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☆ Apple's Chinese supplier Luxshare's production of some iPhone 15s doubled in a year
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ann Wang/File Photo Acquire Licensing RightsBEIJING, Sept 21 (Reuters) - Apple Inc's (AAPL.O) Chinese supplier Luxshare Precision Industry (002475.SZ) is producing three models of iPhone 15 series this year, and the business has doubled in a year, Luxshare's chairwoman said on Thursday. Luxshare has increased the production types and numbers of Apple's iPhone products in recent years, Wang added. "Luxshare is continuing to expand its production capacity in China to meet Apple's needs," Wang said, adding the company built a new plant in Kunshan last year to support the development and mass production of iPhone. "The fact that Luxshare Precision can have this scale this year is inseparable from Apple's support," Wang told the Paper. Founded in 2004, Luxshare became an Apple supplier in 2011 and has steadily moved up the hardware giant's value chain, from making connector cables for the iPhone and Macbook to manufacturing Airpods.

Persons: Ann Wang, Wang Laichun, Wang, Luxshare, Ella Cao, Meg Shen, Jane Merriman Organizations: Apple, REUTERS, Rights, Luxshare Precision Industry, Apple Vision, Thomson Locations: Taipei, Taiwan, Rights BEIJING, China, Kunshan, Beijing, Hong Kong

☆ Foxconn aims to double jobs, investment in India over next 12 months
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsSept 17 (Reuters) - Apple (AAPL.O) supplier Foxconn (2317.TW) aims to double its workforce and investment in India by next year, a company executive said on Sunday. Foxconn already has an iPhone factory in the state of Tamil Nadu, which employs 40,000 people. In August, the state of Karnataka said Foxconn will invest $600 million for two projects in the state to make casing components for iPhones and chip-making equipment. The company's Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: "several billion dollars in investment is only a beginning".

Persons: Ann Wang, V Lee, Narendra Modi's, Foxconn, Liu Young, Shivani Tanna, Susan Fenton Organizations: REUTERS, Indian, Thomson Locations: Taipei, Taiwan, India, China, Tamil Nadu, Karnataka, Bengaluru

Taiwan Semiconductor Manufacturing Company's (TSMC) logo is seen while people attend the opening of the TSMC global R&D center in Hsinchu, Taiwan July 28, 2023. In the past five months the improvement has been tremendous," TSMC Chairman Mark Liu said of the Arizona project last week. The $40 billion investment in Arizona allows TSMC to add capacity outside Taiwan, where it faces constraints on land, power, water and labour. "A lot of machines cannot be shut down because it costs TSMC to recalibrate on rebooting," said a chip industry executive. While many equipment and materials makers already have global operations, to meet its exacting standards TSMC has also brought suppliers to Japan from Taiwan, the sources said.

Persons: Ann Wang, TSMC, Mark Liu, Lucy Chen, Brady Wang, Sam Nussey, Fanny Potkin, Sarah Wu, Miho Uranaka, Jamie Freed Organizations: Taiwan Semiconductor Manufacturing, REUTERS, TSMC, Reuters, Isaiah Research, Sony, Ministry, Economy, Trade, Industry, Thomson Locations: Hsinchu, Taiwan, Japan, TOKYO, SINGAPORE, TAIPEI, Arizona, Kyushu, U.S, Germany, TSMC

☆ Taiwan says China bolstering air power along coastline facing island
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

Taiwanese flags are seen at the Ministry of National Defence of Taiwan in Taipei, Taiwan, December 26, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Sept 12 (Reuters) - China is bolstering its air power along the coast facing Taiwan with a permanent deployment of new fighters and drones at expanded air bases, Taiwan's defence ministry said on Tuesday in its biennial report. China staged war games around Taiwan in August of last year and again in April, and its forces operate around the island almost daily. In its National Defence Report, the ministry said China uses "realistic combat training and exercises to strengthen its preparedness against Taiwan". China's defence ministry did not immediately respond to a request for comment.

Persons: Ann Wang, Joe Biden, Huang Wen, Ben Blanchard, Yimou Lee, Miral Fahmy, Michael Perry Organizations: Ministry of National Defence, REUTERS, Rights, Beijing, National Defence, Taiwan, Democratic, Taiwan's, Staff, Intelligence, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, China, United States, Beijing

☆ Nvidia's dominance in AI chips deters funding for startups
▼ + stars: | 2023-09-11 | by ( Max A. Cherney | ) www.reuters.com time to read: +5 min

U.S. chip startups have raised $881.4 million through the end of August, according to PitchBook data. Nvidia has "indirectly" contributed to overall AI chip fundraising woes, because investors want "Home run only type investments with a huge investment, huge return," Mythic CEO Dave Rick said. About two years ago, new investments in chip startups were often $200 million or $300 million. At least two AI chip startups have overcome investor reluctance by trumpeting potential customers or their relationships with well-known executives. While these chip makers in Nvidia's shadow struggle, startups in AI software and related technologies do not face the same constraints.

Persons: Ann Wang, Nvidia’s, Greg Reichow, Dave Rick, Rick, Rivos, Brendan Burke, Tenstorrent, Jim Keller, Max A, Kenneth Li, Cynthia Osterman Organizations: REUTERS, Nvidia, Eclipse Ventures, Apple, Devices, Microsoft, AMD, Intel, Thomson Locations: Taipei, Taiwan, Santa Clara , California, U.S, San Francisco

Analysts say its new product launches could mark a first step in the company's come-back efforts to rival Apple. "It (Huawei) can manage the psychological expectations of the target consumer group before Apple's press conference," said Ivan Lam, an analyst at Counterpoint. Sino-U.S. friction has worsened in recent years as Washington tries to restrict China's access to key technologies including cutting-edge chip technology, and Beijing looks to reduce its reliance on American tech. The U.S. Commerce Department said late Thursday it's working to obtain more information "on the character and composition" of the new Huawei chip that may violate trade restrictions. White House National Security Adviser Jake Sullivan told reporters on Air Force One the U.S. government is trying to get more information about the Huawei chip.

Persons: Ann Wang, Ivan Lam, Jake Sullivan, Rick Meckler, Taiwan's TSMC, Ben Blanchard, Jeanny Kao, Brenda Goh, Jason Xue, Yelin, Sam Nussey, Miyoung Kim, Clarence Fernandez Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Rights, Huawei, Apple, U.S, China's, Analysts, Reuters, Bank of America, Street, Washington, U.S . Commerce Department, National, Air Force, Qualcomm, Broadcom, Texas, Cherry Lane Investments, Tokyo, ASE Technology, Luxshare Precision Industry, Semiconductor, Technology, Semiconductor Manufacturing International Corp, Thomson Locations: Hsinchu, Taiwan, Rights TAIPEI, U.S, Beijing, China, Asia, Japanese, iPhones, Shenzhen, Shanghai, Yelin Mo, Tokyo

☆ Shares of Apple suppliers fall on reports of China iPhone curbs
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Taiwan's TSMC (2330.TW), the world's largest contract chipmaker and a major Apple supplier, dropped about 0.7%, outpacing a fall of about 0.3% in the benchmark index (.TWII). China could well expand its curbs on officials' use of iPhones, said Allen Huang, executive director of Mega International Investment Services Corp in Taipei. In China, Luxshare Precision Industry (002475.SZ), maker of connector cables for the iPhone and MacBook as well as AirPods, which also owns factories capable of making iPhones, fell 1.5%. Japanese chip equipment maker Tokyo Electron (8035.T) dropped 4% on Friday. Nearly a fifth of Apple's revenue is generated in China, where thousands of workers are employed by the company and its suppliers.

Persons: Ann Wang, Taiwan's TSMC, Allen Huang, Huang, Tim Cook, Ben Blanchard, Jeanny Kao, Brenda Goh, Sam Nussey, Edmund Klamann, Clarence Fernandez Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Rights, Apple, company's, Staff, Reuters, ASE Technology, Co, Largan, Mega International Investment Services Corp, Huawei Technologies, Luxshare Precision Industry, Huawei, Tokyo, Thomson Locations: Hsinchu, Taiwan, Rights TAIPEI, China, outpacing, Taipei, iPhones, Beijing, Shanghai, Tokyo

Some analysts feel the Huawei moves could be a first step in comeback efforts by China's "national champion" to rival Apple. By contrast with the hit for Apple suppliers, Huawei's extended recent gains. Reuters GraphicsSCOPE OF CURBS UNCLEARIt was not immediately clear how wide China's iPhone curbs are, but one employee at an affected state-owned enterprise (SOEs) in the capital said they extended to visitors. However, Canalys analyst Nicole Peng said Huawei could present a greater threat to domestic peers, such as Honor, which had benefited from Huawei's woes. The U.S. Commerce Department is seeking more information on the "character and composition" of the new Huawei chip that may violate trade curbs, it said on Thursday.

Persons: Ann Wang, chipmaker TSMC, China's, Ivan Lam, Ming, Chi Kuo, Nicole Peng, TechInsights, Jeanny Kao, David Kirton, Jason Xue, Yelin Mo, Ellen Zhang, Sam Nussey, Miyoung Kim, Clarence Fernandez Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Rights, Huawei, Apple, Largan, Industry, Semiconductor Manufacturing International Corp, Reuters, Bank of America, TF International Securities, Street, Washington, U.S . Commerce Department, Shanghai Newsroom, Thomson Locations: Hsinchu, Taiwan, Rights SHANGHAI, TAIPEI, U.S, Beijing, Taipei, TW, iPhones, China, Shenzhen, Shanghai, Tokyo

☆ Sand dredging is 'sterilising' ocean floor, UN warns
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ann Wang/File Photo Acquire Licensing RightsGENEVA, Sept 5 (Reuters) - Around 6 billion tons of marine sand is being dug up each year in a growing practice that a U.N. agency said is unsustainable and can wipe out local marine life irreversibly. The findings from the United Nations Environment Programme (UNEP) coincide with the launch of a new platform 'Marine Sand Watch' backed by funding from the Swiss government that monitors dredging activities using marine tracking and artificial intelligence. "The amount of sand we are withdrawing from the environment is considerable and has a large impact," UNEP's Pascal Peduzzi told a Geneva press briefing. In some cases, companies remove all the sand to the bedrock, meaning that "life may never recover", Peduzzi added. China, the Netherlands, the United States and Belgium are among the countries most active in the sector, he said.

Persons: Ann Wang, Pascal Peduzzi, Peduzzi, Arnaud Vander Velpen, Emma Farge, Christina Fincher Organizations: REUTERS, Rights, United Nations Environment Programme, UNEP, University of Geneva, Thomson Locations: Taiwan, Swiss, Geneva, China, United States, Netherlands, Belgium

☆ Foxconn's August sales drop 8% y/y, Q3 outlook better
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. Foxconn (2317.TW), formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$412.83 billion ($12.93 billion), down 12% from July. Other businesses, including computing products such as PCs and cloud and networking products, declined from a year ago, Foxconn said, without elaborating. Foxconn's Taipei-listed shares closed up 0.5% on Tuesday ahead of the release of its August sales, compared with flat in the broader market (.TWII). ($1 = 31.9170 Taiwan dollars)Reporting by Yimou Lee and Ben Blanchard; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Foxconn, Yimou Lee, Ben Blanchard, Robert Birsel Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: New Taipei City, Taiwan, Rights TAIPEI, China, Foxconn's Taipei

☆ Terry Gou, seeking Taiwan presidency, resigns as Foxconn board member
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +3 min

Terry Gou, Foxconn founder announces his bid for the Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Sept 2 (Reuters) - Terry Gou, the billionaire founder of major Apple (AAPL.O) supplier Foxconn (2317.TW), resigned as a company board member, the Taiwanese company said on Saturday, less than a week after announcing a bid to be the island's next president. In a brief statement, Foxconn said Gou had resigned due to "personal reasons", and noted he had "officially handed over leadership of the group to a professional manager four yearsago". Asked on Monday about the issue of conflict of interest with Gou being a major shareholder of Foxconn, which has massive investment in China, Gou said he's willing to "sacrifice" his personal assets in China in the event of a Chinese attack. The DPP-led government, and Lai, have repeatedly offered talks with China but been rebuffed, as Beijing views them as separatists.

Persons: Terry Gou, Ann Wang, Gou, Foxconn, Democratic Progressive Party's, William Lai, Lai, Ko Wen, Hou Yu, it's, Ben Blanchard, John Stonestreet, Louise Heavens Organizations: REUTERS, Rights, Apple, Democratic Progressive, DPP, Taiwan People's Party, ih, Kuomintang, Formosa TV, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, Foxconn, China, People's Republic of China, Beijing

People represent different countries during seminars on conflict scenarios with China, organised for youth by the Kuomintang (KMT) party, in Taipei, Taiwan May 21, 2023. Younger voters are again playing a role - but this time they are gravitating to dark horse candidate who has become the DPP's closest challenger. Ko Wen-je, a 64-year-old former Taipei mayor, has won over many younger voters with plain talk on issues such as high housing costs rather than focusing on the China threat. Some younger voters may show their hands late, so Ko's appeal to that demographic could close the gap with Lai. Although it may have a healthy lead in opinion polls, the DPP is acutely aware of the dangers of losing younger voters.

Persons: Ann Wang, Tsai Ing, William Lai, Ko Wen, Ko, Lai, Terry Guo, Chen Kuang, Chen, Hou Yu, Mao Zedong's, Ho Chih, yung, Ho, Zheng De, Zheng, Sarah Wu, Yimou Lee, Ben Blanchard, John Geddie, Gerry Doyle Organizations: Kuomintang, KMT, REUTERS, Rights, United States, Democratic Progressive Party, Taiwan People's Party, Taiwanese Public, DPP, Apple, Chung Cheng, Taiwan's, ih, Reuters, Thomson Locations: China, Taipei, Taiwan, Rights TAIPEI, Beijing, United, Hong Kong, Lai, Chung Cheng University

Terry Gou, Foxconn founder announces his bid for the Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023. Before he announced his bid to run as an independent on Monday, Gou had sought the KMT ticket for the presidency but failed. But his direct language, along with his business acumen, has drawn crowds in pseudo-campaign events across Taiwan that Gou held in the run-up to his announcement. He showed me how to use the touch screen on the spot," Gou said in 2011 about his relationship with Jobs. Gou told Trump he wanted to be a peacemaker between Taiwan, China and the U.S. as Taiwan's president.

Persons: Terry Gou, Ann Wang, Taiwan's Terry Gou, Democratic Progressive Party's, Gou, Sung Wen, APPLE Gou, Foxconn, Steve Jobs, Jobs, reverentially, Xi Jinping, Donald Trump, Trump, Ben Blanchard, Yimou Lee, Sarah Wu, Raju Gopalakrishnan Organizations: REUTERS, Rights, Apple Inc, Foxconn, Democratic Progressive, DPP, Kuomintang, KMT, Taiwan People's Party, National University's Taiwan Studies, APPLE, Hai Precision Industry Co Ltd, Chicago, Atari, Dell, Apple, Sony Corp, Nintendo Co, Microsoft Corp, Communists, Communist Party's, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, China, Beijing, Shanxi, Guangdong, People's Republic of China

Taiwanese flags are seen at the Ministry of National Defence of Taiwan in Taipei, Taiwan, December 26, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsWASHINGTON, Aug 30 (Reuters) - U.S. President Joe Biden's administration has approved a military transfer to Taiwan under the Foreign Military Financing, or FMF, program normally used for sovereign states, according to a notification sent to Congress. The Taiwan notification was first reported by the Associated Press. FMF, the largest military assistance account managed by the State Department, provides primarily grant assistance to foreign governments for the purchase of U.S. defense equipment and military training under the Foreign Military Sales program. The United States, Taiwan's most important arms supplier, last month announced a Taiwan weapons aid package worth up to $345 million.

Persons: Ann Wang, Joe Biden's, Michael McCaul, McCaul, FMF, Patricia Zengerle, Matthew Lewis Organizations: Ministry of National Defence, REUTERS, Rights, Foreign, Reuters, Associated Press, Representatives Foreign, Chinese Communist Party, State Department, Thomson Locations: Taiwan, Taipei, Beijing, Washington, China, United States, U.S

☆ Meet Terry Gou, the 72-year-old billionaire founder of a key Apple supplier who now wants to be the president of Taiwan
▼ + stars: | 2023-08-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Foxconn founder Terry Gou — who is worth nearly $7 billion — announced his bid for Taiwan's presidency on MondayTerry Gou, Foxconn founder announces bid for Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023. Ann Wang/ReutersFoxconn founder Terry Gou has announced his bid to run for Taiwan's presidential election. Gou is positioning himself as "a representative of the mainstream consensus" and counting on his extensive business experience in the contest. Gou is the fourth — and only independent so far — candidate to join Taiwan's 2024 presidential race. Here's what to know about Gou, the 72-year-old founder of Foxconn, one of the world's biggest contract electronics manufacturers and Apple's key iPhone maker.

Persons: Terry Gou —, Terry Gou, Ann Wang, Gou, Foxconn Organizations: Taiwan, Reuters Foxconn, Taiwan's Central News Agency Locations: Taipei, Taiwan, Ukraine, China

REUTERS/Ann Wang Acquire Licensing RightsLONDON/NEW YORK, Aug 28 (Reuters) - Hedge funds hold record exposure to the seven biggest tech stocks by market capitalization, according to data released on Friday by Goldman Sachs, in a week Nvidia (NVDA.O) hit an all-time high after beating revenue expectations. The largest seven U.S. stocks collectively now make up about 20% of the total net market value held by hedge funds tracked by Goldman Sachs. Last week, Nvidia reported record quarterly revenue fueled by strong demand for its artificial intelligence (AI)-focused chips and said the AI boom has legs. Hedge funds will be forced into capturing these returns regardless of analysis," said Jim Neumann, chief investment officer of Sussex Partners. Goldman Sachs, which runs one of Wall Street's largest prime brokerages, is able to track trends in flows.

Persons: Ann Wang, Goldman Sachs, Jim Neumann, Bruno Schneller, Schneller, Daniel Loeb, Nell Mackenzie, Sharon Singleton, Paul Simao Organizations: REUTERS, Nvidia, Microsoft, Apple, Tesla, Nasdaq, Reuters, Sussex Partners, INVICO Asset Management, Thomson Locations: Taipei, Taiwan, Wall, Carolina

[1/10] Tsai Tsung-lin, who is dressed in full camouflage and holds a plastic rifle, walks on a road, in Keelung, Taiwan August 21, 2023. REUTERS/Ann Wang Acquire Licensing RightsKEELUNG, Taiwan, Aug 25 (Reuters) - Dressed in camouflage and holding a plastic rifle, Tsai Tsung-lin has been tramping around Taiwan on foot for more than a month with one message to his compatriots: be prepared for war. The 22-year-old former soldier, discharged from the army in July, hopes his journey can help increase civil defence awareness and unite the people of Taiwan amid tensions with China. China, which claims Taiwan as its own territory, has stepped up military activity to try to force democratically governed Taiwan to accept Beijing's sovereignty, despite strong objections from the government in Taipei. Tsai carries a large Taiwan flag sticking on his backpack and a yellow sign reading, "Going around the island raising people's awareness to oppose the enemy".

Persons: Tsai, Ann Wang, Tsai Tsung, William Lai's, . Tsai, Huang, Minh Nguyen, Ben Blanchard, Gerry Doyle Organizations: REUTERS, Reuters, Thomson Locations: Keelung, Taiwan, KEELUNG, China, Taipei, United States, Paraguay

Nvidia's stock rose as high as $502.66, topping a record hit earlier this week, The first trillion-dollar chip maker pared some gains and was last up 0.8%% at $474.6. The technology-heavy Nasdaq Composite (.IXIC), buoyed by Nvidia, rose in early trade before falling by 1.36%. Reuters GraphicsMore than 20 brokerages raised their target price on Nvidia after the earnings. The median analyst price target on the stock has nearly doubled to $600 since May when the company forecast a 50% jump in second-quarter revenue. Short sellers of Nvidia's stock have made $826 million in mark-to-market losses on Thursday, data from analytics firm S3 Partners showed.

Persons: Ann Wang, Michael James, James, Elazar, Tom Plumb, Plumb, Matthew Tuttle, Susan Mathew, Chavi Mehta, Medha Singh, Shreyashi Sanyal, Shristi Achar, Amruta, Noel Randewich, Varun H, Shinjini Ganguli, Sharon Singleton, David Gregorio Our Organizations: REUTERS, Nvidia, Philadelphia Semiconductor, Marvell Technology, Devices Inc, Intel, Nasdaq, Wedbush Securities, Reuters, Elazar Advisors, Rosenblatt Securities, Plumb Funds, Partners, Tuttle Capital Management, Thomson Locations: Taipei, Taiwan, Clara , California, Bengaluru, Chibuike, New York, Oakland , California

REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Aug 24 (Reuters) - Taiwan will spend an extra T$94.3 billion ($2.97 billion) to buy weapons next year including fighter jets to bolster its defences against China, the government said on Thursday, and will get a further boost from new F-16 fighter jet tracking systems. Taiwan President Tsai Ing-wen already announced on Monday that overall proposed defence spending for 2024 would be set at T$606.8 billion, a 3.5% increase from the previous year. The United States on Wednesday approved a possible $500 million sale to Taiwan of infrared search and track systems for F-16 fighter jets, as well as other equipment. China, which routinely denounces any foreign arms sales to Taiwan, urged the United States to immediately cancel the planned sale, its foreign ministry said. Tsai has overseen a military modernisation programme to make the armed forces better able to face China, including upgrading a fleet of F-16 fighter jets and developing submarines.

Persons: Ann Wang, Tsai Ing, Po, huei, Tsai, Ben Blanchard, Faith Hung, Andrew Hayley, Christopher Cushing, Miral Organizations: Taiwan's Defence Ministry, REUTERS, Rights, United States, Democratic Progressive Party, Thomson Locations: Taichung, Taiwan, Rights TAIPEI, China, Taipei, United States, United, Beijing

☆ Morning Bid: Weak data, Nvidia lift risk appetite
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Stock markets also got a lift from Nvidia (NVDA.O). The blockbuster earnings and forecast from the stock market darling helped lift AI-related stocks, U.S. futures and Asian equities. Nvidia far exceeded expectations with its quarterly revenue forecast on Wednesday as an artificial-intelligence boom fuelled demand for its chips. The excitement could be short-lived as worries remain sticky, with a majority of analysts polled by Reuters expecting global stock markets to head for a correction in coming months. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5% but is still on course to clock its worst monthly performance since February.

Persons: Ann Wang, Banerjee, Jerome Powell, Ankur Banerjee, Jacqueline Wong Organizations: REUTERS, Stock, Nvidia, Reuters, Federal, Jackson, U.S ., Reuters Graphics Reuters, Thomson Locations: Taipei, Taiwan, Asia, Japan, Pacific

☆ Taiwan proposes extra $3 bln spending on new weapons next year
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

A view shows a loitering munition UAV on display as Taiwan's Defence Ministry showcases its domestically developed drones to the media, in Taichung, Taiwan March 14, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Aug 24 (Reuters) - Taiwan will spend an extra T$94.3 billion ($2.97 billion) to buy weapons next year including fighter jets, the government said on Thursday as the island bolsters its defences in the face of rising threats from China. Taiwan President Tsai Ing-wen already announced on Monday that overall proposed defence spending for 2024 would be set at T$606.8 billion, a 3.5% increase from the previous year. Defence spending for next year will amount to 2.5% of Taiwan's GDP. ($1 = 31.7490 Taiwan dollars)Reporting by Ben Blanchard and Faith Hung; Editing by Christopher Cushing and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Tsai Ing, Tsai, Ben Blanchard, Faith Hung, Christopher Cushing, Miral Organizations: Taiwan's Defence Ministry, REUTERS, Rights, Democratic Progressive Party, Defence, U.S . State Department, Pentagon, Thomson Locations: Taichung, Taiwan, Rights TAIPEI, China, Taipei

☆ Nvidia short sellers lose $826 mln as stock jumps after strong forecast
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: 1 min

A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsAug 24 (Reuters) - Investors with short position on Nvidia (NVDA.O) lost $826 million in mark-to-market losses on Thursday, data from analytics firm S3 Partners showed, as the world's largest chipmaker's shares surged after a strong revenue forecast. Bearish bets on the chip designer, which is the biggest beneficiary of AI boom, have cost investors $11.36 billion in paper losses so far this year, neck-to-neck with Tesla (TSLA.O) as the worst performing short bet, S3 Partners said. Nvidia shares rose 7.4% to $506.30 before the opening bell. Reporting by Medha Singh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Medha Singh, Arun Koyyur Organizations: REUTERS, Nvidia, Partners, Thomson Locations: Taipei, Taiwan, Bengaluru

☆ Nvidia's Frankfurt shares surge as stellar results seen keeping AI rally alive
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +3 min

A Nvidia logo is seen on one of their products on display at their headquarters in Taipei, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsAug 24 (Reuters) - Frankfurt-listed shares of Nvidia jumped 8.7% on Thursday, lifting tech shares around the world, after the company forecast quarterly revenue that smashed expectations and announced a $25 billion buyback. That represents an over three-fold rise in shares from last close of $471.16. The results are also seem keeping a Wall Street rally alive, with futures tracking the tech-heavy Nasdaq 100 jumping more than 1%, while S&P 500 futures rose 0.7%. Elsewhere, shares of Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW), which supplies to Nvidia, rose 2.2%.

Persons: Ann Wang, Elazar, Stacy A, Ipek Ozkardeskaya, Susan Mathew, Varun Organizations: REUTERS, Nvidia, Elazar Advisors, Rosenblatt Securities, Swissquote Bank, Big Tech, Taiwan Semiconductor Manufacturing, ASM International, BE Semiconductor, Aixtron, Thomson Locations: Taipei, Taiwan, Frankfurt, Bengaluru

☆ Nvidia results burnish AI rally, lift global tech shares
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +3 min

Nvidia's shares rose to $510.14 in premarket trading, set to surpass a record high of $481.87 hit earlier this week. That represents another three-fold increase in the stock's value from current levels. Elsewhere, shares of Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW), which supplies to Nvidia, rose 2.2%. A lot rested on Nvidia posting strong results, as most of the S&P 500's over 15% year-to-date gains have come from the AI-driven rally in Nvidia and other Big Tech stocks. Investing.com analyst Thomas Monteiro said Nvidia's results validated "the narrative that has been propping tech stocks in general this year."

Persons: Ann Wang, ”, Hargreaves, Sophie Lund, Yates, Elazar, Bernstein, Stacy Rasgon, Ipek Ozkardeskaya, Thomas Monteiro, Susan Mathew, Chavi Mehta, Varun Organizations: REUTERS, Nvidia, Elazar Advisors, Rosenblatt Securities, Devices, Micron Technology, Broadcom, Marvell Technology, Taiwan Semiconductor Manufacturing, ASM International, BE Semiconductor, Aixtron, Swissquote Bank, Big Tech, Thomson Locations: Taipei, Taiwan, Bengaluru

[1/5] Taiwan President Tsai Ing-wen pays tribute to the fallen soldiers during a ceremony commemorating the 65th anniversary of the Second Taiwan Strait Crisis, in Kinmen, Taiwan August 23, 2023. REUTERS/Ann Wang Acquire Licensing RightsKINMEN, Taiwan, Aug 23 (Reuters) - Maintaining peace needs a powerful defence, Taiwan President Tsai Ing-wen said on Wednesday, as she made a rare visit to a frontline island located right next to China, to mark the anniversary of a key military clash with Chinese forces. China has stepped up military activity to try and force democratically-governed Taiwan to accept Beijing's sovereignty, despite strong objections from the government in Taipei. Taiwan fought back at the time with support from the United States, which sent military equipment like advanced Sidewinder anti-aircraft missiles, giving Taiwan a technological edge. Taiwan has controlled Kinmen and Matsu since the defeated Republic of China government fled to Taipei in 1949 after losing a civil war with Mao Zedong's communists.

Persons: Tsai Ing, Ann Wang, Taipei . Tsai, Tsai, Mao Zedong's, Fabian Hamacher, Ben Blanchard, Clarence Fernandez Organizations: REUTERS, Taiwan, U.S, Thomson Locations: Taiwan, Kinmen, China, Taipei ., United States, Taipei, Republic of China

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