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Here are Monday's biggest calls on Wall Street: Goldman Sachs reiterates Nvidia as buy Goldman raised its price target on the stock to $800 per share from $625. "So, since our price target is > $135, we must necessarily believe that Tesla's OTHER businesses will emerge to drive upside. JPMorgan downgrades Mattel to neutral from overweight JPMorgan said in its downgrade of Mattel that the Barbie boost was short-lived for the toy company. JPMorgan reiterates Amazon as overweight JPMorgan said it's standing by top idea Amazon. " JPMorgan reiterates PayPal as overweight JPMorgan said it's standing by PayPal heading into earnings later this week.
Persons: Goldman Sachs, Goldman, Cantor Fitzgerald, Cantor, it's, Piper Sandler, Tesla, Piper, Riley downgrades, Redburn, TD Cowen, Smith Douglas, it's bullish, JPMorgan downgrades, Barbie, Evercore, , Moffett, Guggenheim, Davidson downgrades Clorox, cyberattack Organizations: Nvidia, Bank of America, Apple, Apple's, Vision, Tesla Energy, Cedar Fair, SIX, Citi, JPMorgan downgrades, JPMorgan, Broadband, Companies, Smith, Smith Douglas Homes, JPMorgan downgrades Mattel, Mattel, Guggenheim, Inc, DA, PayPal Locations: United States
Intel stock sinks as early 2024 outlook comes up short
  + stars: | 2024-01-25 | by ( Kif Leswing | ) www.cnbc.com   time to read: +3 min
Pat Gelsinger, CEO Intel, speaking on CNBC's Squawk Box at the WEF Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Intel posted net income of $2.7 billion, or 63 cents per share, compared to a net loss of $0.7 billion, or 16 cents per share, last year. Intel CFO David Zinsner said in a statement that Intel had cut $3 billion in costs last year. Intel's Network and Edge department, which sells parts for carriers and networking, reported $1.5 billion in sales, down 24% from last year. Intel foundry services, its business making chips for other companies, remains nascent, with $291 million in revenue, a 63% annual increase.
Persons: Pat Gelsinger, Gelsinger, David Zinsner Organizations: Intel, Wall, Gartner, Nvidia, AMD, Taiwan Semiconductor Manufacturing Company, Intel's, Computing, Data Center, Edge Locations: Davos, Switzerland
Carl Andre, one of the most influential and ascetic pioneers of Minimalist sculpture, whose career was overshadowed by the accusation that he played a role in the death of his wife, the Cuban American artist Ana Mendieta, died on Wednesday in Manhattan. His death, in a hospice facility, was confirmed by Steven Henry, a senior partner with the Paula Cooper Gallery in New York, which represented Mr. Andre. Mr. Andre helped establish the terms of Minimalism, which shifted the focus of art in the 1960s away from the heroic gestures of Abstract Expressionism toward rudimentary forms and industrial materials. He was a practitioner of the movement at perhaps its most austere, working primarily from a limited range of elemental metals along with granite, wood and brick. Typically employed in the standard forms in which any contractor could order them from a foundry or quarry, the materials were arranged directly on the ground, with a plainness and Pythagorean purity that brought to mind cairns or sacred tessellation.
Persons: Carl Andre, Ana Mendieta, Steven Henry, Paula Cooper, Andre, Mr Locations: Cuban American, Manhattan, New York
Fortunately, we'll get useful information in the coming weeks as earnings season ramps up and updated inflation data is released. We really want to see more supply come into the market to provide some relief on shelter costs. Looking to next week, we'll get a several key economic updates and a ramp up of earnings releases. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Morgan Stanley, we'll, Procter & Gamble, we've, We're, we're, We'll, Forex, Brown, BRO, Zions, CrossFirst, Johnson, Lockheed Martin, Horton, ERIC, Baker Hughes, Abbott, ABT, Clark, BOK, Monro, Simmons, United Community Banks, Lam, Ethan Allen Interiors, Raymond James Financial, Sherwin, Williams, Northrop, Murphy, Arthur J, Levi Strauss, LEVI, Booz Allen, Jim Cramer's, Jim Cramer, Jim, John Gress Organizations: Nasdaq, Microsoft, Nvidia, Tesla, Apple, Bank of America, Reserve, Procter, Gross, Citigroup, of Hawaii, United Airlines, Logitech International S.A, AGNC Investment, Agilysys Inc, Great Southern Bancorp, Enterprise Financial Services, Independent Bank, Home Bancorp, RBB Bancorp, TrustCo Bank Corp, Gamble Co, Verizon Communications, 3M Company, General Electric Co, GE, RTX Corporation, Halliburton Company, HAL, Lockheed, Ericsson, Bank, GATX Corporation, MakeMyTrip, National Bancorp, Synchrony, Webster, Atlantic Union Bankshares Corporation, Invesco PLC, Peoples Bancorp Inc, Sandy Spring Bancorp, Netflix, Texas Instruments Incorporated, Steel Dynamics, Canadian National Railway Company, NBT Bancorp, East West Bancorp, Covenant Logistics Group, Inc, Hanmi, National Bank Holdings Corporation, Premier Financial, QCR Holdings, Renasant Corporation, Triumph, Veritex Holdings, ASML, SAP, Textron, Oriental Education, Technology Group, First BanCorp, General Dynamics, OFG Bancorp, Prosperity, TE Connectivity, United Community, Blue Foundry Bancorp, Capitol Federal, HBT, Teledyne Technologies, Business Machines, IBM, Las Vegas Sands Corp, Lam Research, United Rentals, Berkley Corp, Crown, International, Packaging Corporation of America, Seagate Technology plc, CACI, Swift Transportation Holdings, Ameriprise Financial, Concentrix Corporation, First Bank, Liberty Energy, Pathward Financial, Columbia Banking, CSX, American Airlines Group, NextEra Energy Inc, Alaska Air Group, Dow Chemical Co, Valero Energy, Southwest Airlines Co, Nextera Energy, Williams Co, Union Pacific, Applied Industrial Technologies, Mobileye, Northrop Grumman, Comcast, Nokia, TAL Education, McCormick & Company, Intel, Visa Inc, Gallagher, Co, KLA Corporation, Western Alliance, Mobile, L3Harris Technologies, Western, Olin Corporation, American Express Co, Booz, Booz Allen Hamilton Holding, Colgate, Palmolive Co, Norfolk Southern Corporation, Jim Cramer's Charitable, CNBC, Gamble's Locations: Procter &, U.S, China, ZION, Freeport, Kimberly, Las, W.R, Chicago
The latest financial results and commentary from the world's biggest third-party chipmaker gave a big boost Thursday to Apple and semiconductor stocks, including artificial intelligence leader Nvidia . Taiwan Semiconductor Manufacturing Company , whose customers include the likes of Apple, Nvidia and fellow Club stock Broadcom , said its fourth-quarter revenue from smartphone chips grew a better-than-expected 27% on a quarterly basis. "Let's not overthink it: Apple and Nvidia are the two that are most obvious" beneficiaries from TSMC's results, Jim Cramer said Thursday. Previously, TSMC had said AI chips were on track to become a "low teens" percentage of its revenue. TSMC's results and guidance Thursday offer so-called "read-throughs" on its customers, many of which are Club stocks such as Apple, Nvidia and Broadcom.
Persons: chipmaker, downgrades, TSMC, Jim Cramer, Goldman Sachs, TSMC's bullishness, Linde, that's, Jim Cramer's, Jim Organizations: Apple, Nvidia, Taiwan Semiconductor Manufacturing Company, Club, Broadcom, Qualcomm, Bank of America, Wall Street, Google, Devices, AMD, TSMC, KeyBanc Capital, LIN, Linde, DuPont, Electronics, CNBC, Bloomberg, Getty Locations: China, Hsinchu, Taiwan
MILAN (AP) — Hot off Taylor Swift’s Golden Globe red-carpet triumph for Gucci in glittering green, the Italian brand’s creative director plunged into his menswear debut on the first day of Milan Fashion Week on Friday with somewhat shimmery, slightly subversive classics. The logo was sparing: Gucci was emblazoned in subtle raised letters on leather bags, the double-G logo appeared as repeating patterns on slim suits and the Gucci stripe inside coat slits. Bondage touches came in trailing silk ties fastened around the neck with silver hardware and half gloves in leather. The power of pairing was best displayed in a shirtless look with straight trousers, the double-G belt drifting to the hip. With a versatile sporty-to-tailored-to-dance floor silhouette, the collection was blinged up with kaleidoscopic crystal-covered tanks or trousers, or shimmery shaggy lurex coats that mix light and motion.
Persons: Taylor, Gucci, Sabato De Sarno’s, , De Sarno, sequins, ’ De Sarno, Elliot Page, Idris Elba, Sabrina Elba Organizations: MILAN, Globe Locations: Italian, Milan
UBS is getting more bullish on the outlook for artificial intelligence and bracing for another prosperous year for the "tech theme of the decade." The firm lifted its revenue forecast for AI by 40%. In comparison, it took the smart devices industry more than 10 years for its revenues to grow by 15 times. "Meanwhile, software, with broadening AI demand trends from applications and models, is a defensive play, thanks to its strong recurring revenue base." Within the semiconductor industry, UBS favors logic, memory, capital equipment and foundry names, while companies exposed to office productivity, cloud and models appear best situated in software.
Persons: — CNBC's Michael Bloom Organizations: UBS, Nvidia, Devices, Broadcom, Marvell Technology, VanEck Semiconductor, Semiconductors
NEW YORK (AP) — When Paul Giamatti made “Sideways” with Alexander Payne, he stayed in a little house in the middle of a large vineyard. I told David Hemingson: We’re writing for Paul Giamatti." “He’s just the best actor,” Payne adds. Twenty years ago, Giamatti was surprisingly passed over for an Oscar nomination for “Sideways.” This time, many are predicting he’ll receive his first Academy Award nomination for best actor. If the movie does, if (Randolph) does, if Hemingson does or Alexander does — it’d be great if somebody does."
Persons: Paul Giamatti, Alexander Payne, Giamatti, Alexander, , ’ ”, Thomas Hayden, , John Adams ”, Jerry Heller, he’s, Payne, , Paul Hunham, who’s, Dominic Sessa, Da’Vine Joy Randolph, ” Giamatti, , Giamatti’s, Miles Raymond of “, grouch, “ He’s, He’s, ” Payne, David Hemingson, “ I’ve, aspersions, Paul, Bartlett Giamatti, Toni, Choate, You’ll, Miles, Sessa, wouldn’t, I’m, Randolph, Stephen Asma, cackling, ’ I’m Organizations: Thomas Hayden Church, Yale, Major League Baseball, Hopkins School Locations: Napa Valley, Manhattan, California, New England, Haven , Connecticut
Japan is rushing to rebuild its once world-leading semiconductor infrastructure and catch up on the development of AI technology. The graphics processing units (GPUs) made by U.S.-based Nvidia dominate the market for AI. "Demand is very high, but I promised the prime minister we will do our very, very best to prioritise Japan's requirements for GPUs," Huang told reporters at Prime Minister Fumio Kishida's official residence in Tokyo. "The semiconductor industry that Japan is now starting to grow and foster will be able to produce GPUs," Huang said. "Countries like Japan are realising that you need to own your own data, build your own AI factories and produce your own AI intelligence," he added.
Persons: Ann Wang, Jensen Huang, Huang, Fumio, Huang's, TSMC, Yoshifumi Takemoto, Rocky Swift, Chang, Ran Kim, Jamie Freed Organizations: REUTERS, Rights, Nvidia, Thomson Locations: Taipei, Taiwan, Japan, U.S, Tokyo, Hokkaido
Its most advanced silicon is primarily manufactured by one vendor, Taiwan Semiconductor Manufacturing Company. "We built what we call the unified memory architecture that is scalable across products," Srouji said. Apple's silicon team has grown to thousands of engineers working across labs all over the world, including in Israel, Germany, Austria, the U.K. and Japan. The primary type of chip Apple is developing is known as a system on a chip, or SoC. Apple's senior director of hardware validation Godfrey D'Souza shows off an M3 SoC in an Apple chip lab in Cupertino, California, on November 14, 2023.
Persons: John Ternus, Srouji, we're, Katie Tarasov, Andrew Evers, Ben Bajarin, Bajarin, Apple, Apple there's, Pro Max, Kaiann Drance, That's, who's, Ternus, Nvidia —, Tesla, Stacy Rasgon, Apple's, Godfrey D'Souza, Sydney, they've, Rasgon, Apple's Srouji, It's Organizations: AMD, MU, Apple Watch, U.S, Apple, Intel, Taiwan Semiconductor Manufacturing Company, Microsoft, CNBC, Apple's, Amazon, Google, Tesla, Semiconductor, Creative, Pro, Triple, MacBook Air, Qualcomm, Nvidia, Bernstein Research, Sydney Boyo, Bluetooth, Broadcom, Samsung, Micron, Thursday Apple Locations: Cupertino , California, Israel, Germany, Austria, Japan, Silicon Valley, San Diego, Austin , Texas, AirPods, Taiwan, China, Arizona, Peoria , Arizona, Asia, Europe, U.S
Autonomous vehicles — or vehicles embedded with chips and sensors to enable self-driving — have been picking up steam, and several stocks make good plays on the theme, according to Fubon Research. Providers of sensors and cameras are among the autonomous vehicle related companies on Fubon Research's watch. 3008-TW YTD mountain Year-to-date share price of Largan Precision On Largan, Fubon Research's analysts pointed out that the company stands to gain from the addition of cameras in autonomous vehicles. "Cameras have become an important part of ADAS and autonomous driving. NVDA YTD mountain Year-to-date share price of Nvidia Meanwhile, Nvidia made Fubon Research's watch list thanks to its development of autonomous vehicle technologies under its NVIDIA DRIVE platform.
Persons: Fubon, Tong, — CNBC's Michael Bloom Organizations: Research, Jefferies, Autonomous, Nvidia, NVIDIA, Primax Electronics, Qualcomm Inc Locations: Taiwan, ADAS
Tetsuro Higashi, the Chairman of Rapidus Corp., poses for a photograph during an interview with Reuters at the company headquarters in Tokyo, Japan February 2, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 28 (Reuters) - Government-backed Japanese chip foundry venture Rapidus is hunting high and low - including among industry veterans and overseas - to find engineers to help it revive a chip industry that was once the envy of the world. Rapidus is helmed by veteran chip industry executives who were working in the 1980s when Japan boasted a market share of around half of the global chips market. Rapidus' ambitious plans have been met with scepticism from chip industry insiders who have questioned whether the company will be able to achieve mass production and secure a sufficient customer base. Yonemaru last month relocated to work with IBM in New York state, part of a cohort of Rapidus engineers heading there as the fab is being constructed.
Persons: Tetsuro, Issei Kato, TSMC, Rapidus, Masami Suzuki, Suzuki, Naoto Yonemaru, Sam Nussey, Miho Uranaka, Tim Kelly, Jamie Freed Organizations: Rapidus Corp, Reuters, REUTERS, Rights, IBM, Rapidus, Thomson Locations: Tokyo, Japan, Hokkaido, New York
Yet, the Fed chief was roundly criticized for avoiding tightening because the economy wouldn't slow down; nor would inflation. The country adopted a strict Covid policy that prevailed through 2022 causing its GDP to fall to 3% way below the Chinese government's 5.5% target. Meanwhile, Chinese President Xi Jinping acted as if nothing had weakened and only strengthened his hold on lifetime power. The S&P 500 advanced 14% over the next two years, but China's market sank nearly 1.5% during the same period. Meanwhile, Chinese President Xi Jinping acted as if nothing had weakened and only strengthened his hold on lifetime power.
Persons: Jerome Powell, couldn't, Powell, Donald Trump, Joe Biden, Nancy Pelosi, Pelosi, Biden, Xi Jinping, Xi, It's, China hasn't, Trump, Jim Cramer's, Jim Cramer, Jim, Tasos Katopodis, Brendan Smialowski Organizations: Federal Reserve, Fed, Initiative, Taiwan Semiconductor Manufacturing Company, Nike, Apple, Starbucks, Trump, Nvidia, United Auto Workers, UAW, Pfizer, CNBC, Federal, Financial, Treasury Department, Capitol, Reuters, Economic Cooperation, Afp, Getty Locations: U.S, China, United States, Taiwan, San Francisco, Mexico, Washington , U.S, Asia
Japan's Resonac to open chip packaging R&D centre in US
  + stars: | 2023-11-22 | by ( Sam Nussey | ) www.reuters.com   time to read: +1 min
Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Nov 22 (Reuters) - Japanese chip materials maker Resonac (4004.T) said on Wednesday it will set up a research and development centre for advanced semiconductor packaging and materials in Silicon Valley. The packaging stage of production is increasingly being seen as critical for driving advances in chip technology, with the U.S. this week kicking off a $3 billion programme to boost its packaging capabilities. Resonac, formerly Showa Denko, is a leading manufacturer of materials for packaging such as films and plans to begin operations at its new centre in 2025. Japanese chip sector firms are seeking deeper ties with the U.S. with foundry venture Rapidus planning to open a sales office there by the end of the current financial year.
Persons: Florence Lo, Sam Nussey, Christopher Cushing Organizations: REUTERS, Rights, U.S, Thomson Locations: Silicon Valley
Several analysts hiked their price targets for the stock to show they expect greater upside ahead after the latest financials. Below, CNBC Pro compiled a list of major investment firms that raised their price targets following the Nvidia report, along with their key conclusions: Goldman Sachs Analyst Toshiya Hari raised the price target by $20 to $625. Morgan Stanley Analyst Joseph Moore added $3 to his price target, bringing it to $603. BMO Capital Markets Like JPMorgan, BMO analyst Ambrish Srivastava hiked his target price by $50 to $650. Bernstein Analyst Stacy Rasgon increased his target price by $25 to $700, equating to 40% upside over the coming year.
Persons: Jensen Huang, chalked, Goldman Sachs, Toshiya Hari, Harlan Sur, Morgan Stanley, Joseph Moore, Aaron Rakers, Vivek Arya, Timothy Arcuri, NVDA, Ambrish Srivastava, Grace Hopper, Ruben Roy, Bernstein, Stacy Rasgon, Vijay Rakesh yanked, 2024E, INTC's, William Stein, Michael Bloom Organizations: Nvidia, CNBC Pro, Center, Foundry Service, JPMorgan, NVIDIA, " Bank of America, NVDA, UBS, BMO, Markets, AMD Locations: China, Tuesday's, CY24, CY25
During Microsoft's Ignite conference in Seattle this week, the software giant announced its foray into the AI processor market with two new chips , a deepening partnership with leading AI chipmaker Nvidia (NVDA), additional features for AI assistant 365 Copilot and more. Shares have since notched all-time highs , boosted by startup OpenAI — whose technology powers several of Microsoft's AI offerings — announcing its most powerful tool to date at the start of November. Here are the Club's top-three takeaways from Microsoft's Ignite conference, along with what Wall Street's saying about the event . The chief executive said generative AI could one day be " bigger than the internet, by far ," while announcing joint AI projects with Microsoft. Microsoft stock has been the best."
Persons: Maia, Jeff Marks, Jensen Huang, Jim Cramer, Jefferies, Goldman Sachs, Jim Cramer's, Jim, Satya Nadella, Sam Altman, Justin Sullivan Organizations: Microsoft, Club, Microsoft's Ignite, Nvidia, Foundry Service, CNBC Locations: Seattle, OpenAI, San Francisco , California
Thursday's early calls featured a retail upgrade and an EV charging stock downgrade. The analyst reiterated his buy rating and $450 price target on the stock. Microsoft's AI cybersecurity solution Security Copilot, which was only recently expanded through an early access program on Oct. 19, already has tons of pent-up interest, Thill said. The firm downgraded shares from neutral to underperform and lowered its price target on the stock by $17 to $43. He gave the stock a $50 price target — $13 higher from the previous one — which implies 23.1% upside for shares since Wednesday's close.
Persons: Wells Fargo, Goldman Sachs, Kash Rangan, Rangan, Maia, Brent Thill, Thill, Vivek Arya, Arya, Raimo, Microsoft's, — Pia Singh, Elizabeth Suzuki, Vijay Rakesh, Rakesh, Vikram Bagri, Bagri, Fred Imbert, Edward Kelly, Kelly Organizations: CNBC, Citi, Microsoft's Ignite, Jefferies, Microsoft, Bank of America, Nvidia, Devices, Barclays, Advance, AAP, Mizuho, Intel, Mizuho Securities, Foundry, Foundry Services, Sapphire, Sierra, AMD, Wells Locations: Seattle, U.S, Wells Fargo, Wednesday's
A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. Mizuho upgraded Intel's stock to "buy" from "neutral" and raised its price target on the shares to $50 from $37. Intel shares rose as high as $43.39, the highest since June 2022, and closed up 6.7% to $43.35 on Thursday. "We believe (Intel) is lining up significant new server product launches and foundry customer announcements in the next six months," the analysts wrote. Intel competes for market share with other prominent chipmakers including Nvidia (NVDA.O), Broadcom Inc (AVGO.O), Advanced Micro Devices (AMD.O), and Samsung Electronics (005930.KS).
Persons: Dado Ruvic, Vijay Rakesh, Chibuike Oguh, Purvi Agarwal, Toby Chopra, Bill Berkrot Organizations: REUTERS, Intel, Mizuho Securities, Mizuho, Nvidia, Broadcom Inc, Devices, Samsung Electronics, Thomson Locations: New York, Bengaluru
The global population is aging, presenting new challenges related to cognitive decline. One startup is building an AI tool to identify potential cognitive decline based on driving behavior. AdvertisementAs the global population ages, the challenges associated with cognitive decline become more prominent. However, cutting-edge technologies are emerging to address these challenges, with companies developing novel tools designed to detect, prevent, and manage cognitive decline. The convergence of AI, medical technology, and neurotech is leading the fight against cognitive decline.
Persons: , Brian Mullins, Mullins, John Klepper, Klepper, Cathy Craig Organizations: Service, Japan, Mind Foundry, Dowa Insurance, PIPRA AG, Business, Royal Academy of Engineering Enterprise, Italian Rugby Federation, Elite Ice Hockey Locations: Zurich, postsurgery, London
Tesla and TEI President Oliver Johnson did not respond to requests for comment. The specialists use sand casting in a process called rapid prototyping to help validate Tesla's designs and engineering specifications for its giant molds quickly and cheaply. According to all four sources, TEI began helping Tesla around 2017 to develop the Model Y and is considered in the industry to be one of the world's top sand casting specialists. "TEI will remain its own business entity with GM as its parent company," GM said. Reuters was unable to determine whether Tesla was one of the several companies that bid for TEI.
Persons: Joe Biden, Jonathan Ernst, Tesla, TEI, Oliver Johnson, Ford F.N, Elon Musk, TEI's Johnson, James Womack, Womack, David Clarke Organizations: Motors, REUTERS, Equipment, General Motors, GM, Ford, Hyundai, Toyota, Chief, Tesla's, Celestiq, American Foundry Society, GM's Global Manufacturing, Reuters, SEAT, Tesla, Massachusetts Institute of Technology, Thomson Locations: Detroit , Michigan, U.S, , Texas, Britain, Germany, Japan, TEI, Livonia, Detroit
The logo of Rapidus Corp. is displayed at the company headquarters in Tokyo, Japan February 2, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 14 (Reuters) - Japanese chip foundry venture Rapidus plans to open a sales office in the United States by the end of the financial year. Rapidus is led by veteran chip executives and hopes to manufacture cutting-edge chips by partnering with IBM (IBM.N) and Belgium-based research organisation Imec. The CEO of Imec said last week that what Rapidus is trying to do is "extremely difficult" adding he was "positive" about the prospects for the venture. Reporting by Kaori Kaneko and Sam Nussey; Editing by Chang-Ran Kim and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
Persons: Issei Kato, Rapidus, Taiwan's TSMC, Imec, Kaori Kaneko, Sam Nussey, Chang, Ran Kim Organizations: Rapidus Corp, REUTERS, Rights, IBM, Samsung Electronics, U.S, Thomson Locations: Tokyo, Japan, United States, Belgium, South, Chitose, China
The logo of Israeli analog integrated circuits developer, Tower Semiconductor is seen at their offices in Migdal HaEmek, northern Israel, February 28, 2022. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsNov 13 (Reuters) - Israeli firm Tower Semiconductor forecast a decline in quarterly revenue on Monday as chip firms faced with a supply glut continue to correct inventory. Chip giant Intel (INTC.O) had terminated its plans to acquire Tower Semiconductor in August after it was unable to get timely regulatory approval from China for the $5.4 billion deal. Approval from Chinese competition regulators is needed if companies involved in a deal have a sizable business presence in the country. Tower reported revenue of $358.2 million for the quarter ended Sept. 30, a decline of about 16% from a year ago.
Persons: Amir Cohen, Arsheeya, Pooja Desai Organizations: Semiconductor, REUTERS, Tower Semiconductor, Intel, LSEG, Thomson Locations: Migdal HaEmek, Israel, automotives, China, Intel's New Mexico, Bengaluru
Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Nov 10 (Reuters) - Japan's government will allocate 1.99 trillion yen ($13 billion) to support efforts to boost its chip industry in a supplementary budget for the current fiscal year. Some of the funds are expected to be used to support Taiwanese chipmaker TSMC (2330.TW) and chip foundry venture Rapidus, local media have reported. Countries around the world are moving to strengthen control over the supply chain for chips, which are essential for the electronics, automotive and defence industries. ($1 = 151.3400 yen)Reporting by Tokyo newsroom Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence Lo, TSMC, Chang, Ran Kim Organizations: REUTERS, Rights, Tokyo, Thomson Locations: Japan
BEIJING, CHINA - DECEMBER 04: A logo hangs on the building of the Beijing branch of Semiconductor Manufacturing International Corporation (SMIC) on December 4, 2020 in Beijing, China. (Photo by VCG/VCG via Getty Images)China's largest chipmaker SMIC on Thursday posted a 80% drop in third-quarter profit as global demand weakness hit foundries hard. Net income for the quarter plunged 80% compared to a year ago — larger than the 64% drop posted in second quarter 2019, according to company figures. Net income for that period was $93.98 million, far below analysts' expectations of $165.1 million. SMIC is China's biggest foundry, manufacturing semiconductor chips that other firms design.
Organizations: Semiconductor Manufacturing International Corporation, Getty, Semiconductor Manufacturing, Co, Samsung, TSMC Locations: BEIJING, CHINA, Beijing, China, South, U.S
REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Nov 9 (Reuters) - Japan's efforts to regain its position as a leading manufacturer of chips are "impressive", the head of a leading chip research organisation said on Thursday. "Japan this time has taken a bold approach and has implemented very quick decision making," Luc Van den hove, CEO of Belgium-based Imec told reporters in Tokyo. One key initiative is chip foundry venture Rapidus, which is led by veteran chip executives and hopes to manufacture cutting-edge chips by partnering with IBM (IBM.N) and Imec. "What Rapidus is trying to do is extremely difficult," said Van den hove, adding that "the Japanese team and government are very motivated to make it a success, so I'm positive." Imec, an important part of chipmaking research efforts funded by industry and governments, is considering opening offices in Hokkaido, where Rapidus production will be located, and in Tokyo, Van den hove said.
Persons: Florence Lo, Luc Van den hove, Imec, Taiwan's TSMC, Van den, Sam Nussey, Jamie Freed Organizations: REUTERS, Rights, IBM, Samsung Electronics, U.S, Thomson Locations: Japan, Belgium, Tokyo, South, Van den hove, Hokkaido, Van, China
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