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☆ US lawmaker calls for ending Huawei, SMIC exports after chip breakthrough
▼ + stars: | 2023-09-06 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

The phone contains a chip that analysts believe was made with a technology breakthrough by Semiconductor International Manufacturing Corp (SMIC) (0981.HK). "This chip likely could not be produced without US technology and thus SMIC may have violated the Department of Commerce’s Foreign Direct Product Rule," Gallagher said in a statement. SMIC was added to the so-called entity list in December 2020, over fears it could divert advanced technology to military users. The trade restrictions imposed on Huawei and SMIC include the Foreign Direct Product Rule meant to bar any company anywhere in the world from using tools from the United States to manufacture a chip for Huawei. But suppliers to Huawei and SMIC have received billions of dollars' worth of licenses to sell U.S. technology to the companies despite their being on the trade lists, Reuters has previously reported.

Persons: Mike Gallagher, Biden, Gallagher, SMIC, Stephen Nellis, Leslie Adler Organizations: U.S . Commerce, Huawei, Representatives, Republican, Semiconductor International Manufacturing Corp, HK, of Commerce’s, SMIC, Foreign, Reuters, U.S, Commerce Department's, Thomson Locations: China, United States, San Francisco

☆ Apple inks new long-term deal with Arm for chip technology - filing
▼ + stars: | 2023-09-05 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 5 (Reuters) - Apple (AAPL.O) has signed a new deal with Arm for chip technology that "extends beyond 2040," according to Arm's initial public offering documents filed on Tuesday. Arm unveiled pricing on Tuesday for what it hopes will be a $52 billion initial public offering, which would be the largest such deal in the U.S. this year. Apple uses Arm's technology in the processes of designing its own custom chips for its iPhones, iPads and Macs. Apple was among a number of large technology companies that that on Tuesday invested $735 million in Arm's initial public offering. Arm declined to comment beyond its filings, and Apple did not immediately return a request for comment.

Persons: Dado Ruvic, Arm, Newton, Stephen Nellis, Sandra Maler Organizations: REUTERS, SoftBank, Apple, Reuters, Thomson Locations: U.S, United Kingdom, San Francisco

☆ Qualcomm to supply BMW and Mercedes with chips for displays, voice features
▼ + stars: | 2023-09-05 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSAN FRANCISCO/MUNICH, Sept 5 (Reuters) - U.S. semiconductor company Qualcomm (QCOM.O) on Tuesday said it will supply chips to power in-car infotainment systems to luxury automakers Mercedes (MBGn.DE) and BMW (BMWG.DE). Qualcomm is the leading supplier of the chips used in smartphones, a market that has slumped over the past year. Qualcomm said in a statement it will supply BMW with chips that will help power voice commands inside the car. It also said it will supply chips for the next version of the Mercedes E class models, which will be available in the U.S. in 2024. "One of the things we're very focused on the company is to find new areas for growth... automotive is one of those areas," Amon said.

Persons: Dado Ruvic, Cristiano Amon, Amon, Stephen Nellis, Victoria Waldersee, Christina Amann, Rashmi Aich, Kim Coghill Organizations: Qualcomm, REUTERS, FRANCISCO, BMW, Mercedes, Arm Holdings, SoftBank Group Corp, Thomson Locations: MUNICH, U.S, Munich, Britain, San Francisco

The U.S. Commerce Department, which normally administers new licensing requirements on exports, did not immediately return a request for comment. Last September AMD said it had received new license requirements that would halt exports of its MI250 artificial-intelligence chips to China. Nvidia, AMD and Intel (INTC.O) have since then all disclosed plans to create less powerful AI chips that can be exported to the Chinese market. Nvidia this week did not specify which countries in the Middle East were affected. About 13.9% of sales came from all other countries combined, and Nvidia does not provide a revenue breakout from the Middle East.

Persons: Dado Ruvic, Biden, Jasper Ward, Ismail Shakil, Stephen Nellis, Max Cherney, Abinaya, Chris Sanders, Nick Zieminski, Matthew Lewis, Lincoln Organizations: NVIDIA, REUTERS, Nvidia, Devices, AMD, U.S, U.S . Commerce Department, Intel, USG, ., Thomson Locations: U.S, China, United States, Taiwan, Japan, Netherlands, Washington, Ottawa, San Francisco, Bengaluru

☆ U.S. denies blocking chip sales to Middle East
▼ + stars: | 2023-08-31 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

A worker miniature is placed among printed circuit boards with semiconductor chips, in this illustration picture taken July 5, 2023. Neither Nvidia nor AMD immediately returned requests for comment on Thursday. The new rules would require Nvidia to seek licenses before selling its flagship chips to some Middle Eastern countries, the filing said. Neither Nvidia nor AMD have disclosed whether they have applied for such licenses and whether they have been approved or denied. Many of the U.S. curbs on technology exports to China amount to a blanket denial of all licenses.

Persons: Florence Lo, Biden, Stephen Nellis, Richard Chang Organizations: REUTERS, U.S . Department of Commerce, Washington, Nvidia, Devices, AMD, Commerce Department, U.S, Thomson Locations: U.S, China, San Francisco

☆ US restricts exports of some Nvidia chips to certain Middle East countries
▼ + stars: | 2023-08-30 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsAug 30 (Reuters) - The U.S. expanded the restriction of exports of sophisticated Nvidia (NVDA.O) artificial intelligence chips beyond China to other regions including some countries in the Middle East, the company said in a regulatory filing this week. A sweeping set of rules announced last October signaled a major escalation of the U.S. crackdown on China's technological capabilities, but it wasn't immediately clear what risks exports to the Middle East posed. Nvidia did not specify which countries in the Middle East were affected. About 13.9% of sales came from all other countries combined, and Nvidia does not provide a revenue breakout from the Middle East. One year ago, Nvidia said U.S. officials told it to stop exporting the same two computing chips for AI work to China.

Persons: Dado Ruvic, wasn't, Jasper Ward, Ismail Shakil, Stephen Nellis, Rami Ayyub, Eric Beech, Nick Zieminski Organizations: NVIDIA, REUTERS, Nvidia, U.S . Commerce, USG, ., Thomson Locations: U.S, China, United States, Taiwan, San Francisco

☆ Ampere says flagship chip to be offered by Google Cloud
▼ + stars: | 2023-08-29 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Ampere Computing, a semiconductor firm headed by ex-Intel executives that is planning to list its shares publicly, said on Tuesday its flagship chips will be offered by Alphabet's (GOOGL.O) Google Cloud service. The deal is significant because cloud computing firms such as Google are some of the biggest buyers of data center chips. Jeff Wittich, Ampere's chief product officer, said more deals with other cloud providers will follow later this year, but he declined to name them. Ampere's chips use technology from SoftBank Group's (9984.T) Arm, which revealed earlier this month in initial public offering filings that it owns a 6.8% stake in Ampere. Ampere's chips aim to use less energy than rival chips from Intel while doing similar kinds of computing work.

Persons: Jeff Wittich, SoftBank Group's, Wittich, Stephen Nellis, Paul Simao Organizations: Ampere Computing, Intel, Alphabet's, Google, Oracle, Amazon.com, Thomson Locations: San Francisco

☆ Intel says new 'Sierra Forest' chip to more than double power efficiency
▼ + stars: | 2023-08-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

At a semiconductor technology conference held at Stanford University in Silicon Valley, Intel said its "Sierra Forest" chip will have 240% better performance per watt than its current generation of data center chip, the first time the company has disclosed such figures. That has pushed chip companies to focus on how to get more computing work done per chip. Ampere Computing, a startup founded by ex-Intel executives, was first to market with a chip focused on handling cloud computing work efficiently. Intel, which has lost market share to AMD and Ampere in data centers, said on Monday its "Sierra Forest" chip is on track to arrive next year. The company is for the first time splitting its data center chips into two categories: A "Granite Rapids" chip that will focus on performance but consume more power, and the more efficient "Sierra Forest" chip.

Persons: Dado Ruvic, Singhal, Stephen Nellis, Bill Berkrot Organizations: REUTERS, Intel, Stanford University, Ampere Computing, Devices, AMD, Ampere, Thomson Locations: Silicon Valley, San Francisco

Nvidia shares, which had run up in the days leading up to its report, climbed more than 6% on Thursday but pared gains to end the day little changed. However, Nvidia's stock buyback - the fifth-biggest repurchase announcement among U.S.-based companies this year, according to EPFR - surprised some investors. Despite the staggering dollar amount, Nvidia's buyback amounted to only 2.1% of its nearly $1.2 trillion market value, or buyback yield, as of Wednesday. Indeed, some investors welcomed Nvidia's buyback decision. "It’s a show of confidence," said Francisco Bido, senior portfolio manager for F/M Investments' large cap focused fund, which holds Nvidia shares.

Persons: Dado Ruvic, Lip, Daniel Morgan, Morgan, Refinitiv, Tom Plumb, Plumb, buyback, Howard Silverblatt, Dow, Daniel Klausner, Houlihan Lokey, Nvidia's, Francisco Bido, Lewis Krauskopf, Chibuike Oguh, Lance Tupper, Echo Wang, Stephen Nellis, Ira Iosebashvili, Matthew Lewis Organizations: NVIDIA, REUTERS, Nvidia, Companies, Wealth Management, Synovus, Plumb Funds, Arm Holdings, Dow Jones, Apple, Tech, Investments, Thomson Locations: New York, San Francisco

The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. Nvidia's stock price, though, has more than tripled this year and was set to hit an all-time high after Wednesday's results. The company has a near-monopoly on the computing systems used to power services like ChatGPT, OpenAI's blockbuster generative AI chatbot. Huang declined to comment on whether the AI boom will last past next year. The company said the biggest sales driver this quarter was its HGX system, which is an entire computer built around Nvidia's chip.

Persons: Tyrone Siu, Huang, Jensen Huang, quashing, Kinngai Chan, Chan, Dylan Patel, SemiAnalysis, Patel, We're, Stephen Nellis, Max Cherney, Chavi Mehta, Sonali Paul Organizations: Nvidia Corporation, REUTERS, Nvidia, Reuters, Microsoft, Summit, Thomson Locations: Taipei, Taiwan, OpenAI, San Francisco

Virtually all of that revenue comes from Arm China, an independent entity that has the exclusive rights to distribute Arm's technology in the country. That makes Arm China, not better-known names like Apple (AAPL.O) or Qualcomm (QCOM.O), Arm's largest customer. And this customer has a history of late payments and presents "significant risks" to Arm's business, according to its filing. HISTORY OF LATE PAYMENTSArm said in its filings that "in the past, we have received late payments from Arm China and have had to expend company resources to obtain payments from Arm China." In its filing, it said cash from operating activities increased by $281 million in its most recent fiscal year, driven mostly by $713 million in collections from Arm China, though that was partly offset by cash owed to Arm China.

Persons: Dado Ruvic, SoftBank, Allen Wu, Wu, Stewart Randall, Yelin, Max A, Cherney, Stephen Nellis, Matthew Lewis Organizations: REUTERS, Arm Holdings, U.S, Softbank Group Corp, Apple, Qualcomm, SoftBank, Arm Technology, Co, Hopu Investments, Chief, longtime, Hopu Investment, Arm, San, Thomson Locations: China, Arm China, U.S, Shanghai, Yelin Mo, Beijing, San Francisco

Arm is hoping for a valuation of up to $70 billion in the IPO, which will launch on the Nasdaq next month. Arm and its owner SoftBank Group have set aside 10% of the shares to be sold in the IPO for its clients, the sources said. Its close relationship with Arm has helped it design chips that curbed its reliance on Intel as a supplier. Many technology companies that seek to make their own chips using Arm’s designs turn to TSMC for its low-cost manufacturing. None of these companies’ investments in Arm’s IPO are certain.

Persons: Dado Ruvic, ”, Jack Gold, SoftBank, Apple spokespeople, Jay Lee, Masayoshi Son, Son, TSMC, Dylan Patel Organizations: FRANCISCO, Reuters, Arm Holdings, REUTERS, Apple, Intel, Nvidia, Microsoft, Samsung Electronics, Nasdaq, Gold Associates, SoftBank, Devices Inc, APPLE, SAMSUNG, Samsung, MICROSOFT, Devices, Vision Fund Locations: Switzerland, Japan

☆ VMware, Nvidia target businesses that want their own AI
▼ + stars: | 2023-08-22 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

3D printed clouds and figurines are seen in front of the VMware cloud service logo in this illustration taken February 8, 2022. VMware, which is close to being acquired by chip firm Broadcom Inc (AVGO.O) in a $69 billion deal, makes software that corporations use to run their privately owned data centers. On Tuesday, the company released a new set of tools help designed to manage Nvidia chips, which dominate the market for AI systems that can read and write text in human-like ways. But some VMware customers want to do that work in their own data centers when the data is sensitive. The company declined to say how it will be priced, other than saying that the cost will be based on how many Nvidia chips the customer uses the software to manage.

Persons: Dado Ruvic, Raghu Raghuram, Raghuram, Stephen Nellis, Jonathan Oatis Organizations: VMware, REUTERS, VMware Inc, Nvidia Corp, Broadcom Inc, Nvidia, Microsoft Corp, Thomson Locations: San Francisco

Arm is hoping for a valuation of up to $70 billion in the IPO, which will launch on the Nasdaq next month. Arm and its owner SoftBank Group (9984.T) have set aside 10% of the shares to be sold in the IPO for its clients, the sources said. Its close relationship with Arm has helped it design chips that curbed its reliance on Intel as a supplier. Many technology companies that seek to make their own chips using Arm's designs turn to TSMC for its low-cost manufacturing. None of these companies' investments in Arm's IPO are certain.

Persons: Dado Ruvic, Jack Gold, SoftBank, Apple spokespeople, Jay Lee, Masayoshi Son, Son, TSMC, Dylan Patel, Milana Vinn, Stephen Nellis, Max Cherney, Greg Roumeliotis, Matthew Lewis Organizations: REUTERS, FRANCISCO, Arm Holdings, Apple, Intel, Nvidia, Microsoft, Samsung Electronics, Reuters, Nasdaq, Gold Associates, SoftBank, Devices Inc, APPLE, SAMSUNG, Samsung, MICROSOFT, Devices, Vision Fund, Thomson Locations: Switzerland, Japan, New York, San Francisco

Arm's stock market launch is expected to bring back to life a lackluster IPO market, which has over the last year seen several high-profile startups postpone their listing plans due to market volatility. Arm said that more than 50% of its royalty revenue for the most recent fiscal year came from smartphones and consumer electronics. The company, whose chip technology powers most smartphones including iPhones, did not reveal the number of shares it is planning to sell and the valuation it will seek. Arm makes money from upfront licensing fees for technology and then a royalty paid on each chip sold by Arm's customers. Arm's chip designs dominate the smartphone industry, but they are also used in laptops made by Apple (AAPL.O) and some Windows machines.

Persons: Dado Ruvic, SoftBank, Arm, Goldman Sachs, JPMorgan Chase, Manya Saini, Jaiveer, Stephen Nellis, Max Cherney, Echo Wang, Anirban Sen, Stephen Coates Organizations: REUTERS, Arm Holdings, Research, Reuters, Vision Fund, SECOND, Acorn Computers, Apple Inc, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, Nvidia Corp, Apple, Nvidia, U.S, Barclays Plc, JPMorgan, Mizuho Financial Group, underwriters, Thomson Locations: U.S, Saudi, China, Arm China, Bengaluru, San Francisco, New York

☆ Nation's top general says it's an 'overstatement' to say 'the entire military is woke' over a few drag shows on bases
▼ + stars: | 2023-08-18 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Critics have pointed to drag shows and the use of critical race theory, both of which Milley said are overstated. Milley, the nation's highest-ranking military officer, said he supported Defense Secretary Lloyd Austin's decision to ban drag shows at military bases after some Republican lawmakers sparked an outcry. Rep. Matt Gaetz, a Florida Republican, who criticized the drag shows, called the Pentagon's new policy a "HUGE VICTORY." Critics have also taken aim at critical race theory, an academic theory that looks at America's history of racism and discrimination through a modern lens. Already, three military services are without a Senate-confirmed leader, the first time that's happened in the nation's history.

Persons: Mark Milley, Milley, Lloyd Austin's, Austin, Matt Gaetz, Critics, Donald Trump, Republican Sen, Tommy Tuberville, C.Q, Brown Jr Organizations: Washington Post, Service, Joint Chiefs of Staff, Washington Post's, Nellis Air Force Base, Ramstein Air Base, Florida Republican, Republicans, Department of Defense, Republican, Air Force Locations: Wall, Silicon, Nevada, Germany, Florida

☆ The hype and hope around superconductors
▼ + stars: | 2023-08-12 | by ( ) www.reuters.com time to read: 1 min

A claim by scientists in South Korea has reignited a global race to prove the existence of a practical superconductor. In a special weekend episode of Reuters World News, host Kim Vinnell and tech journalist Stephen Nellis go beyond the viral headlines to find out what's really going on. Visit the for information on our privacy and data protection practices. You may also visit to opt-out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles.

Persons: Kim Vinnell, Stephen Nellis Organizations: Apple, Google, Reuters, News, Thomson Locations: South Korea

The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security. China said on Thursday it is "gravely concerned" about the order and that it reserves the right to take measures. The White House said Biden consulted allies on the plan and incorporated feedback from Group of Seven nations. "Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Last year, total U.S.-based venture-capital investment in China plummeted to $9.7 billion from $32.9 billion in 2021, according to PitchBook data.

Persons: Joe Biden, Elizabeth Frantz, Biden's, Biden, Chuck Schumer, Marco Rubio, Emily Benson, David Shepardson, Andrea Shalal, Stephen Nellis, Max Cherney, Krystal Hu, Karen Freifeld, Idrees Ali, Liz Lee, Lincoln, Jonathan Oatis, Cynthia Osterman, Michael Perry Organizations: White, REUTERS, Wednesday, U.S, Treasury, Biden, Chinese Commerce Ministry, Seven, Democratic, Republicans, REPUBLICAN, The Semiconductor Industry Association, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Japan, Netherlands, United States, Washington, Beijing

The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security. The White House said Biden consulted allies on the plan and incorporated feedback from Group of Seven nations. "Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Last year, total U.S.-based venture-capital investment in China plummeted to $9.7 billion from $32.9 billion in 2021, according to PitchBook data. The restrictions will hurt both Chinese and American businesses, interfere with normal cooperation and reduce investor confidence in the U.S., he said.

Persons: Joe Biden, Elizabeth Frantz, Biden, Chuck Schumer, Marco Rubio, Emily Benson, David Shepardson, Andrea Shalal, Stephen Nellis, Max Cherney, Krystal Hu, Karen Freifeld, Idrees Ali, Lincoln, Jonathan Oatis, Cynthia Osterman Organizations: White, REUTERS, Wednesday, U.S, Treasury, Biden, Seven, Democratic, Republicans, REPUBLICAN, The Semiconductor Industry Association, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Japan, Netherlands, United States, Washington

[1/2] The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. REUTERS/Pascal Rossignol/File PhotoNEW YORK, Aug 8 (Reuters) - Amazon.com (AMZN.O) is in talks about joining other technology companies as a cornerstone investor in SoftBank Group Corp's (9984.T) Arm Ltd ahead of its initial public offering (IPO), people familiar with the matter said on Tuesday. Amazon's potential involvement in the IPO, which has not previously been reported, underscores Arm's significance in cloud computing. Amazon Web Services, the internet giant's cloud business, makes its own processing chip called Graviton, using Arm's design. Arm has been in talks with about 10 technology companies, including Intel (INTC.O), Alphabet (GOOGL.O) and Nvidia (NVDA.O), about an investment ahead of its IPO, Reuters has reported.

Persons: Pascal, SoftBank, Echo Wang, Anirban Sen, Jeffrey Dastin, Stephen Nellis, Matthew Lewis Organizations: REUTERS, Web Services, Nasdaq, Reuters, Intel, Nvidia, San, Thomson Locations: Lauwin, France, New York, San Francisco

☆ Apple sees sales slump continuing, shares drop 2% despite beating sales expectations
▼ + stars: | 2023-08-03 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

Executives said iPhone sales would improve in the fourth quarter, but did not say how much. Weaker iPhone sales were balanced by strong sales in the services segment that contains Apple TV+ and by sales in China that grew 8% year over year. That sales forecast is below analyst expectations of roughly flat fiscal fourth-quarter sales of $90.19 billion, according to Refinitiv data. Apple said iPhone sales were $39.67 billion, below analyst expectations of $39.91 billion, according to Refinitiv data. Mac and iPad sales were $6.84 billion and $5.79 billion, respectively, compared with analyst estimates of $6.62 billion and $6.41 billion, according to Refinitiv data.

Persons: Joshua Roberts, Luca Maestri, Daniel Newman, Maestri, Tim Cook, We've, We're, Cook, Apple, Jeremy Goldman, Stephen Nellis, Yuvraj Malik, Peter Henderson, Matthew Lewis Organizations: Apple Inc, REUTERS, Wall, Apple, Android, Futurum, Reuters, Research, Major League Soccer, Apple Watch, Thomson Locations: Washington , U.S, China, CHINA, San Francisco, Bengaluru

☆ Apple profit tops Wall Street targets, strong services counter weaker iPhone
▼ + stars: | 2023-08-03 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. IPhone sales slightly missed analyst estimates, but were made up for by strong sales in the services segment that contains Apple TV+ and by sales in China that grew 8% year over year. That helped Apple push sales in its greater China region to$15.76 billion, from $14.60 billion in last year's same quarter. Apple said iPhone sales were $39.67 billion, below analyst expectations of $39.91 billion, according to Refinitiv data. Mac and iPad sales were $6.84 billion and $5.79 billion, respectively, compared with analyst estimates of $6.62 billion and $6.41 billion, according to Refinitiv data.

Persons: Joshua Roberts, Tim Cook, We've, We're, Cook, Apple, Stephen Nellis, Yuvraj Malik, Peter Henderson, Matthew Lewis Organizations: Apple Inc, REUTERS, Apple, Reuters, Android, Big Tech, Microsoft, Google, Research, Major League Soccer, Apple Watch, Thomson Locations: Washington , U.S, China, San Francisco, Bengaluru

☆ Superconductor claims spark investor frenzy, but scientists are skeptical
▼ + stars: | 2023-08-03 | by ( Stephen Nellis | ) www.reuters.com time to read: +7 min

The South Korean researchers last week said they found a superconductor that works at room temperature, which has long been considered a holy grail for scientists in the field. The South Korean researchers published two papers - one initial paper with three authors and a second, more detailed paper with six authors that included only two of the authors from the first paper. The gold standard for proof of discovery is other labs reliably replicating the South Korean researchers' findings. But another team, from Qufu Normal University, said they did not observe zero resistance, one of required characteristics of a superconductor. On Thursday, South Korean experts said they would set up a committee to verify the claims.

Persons: Read, Kelvin, Eric Toone, Bill Gates, Mike Norman, Norman, Sinéad Griffin, Lawrence, Griffin, apatite, Michael Fuhrer, Fuhrer, Argonne's Norman, Stephen Nellis, Joyce Lee, Brenda Goh, Krystal Hu, Kenneth Li, Deepa Babington Organizations: CEA, Nuclear Research, South, Reuters, South Korean, Huazhong University of Science, Technology, Qufu Normal University, Southeast University, Bill Gates ’, Energy Ventures, National Laboratory, Lawrence Berkeley National Laboratory, . Department of Energy, Monash University, Thomson Locations: ., China, South Korea, Nanjing, Melbourne, Australia, San Francisco, Seoul, Shanghai, New York

☆ Qualcomm forecasts dull fourth-quarter revenue on weak smartphone demand
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Qualcomm (QCOM.O) forecast fourth-quarter revenue below market expectations on Wednesday as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth. The company expects fourth-quarter revenue of $8.1 billion to $8.9 billion. Qualcomm rival MediaTek last week warned that customers are "cautious" with their purchases due to tepid end-user demand. Revenue at Qualcomm's mainstay handset chip business fell 25% to $5.26 billion in the third quarter and adjusted revenue of $8.44 billion missed estimates of $8.50 billion. It forecast adjusted fourth-quarter earnings per share in the range of $1.80 and $2, compared to estimates of $1.91.

Persons: Dado Ruvic, Cristiano Amon, Chavi Mehta, Stephen Nellis, Arun Koyyur Organizations: Qualcomm, REUTERS, MediaTek, Revenue, Thomson Locations: China, Bengaluru, San Francisco

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