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☆ Chipmaker Micron tops revenue estimates on demand from booming AI
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. REUTERS/Aly Song/File PhotoJune 28 (Reuters) - Micron Technology (MU.O) beat analysts' estimates for third-quarter revenue on Wednesday, driven by demand for its memory chips from the fast-growing artificial intelligence sector. Micron reported revenue of $3.75 billion for the quarter ended May 31, compared with estimates of $3.65 billion, according to IBES data from Refinitiv. Micron, the biggest U.S. memory chipmaker, has said that it expects the ban to impact about half of its revenue from China-headquartered firms, which equates to a low-double-digit percentage of total revenue. Micron fourth-quarter revenue of $3.9 billion plus or minus $200 million for the quarter ending Aug. 31, largely in line with expectations.

Persons: Aly, Sanjay Mehrotra, OpenAI's, Akash Sriram, Sriraj Organizations: Micron Technology Inc, REUTERS, Micron Technology, Micron, U.S ., Thomson Locations: Shanghai, China, U.S, Bengaluru

Chinese officials have repeatedly said they want those sanctions, imposed in 2018, dropped to facilitate discussions. This scuppered planned talks between theatre-level commands, regular defence policy co-ordination and military maritime consultations, which included operational safety issues. Diplomats and Chinese analysts say military attaches at embassies Beijing and Washington are still able to meet officials - an important element of routine communication. Senior Chinese military intelligence officials also participated in a secret meeting of regional spies in Singapore earlier this month - a session that included U.S. Director of National Intelligence Avril Haines. The official said some lower-level interactions with the Chinese military had continued.

Persons: Antony Blinken, Lloyd Austin, Li Shangfu, Li, Nancy Pelosi's, National Intelligence Avril Haines, Austin, Zhou Bo, Yang Tao, Admiral John Aquilino, General Lin Xiangyang, Greg Torode, Tian, Idrees Ali, Phil Stewart, Gerry Doyle Organizations: . Defence, China's Defence, Taiwan, Pentagon, Diplomats, National Intelligence, PLA, Beijing's Tsinghua University . Senior, Reuters, U.S, Pacific Command, Eastern Theatre, Thomson Locations: HONG KONG, East Asia, China, United States, Beijing, Singapore, U.S, Taiwan, Washington, Hong Kong

☆ State Dinners: Who Gets Them, Who Doesn’t and Why They Matter
▼ + stars: | 2023-06-22 | by ( Zolan Kanno-Youngs | ) www.nytimes.com time to read: +1 min

As President Biden welcomes India’s prime minister to the White House, the two leaders will be looking for more than a fine vegetarian meal and a night of glitzy entertainment. Under the guise of pomp and pageantry, state visits are a chance for presidents to push foreign dignitaries to align with American interests. “These are not just dinners,” said Matthew Costello, a senior historian for the White House Historical Association. Before President Barack Obama hosted President Xi Jinping of China, the two countries negotiated for weeks over an arms control accord for cyberspace. President Ulysses S. Grant held the first state dinner for King David Kalakaua of Hawaii to strengthen trade.

Persons: Biden, ”, Matthew Costello, “, Dwight D, Eisenhower, Nikita Khrushchev, Barack Obama, Xi Jinping, Ulysses S, Grant, King David Kalakaua of Organizations: White, Historical Association, White House, Sputnik Locations: Washington, Soviet Union, China, King David Kalakaua of Hawaii

☆ Shanghai regulators summon Starbucks, Shake Shack citing excessive personal data collection
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Chinese flag flies near the Starbucks logo outside a cafe of the coffee chain in Beijing, China, August 3, 2022. REUTERS/Thomas Peter/FILE PHOTOBEIJING, June 21 (Reuters) - Chinese regulators in financial hub Shanghai summoned three firms including Starbucks (SBUX.O) and Shake Shack (SHAK.N) earlier this week for collecting excessive personal information, the city's cyberspace regulator said on Wednesday. The regulators urged these firms to comprehensively rectify, protect personal information and safeguard the legitimate rights and interests of consumers, Shanghai's cyberspace regulator said in a statement. Currently, two firms including Shake Shack have made initial improvements to the issues, and Starbucks is actively making adjustments, the regulator saidReporting by Beijing newsroom; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Muralikumar Organizations: REUTERS, Starbucks, Shake, Beijing, Thomson Locations: Beijing, China, BEIJING, Shanghai

[1/2] U.S. President Joe Biden meets with India's Prime Minister Narendra Modi in the Oval Office at the White House in Washington, U.S., September 24, 2021. Washington also wants to wean India away from its traditional defence partner Russia. Though Modi has made several previous visits to the United States, this will be his first with the full diplomatic status of an official state visit, just the third of Biden's presidency and third by any Indian leader. "It’s a milestone in our relationship...It is a very significant visit, very important visit," India’s Foreign Secretary Vinay Kwatra told reporters on Monday. Modi will also meet American CEOs and lead an International Yoga Day event at the UN headquarters.

Persons: Joe Biden, Narendra Modi, Evelyn Hockstein, Modi, Vinay Kwatra, Kwatra, General, Ely Ratner, Biden, Kamala Harris, Antony Blinken, Raja Mohan, Krishn Kaushik, Sarita Chaganti Singh, David Brunnstrom Organizations: India's, White, REUTERS, Indian, . Congress, JET, General Electric, U.S ., Defense, Pacific Affairs, UN, Asia Society Policy, Rajesh, Thomson Locations: Washington , U.S, India, DELHI, WASHINGTON, United States, Washington, Washington and New Delhi, Pacific . Washington, Russia, New Delhi, Moscow, Ukraine, West, China, Cooperation, New York, U.S, Asia, NEW DELHI

☆ Micron says committed to China, invests $602 mln in existing plant
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

Micron made no mention of the review's decision in its Friday statement, posted on WeChat. "This investment projects demonstrates Micron's unwavering commitment to its China business and team," it quoted CEO Sanjay Mehrotra as saying. Micron and Powertech did not immediately respond to requests for comment. This would bring Micron's workforce in China to more than 4,500 people, the company added. ($1 = 7.1337 yuan)Reporiting by Beijing newsroom; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanjay Mehrotra, Muralikumar Anantharaman, Gerry Doyle Organizations: Micron, Technology Inc, Powertech, Thomson Locations: BEIJING, China, Xian, United States, Powertech's, Beijing

☆ Micron invests another $600 million in China despite partial sales ban
▼ + stars: | 2023-06-16 | by ( ) edition.cnn.com time to read: +2 min

Micron said Friday it was committed to China and would invest 4.3 billion yuan ($603 million) over the next few years in its chip packaging facility in the city of Xian. Micron, the biggest US memory chipmaker, was last month targeted by China’s cyberspace regulator, which said the firm had failed a network security review. “This investment project demonstrates Micron’s unwavering commitment to its China business and team,” it quoted CEO Sanjay Mehrotra as saying. Micron, China’s commerce ministry and the Cyberspace Administration of China did not immediately respond to requests for comment. In May, Micron forecast a hit to revenue in the low-single to high-single digit percentages after the China ban.

Persons: Sanjay Mehrotra, Powertech Organizations: Micron, Technology Inc, Cyberspace Administration, China Locations: China, Xian

☆ Factbox: Governments race to regulate AI tools
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +6 min

CHINA* Planning regulationsThe Chinese government will seek to initiate AI regulations in its country, billionaire Elon Musk said on June 5 after meeting with officials during his recent trip to China. ITALY* Investigating possible breachesItaly's data protection authority plans to review other artificial intelligence platforms and hire AI experts, a top official said in May. ChatGPT became available again to users in Italy in April after being temporarily banned over concerns by the national data protection authority in March. SPAIN* Investigating possible breachesSpain's data protection agency said in April it was launching a preliminary investigation into potential data breaches by ChatGPT. The Biden administration earlier in April said it was seeking public comments on potential accountability measures for AI systems.

Persons: Alan Turing, Elon Musk, Margrethe Vestager, Vestager, CNIL, Dado Ruvic, Ziv Katzir, Israel, ChatGPT, OpenAI, Antonio Guterres, Guterres, Michael Bennet, Biden, Alessandro Parodi, Amir Orusov, Jason Neely, Kirsten Donovan, Milla Nissi Organizations: Microsoft, Authority, Reuters, EU, Key, European Consumer Organisation, Seven, REUTERS, Israel Innovation Authority, UNITED, International Atomic Energy Agency, United Nations, U.S . Federal Trade Commission's, Thomson Locations: AUSTRALIA, BRITAIN, Britain, CHINA, China, Beijing, U.S, FRANCE, Italy, Hiroshima, Japan, IRELAND, ISRAEL, Israel, ITALY, JAPAN, SPAIN, Gdansk

☆ China to clamp down on AirDrop and Bluetooth file sharing for national security reasons
▼ + stars: | 2023-06-09 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s cyberspace regulator plans to issue new rules clamping down on the use of wireless file sharing functions such as Bluetooth and Apple’s AirDrop on national security grounds. The move comes after protesters in China used AirDrop during anti-government protests in October 2022 to share content, bypassing strict internet censorship. Weeks later, Apple moved to limit the use of the AirDrop function on devices in China. The aim of the regulation is to “maintain national security and social public interests” by regulating the use of close-range wireless communication tools such as Bluetooth, Wi-Fi and other technologies, it said. Other than AirDrop, Google’s Nearby Share allows users to transfer data between Android and Chrome OS devices via Bluetooth and Wi-Fi.

Persons: Weeks, Apple, Xi Jinping, Oppo, Xi Organizations: Hong Kong CNN, Bluetooth, Cyberspace Administration, The New York Times Locations: Hong Kong, China, Beijing

☆ House lawmakers urge US to rally allies over China Micron ban
▼ + stars: | 2023-06-02 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The move came a day after leaders of the G7 industrial democracies agreed to new initiatives to push back against Chinese economic coercion. McCaul and Gallagher urged Raimondo to work with Japan and South Korea to ensure that companies from those countries "do not take market share lost to the ban and undercut Micron." The lawmakers added that China "lashed out with an arbitrary economic embargo against one American company. Raimondo on Saturday said the United States will not tolerate China's action and is working closely with allies to address such "economic coercion." Reuters has reported Gallagher previously urged Raimondo to put trade curbs on Changxin Memory after Beijing's actions against Micron.

Persons: Joe Biden's, Michael McCaul, Mike Gallagher, Gina Raimondo, Gallagher, Raimondo, Saturday, McCaul, David Shepardson, Will Dunham Organizations: Micron Technology, Foreign Affairs Committee, Chinese Communist Party, . Commerce, Micron, Commerce Department, Embassy, Technologies, Reuters, Thomson Locations: Japan, South Korea, China, Washington, Beijing, United States, People's Republic of China, U.S

☆ Xi Jinping says China's national security is faces a 'complex and grave' situation
▼ + stars: | 2023-05-31 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

“The complexity and difficulty of the national security issues we now face have increased significantly,” Xi said Tuesday at a meeting of the party’s National Security Commission, state news agency Xinhua reported. Since coming to power a decade ago, Xi has made national security a key paradigm that permeates all aspects of China’s governance, experts say. He has expanded the concept of national security to cover everything from politics, economy, defense, culture and ecology to cyberspace. Under Xi’s notion of “comprehensive national security,” China has introduced a raft of legislation to protect itself against perceived threats, including laws on counter-terrorism, counter-espionage, cybersecurity, foreign non-government organizations, national intelligence and data security. In Hong Kong, a sweeping national security law was imposed by Beijing to stamp out dissent after huge democracy protests roiled the city.

Persons: Xi Jinping, ” Xi, “, Xi, Bill Bishop, Mintz, ” Organizations: Hong Kong CNN, party’s National Security Commission, Xinhua, Bain & Company, Mintz Group, Astellas Pharma Locations: Hong Kong, Communist, Beijing, China, People’s Republic of China, American

☆ US 'won't tolerate' China's ban on Micron chips, commerce secretary says
▼ + stars: | 2023-05-28 | by ( David Lawder | ) www.reuters.com time to read: +2 min

DETROIT, May 27 (Reuters) - The United States "won't tolerate" China's effective ban on purchases of Micron Technology (MU.O) memory chips and is working closely with allies to address such "economic coercion," U.S. Commerce Secretary Gina Raimondo said on Saturday. These "target a single U.S. company without any basis in fact, and we see it as plain and simple economic coercion and we won't tolerate it, nor do we think it will be successful." Raimondo also raised the Micron issue in a meeting on Thursday with China's Commerce Minister, Wang Wentao. "The investments in the CHIPS Act are to strengthen and bolster our domestic production of semiconductors. Having said that, we welcome participation from companies that are in IPEF countries, you know, so we expect that companies from Japan, Korea, Singapore, etc, will participate in the CHIPS Act funding," Raimondo said.

☆ China, South Korea agree to strengthen talks on chip industry, Chinese commerce ministry says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] Printed Chinese and South Korean flags are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/IllustrationBEIJING, May 27 (Reuters) - China and South Korea have agreed to strengthen dialogue and cooperation on semiconductor industry supply chains, amid broader global concerns over chip supplies, sanctions and national security, China's commerce minister said. Wang Wentao met with South Korean Trade Minister Ahn Duk-geun on the sidelines of the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, which ended on Friday. Wang also said that China is willing to work with South Korea to deepen trade ties and investment cooperation. South Korea is in the crosshairs of a tit-for-tat row between the United States and China over semiconductors.

☆ China deletes 1.4 million social media posts in crackdown on 'self-media' accounts
▼ + stars: | 2023-05-27 | by ( Eduardo Baptista | ) www.reuters.com time to read: +3 min

BEIJING, May 27 (Reuters) - China's cyberspace regulator said 1.4 million social media posts have been deleted following a two-month probe into alleged misinformation, illegal profiteering, and impersonation of state officials, among other "pronounced problems". The Cyberspace Administration of China (CAC) said in a statement on Friday it had closed 67,000 social media accounts and deleted hundreds of thousands of posts between March 10 and May 22 as part of a broader "rectification" campaign. Since 2021, China has targeted billions of social media accounts in a bid to "clean" its cyberspace and make it easier for authorities to control. The latest crackdown targeted accounts on popular Chinese social media apps including WeChat, Douyin, and Weibo that fall under the category of "self media," a term that broadly refers to accounts that publish news and information but are not government-run or state-approved. Some 25,000 other accounts were targeted for impersonating public institutions, such as disease and prevention control centers and state-run research institutes.

☆ Stocks making the biggest moves midday: PacWest, DraftKings, Pfizer, Foot Locker and more
▼ + stars: | 2023-05-22 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading. DraftKings — Shares of the sports gambling platform soared 8% in midday trading. Earlier on Monday, UBS upgraded the stock to buy from neutral on strong growth in new states. Zions Bancorporation — The bank stock jumped 6.7% after Hovde Group initiated coverage of Zions at outperform, with a $40 price target, according to FactSet. Norfolk Southern — Norfolk Southern gained less than 1% during midday trading.

☆ Micron Technology: China bans companies working in key infrastructure projects from buying US chips
▼ + stars: | 2023-05-22 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has banned Chinese companies working on key infrastructure projects from buying products from US semiconductor manufacturer Micron, in a major escalation of an ongoing battle between the world’s top two economies over access to crucial technology. The Cyberspace Administration of China announced the decision on Sunday, saying the US chip maker had failed to pass a cybersecurity review. As a result, operators involved in domestic critical information infrastructure projects should stop purchasing products from Micron, it said. Since October 2022, Washington has imposed sweeping export curbs on advanced chips and chip-making equipment to China, in an attempt to cut off China’s access to critical technology for military purposes. In March, Japan and the Netherlands, both key US allies, also announced restrictions on overseas sales of chip-making technology to countries including China.

☆ Samsung, SK Hynix shares rise after China fails U.S. rival Micron in security review
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 22 (Reuters) - Shares in South Korea's Samsung Electronics <005930.KS> and SK Hynix (000660.KS) rose in morning trade on Monday after China failed U.S. memory chip rival Micron Technology (MU.O) in a security review. China's cyberspace regulator said on Sunday that products made by Micron had failed its network security review, and it would bar operators of key infrastructure from buying from the company. Samsung shares were up 0.7%, while SK Hynix shares rose 1.1% versus the wider market's (.KS11) 0.8% gain. China had announced its review of Micron's products in late March, after Washington imposed a series of export controls on chipmaking technology to China. SK Hynix had no comment.

☆ Biden nominates telecom attorney Anna Gomez to FCC after more than two years of deadlock
▼ + stars: | 2023-05-22 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

President Joe Biden nominated telecom attorney Anna Gomez to the Federal Communications Commission, his second attempt to fill an empty seat on the typically five-member panel that has left the agency in a 2-2 deadlock for his entire presidency thus far. Gomez has previously worked for the FCC in several positions over 12 years, the White House said. Jonathan Spalter, president and CEO of USTelecom, a trade group that represents broadband providers like AT&T and Verizon , congratulated Gomez in a statement. Free Press, a nonprofit advocacy group that supports net neutrality, said Gomez's nomination was long overdue. González called Gomez "eminently qualified" for the role and praised the nomination of a Latinx candidate to the position.

☆ Chinese chipmakers' shares rise after China fails Micron in security review
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, May 22 (Reuters) - Shares in some Chinese memory chipmaking-related companies opened up on Monday after China failed Micron Technology (MU.O) in a security review. China's cyberspace regulator said on Sunday that products made by Micron had failed its network security review, and it would bar operators of key infrastructure from buying from the company. China's memory chipmaking-related firms gigadevice semiconductors (603986.SS), ingenic semiconductor (300223.SZ), shenzhen kaifa technology (000021.SZ) opened up between 3% and 8%. Reporting by Jason Xue and Brenda Goh; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest premarket moves: Apple, Meta, Micron, PacWest and more
▼ + stars: | 2023-05-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:Apple — Shares of the iPhone maker fell about 1% premarket after Loop Capital downgraded Apple's stock to hold from buy. Nike , Foot Locker — Shares of Nike and Foot Locker declined 1.5% and 2.4%, respectively, in premarket trading. Foot Locker missed on the top and bottom lines in its first fiscal quarter, and lowered its guidance. UBS upgraded shares to a buy from neutral rating, saying that expansion into new markets should fuel growth. Norfolk Southern , CSX — Shares of the railroads added 1.8% and 1.5%, respectively, in premarket trading.

☆ G7 says “de-risking”, China hears “containment”
▼ + stars: | 2023-05-22 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

Irked by the G7 statements, Xi’s government has already called Japan’s ambassador on the carpet. To be sure, China, with a $90 billion monthly trade surplus hovering near record highs, cannot easily retaliate against its opponents. But it is not in Xi’s, or Chinese companies’, interests to sit back and let the G7 “de-risk”, and that makes the euphemism more threatening than it sounds. China firmly opposes the G7 joint statement and has complained to summit organiser Japan, the Chinese foreign ministry said on the same day. The ministry said that the G7, disregarding China's concerns, had attacked it and interfered in its internal affairs, including Taiwan.

China's chip stocks rallied on Monday morning following Beijing's announcement to bar some purchases of products from U.S. memory chipmaker Micron . China's Cyberspace Administration barred operators of "critical information infrastructure" in China from buying products from the U.S. chip giant following a security review conducted by the Cyberspace Administration of China. Chinese authorities said Micron products have failed its network security review, and cited "serious potential network security issues." The firm poses a "major security risk" to China's critical information infrastructure supply chain and affects [its] national security," a statement said. Shares of Chinese chipmakers largely rose on Monday following the move: Hong Kong-listed Hua Hong Semiconductor rose as much as 3.14% on Monday, while SMIC rose 2.64%.

☆ China fails Micron's products in security review, bars some purchases
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

According to China's broad definition of critical information infrastructure, this could include sectors ranging from transport to finance. "The review found that Micron's products have serious network security risks, which pose significant security risks to China's critical information infrastructure supply chain, affecting China's national security," the Cyberspace Administration of China (CAC) said in a statement. China announced its review of Micron's products in late March. The larger chunk of Micron's products flowing into China are being purchased by non-Chinese firms for use in products manufactured there, according to analysts. China in September 2021 imposed rules aimed at protecting critical information infrastructure, which require their operators to comply with stricter requirements around areas such as data security.

☆ China says Micron's products fail security review, bars some purchases
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

"The review found that Micron's products have serious network security risks, which pose significant security risks to China's critical information infrastructure supply chain, affecting China's national security," the Cyberspace Administration of China (CAC) said in a statement. Operators of critical information infrastructure will be required to stop procuring from Micron, the CAC added. According to China's broad definition of critical information infrastructure, this could include sectors ranging from transport to finance. The CAC did not detail what risks it had found nor what Micron products this would impact. China in September 2021 imposed rules aimed at protecting critical information infrastructure, which require their operators to comply with stricter requirements around areas such as data security.

☆ China's tech feud with the US is heating up
▼ + stars: | 2023-05-21 | by ( Joe Mcdonald | Associated Press | ) www.businessinsider.com time to read: +4 min

China is clamping down on the use of computer chips from US tech giant Micron Technologies. China's government claims Micron products have unspecified "serious network security risks." It's the latest development in the United States' tech feud with China. They import more than $300 billion worth of foreign chips every year. Beijing is pouring billions of dollars into trying to accelerate chip development and reduce the need for foreign technology.

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