Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
TikTok Tokopedia Takeover
China’s TikTok is to spend $840m on buying up most of Tokopedia, tech conglomerate GoTo’s [GOTO:JK] e-commerce unit — the biggest platform in Indonesia. The move comes after Indonesia banned online shopping via social media, forcing the closure of the TikTok Shop service. TikTok also said it would invest $1.5bn in Tokopedia. “We are creating an Indonesian e-commerce champion”, GoTo CEO Patrick Walujo said in a statement.
New York Play for Chip Hub Status
In partnership with tech firms including IBM [IBM], Micron Technology [MU] and Applied Materials [AMAT], the state of New York is to invest $10bn in a semiconductor research facility. Based at the State University of New York at Albany, the facility will boast some of the most cutting-edge chipmaking equipment in the world. The state is currently moving to be designated a research hub under last year’s $53bn Chips Act.
Record High for YTL Power
On Monday the share price of Malaysia’s YTL Power [YTLPOWR:KL] climbed to its highest point since it listed in 1997, on news that the utility firm is to partner with Nvidia [NVDA] on a MYR20bn artificial intelligence (AI) infrastructure project. The first phase should be complete by the middle of next year. The announcement was made during Nvidia CEO Jensen Huang’s first visit to Malaysia.
Nokia and BT Deepen Partnership
Nokia [NOK] and BT Group [BT-A:L] on Monday announced an agreement to develop new opportunities for 5G network monetisation using Nokia’s Network as Code platform and developer portal, and BT Group’s cloud-native network. Launched in September, the platform is based on a revenue-sharing model between developers, operators and Nokia.
Squid Game Star Boost for AI Advertising Firm
South Korea’s Wider Planet [321820:KQ] has seen its share price rise by the 30% daily limit for two days running, after it announced that Squid Game star Lee Jung-jae is to become its biggest shareholder. Lee will own three million shares in the company, which uses AI to make advertising, following a rights offering payment date on 20 December. Lee is one of the country’s most popular actors.