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☆ AMD shares jump as earnings defy collapse seen at Intel
▼ + stars: | 2023-02-01 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - Shares of Advanced Micro Devices Inc (AMD.O) rose nearly 7% on Wednesday after the U.S. chipmaker's upbeat earnings showed that it was making up for a personal-computer slump with gains in the lucrative data center market. The data center market has slowed in recent months due to lower spending from recession-wary businesses, but AMD's faster and smaller chips have allowed it to gain ground on Intel. "AMD can continue to beat Intel in the data center space due to its leading design," said Lucas Keh, semiconductors analyst at Third Bridge. J.P. Morgan pegged AMD's share gain in the server market this year at 5 to 7 percentage points to between 28% and 30%. "First quarter should be the bottom for us in PCs and then grow from there into the second quarter and then into the second half," Su said.

Investors will also parse Chair Jerome Powell's news conference for clues on the trajectory of future rate hikes. All of the 11 major sectors on the S&P 500 were down, with the technology shares (.SPLRCT) falling the least. Dow component Amgen Inc (AMGN.O) slipped 3.7% as the drugmaker said its fourth-quarter revenue fell slightly. With nearly 200 companies in the S&P 500 having reported fourth-quarter earnings, about 70% have topped Wall Street expectations. Analysts now see earnings of S&P 500 firms declining 2.4% for the quarter, per Refinitiv estimates.

"AMD remained resilient and even made gains in their datacenter chips...against Intel," said Wayne Lam analyst at CCS Insight. Chief Executive Lisa Su said she was confident AMD will keep gaining market share this year and that the second half would be stronger than the first. "First quarter should be the bottom for us in PCs and then grow from there into the second quarter and then into the second half," Su said on the earnings call. Analysts on average were expecting revenue of $5.50 billion, according to Refinitiv data. Analysts on average expected revenue of $5.48 billion, according to Refinitiv data.

☆ AMD delivers a Q4 beat amid industry headwinds, validating the Club investment case
▼ + stars: | 2023-01-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

But the deal was ultimately necessary for AMD, as it helped it expand its data center business, boost margins, and further diversify away from PCs. Bottom line Despite facing industry-wide headwinds, including a chip glut and soft PC demand, AMD managed to outperform low expectations. Q4 segment results Data center revenues increased 42% but were a little softer than what analysts had forecasted. Sequentially, embedded revenues are expected to increase, providing some upside, while gaming and PC revenues are expected to decline, consistent with seasonality. No specific financial guidance was provided for the full year of 2023, but management expects the data center and embedded segments to grow year-over-year.

☆ Intel Slumps on Disappointing Earnings Amid PC Weakness
▼ + stars: | 2023-01-27 | by ( Asa Fitch | ) www.wsj.com time to read: 1 min

Intel is among the chip companies that have pared back production plans and reduced capital spending. Intel Corp. reported a fourth-quarter loss, hurt by a souring market for its chips and growing competition from rivals, as it also issued a gloomy outlook for the current quarter. Semiconductor companies have seen a stark shift to a glut of chips amid recession fears from a period of shortage during the height of the pandemic driven by demand for all-things digital. Intel also has been battling loss of market share to rivals such as Advanced Micro Devices Inc. and companies that have embraced semiconductors based on technology from British chip-design specialist Arm Ltd.

REUTERS/Andrew KellyOAKLAND, Calif/BANGALORE, Jan 27 (Reuters) - Microprocessor giant Intel Corp (INTC.O) says it will regain its footing against AMD and other chip rivals which are gobbling up market share, but Wall Street is skeptical. That's a headwind for Intel and AMD, both of which are rolling out new chips, but Intel is facing a larger inventory correction. Intel still dominates the markets for PC and server processing chips, with a market share greater than 70%, tech research firm IDC calculated. Chipmaker shares were hammered across the board on Friday, but Intel led the decline, slumping by 10% while AMD lost 1.8%. AMD set to overtake Intel in market cap, again AMD set to overtake Intel in market cap, againReporting By Jane Lanhee Lee and Chavi Mehta; Editing by David Gaffen, Peter Henderson, Kirsten Donovan and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

"Everything hinges on the PC market recovery. AMD isn’t immune to this either," said Wayne Lam, an analyst at CCS Insight about Intel rival Advanced Micro Devices Inc (AMD.O). Shares of other microchip companies fell as well, with AMD down 2.4% and Nvidia Corp (NVDA.O) down 2%. PC shipments fell 16.5% to 292.3 million units in 2022, per data from research firm IDC, forcing chipmakers to cut back production and slash revenue forecasts. Meanwhile, the data center market has also slowed from double-digit growth as businesses look to cut costs to ride out an economic slowdown.

☆ Intel Expected to Post Loss as Demand for Chips Wanes
▼ + stars: | 2023-01-26 | by ( Asa Fitch | ) www.wsj.com time to read: 1 min

Intel is among the chip companies that have pared back production plans and reduced capital spending. Intel Corp. is expected to report a fourth-quarter loss, hurt by a souring market for its chips and growing competition from rivals. Semiconductor companies have seen a stark shift to a glut of chips amid recession fears from a period of shortage during the height of the pandemic driven by demand for all-things digital. Intel also has been battling loss of market share to rivals such as Advanced Micro Devices Inc. and companies that have embraced semiconductors based on technology from British chip-design specialist Arm Ltd.

Verizon Communications Inc (VZ.N) dropped 0.4% after forecasting annual profit below estimates, while Johnson & Johnson (JNJ.N) fell 1.3% as it warned that a surge in China COVID-19 cases could dent the first half sales in 2023. General Electric Co (GE.N) fell 0.2% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell. Analysts now see fourth-quarter earnings for S&P 500 companies dropping 2.9% year-on-year, according to Refinitiv data.

Industrial conglomerate 3M Co (MMM.N) fell 5.9%, leading the decliners among Dow components after reporting a fall in quarterly profit. General Electric Co (GE.N) fell 1.1% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. "In the near-term, the answer seemingly lies with tech earnings ... longer-term, if we do experience a Fed pivot this year, then would anticipate a strong, positive buying impulse for tech," JPMorgan analysts wrote in a client note. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell.

Industrial conglomerate 3M Co (MMM.N) fell 4.7%, leading the decliners among Dow components in premarket trading, after reporting a fall in quarterly profit. General Electric Co (GE.N) rose 2.2% as it topped quarterly profit estimates, boosted by strong demand for its engines and after-market services. Wall Street's main indexes started the earnings-heavy week on solid ground amid renewed appetite for growth stocks following a battering last year. Shares of Microsoft Corp (MSFT.O), which is scheduled to report quarterly earnings after the bell, were flat. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained.

All of the 11 major S&P 500 sector indexes were up by early afternoon trading, with a 2.5% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. So now in a lot of those names, there's value," said Jimmy Lee, chief executive officer of Wealth Consulting Group. Xylem Inc (XYL.N) dropped 8.74% on its acquisition of water treatment solutions firm Evoqua Water Technologies Corp (AQUA.N) in a $7.42 billion deal. Advancing issues outnumbered decliners by a 3.40-to-1 ratio on the NYSE and by a 1.90-to-1 ratio on the Nasdaq.

☆ Wall Street rises as chipmakers lead tech shares higher
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

Six of the 11 major S&P 500 sector indexes were up in early trading, with a 1.3% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. Analysts now expect fourth-quarter earnings from S&P 500 companies to fall 2.9%, according to IBES Refinitiv data, compared with a 1.6% drop at the beginning of the year. Investors are also awaiting January manufacturing and fourth-quarter GDP data to assess the impact of the Fed's rate hikes on the economy. Advancing issues outnumbered decliners by a 2.05-to-1 ratio on the NYSE and by a 1.60-to-1 ratio on the Nasdaq.

☆ Wall St eyes higher open with earnings in full swing, Salesforce rises
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The tech-focused Nasdaq (.IXIC) index was the only major Wall Street benchmark that ended the previous week higher. Analysts now expect year-over-year fourth-quarter earnings from S&P 500 companies to decline 2.9%, according to IBES Refinitiv data, compared with a 1.6% decline at the beginning of the year. Among other stocks, Baker Hughes Co (BKR.O) slid 1.4% on missing fourth-quarter profit estimates, hit by component shortages and supply chain disruptions. Western Digital Corp (WDC.O) rose 4.0% on a report that the memory chip maker could merge with Japan's Kioxia Holdings. Reporting by Shreyashi Sanyal and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Futures subdued with earnings in full swing, Salesforce up on Elliot stake
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: S&P off 0.08%, Dow and Nasdaq flatJan 23 (Reuters) - U.S. stock index futures struggled for direction at the start of another big week for corporate earnings amid concerns about a recession, while Salesforce rose on Monday as Elliott Management acquired a stake in the firm. A slew of earnings in the coming weeks will also test the recent bounce in certain technology and growth stocks that took a large hit last year. ET, Dow e-minis were down 5 points, or 0.01%, S&P 500 e-minis were down 3.25 points, or 0.08%, and Nasdaq 100 e-minis were down 5.75 points, or 0.05%. Qualcomm Inc (QCOM.O) and Advanced Micro Devices Inc (AMD.O) climbed around 2% each, after brokerage Barclays upgraded the chipmakers to "overweight" from "equal-weight". Reporting by Shreyashi Sanyal in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Bills to block the app on state devices in California, Massachusetts, New York and Vermont have also been proposed. University of IdahoSchool’s policy: TikTok must be removed from university equipment "regardless of funding source," according to the school's help page. South Dakota University SystemSchool’s policy: The South Dakota Board of Regents, which governs six universities including Black Hills State University, University of South Dakota, Northern State University, Dakota State University, South Dakota State University and South Dakota Mines, told employees they could not use, download or access TikTok on university devices. University of Texas — AustinSchool’s policy: On Dec. 16, university officials announced that TikTok would be banned on state-issued devices. Texas Tech UniversitySchool’s policy: University employees are prohibited from using TikTok on school-issued devices and official university TikTok accounts must be deactivated.

☆ AMD, Marvell Technology Name New CFOs
▼ + stars: | 2023-01-12 | by ( Kathryn Hardison | ) www.wsj.com time to read: +1 min

Marvell Technology Inc. has appointed Willem Meintjes as its chief financial officer, succeeding Jean Hu as she takes on the CFO role for Advanced Micro Devices Inc.Mr. Meintjes will assume the position on Jan. 20, Marvell Technology said Wednesday. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEW Ms. Hu will become the CFO and executive vice president at Advanced Micro Devices on Jan. 23, according to a separate announcement. Mr. Meintjes has served as Marvell’s chief accounting officer and treasurer since 2018. He joined the company in 2016 as a senior vice president of finance.

☆ Wisconsin governor bans TikTok from state devices on security concerns
▼ + stars: | 2023-01-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Jan 12 (Reuters) - Wisconsin Governor Tony Evers on Thursday signed an order banning TikTok on government-owned and managed devices due to cyber security concerns, joining other states and the federal government in prohibiting the use of the popular video app. In addition to banning Chinese-owned TikTok from state devices, the Democratic governor said he is was banning vendors, products and services from nine companies, including Huawei Technologies, Hikvision (002415.SZ), Tencent Holdings (0700.HK), ZTE Corporation (000063.SZ) and Kaspersky Lab. More than 20 other states have also banned TikTok from state devices including Ohio, New Jersey and Arkansas earlier this week. Republican governors have led the charge to ban TikTok from state devices and some Democratic governors have been slower to do so. Calls to ban TikTok from government devices gained steam after U.S. FBI Director Christopher Wray said in November it poses national security risks.

☆ Qualcomm, Iridium partner to bring satellite-based messaging to Android phones
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Qualcomm Inc (QCOM.O) has partnered with Iridium Communications Inc (IRDM.O) to provide a satellite-based messaging service on premium smartphones running Google's Android operating system, the chipmaker said on Thursday. The partnership comes months after Apple Inc (AAPL.O) unveiled a similar feature allowing iPhone 14 models to send emergency messages via satellite in some countries such as the United States and Canada. Those phones also contain a Qualcomm chip that can talk to satellites when there is no Wi-Fi or cellular data connection. Qualcomm said on Thursday the new service, Snapdragon Satellite, will be available in certain regions from the second half of 2023 starting devices using the second generation Snapdragon 8 mobile platform. Snapdragon Satellite can also be enabled on other devices including laptops, vehicles and tablets, it added, without specifying if those devices would need any special equipment.

☆ CIOs Nominate Their Favorite Reads of 2022
▼ + stars: | 2022-12-28 | by ( Tom Loftus | ) www.wsj.com time to read: +9 min

Chief information officers, ever alert to any development in a field that only hurtles forward, largely reflected that alacrity in their choice of reading during 2022. PREVIEWChris Bedi, chief digital information officer, ServiceNow Inc. Photo: IBM Corp.Ron Guerrier, chief information officer, HP Inc. Photo: Cisco Systems Inc.Fletcher Previn, chief information officer, Cisco Systems Inc. Photo: Home Depot Inc.Fahim Siddiqui, chief information officer, Home Depot Inc.

☆ CIOs in 2023 Want to Know: Who’s Got Talent?
▼ + stars: | 2022-12-27 | by ( Isabelle Bousquette | ) www.wsj.com time to read: +5 min

As the information technology talent gap continues into 2023, chief information officers are augmenting recruiting efforts with new models like upskilling, job sharing and rotations as well as raising salaries and offering perks to retain workers. Some also believe the shifting economy could make it easier to fill vacancies, although the short term talent market remains challenging. “It’s been a source of should we, not deprioritize, but re-sequence the work that we’re doing,” Kroger CIO Yael Cosset said of the talent shortage. Duke Energy is developing certification curricula and joining with software companies on education programs to help internal talent learn new skills, said CIO Bonnie Titone. SHARE YOUR THOUGHTS What do you think CIOs can do to find and retain talent in 2023?

The final estimate of third-quarter U.S. GDP revealed gross domestic product increased at a 3.2% annualized rate, above the previous estimate of 2.9%. Micron Technology Inc (MU.O) slipped 3.2% after the chipmaker forecast a bigger-than-expected second-quarter loss, sparking declines in peers. Declining issues outnumbered advancers for a 5.83-to-1 ratio on the NYSE and a 3.28-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and nine new lows, while the Nasdaq recorded 27 new highs and 180 new lows. Reporting by Shubham Batra, Amruta Khandekar, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ There's a growing chance your next electric car will be built by the same company as your iPhone
▼ + stars: | 2022-12-18 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

It's making deals to build cars for electric-vehicle startups — and someday wants to build cars for Tesla. Foxconn, the Taiwanese electronics giant that assembles all manner of popular devices including the iPhone, iPad, Kindle, and Nintendo Switch, is diving head-first into the world of electric vehicles. Foxconn unveiled an electric pickup truck prototype in October. Lordstown Motors just recently started shipping out Foxconn-made electric pickup trucks to customers. Volkswagen is considering hiring Foxconn to build its new Scout-branded electric SUV and pickup truck destined for US buyers, Germany's Automobilwoche reported in November.

☆ The supply chain that keeps tech flowing to Russia
▼ + stars: | 2022-12-13 | by ( ) www.reuters.com time to read: +11 min

“We cannot export to Russia, we cannot sell to Russia, and that’s why we just sell to Turkey,” he said. Azu International is an example of how supply channels to Russia have remained open despite Western export restrictions and manufacturer bans. At least $2.6 billion of computer and other electronic components flowed into Russia in the seven months to Oct. 31, Russian customs records show. Pixel Devices also said it’s not surprising that no one was in Pixel Devices’ office recently because most employees work remotely or in warehouse operations. Russian customs records show that Pixel Devices’ main client in Russia is a company in St. Petersburg called OOO KompLiga.

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