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☆ Nvidia passes Alphabet in market cap and is now the third most valuable U.S. company
▼ + stars: | 2024-02-14 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Nvidia surpassed Google parent Alphabet in market capitalization on Wednesday. Nvidia rose over 2% to close at $739.00 per share, giving it a market value of $1.83 trillion to Google's $1.82 trillion market cap. The move comes one day after Nvidia surpassed Amazon in terms of market value. Nvidia shares are up over 221% over the past 12 months on robust demand for its AI server chips that can cost more than $20,000 each. Before the recent AI boom, Nvidia was best known for consumer graphics processors it sold to PC makers to build gaming computers, a less lucrative market.

Organizations: Nvidia, Google, U.S ., Apple, Microsoft

UBS hiked its price target on Nvidia , citing an attractive valuation and strong demand for its chips. The firm upgraded shares to overweight from neutral and upped its target price by $17 to $68, which implies 24.3% potential upside. He upgraded shares to buy from neutral and increased his price target from £17 to £21. — Pia Singh 5:47 a.m.: UBS hikes Nvidia price target UBS is getting even more bullish on Nvidia ahead of the chipmaker's fiscal fourth-quarter earnings report. Despite the price target increase, Nvidia shares were down 1% in the premarket.

Persons: Riley Securities downgrades, Jeff Lick, Children's, Lick, — Pia Singh, Piper Sandler, Trimble, Clarke Jeffries, Mark Palmer, Palmer, Andrew Baum, Baum, GSK's, Timothy Arcuri, Arcuri, NVDA, Fred Imbert Organizations: CNBC, UBS, Nvidia, Citi, GSK, Riley Securities, Children's, Investment, Block Locations: Lick, Monday's, C2H

☆ Stocks making the biggest moves midday: New York Community Bancorp, Diamondback Energy, VF Corp. and more
▼ + stars: | 2024-02-12 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Bank of America also reiterated its neutral rating on Monday, while noting that leadership has "the playbook to turn things around." Diamondback Energy — The shale producer jumped 9.4% after announcing its purchase of Endeavor Energy, the biggest private company that produces natural resources from the Permian Basin. CymaBay Therapeutics , Gilead — Shares of CymaBay soared 25.4% after Gilead agreed to buy the drug developer. The deal comes as Gilead, whose shares were up around 1% in Monday's session, looks to expand beyond HIV drugs. Marqeta — The credit card technology stock added 5.7% after a Bank of America upgrade to buy from neutral.

Persons: Gilead, Bracken Darrell, Trimble, —, Joe Ahlersmeyer, Piper Sandler, Teva, Samantha Subin, Sarah Min Organizations: New York Community Bancorp, Bank of America, Endeavor Energy, CymaBay Therapeutics, Gilead, VF Corp, Reuters, Mohawk Industries, Deutsche Bank, Citi, Space Development Agency, Teva Pharmaceutical —, JPMorgan, Nvidia Locations: Israel

☆ Arm shares jump 29% as post-earnings rally extends to second week
▼ + stars: | 2024-02-12 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Arm shares soared 29% on Monday, extending last week's rally as investors continue to applaud the chipmaker's better-than-expected third-quarter earnings and its position in the artificial intelligence boom. Arm is now up 93% since it reported quarterly financials on Feb. 8, though without any clear catalyst for Monday's move. Last week, Arm said it could charge twice as much for its latest instruction set, which accounts for 15% of the company's royalties, suggesting it can expand its margin and make more money off new chips. Its royalty strength combined with Arm's optimistic growth forecast has made the company the latest AI darling among investors, despite a higher earnings multiple than Nvidia or AMD. For the second time in three trading sessions, Arm's daily volume exceeded 100 million shares, or more than 10 times the average for the stock .

Persons: SoftBank Organizations: Nvidia, AMD

☆ Nvidia wants to work with the world's most powerful tech companies to make customized AI chips
▼ + stars: | 2024-02-09 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Nvidia is in talks with tech giants like OpenAI and Google to build custom AI chips. It's held talks with leaders from Meta, Microsoft, Google, and OpenAI to build custom chips for data centers, two sources told Reuters. AdvertisementAny move by Nvidia into the custom chip market bodes ill for other manufacturers. Nvidia isn't just trying to work with major tech companies. The company is also turning to its own AI to produce its own AI chips faster.

Persons: —, It's, Nvidia's, OpenAI, Greg Reichow, Dylan Patel, Nvidia isn't, Sam Altman, Jensen Huang, Aaron Mok Organizations: Nvidia, Google, Broadcom, Reuters, Service, Meta, Microsoft, Business, Marvell Technology, Eclipse Ventures, OpenAI, United Arab Emirates

☆ Stocks making the biggest moves premarket: Disney, PayPal, Arm and more
▼ + stars: | 2024-02-08 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Ralph Lauren reported earnings of $4.17 per share, excluding items, while analysts surveyed by FactSet expected earnings of $3.57 per share. The company, which is anticipating soft sales growth this year, also announced a $1 billion share buyback program. Arm Holdings — The chipmaker's stock soared more than 28% after it reported a fiscal third-quarter earnings beat . Apollo Global Management — Shares rose nearly 3% after the asset management company's fourth quarter earnings topped estimates. The company reported $32 billion of inflows during the quarter, pushing its total assets under management to $651 billion.

Persons: Ralph Lauren —, Ralph Lauren, Morgan Stanley, Ally, Mattel —, Barbie toymaker, LSEG, Moody's, NYCB, FactSet's, —, Jesse Pound, Tanaya Macheel, Lisa Kailai Han, Michelle Fox Theobald Organizations: —, Revenue, Mattel, PayPal, New York Community Bancorp, Arm Holdings, Apollo Global Management, American, American Express, Maersk —, Maersk Locations: Danish

☆ Morgan Stanley hikes Nvidia price target ahead of earnings: 'AI demand continues to surge'
▼ + stars: | 2024-02-07 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The near-term growth story for Nvidia remains promising amid ongoing demand for artificial intelligence processors, according to Morgan Stanley. The Wall Street investment bank raised its price target to $750 from $603 and reiterated an overweight investment rating ahead of the dominant AI chipmaker's quarterly earnings release set for Feb. 21. The new price target suggests about 10% upside from Nvidia's current levels. Nvidia remains in a strong position and is comfortable with the competitive dynamic in the chips market, according to Moore. "Longer term, cloud commentary is encouraging, but we do continue to budget for a plateau in 2025," Moore said.

Persons: Morgan Stanley, Joseph Moore, Moore, — CNBC's Michael Bloom Organizations: Nvidia, NVDA

Things continue to look up for Nvidia with the chipmaker's next earnings report on the horizon, according to Goldman Sachs. Analyst Toshiya Hari upped his price target on the artificial intelligence darling's stock to $800 from $625, implying an upside of nearly 21% from Friday's closing level. The price target hike comes as traders ready for the closely followed chipmaker's earnings report, which is slated for later this month. The mean price target for Nvidia is $649.06, which reflects a downside of 1.9% from Friday's close, per LSEG. Shares are off to a strong start for the year, soaring 33.6% while the S & P 500 has added just around 4%.

Persons: Goldman Sachs, Toshiya Hari, Hari, FY4Q, he's Organizations: Nvidia, Microsoft Locations: hyperscalers, Friday's

☆ This new fund helps investors get behind companies that treat workers well and have positive social tailwinds
▼ + stars: | 2024-02-01 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Asset manager Impax has debuted a new socially responsible investing strategy, allowing investors to support companies with a track record of employee satisfaction. "The market typically ignores culture," said Fairbanks, who worked in sustainable investing for more than a decade before joining Impax. This strategy has evolved into the Impax Global Social Leaders Fund (IGSLX) launched late last year. To rank companies, Impax found relevant data from third-party sources before diving into fundamental research. A look inside the fund There are some stocks in the fund that Fairbanks sees as particularly exemplary of the broader strategy.

Persons: Impax, Amber Fairbanks, Fairbanks, it's Organizations: Impax, Social Leaders Fund, It's, Harbor Capital Advisors, Fairbanks, Nvidia Locations: MSCI

☆ Nvidia's investment in startups has nearly tripled as other tech heavyweights pull back
▼ + stars: | 2024-01-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Nvidia's blowout performance last year has helped cement the firm as a rising star in corporate venturing, with the chipmaker's startup investments having nearly tripled in 2023, S&P Global reported on Tuesday. Pullbacks also extend to other firms that are historically leaders in corporate venturing, such as SoftBank Group and Tencent Holdings. The total value of rounds surpasses $5 billion, S&P Global cited. The firm's 2022 termination of a deal to acquire Arm Holdings suggests that bigger M&A deals are off the table, S&P Global said. For 2024, the chipmaker doesn't seem to be slowing down; its already announced three startup investments, S&P Global said.

Persons: Pullbacks, Nvidia's Organizations: P Global, Microsoft, Facebook, Business, SoftBank, Tencent Holdings, IBM, Amazon, Nvidia, Arm Holdings, Healthcare

Analyst Oliver Chen also maintained his buy rating for Ulta stock, simultaneously lifting his price target to $580 from $570. Deutsche Bank: Reiterate buy rating and $450 price target, implying 10% upside. Kallo's price target of $300 implies that Tesla stock could rally more than 56% from its Tuesday closing price. Citi analyst Christopher Danely also stood by his buy rating on the stock while lifting his price target to $192 from $136. Analyst Jeffrey Adelson downgraded the company to underweight from equal weight and cut his price target to $6.50 from $7.

Persons: Morgan Stanley, TD Cowen, Ulta, Oliver Chen, ULTA, Chen, — Lisa Kailai Han, Goldman Sachs, Kash Rangan, Baird, Tesla, Ben Kallo, Elon Musk's, Toshiya Hari, Hari, Christopher Danely, Vivek Arya, Danely, Arya, Harlan Sur, Kannan Venkateshwar, Venkateshwar, Eric Sheridan, Sheridan, Justin Post, Ross Sandler, Sandler, Ronald Josey, Josey, Morgan Stanley downgrades, Jeffrey Adelson, Adelson, SOFI, SoFi, Fred Imbert Organizations: CNBC, Google, Microsoft, SoFi Technologies, Deutsche Bank, Citi, Barclays, Tesla, Devices, Wall Street, AMD, Bank of America, Barclays downgrades Verizon Barclays, Verizon, Venkateshwar, Bulls, Morgan Stanley downgrades SoFi Locations: Ulta

7:08 a.m.: BTIG upgrades Block to buy, bullish on Cash App and Square growth Analyst Andrew Harte upgraded Block to buy from neutral, saying margins are poised to expand. His $85 price target implies shares could gain more than 23%. Braziler's new price target of $72, higher by $10, suggests about 2.7% potential upside over the next 12 months. That is equivalent to $12B revenue or 800k units," wrote analyst Srini Pajjuri. Morgan Stanley raised its price target on Citigroup to $65 from $46, implying upside of 20.1% over the next 12 months.

Persons: Morgan Stanley, Goldman Sachs, Andrew Harte, Harte, Cash, — Pia Singh, Timur Braziler, …, Braziler, WAL, Oppenheimer, Brian Nagel, Nagel, Raymond James, Adam Tindle, Tindle, CrowdStrike, Batya Levi, Levi, EBITDA, Raymond James downgrades, Srini Pajjuri, Fred Imbert, Goldman Sachs Morgan Stanley, Betsy Graseck, Graseck, Goldman Organizations: CNBC, Bank of America, Citigroup, UBS, Spotify, Western Alliance, Alliance Bancorp, Palo Alto Networks, AMD, BofA, Global Banking, Markets Locations: Wells Fargo Wells, CY23, Basel

☆ Earnings playbook: Your guide to the busiest week of the reporting season
▼ + stars: | 2024-01-28 | by ( Fred Imbert | ) www.cnbc.com time to read: +10 min

What history shows: GM beats earnings estimates 87% of the time, according to data from Bespoke Investment Group. Alphabet is set to report earnings after the close. What history shows: Alphabet averages a 1.45% gain after reporting earnings, Bespoke data shows. What history shows: Amazon exceeds earnings expectations 63% of the time, according to Bespoke. What history shows: Meta shares have risen in three of the last four earnings days, per Bespoke, including a 23.3% rally.

Persons: Bard chatbot, Gus Richard, David Palmer, Palmer, MSFT, Jordan Novet, bode, Leslie Josephs, Max, Alaska's, AAPL, AMZN, Mark Zuckerberg Organizations: Meta, Apple, ., Motors, CNBC, Tuesday, United Auto Workers, LSEG, Investment, AMD, Starbucks, Microsoft, Management, Wednesday Boeing, Alaska Airlines, FAA, Boeing, United Airlines, Web, Mizuho Securities, Nvidia Locations: Northland, China, Alaska

☆ We think SK Hynix will be one of the biggest beneficiaries of AI growth, analyst says
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe think SK Hynix will be one of the biggest beneficiaries of AI growth, analyst saysNam Hyung Kim, partner at Arete Research, says he has "no concern" about the South Korean memory chipmaker's underwhelming stock price after the release of its strong fourth-quarter earnings.

Persons: Nam Hyung Kim Organizations: SK Hynix, Arete Research

☆ Stocks making the biggest moves midday: Netflix, ASML, AT&T, Advanced Micro Devices and more
▼ + stars: | 2024-01-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Netflix – The streaming stock popped nearly 13% after topping fourth-quarter revenue estimates and posting strong subscriber growth. Revenue topped expectations and AT & T added more subscribers than anticipated, but the company forecasted lower-than-expected adjusted earnings for 2024. The company guided for fourth-quarter revenue of $2.90 billion, under the $3 billion expected by analysts surveyed by FactSet. Abbott posted adjusted earnings that came in line with the consensus estimate of analysts polled by FactSet at $1.19 per share. The firm also told investors to anticipate full-year adjusted earnings between $4.50 and $4.70 per share, a range that includes the $4.63 per share analyst forecast.

Persons: ASML, DuPont preannounced, DuPont, Kimberly, Clark, Clark's, LSEG, Abbott, CNBC's Michelle Fox, Hakyung Kim, Lisa Kailal Han, Alex Harring, Tanaya Macheel, Jesse Pound Organizations: Netflix, StreetAccount, New Street Research, AMD, Spotify, Texas, SAP, DuPont de Nemours, DuPont, FactSet, Elevance Health, Abbott Laboratories, Wall Street Locations: Europe

☆ Earnings playbook: Your guide to the biggest reports this week, including Netflix and Tesla
▼ + stars: | 2024-01-21 | by ( Fred Imbert | ) www.cnbc.com time to read: +10 min

Nearly 70 S & P 500 companies are slated to report earnings this week. Of the roughly 52 S & P 500 companies that have reported, just 69% have beaten earnings expectations, according to FactSet. What history shows: Bespoke Investment Group data shows United beats earnings expectations 70% of the time. What history shows: Bespoke data shows Netflix exceeds earnings estimates 81% of the time. What history shows: Bespoke data shows Alaska Air tops bottom-line estimate 72% of the time.

Persons: Buckle, Leslie Josephs, Max, Procter & Gamble, Robert Ottenstein, Procter, headwinds, Trian's Nelson Peltz, —, Alan Gould, Jordan Novet, Tesla, TSLA, Elon Musk, Elon, Jefferies, Philippe Houchois, INTC, Timothy Arcuri Organizations: Netflix, Intel, Investors, CNBC, Monday United Airlines, Boeing, Max, Alaska Airlines, FAA, Procter &, Procter, Gamble, HBO, IBM, ISI, Alaska Air Group, Alaska Air, Nvidia, AMD, UBS Locations: Alaska, U.S, China, Europe

☆ Here are 3 stocks — other than Nvidia — getting an AI premium from Wall Street
▼ + stars: | 2023-12-26 | by ( Jordan Novet | ) www.cnbc.com time to read: +1 min

Lisa Su, president and CEO of AMD, during an interview with Mad Money, broadcasting from CNBC's San Francisco bureau on November 21, 2019. The big winner for investors this year in the generative AI boom has been Nvidia . Those companies got a boost after announcing enhancements that draw on generative AI. The data center is another source of optimism, and a few cloud service providers are positioned to win business as organizations boost spending on technology to help them run generative AI services. Here are three other stocks gaining momentum due to the generative AI wave:

Persons: Lisa Su, OpenAI Organizations: AMD, Mad, Nvidia, Microsoft, Nasdaq, iShares Semiconductor Locations: CNBC's San Francisco

☆ Piper Sandler champions Nvidia's opportunity beyond AI chips — underscoring our post-earnings analysis
▼ + stars: | 2023-12-04 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +4 min

Piper Sandler reiterated its buy-equivalent rating on Nvidia's stock and $620 per-share price target, which implies nearly 33% upside from its Friday close. After Nvidia's more-than-200% stock-price gain this year, investors are wondering what's "new" about Nvidia, Jim Cramer said Monday. The answer to that question is software, Jim said, which could eventually help offset the historically boom-and-bust nature of semiconductor sales. Over time, though, Piper Sandler believes software can become a "significant portion" of Nvidia's total revenue. Despite our alignment with Piper Sandler on Nvidia's long-term software opportunity, Jim on Monday cautioned that its stock could be due for a breather.

Persons: Piper Sandler, Nvidia's, Jim Cramer, Jim, Jim Cramer's Organizations: Nvidia, Devices, AMD, Software, Enterprise, Club, Apple, CNBC, Visitors, NVIDIA, Hangzhou Apsara, Getty, Nurphoto Locations: Hangzhou, Hangzhou Apsara Conference, Zhejiang province, China

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Market participants now await policy comments from Powell at two separate discussions scheduled for 11 a.m. After recent conflicting remarks from other policymakers, investors are concerned that Powell could push back against the rate cut narrative. Other officials, including Fed Governors Lisa Cook and Chicago Fed President Austan Goolsbee are also scheduled to speak during the day. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Powell, Jerome Powell's, Dow Jones, underscoring, Sophie Lund, Yates, Hargreaves Lansdown, Lisa Cook, Austan Goolsbee, Alibaba, Morgan Stanley, danuglipron, Paula Oyibo, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Chicago Fed, P Global, ISM, Dow e, Pfizer, Marvell Technology, Automation, Thomson Locations: New York City, U.S, Bengaluru

☆ Nvidia CEO: Senior executives don't need pampering, career guidance
▼ + stars: | 2023-11-29 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Nvidia CEO Jensen Huang offered a glimpse into his unusual management style, including having "50 direct reports," in an interview with CNBC's Andrew Ross Sorkin on Wednesday. Huang says that he has so many direct reports — most executives only have 10 or so — because it keeps Nvidia from developing unnecessary layers of management. "The more direct reports a CEO has, the less layers are in the company. "The people that report to the CEO should require the least amount of pampering and so I don't think they need life advice. I don't think they need career guidance," Huang said.

Persons: Jensen Huang, CNBC's Andrew Ross Sorkin, Huang, Steve Jobs, Mark Zuckerberg Organizations: New York Times, Jazz, Lincoln Center, Nvidia, AMD Locations: New York City, China

☆ Micron sees first-quarter operating expenses above forecast, shares fall
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Micron Technology (MU.O) expects first-quarter operating expenses to be higher than its prior estimates, sending the memory chipmaker's shares down 3%, even as the company projected revenue to trend towards the upper-limit of its forecast. The company on Tuesday estimated adjusted operating expenses of about $990 million in the quarter ending Nov. 30, higher that its prior expectation of $900 million, plus or minus $15 million. The higher expenses are driven by the timing of R&D costs as well as asset sales, CEO Sanjay Mehrotra said at the UBS Global Technology Conference on Tuesday. Micron said it now expects revenue to approach $4.7 billion, compared with its previous estimate of $4.4 billion, plus or minus $200 million. It previously forecast loss of $1.07 per share, plus or minus 7 cents.

Persons: Aly, Sanjay Mehrotra, Matthew Bryson, Chavi Mehta, Krishna Chandra Eluri Organizations: Micron, REUTERS, Micron Technology, UBS Global Technology Conference, Wedbush Securities, Samsung Electronics, Thomson Locations: Shanghai, China, Bengaluru

☆ Why Wall Street analysts and Jim Cramer think Nvidia has more room to run
▼ + stars: | 2023-11-27 | by ( Morgan Chittum | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer echoed a Wall Street analyst's call that Nvidia (NVDA) shares have more room to run, despite more than tripling in price this year. Nvidia was up Monday after analysts at Melius Research said the stock was "quite cheap" compared to other semiconductor peers. The analysts said Nvidia's software is not "fully appreciated" yet by investors. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. Nvidia stock, one of the 35 holdings in Cramer's Charitable Trust, closed at a record high on Nov. 20 — just above $504 per share.

Persons: CNBC's Jim Cramer, Jim Cramer's, Cramer, Melius Organizations: Nvidia, Melius Research

AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. The Global X Robotics & Artificial Intelligence ETF (BOTZ.O) received $35.5 million in net inflows in the week ending on Wednesday, its strongest since June earlier this year, according to Lipper data. "Improved inflation data and the likelihood of rate cuts in the second half of 2024 have maintained market optimism throughout November, contributing to investor interest," said Tejas Dessai, AVP, Research Analyst at Global X. So far this year, the Global X fund has gained 27.7% year-to-date, supported by the 233% rally in shares of its top holding Nvidia (NVDA.O), whose graphics processing units (GPUs) dominate the market for AI. The Global X fund, which has total net assets of $2.2 billion, has seen net inflows of $554.8 million so far this year.

Persons: Dado Ruvic, chipmaker, Aniket Ullal, Bansari Mayur, Shweta Agarwal Organizations: REUTERS, chipmaker Nvidia, Robotics, Intelligence, Federal Reserve, Tejas Dessai, Global, Nvidia, Wall, Thomson Locations: ., Bengaluru

☆ After closed door OpenAI drama, open source AI backed by Nvidia, Eric Schmidt, could emerge winner
▼ + stars: | 2023-11-22 | by ( Rebecca Fannin | ) www.cnbc.com time to read: +5 min

The Hugging Face website on a laptop arranged in New York, US, on Thursday, Aug. 17, 2023. "We should encourage all companies to build on disruption-proof AI technology that only open source can offer." To be clear, big bets made on open source AI pre-date last Friday when news first broke of Sam Altman's removal as OpenAI CEO, and those bets include an open source AI model controlled by one dominant tech company, Meta Platforms ' Llama. Open source and AI governanceFormer Google CEO Eric Schmidt is behind Mistral AI, another open source rival to OpenAI's ChatGPT. A third open source AI startup, Poolside AI, recently pulled in $126 million co-led by French telecom and internet billionaire Xavier Niel and U.S. VC firm Felicis Ventures.

Persons: Gabby Jones, Eric Schmidt, Sam Altman, Microsoft —, Mike Gualtieri, Forrester, Marc Benioff, Delip Rao, Sam Altman's, Thomas Wolf, We've, Wolf, Linus Torvalds, Paul Drews, OpenAI's, Arthur Mensch, Mistral, Xavier Niel Organizations: Nvidia, Bloomberg, Getty Images Tech, Salesforce, Qualcomm, Microsoft, Twitter, Google, Meta, IBM, Intel, Sequoia Capital, Salesforce Ventures, Mistral, alums, Lightspeed Venture Partners, French, . VC, Felicis Ventures Locations: New York, France

☆ Broadcom closes $69 billion VMware deal after China approval
▼ + stars: | 2023-11-22 | by ( Harshita Mary Varghese | ) www.reuters.com time to read: +2 min

Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 22 (Reuters) - Broadcom (AVGO.O) on Wednesday closed its $69 billion acquisition of cloud-computing firm VMware (VMW.N) after receiving regulatory approval in last major market China and ending a months-long saga. The deal, one of the biggest globally when announced in May 2022, was the latest in CEO Hock Tan's efforts to boost the chipmaker's software business. However, the transaction faced tough regulatory scrutiny across the world and the companies had delayed the closing date three times. Big Tech mergers such as Microsoft's (MSFT.O) now-closed $69 billion purchase of the "Call of Duty" publisher Activision have faced heightened regulatory pressure from the U.S. Federal Trade Commission under its Chair Lina Khan.

Persons: Mike Blake, Hock, Xi Jinping, Joe Biden, Danni Hewson, AJ Bell, Cabot Henderson, Lina Khan, Harshita Mary Varghese, Sriraj Organizations: Broadcom, REUTERS, VMware, U.S, European Commission, Marvell Technology, Markets Authority, CMA, Activision, Big Tech, U.S . Federal Trade Commission, Thomson Locations: Rancho Bernardo, California, China

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