Posts by Yurie Miyazawa
Nvidia’s supply snags limit deliveries even as demand booms, shares down
NVIDIA’S revenue forecast on Wednesday (Nov 20) disappointed Wall Street, raising questions over whether the artificial-intelligence (AI) boom is waning. But the answer, according to Nvidia executives, analysts and investors, is a resounding no. Shares of the chipmaker fell more than 3 per cent in premarket trading on Thursday, while peers Advanced Micro Devices, Intel…
Read MoreChina’s Baidu says advertisers still subdued as revenue falls 3%
CHINA’S Baidu on Thursday (Nov 21) said it had not yet seen any notable improvement in advertising spending patterns or consumer spending despite recent government stimulus efforts, as it reported a 3 per cent fall in third-quarter revenue. The operator of China’s largest search engine relies on online advertising for more than half of its…
Read MoreChinese broker Futu cuts 5% of staff as global expansion slows
CHINA’S online brokerage Futu Holdings is reducing its headcount by about 5 per cent as it reassesses the firm’s strategy to expand globally. Responding to social media posts over large scale layoffs, the Tencent Holdings-backed firm said it has “recently made adjustments to its organisational structure.” “These adjustments include adding new roles as well as…
Read MoreSouth Korea’s AI chip investor announces plan for share buybacks
SK SQUARE, the holding company of SK Hynix, a maker of artificial intelligence chips, on Thursday (Nov 21) announced a plan to buy back shares and nominate an independent director as part of efforts to boost shareholder value. The plan came after London-based hedge fund Palliser Capital this year proposed changes to address the undervaluation…
Read MoreIndia’s Adani Group sees US$22 billion in value wiped off after US indictments
SHARES of Adani Group companies lost about US$22 billion in market value in early trade on Thursday (Nov 21) after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme. Gautam Adani’s flagship company Adani Enterprises fell 10 per cent, while Adani Ports, Adani Total Gas, Adani Green,…
Read MoreSinochem may keep bankrupt refineries as auctions draw scant interest: sources
SINOCHEM Group may keep three bankrupt oil refineries located in eastern China after auctions to sell them drew little interest from other companies, sources familiar with the matter said. The lack of interest in the plants illustrates the woeful state of the refining sector in China, the world’s biggest oil importer and second-largest consumer. Beset…
Read MoreKioxia market value set at 750 billion yen, Japan chipmaker to receive listing approval: sources
BAIN-BACKED Kioxia will have a market value of about 750 billion yen (S$6.5 billion) based on the indicative price for its initial public offering (IPO), with the chipmaker to receive listing approval from the Tokyo bourse on Friday (Nov 22), two sources said. The market value, which Reuters is reporting for the first time, could…
Read MoreHyundai unveils big electric SUV in fast-growing market
HYUNDAI Motor unveiled its first three-row electric SUV on Wednesday (Nov 20), pushing into a market for big family cars that global automakers hope will one day be a profit powerhouse. Hyundai’s IONIQ 9 will roll out in the United States and Korea early next year with a range of more than 483 kilometres, the…
Read MoreBlackstone invests US$500 million in Lancium AI buildout
BLACKSTONE invested more than US$500 million in Lancium, which is building more than five gigawatts of data centres in West Texas with an eye on supplying the booming energy demand for artificial intelligence (AI) applications, according to sources familiar with the matter. The firm closed the equity stake in recent weeks in a transaction supporting…
Read MoreSocial media giants face A$50 million fines under Australia ban
GLOBAL social media firms could face fines of as much as A$50 million (S$43.7 million) if they fail to enforce the Australian government’s new social media ban on children under the age of 16, according to legislation set to be introduced on Thursday (Nov 21). Under the bill, big tech will be required to take…
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