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☆ Western Digital and Japan's Kioxia call off merger talks - Nikkei
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ann/File photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Western Digital Corp (WDC.O) and Japan's Kioxia Holdings have broken off talks to create one of the world's biggest chipmakers, the Nikkei newspaper reported on Thursday. The companies were also unable to agree on conditions with top Kioxia shareholder Bain Capital, the report added. Western Digital, Kioxia and Bain Capital did not immediately respond to Reuters' requests for comment. Shares of Western Digital sank 12% on the news. Kioxia and Western Digital have held merger talks since 2021 but the negotiations have often stalled over a series of issues, including valuation discrepancies.

Persons: David Dolan, Aditya Soni, Juby Babu, Chavi Mehta, Shweta Agarwal Organizations: Taipei, REUTERS, Rights, Western Digital Corp, Japan's Kioxia Holdings, Nikkei, SK Hynix, Bain Capital, Samsung Electronics, South Korean SK Hynix, Kioxia, Western Digital, Western, Thomson Locations: Taipei, Taiwan, U.S, Kioxia, Bengaluru

☆ Stocks making the biggest moves midday: Merck, Bristol-Myers Squibb, Align Technology and more
▼ + stars: | 2023-10-26 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

UPS — The shipping company saw shares decline 5.9% after releasing its third-quarter earnings report, which showed disappointing revenue. Full-year revenue guidance was also slightly below expectations. Whirlpool — The home appliance company dropped 15.8% on Thursday after Whirlpool issued full year earnings guidance of about $16 per share. Bristol-Myers Squibb — Shares of the drug maker fell 6.2% after the company reported a decline in sales of its popular blood cancer drug, Revlimid, citing generic competition. ServiceNow — The workflow software company jumped 1.6% after posting third-quarter earnings and revenue that beat analyst expectations.

Persons: LSEG, Merck —, Merck, Steven Vondran, Thomas Bartlett, ServiceNow, —, Alex Harring, Yun Li, Lisa Kailai Han, Tanaya, Hakyung Kim Organizations: Bunge —, Comcast, UPS, Hasbro, Whirlpool, Bristol, Myers, Merck, Technology, American Tower Corporation, Flex, IBM —, Wall, CNBC Locations: NBCUniversal, American

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

☆ 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

☆ TSMC, Alibaba and more: Goldman reveals AI stocks in its 'conviction list' — giving one 105% upside
▼ + stars: | 2023-10-26 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Here are some of the other stocks in Goldman's conviction list. Aside from TSMC, Goldman's conviction list stocks in this category include Chinese tech giant Hon Hai Precision Industry and Japanese electronics manufacturing company Ibiden . AI-empowered names The bank's conviction list stocks in this category include Chinese machine industry player Envicool , Japanese video game publisher Bandai Namco Entertainment and industrial equipment company Keyence . Goldman has an 83,000 yen price target on Keyence, giving it an upside of 56.7%. Stocks that are both Goldman named Chinese tech giants Alibaba and Baidu as its conviction list stocks that are both in the business of enabling and empowering AI.

Persons: Goldman Sachs, Daiki Takayama, TSMC, Goldman, Hai —, Envicool, Alibaba, — CNBC's Michael Bloom, Sheila Chiang Organizations: Taiwanese Semiconductor Manufacturing Company, New, Companies, Precision Industry, Bandai Namco Entertainment, Bandai Namco, Baidu, Alibaba Locations: Asia, New Taiwan

☆ Stocks making the biggest moves before the bell: Hasbro, Southwest, Hershey, Royal Caribbean and more
▼ + stars: | 2023-10-26 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

Hasbro earned $1.64 per share excluding items on $1.5 billion in revenue, while analysts polled by LSEG had anticipated $1.70 per share in earnings and revenue at $1.64 billion. Southwest posted $6.53 billion in revenue, while analysts surveyed by LSEG expected $6.57 billion. Bristol-Myers topped earnings expectations and posted revenue that was in line with expectations. ServiceNow — The software stock rose more than 3% after posting stronger-than-expected quarterly results and sharing solid subscription revenue expectations for the current period. UPS – The shipping company saw shares decline 3% premarket following its third quarter earnings report.

Persons: LSEG, Revlimid, Myers, Overstock.com, Hershey, overshadowing, Mattel —, ServiceNow, it's, Silver Lake, —, Sarah Min, Tanaya Macheel, Samantha Subin, Lisa Kailai Han, David Paul Morris Organizations: Hasbro, Southwest —, Southwest, Myers, Bristol, Overstock.com, FactSet, Royal Caribbean, Mattel, Wednesday, UPS, Endeavor Group Holdings, Endeavor, Holdings, WWE, UFC, Barclays —, Bank of America, Barclays, underperform, Hasbro Inc, Target Corp, Bloomberg, Getty Locations: Bristol, Nextracker, FactSet, Thursday's premarket, Emeryville , California, U.S

Quarterly earnings reports for our industrial stocks begin this week amid an uncertain operating environment. HON YTD mountain Honeywell (HON) year-to-date performance Honeywell and Linde are the first two of the group to report — on Thursday before the bell. This was positive to see and it's reasonable to expect a clean quarter led by aerospace, Honeywell's largest business. Linde has beat and raised for 18 consecutive quarters, and history is likely to repeat itself when the industrial gas company reports. EMR YTD mountain Emerson Electric (EMR) year-to-date performance Emerson Electric is the last of our industrial names to report, on Nov. 7 before the opening bell.

Persons: we're, Stanley Black, Decker, —, CNBC's Jim Cramer, it's, Jim, You've, Vimal Kapur, Linde, Jack Umpleby, Emerson, Jim Cramer's, Jim Cramer, Wang Chun Organizations: Caterpillar, Honeywell International, Emerson Electric, Linde, LIN, DuPont De Nemours, Honeywell, LSEG, Aerospace, Electric, GE, Club, U.S, Management, CAT, Act, DuPont, Electronics, Emerson, National Instruments, SWK, CNBC, Future, Getty Locations: North America, China, Lianyungang, East China's Jiangsu

☆ Exclusive: Vietnam eyes China model to seek index upgrade, boost investment
▼ + stars: | 2023-10-25 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +4 min

An investor sits in front of screens showing stock board information at a securities company in Hanoi, Vietnam July 6, 2018. That prevents many funds, investors and family offices from investing in companies listed there. MULTI-MILLION-DOLLAR PIEUnder the new plan, Vietnam would adopt a mechanism to settle payments on shares transactions that could meet the key requirement from FTSE for the upgrade. Active funds are estimated to have five times more investments in the FTSE emerging market, which could lead to far bigger gains for the HCMC market, which has currently a $179 billion capitalisation. Foreign investors need also to be consulted.

Persons: Le Thi Le Hang, Francesco Guarascio @fraguarascio, Lincoln Organizations: REUTERS, FTSE, Chi Minh City Stock Exchange, The bourse, State Securities Commission, Vietnam, Thomson Locations: Hanoi, Vietnam, China HANOI, China, Chi Minh, The, Indonesia, Philippines, Qatar, Sri Lanka, Kenya

☆ KLA forecasts current-quarter revenue above estimates on AI boom
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Chipmaking equipment supplier KLA (KLAC.O) on Wednesday forecast second-quarter revenue above Wall Street estimates, boosted by growing adoption of artificial intelligence tools that require sophisticated processors. This has driven demand for equipment to make and design chips benefiting KLA and its peers such as ASML (ASML.AS) and Applied Materials (AMAT.O). KLA expects fiscal second-quarter revenue of $2.45 billion, plus or minus $125 million. Analysts were expecting revenue of $2.41 billion, according to LSEG data. The company reported revenue of $2.4 billion for the first quarter ended Sept. 30, compared with estimates of $2.36 billion.

Persons: Akash Sriram, Shailesh Organizations: Taiwan Semiconductor Manufacturing, Samsung Electronics, Thomson Locations: Milpitas , California, United States, China, Bengaluru

☆ Kokusai Electric shares pop 32% on Tokyo debut
▼ + stars: | 2023-10-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

In this photo illustration, Kokusai Electric logo is seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) Sopa Images | Lightrocket | Getty ImagesShares of Japanese semiconductor equipment maker Kokusai Electric saw a strong debut on the Tokyo Stock Exchange on Wednesday. Kokusai Electric is a spin-off from Hitachi Kokusai Electric, a subsidiary of Japanese multinational electronics company Hitachi. He said Kokusai Electric may not be as competitive as its rivals Tokyo Electron or Lasertec , which dominate niche markets in the semiconductor production process. He said applications such as artificial intelligence use logic chips instead of memory chips, which are used in smartphones.

Persons: Pavlo Gonchar, Mio Kato, CNBC's, Mio Kato Lightstream, Kato Organizations: Getty, Kokusai, Tokyo Stock Exchange, Japan Times, Hitachi Kokusai, Hitachi, KKR, Lightstream Research, Tokyo

Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. "EV demand next year could be lower than expectations," Lee Chang-sil, chief financial officer at South Korean battery maker LG Energy Solution (373220.KS) said on Wednesday, due to global economic uncertainty. GM on Tuesday said it would focus near-term EV efforts on meeting demand rather than hitting specific volume targets. If interest rates remain high or if they go even higher, it's that much harder for people to buy the car." Like many other industrial firms, carmakers hedge against commodity price swings, and with EV demand slowing, raw material prices have softened, including those used heavily in batteries.

Persons: Tesla, Aly, Lee Chang, Mary Barra, Elon Musk, Nidec, China's CATL, Ben Klayman, David Gaffen, Eric Onstad, Jonathan Oatis Organizations: REUTERS, Honda, EV, sil, South, LG Energy, General Motors, GM, Investors, Tech, Cox Automotive, European Union, Volkswagen, Fastmarkets, CME, U.S, Ford, EVs, Victoria Waldersee, Thomson Locations: Tesla China, Shanghai, China, KS, United States, Mexico, Detroit, New York, London, Berlin

☆ Italy, Europe need state-controlled cloud services - Leonardo chief
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

ROME, Oct 25 (Reuters) - Italy and other European countries need government-controlled cloud services to store sensitive data, the head of Italian defence and electronics firm Leonardo (LDOF.MI) said on Wednesday, calling it "one of the key issues of our future". "In my opinion, a safe country needs a government cloud, at least for financial, health and defence data," Chief Executive Roberto Cingolani told a hearing at the defence committee of the Italian lower house of parliament. First of all creating a (national) government cloud. Then understanding that these (national) government clouds need to become European government clouds," he said. Leonardo, a listed company controlled by the Italian government, offers cloud services to the Italian state through a consortium including Telecom Italia (TLIT.MI), Italian state lender CDP and state-owned IT firm Sogei.

Persons: Leonardo, LDOF.MI, Roberto Cingolani, Cingolani, Alvise Armellini, Mike Harrison Organizations: Telecom Italia, Thomson Locations: Italy, Europe

The logo of SK Hynix is seen at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Oct 26 (Reuters) - South Korea's SK Hynix (000660.KS) said a boom in artificial intelligence will drive chip profits after posting a sharply narrower third quarter loss than it did in the previous quarter. SK Hynix said it swung to a 1.8 trillion won ($1.33 billion) third-quarter operating loss from a profit of 1.7 trillion won a year earlier. It was its fourth consecutive quarterly loss, but improved from a trough of a 3.4 trillion won loss in the first quarter and a 2.9 trillion won loss in the second quarter. SK Hynix was ahead of rivals in developing HBM3 chips and securing AI-chip leader Nvidia (NVDA.O) as a client.

Persons: Kim Hong, chipmaker, SK Hynix, LSEG SmartEstimate, 1,351.6200, Joyce Lee, Heekyong Yang, Shri Navaratnam, Jamie Freed Organizations: SK Hynix, REUTERS, Rights, Korea's SK Hynix, SK, Revenue, Samsung Electronics, Analysts, SK Hynix's, Nvidia, Thomson Locations: Seongnam, South Korea, Rights SEOUL, KS

☆ Teradyne beats quarterly revenue estimates on strong chip-testing equipment demand
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Teradyne (TER.O) reported third-quarter revenue above market expectations on Wednesday, helped by resilient demand for the company's chip-testing solutions. The boom in demand for artificial intelligence chips used in data centers has helped suppliers of chip-testing products like Teradyne offset the weakness in sales of smartphones and personal computers. The company designs and develops technology to test chips and electronic equipment and sells robotic systems to customers in the manufacturing sector. One of its largest customers, Taiwan Semiconductor Manufacturing Company (2330.TW), showed optimism about the demand stabilization in the smartphone and computing markets after beating expectations for third-quarter net profit. Teradyne's net revenue for the third quarter fell around 15%, to $703.7 million, from $827.1 million a year ago, but beat analysts' expectations of $684.6 million.

Persons: Zaheer Kachwala, Pooja Desai Organizations: Taiwan Semiconductor Manufacturing Company, Qualcomm, Samsung, Thomson Locations: Bengaluru

TOKYO, Oct 25 (Reuters) - Kokusai Electric (6525.T) shares jumped 29% in their Tokyo market debut on Wednesday after private equity firm KKR sold shares in the chip equipment maker for $724 million in Japan's largest initial public offering (IPO) in five years. The stock opened at 2,116 yen and climbed to a high of 2,371 yen, valuing the company at 546.3 billion yen ($3.65 billion), as investors grabbed shares following the rare IPO of a key chip tool manufacturer. "The market for chip related stocks outside of AI is weak so some were wondering what would happen," said Tomoichiro Kubota, analyst at Matsui Securities. KKR agreed to buy Hitachi's (6501.T) electronic equipment unit in 2017 in a deal valuing the business at 257 billion yen ($1.72 billion) as the conglomerate streamlined operations. The private equity group then spun off Kokusai, which manufactures machines for depositing thin films on silicon wafers, the following year.

Persons: telco, Tomoichiro Kubota, Kazuyoshi Saito, Warren Buffett, Sam Nussey, Miho Uranaka, Mayu, Makiko Yamazaki, Chang, Ran Kim, Sonali Paul Organizations: KKR, telco SoftBank Corp, Matsui Securities, Reuters, Iwai Cosmo Securities, Materials, Equity, Thomson Locations: TOKYO, Tokyo, China, Japan

☆ Shares in China's iFlyTek tumble after reports AI-powered device criticised Mao
▼ + stars: | 2023-10-24 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

An iFlytek company sign is seen at the Appliance and Electronics World Expo (AWE) in Shanghai, China March 23, 2021. It has proposed the compilation of a blacklist of sources that cannot be used to train Chinese AI models. IFlyTek on Tuesday revealed its latest Spark AI model which the company says can rival OpenAI’s ChatGPT in most key areas. Liu said iFlytek’s model could compete with OpenAI’s GPT-4 early next year. The company also said that it is working with Huawei Technologies (HWT.UL) on an AI model training platform which uses Huawei’s flagship AI chips.

Persons: Aly, Mao Zedong, Baijiahao, Mao, iFlyTek, Liu Qingfeng, OpenAI’s, Liu, Josh Ye, Brenda Goh, Sharon Singleton Organizations: Appliance, Electronics, REUTERS, Reuters, Communist Party, Huawei Technologies, Thomson Locations: Shanghai, China, HONG KONG, iFlytek

FILE PHOTO: An Apple logo is pictured outside an Apple store in Lille, France, September 13, 2023. REUTERS/Stephanie Lecocq/File Photo Acquire Licensing RightsWASHINGTON, Oct 24 (Reuters) - Apple (AAPL.O) on Tuesday will announce plans to make parts, tools and documentation needed to fix its iPhones and computers available to independent repair shops and consumers nationwide, the White House said. In recent years, Apple executives have begun touting the longevity and resale value of its devices while making it easier to fix them and to access spare parts. Apple started distributing parts and manuals to some independent repair shops in 2019. While Apple has provided spare parts to repair shops since 2019, the California bill also requires it to supply diagnostic tools to those shops as well.

Persons: Stephanie Lecocq, Apple, Joe Biden, Lael Brainard, Brainard, Nathan Proctor, Proctor, Andrea Shalal, Stephen Nellis, Lisa Shumaker Organizations: Apple, REUTERS, Rights, National Economic, Manufacturers, Thomson Locations: Lille, France, U.S, California, Colorado , New York, Minnesota, San Francisco

☆ Arcelik's European deal with Whirlpool gets EU approval
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

Employees stand at the Whirlpool company plant in the northern city of Amiens, France, June 14, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsCompanies Arcelik AS FollowWhirlpool Corp FollowGDANSK, Oct 24 (Reuters) - EU antitrust regulators have cleared Turkish domestic appliances maker Arcelik's (ARCLK.IS) proposed purchase of Whirlpool's (WHR.N) European domestic appliances business, an European Commission filing showed on Tuesday. "The Commission concluded that the transaction would not raise competition concerns given in particular the presence of alternative suppliers in the European Economic Area countries where both parties are active," the European Commission said in a statement. Under the deal announced in January, the companies will set up a new entity made up of Arcelik's European units producing major and small domestic appliances as well as consumer electronics with Whirlpool's European business. Britain's antitrust regulator said on Oct. 11 it had decided to refer the deal for an in-depth investigation.

Persons: Benoit Tessier, Arcelik, Blomberg, Canan, Daren Butler, Jason Neely Organizations: Whirlpool, REUTERS, Commission, Economic, European Commission, Markets Authority, Zenith, Thomson Locations: Amiens, France, GDANSK, Arctic, Altus, Grundig

The Labor Day tragedy in 2019 spurred changes to maritime regulations, congressional reform and civil lawsuits. At the time of the fire, no owner, operator or charterer had been cited or fined for failure to post a roving patrol since 1991, Coast Guard records showed. The NTSB faulted the Coast Guard for not enforcing that requirement and recommended it develop a program to ensure boats with overnight passengers actually have the watchman. The Coast Guard has since enacted new regulations regarding fire detection systems, extinguishers, escape routes and other safety measures as mandated by Congress. Victims' families have sued the Coast Guard in one of several ongoing civil suits.

Persons: Jerry Boylan, It's, ”, Kathleen McIlvain, Charles, Boylan, who’d, George Wu, Prosecutors, Wu, they’ve, ’, we’ll, ” McIlvain, Dana Fritzler Organizations: ANGELES, Labor, Transportation Safety, District, Associated Press, U.S, Attorney's, Los Angeles Times, Bureau, Alcohol, Tobacco, Firearms, Explosives, Coast Guard, NTSB, Congress, Inc, Court Locations: Southern California, Los Angeles, Santa Barbara, Antarctica, U.S

☆ 3M raises full-year profit forecast aided by cost cuts, price hikes
▼ + stars: | 2023-10-24 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

3M hiked prices to offset high raw material and labor costs, and undertook a workforce reduction amid waning demand for consumer electronics. And if needed, we'll continue doing that," 3M Chief Financial Officer Monish Patolawala said on a call with analysts. The company's cost-cutting push helped it beat estimates but 3M is still faced with weak demand for consumer electronics, especially in China and Europe. 3M now expects full-year adjusted earnings per share to be in the range of $8.95 to $9.15 per share, versus prior forecast of $8.60 to $9.10. The company's adjusted profit for the third quarter came in at $2.68 per share, above analysts' estimates of $2.34.

Persons: Brendan McDermid, we'll, Monish Patolawala, Morgan, Kannaki, Maju Samuel Organizations: New York Stock Exchange, REUTERS, U.S, Barclays, 3M, Thomson Locations: New York City, U.S, China, Europe, J.P, Bengaluru

☆ Why GM is reviving the Bolt, the best-selling EV it almost discontinued
▼ + stars: | 2023-10-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. Production of the current Bolt is set to end in December, but GM has said a revamped version is on the way. General Motors surprised investors – and EV fans – when it said in July that the little Chevrolet Bolt EV will be revamped, rather than killed off entirely at the end of 2023 as originally planned. Launched in late 2016 and originally aimed at the ride-sharing market, the Bolt had never sold as well as GM had originally hoped. That sales surge is a big part of why GM decided to keep the Bolt around.

Persons: Mary Barra, Bolt, Barra, – Organizations: Chevrolet Bolt, GM, General Motors, UAW, Bolts Locations: Las Vegas, –

☆ How Micron is building the biggest chip fab in U.S. history despite a China ban and smartphone slump
▼ + stars: | 2023-10-23 | by ( Katie Tarasov | ) www.cnbc.com time to read: +12 min

But multiple memory chips are needed to support each GPU or CPU, so making memory requires more fab space. Micron says construction in New York will begin at the end of 2024 and chip production there will start in 2027. By 1980, it was building its first fab and a year later was pumping out a revolutionarily small 64K DRAM chip. Gatzemeier, who joined as an intern in 1997, explained the two main kinds of memory: DRAM and NAND. When it comes to the biggest type of memory, DRAM, Samsung is by far the leader, followed by SK Hynix and then Micron.

Persons: Sanjay Mehrotra, Ben Farrar, Scott Gatzemeier, Mehrotra, Chuck Schumer, Schumer, Kathy Hochul, Hochul, Gatzemeier, Katie Tarasov, Kent Kessinger, Patrick Moorhead, Gaurav Gupta, it's, Moorhead, HBM, China's, Gartner's Gupta, that's, Xi Jinping, Micron's Organizations: Samsung, SK Hynix, Micron, CNBC, U.S, Intel, AMD, Labor, Syracuse . New York Gov, New York, Texas, Gartner, Apple, Motorola, Asus, China Micron, Biden Locations: South Korea , Idaho, U.S, China, Japan, Taiwan, Boise , Idaho, New York, Manassas , Virginia, Syracuse , New York, Asia, Syracuse, Idaho, New, Jose, Boise, India, Fujian

☆ Apple supplier Foxconn says it will cooperate with Chinese authorities on tax, land use investigations
▼ + stars: | 2023-10-23 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Apple supplier Foxconn, officially known as Hon Hai , said it will cooperate with Chinese authorities on investigations, following a report that officials are conducting tax audit inspections and reviewing land use of Foxconn subsidiaries. State media Global Times reported on Sunday, citing unnamed sources, that multiple offices of Hon Hai's subsidiaries across China had been subjected to tax audits and on-site investigations into land use. Hon Hai Technology Group is the world's largest contract electronics manufacturer. "Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn). Hon Hai's Taipei-listed shares fell 3.29% in early Monday morning trade.

Persons: Hai, Hai's Organizations: Foxconn, Global Times, Hai Technology Locations: China, Hai's Taipei

☆ WPP fires executive detained in China on suspicion of bribery
▼ + stars: | 2023-10-23 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Advertising giant WPP says it has fired an executive detained in China on suspicion of bribery. Last week, news emerged that the Chinese police had raided the Shanghai office of advertising agency GroupM, owned by WPP. WPP said Tuesday it had fired an executive detained in China on suspicion of bribery. The police didn’t name the company, but the Financial Times and Chinese state media linked it to GroupM. The announcement came a month after police questioned employees at the Shanghai office of top consultancy Bain.

Persons: ”, Terry Gou, wouldn’t, Mintz Organizations: Hong Kong CNN —, WPP, CNN, Reuters, Shanghai, Financial Times, drugmaker Astellas Pharma, China, Mintz Group, Bain Locations: China, Hong Kong, Shanghai, Beijing

☆ Apple Supplier Foxconn Faces Chinese Investigations
▼ + stars: | 2023-10-22 | by ( Yang Jie | Joyu Wang | ) www.wsj.com time to read: 1 min

Foxconn has a significant presence in China, with operations focused on making consumer electronics and more. Photo: VCG/Getty ImagesFoxconn Technology Group, one of Apple ’s biggest suppliers, said it is cooperating with Chinese authorities after Chinese state media said the Taiwan-based contract electronics maker, whose founder is seeking the Taiwan presidency, is subject to tax and land-use investigations across China. China’s state-backed Global Times reported on Sunday that Chinese tax authorities are scrutinizing Foxconn’s facilities in southern Guangdong province and eastern Jiangsu, while natural-resources authorities are conducting on-site investigations into the company’s land use in Henan and Hubei provinces.

Persons: Foxconn Organizations: Foxconn Technology, Apple, Global Times Locations: China, Taiwan, China’s, Guangdong, Jiangsu, Henan, Hubei

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