, Department, White, Commerce Department, Huawei Technology Co, San, Thomson Locations: China, U.S, Washington, San Francisco

The chip industry is keen to protect its profits in China as the Biden administration considers another round of restrictions on chip exports to China. The Biden administration is considering updating a sweeping set of rules imposed in October to hobble China's chip industry and a new executive order restricting some outbound investment. Not every official is expected to meet with every company, the source who spoke on condition of anonymity added. Further rule-tightening by U.S. officials risks "disrupting supply chains, causing significant market uncertainty, and prompting continued escalatory retaliation by China," the industry group said. "The availability of Gaudi2 in China continues Intel’s nearly 40-year history of delivering innovative yet legally-compliant products to this key growth market," Intel said in a statement.

Persons: Antony Blinken, Gina Raimondo, Lael Brainard, Jake Sullivan, Biden, Matthew Miller, chafed, hobble, Blinken, Pat Gelsinger, Raimondo, David Shepardson, Andrea Shalal, Simon Lewis, Stephen Nellis, Susan Heavey, Matthew Lewis, Nick Zieminski Organizations: Biden, National Economic, National Security, Intel, Qualcomm, Nvidia, Semiconductor Industry Association, SIA, Department, Administration, White, Reuters, Commerce Department, U.S, Huawei Technology Co, San, Thomson Locations: China, U.S, Washington, Intel’s, San Francisco

☆ These are the 3 key things that will impact the stock market in the week ahead
▼ + stars: | 2023-07-15 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

A lot was riding on these important measures of inflation after the scorching-hot ADP jobs report last week. Here are 3 things you need to know for the week ahead: 1. Industrial production and capacity utilization, also out Tuesday, shines a light on manufacturing, which attributes about 12% to U.S. GDP. Six months is generally considered to represent a balance between supply and demand in the housing market. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Morgan Stanley, Johnson, Jeff Miller, Lockheed Martin, Charles Schwab, JB Hunt, Goldman, Baker Hughes, Ally, Kinder Morgan, Zions, Philip Morris, Abbott, ABT, Jim Cramer's, Jim Cramer, Jim, Scott Olson Organizations: Nasdaq, Dow Jones Industrial, Housing, CPI, Halliburton, HAL, Johnson, of America Corp, Lockheed, Lockheed Martin Corp, Novartis International AG, PNC Financial Services Group, Inc, PNC, Charles Schwab Corp, Bank of New York Mellon Corporation, BK, Synchrony, Interactive, Goldman Sachs Group, U.S . Bancorp, ASML, Citizens Financial, T Bank Corp, Northern Trust Corporation, Horizon National Corp, Business Machines Corp, IBM, United Airlines, Netflix, Steel Dynamics, Alcoa, Discover Financial Services, Crown, International Corp, Equifax Inc, Las Vegas Sands Corp, Liberty Energy Inc, Philip Morris International Inc, Taiwan Semiconductor Manufacturing Company, American Airlines Group Inc, Travelers Companies, SAP, Nokia Corp, Truist Financial Corporation, Company, McLennan Companies, Infosys Technologies Ltd, Newmont Mining Corp, Fifth Third Bancorp, Pool Corporation, Alfa Laval, Webster Financial Corp, Blackstone, Financial Corp, PPG Industries, CSX Corp, CSX, Berkley Corp, Swift Transportation Holdings Inc, American Express Co, AutoNation Inc, Interpublic, of Companies, Autoliv Inc, Huntington Bancshares, Financial Corporation, Roper Technologies, Comerica, Jim Cramer's Charitable, CNBC, Getty Locations: U.S, Las, ZION, Horton, Freeport, Marsh, ALFVY, W.R, Lemont , Illinois

☆ Foxconn may partner with TSMC and TMH to set up fabrication units - ET
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File PhotoJuly 14 (Reuters) - Foxconn (2317.TW) is in talks with Taiwan Semiconductor Manufacturing Co (2330.TW) and Japan's TMH Group for technology and joint venture partnerships to start semiconductor fabrication units in India, the Economic Times reported on Friday. Reporting by Chandni Shah in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Chandni Shah, Krishna Chandra Organizations: REUTERS, Taiwan Semiconductor Manufacturing, Economic Times, Thomson Locations: New Taipei City, Taiwan, India, Bengaluru

"U.S.-China competition is on the same starting line," Chipuller chairman Yang Meng said about chiplet technology in an interview with Reuters. "They can still develop 3D stacking or other chiplet technology to work around those restrictions. Beijing is rapidly exploiting chiplet technology in applications as diverse as artificial intelligence to self-driving cars, with entities from tech giant Huawei Technologies to military institutions exploring its use. About a quarter of the global chip packaging and testing market sits in China, according to Dongguan Securities. Huawei, China’s tech and chip design giant that has been put on the U.S.'s most restricted list, has been actively filing chiplet patents.

Persons: Yang Meng, Charles Shi, Needham, Yang, Needham's Shi, Chipuller, Laura Black, Melissa Mannino, Perry Bechky, Rowe, Mike Gallagher, Biden, ”, Chipuller's Yang, zGlue, CFIUS, Shayne Phillips, MIIT, Jane Lanhee Lee, Eduardo Baptista, Echo Wang, Stephen Nellis, Kenneth Li, Brenda Goh, Lincoln Organizations: Chipuller, Industry, Reuters, Huawei Technologies, Intel, Dongguan Securities, People’s Liberation Army, PLA, Acclaim, British, Islands, Sea Investment Co, Foreign Investment, Treasury, Akin's Trade, Berliner Corcoran, Department of Commerce, Huawei, U.S, TongFu Microelectronics, JCET, Beijing ESWIN Technology Group, China’s Ministry of Industry, Information Technology, Thomson Locations: Shenzhen, China, U.S, United States, Japan, South Korea, Taiwan, Beijing, Dongguan, BakerHostetler, People's Republic of China

☆ India's Gujarat in talks with Foxconn for its semiconductor plant
▼ + stars: | 2023-07-12 | by ( Sumit Khanna | ) www.reuters.com time to read: +2 min

AHMEDABAD, India July 12 (Reuters) - India's Gujarat state is holding talks with Foxconn over a semiconductor plant, a top government official told Reuters, days after the Taiwanese giant broke off a $19.5 billion joint-venture plan with India's Vedanta. "We are in touch with multiple prospective investors, including Foxconn ... Gujarat is uniquely positioned to attract top chipmakers," said Vijay Nehra, secretary of the science and technology department in Gujarat. Foxconn (2317.TW) this week exited its project with Vedanta (VDAN.NS), which was also planned for Prime Minister Narendra Modi's home state of Gujarat, citing issues such as slow progress. The breakup of the JV was a setback for Modi's vision to establish India as a semiconductor manufacturing hub. Its talks with Gujarat come weeks after Micron Technology (MU.O) said it will invest up to $825 million in a semiconductor testing and packaging facility in the state.

Persons: Vijay Nehra, Narendra Modi's, Foxconn, Modi, Lee, Munsif Vengattil, Aditya Kalra, Sharon Singleton Organizations: Reuters, Vedanta, JV, IGSS Ventures, ISMC, LinkedIn, Micron Technology, Thomson Locations: AHMEDABAD, India, Gujarat, ., Foxconn, Singapore

☆ Even with inflation cooling, Jim Cramer says the Fed has no choice but to keep tightening
▼ + stars: | 2023-07-12 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer asserted Wednesday that the Federal Reserve is not done tightening, even as inflation seems to be on the decline because the consumer price index is no longer so scorching hot. "Unfortunately, even with inflation cooling, the Fed has no choice but to keep tightening, if only to offset the tidal wave of inflation caused by all the government spending that's about to steamroll this economy," he said. Cramer listed three factors that might indicate the Fed hasn't finished tightening. Cramer also highlighted the tight labor market he thinks is currently making inflation difficult to manage. "We need to stop confusing any given index with the tight labor market that makes our current bout of inflation so intractable," Cramer said.

Persons: CNBC's Jim Cramer, Cramer, he's, they'll Organizations: Federal Reserve, Fed, CPI

☆ China's Huawei poised to overcome US ban with return of 5G phones, research firms say
▼ + stars: | 2023-07-12 | by ( David Kirton | ) www.reuters.com time to read: +5 min

Huawei should be able to procure 5G chips domestically using its own advances in semiconductor design tools along with chipmaking from Semiconductor Manufacturing International Co (SMIC), three third-party technology research firms covering China's smartphone sector told Reuters. The firms, citing industry sources including Huawei suppliers, spoke on condition of anonymity because of confidentiality agreements with clients. [1/2]A Huawei logo and a 5G sign are pictured at Mobile World Congress (MWC) in Shanghai, China June 28, 2019. The second research firm said it noticed Huawei had asked SMIC to produce chip components below 14 nm this year for 5G products. The forecast yield rate of less than 50% means that 5G chips are "going to be costly", said Doug Fuller who researches chips at the Copenhagen Business School.

Persons: SMIC, Canalys, Aly, Doug Fuller, Fuller, David Kirton, Jamie Freed Organizations: Huawei, Huawei Technologies, chipmaking, Semiconductor Manufacturing International, Reuters, Apple, Samsung, China Securities Journal, Mobile World Congress, REUTERS, Copenhagen Business School, Thomson Locations: SHENZHEN, China, Shenzhen, U.S, Shanghai, Washington

☆ China's Huawei poised to overcome US ban with return of 5G phones - research firms
▼ + stars: | 2023-07-12 | by ( David Kirton | ) www.reuters.com time to read: +5 min

[1/2] A Huawei logo and a 5G sign are pictured at Mobile World Congress (MWC) in Shanghai, China June 28, 2019. Huawei should be able to procure 5G chips domestically using its own advances in semiconductor design tools along with chipmaking from Semiconductor Manufacturing International Co (SMIC), three third-party technology research firms covering China's smartphone sector told Reuters. The firms, citing industry sources including Huawei suppliers, spoke on condition of anonymity because of confidentiality agreements with clients. The second research firm said it noticed Huawei had asked SMIC to produce chip components below 14 nm this year for 5G products. The forecast yield rate of less than 50% means that 5G chips are "going to be costly", said Doug Fuller who researches chips at the Copenhagen Business School.

Persons: Aly, SMIC, Canalys, Doug Fuller, Fuller, David Kirton, Jamie Freed Organizations: Huawei, Mobile World Congress, REUTERS, Huawei Technologies, chipmaking, Semiconductor Manufacturing International, Reuters, Apple, Samsung, China Securities Journal, Copenhagen Business School, Thomson Locations: Shanghai, China, SHENZHEN, Shenzhen, U.S, Washington

Foxconn (2317.TW) withdrew from the JV with the Indian metals-to-oil conglomerate on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem." India expects its semiconductor market to be worth $63 billion by 2026, but Modi's plan has so far floundered. The $3 billion ISMC project is stalled because Tower is being acquired by Intel, while another $3 billion plan by IGSS was also halted because it wanted to re-submit its application, Reuters has reported. Like Foxconn, the Indian government has said the breakup of the JV had "no impact" on India's semiconductor plans, adding that both companies were "valued investors" in the country.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, IGSS, Ann Wang, Vedanta, Anil Agarwal, Vedanta's, Yimou Lee, Ben Blanchard, Tanvi Mehta, Aditya Kalra, Jacqueline Wong, Sonali Paul, Alexander Smith Organizations: India, JV, Vedanta, TW, Semiconductors, IGSS Ventures, ISMC, Intel, Reuters, REUTERS, Vedanta's, Vedanta Ltd, Vedanta Resources, Thomson Locations: chipmaking, India, TAIPEI, MUMBAI, Singapore, New Taipei City, Taiwan, Vedanta's India, Vedanta's London, Taipei, Mumbai, New Delhi, Pandya, Bengaluru

☆ Applied Materials aims to boost chip factory productivity with new tech
▼ + stars: | 2023-07-11 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

Applied Materials announced the new system at a chipmaking conference in San Francisco. The United States is poised to deploy tens of billions of dollars in subsidies on chip factories and European Union lawmakers were set to enact similar legislation. "You're trying to get more productivity, a smaller footprint, the intelligence and energy savings for those applications," Rice said of memory chips. "It's going to continue to grow ... but for right now, it's started out with mostly the leading memory" factories, he said. Reporting by Stephen Nellis in San Francisco Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Rice, Rice, it's, Stephen Nellis, Matthew Lewis Organizations: FRANCISCO, Materials, European Union, San, Thomson Locations: San Francisco, United States

☆ Foxconn eyes India chipmaking incentives after quitting $19.5 billion JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Foxconn remains committed to chipmaking in IndiaFoxconn seeks new partner for India chipmaking - sourceTAIPEI/NEW DELHI, July 11 (Reuters) - Taiwan's Foxconn (2317.TW) said on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta (VDAN.NS) on a $19.5 billion chipmaking joint venture. Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is working toward submitting an application," the company said in a statement. The Vedanta-Foxconn joint venture was among three applicants last year under the government's incentives plan. Explaining its breakup with Vedanta, Foxconn said on Tuesday "there was recognition from both sides that the project was not moving fast enough" and there were other "challenging gaps we were not able to smoothly overcome", without sharing more details.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, Vedanta, Yimou Lee, Ben Blanchard, Aditya Karla, Jacqueline Wong, Sonali Paul Organizations: India, Vedanta, Semiconductors, Vedanta Ltd, Thomson Locations: chipmaking, India, TAIPEI, DELHI, Taipei, Mumbai, New Delhi

☆ From a failed $20 billion joint venture to stalled projects, India's dreams of becoming a chipmaking powerhouse are off to a bad start
▼ + stars: | 2023-07-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Foxconn said Monday it's scrapping a $20 billion JV with Indian conglomerate Vedanta to make semiconductors. Other plans to boost India's chipmaking sectors are also progressing slowly. The two companies signed an agreement in February 2022 to form a joint venture, or JV, to manufacture semiconductors in India. Apart from Foxconn abandoning its JV with Vedanta, two other chipmaking ventures are also in limbo. A $3 billion venture under global consortium ISMC — which counts Israel's Tower Semiconductor as a partner — has stalled, as Tower is in the process of being acquired by tech bigwig Intel, Reuters reported on June 1.

Persons: Foxconn, Narendra Modi's, Taiwan's Foxconn, Apple —, Narendra Modi, —, hasn't, Rajeev Chandrasekhar, editorializing abt, Modi Organizations: Vedanta, Indian, Morning, Apple, JV, Hai Technology Group, Taiwan Stock Exchange, Taiwan Semiconductor Manufacturing Company, ISMC, Semiconductor, Intel, Reuters, Micron, JV Vedanta, India Locations: India, Taiwan, China, Gujarat, Taiwan Straits, Singapore, Indias

☆ Foxconn pulls out of chipmaking project with India's Verdanta
▼ + stars: | 2023-07-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Foxconn says it is exiting an ambitious project to help build one of India’s first chip factories. The news was seen as a blow to the Indian government’s plans to turn the country into a tech manufacturing powerhouse, even as officials have sought to counter that view. In a followup statement Tuesday, Foxconn reaffirmed its commitment to invest in Indian chipmaking. The project had been hailed as a milestone in India’s campaign to attract more investment in manufacturing, a sector sorely needed to help ease unemployment. Prime Minister Modi had framed the project as a significant boost for the economy and jobs.

Persons: Hong Kong CNN — Foxconn, Foxconn, Vedanta, Narendra Modi, “, Young Liu, Ashwini Vaishnaw, ” Rajeev Chandrasekhar, Modi Organizations: Hong Kong CNN, Vedanta, CNN, Apple, Indian, News18, Micron Locations: Hong Kong, Asia’s, India, Andhra Pradesh, Tamil Nadu, China, Taipei, Mumbai, Gujarat

☆ Morgan Stanley says we are entering a golden age of technology because of A.I. and gives some top stocks to play it
▼ + stars: | 2023-07-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Morgan Stanley offered up some of its top ways to play artificial intelligence as the technology enters a "golden age." But even after those significant surges, Morgan Stanley thinks the tailwinds are far from over. Given this setup, Morgan Stanley analysts highlighted 37 stocks as global AI winners with a combined market capitalization of $2.8 trillion. To compile the list, Morgan Stanley searched for areas of the tech supply chain situated for the strongest AI revenue exposure. Morgan Stanley expects the company's dominance to continue in the foreseeable future, calling it the "cleanest story" within AI hardware.

Persons: Morgan Stanley, — CNBC's Michael Bloom Organizations: Nvidia, Meta, Devices, Marvell Technology, Taiwan Semiconductor Manufacturing, U.S, Dell Technologies Locations: U.S, Taiwan, Korea, Europe

☆ Goldman Sachs raises Nvidia price target, says chipmaker is entering a new growth phase
▼ + stars: | 2023-07-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

NVDA YTD mountain Nvidia shares in 2023 The new price target suggests shares could gain another 16.5% from Friday's close on top of nearly tripling this year. Key to Goldman Sachs' target increase is the stronger compute power and greater numbers of graphics processing units needed to train growing large language models. From training alone, the analyst forecasts a $13 billion base case three-year revenue opportunity and a $316 billion bull case scenario. Social media could yield one of the strongest revenue opportunities, with a base case scenario calling for $1.9 billion in revenue. Along with its target increase on Nvidia, Goldman Sachs upped its price objective on overseas shares of Taiwan Semiconductor Manufacturing .

Persons: Goldman Sachs, Toshiya Hari, Hari, Bruce Lu, — CNBC's Michael Bloom Organizations: Nvidia, company's Data, Wall, Social, Taiwan Semiconductor Manufacturing Locations: Friday's

The semiconductor manufacturing equipment sector undergoing a bottoming process, with a positive inflection not yet visible, according to KeyBanc — meaning further upside for KLA shares is limited. KeyBanc downgraded KLA to sector weight from overweight on account of the company's shares recently exceeding its previous price target of $468. "We don't see evidence of a rapid return to industry demand exceeding supply, but we think shares may be discounting a return to those record run-rate levels," said Barger. "We think shares have discounted a significant recovery well in advance of a fundamental improvement, and earlier than we've seen in prior cycles. KLA shares were down 1.3% in premarket trading.

Persons: KeyBanc, Steve Barger, it's, Barger, we've, —, Michael Bloom

☆ Yellen says she's 'concerned' about China's new export controls in her first public remarks in Beijing
▼ + stars: | 2023-07-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

U.S. Treasury Secretary Janet Yellen (R) shakes hands with U.S. BEIJING — U.S. Treasury Secretary Janet Yellen said Friday she is "concerned" about the export controls China announced this week. "I am also concerned about new export controls recently announced by China on two critical minerals used in technologies like semiconductors," Yellen said in prepared remarks for a meeting with U.S. businesses in Beijing. The Biden administration has announced measures aimed at bolstering American tech capabilities and limiting China's access to advanced tech. Those include sweeping export controls that took effect in October and restrict the ability of U.S. businesses to sell certain advanced computing semiconductors or related manufacturing equipment to China.

Persons: Janet Yellen, China Nicholas Burns, Yang Yingming, Yellen, Biden Organizations: Treasury, U.S, Department of International Economic Relations, China's Ministry of Finance, China, China's Ministry of Commerce Locations: China, Beijing, BEIJING — U.S

☆ Google delays release of fully custom phone chip until 2025, The Information reports
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Alphabet Inc's (GOOGL.O) Google has delayed the release of a fully custom chip for its Pixel smartphones until 2025, The Information reported on Thursday, citing two people familiar with the matter. Google originally planned to release the chip, internally called Redondo, next year to replace the semicustom chips it currently designs with Samsung Electronics (005930.KS), the report said. The tech giant will also switch from Samsung to Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) for making the chips, called Tensors, according to The Information. Google will stick with Samsung for another year and wait until 2025 to introduce a fully custom design chip, internally code-named Laguna, according to The Information. The Laguna chip will be based on TSMC's 3-nanometer manufacturing process, currently the world's most advanced chipmaking process, the report added.

Persons: Chavi Mehta, Shilpi Majumdar Organizations: Google, Samsung Electronics, Samsung, Taiwan Semiconductor Manufacturing, Apple, Nvidia, Thomson Locations: Redondo, Laguna, Bengaluru

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