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Chinese chipmakers buoyed by technological breakthrough
Chinese semiconductor stocks gained on news that Shanghai Micro Electronics Equipment Group, a state-backed lithography specialist, had made a breakthrough in its semiconductor lithography technology, which is blocked by US trade restrictions. British chipmaker Arm is targeting a $60bn valuation in its September IPO, according Bloomberg sources. Advanced Micro Devices [AMD] shares gained approximately 4% in late trading Tuesday following an earnings beat.
China regulator deals blow to Douyin and WeChat
The Cyberspace Administration of China, which oversees internet usage in the country, has laid out plans to limit the amount of time that children spend on their smartphones. The move could represent a blow to TikTok-owner ByteDance (and its Chinese social media app, Douyin), as well as Tencent [0700.HK]’s WeChat, both of which have a disproportionately young user base.
India could catch 60% of fall in Chinese commodity demand
Indian infrastructure building through the remainder of the decade could replace up to 60% of the fall in commodities demand expected as a result of a China growth slowdown, Soni Kumari, a commodity strategist at ANZ Banking Group [ANZ.AX], told Bloomberg. The Board of Control for Cricket in India is encouraging Amazon [AMZN] and Alphabet [GOOGL] to bid for the media rights for the Indian Premier League.
Tesla information breach case goes to court
Tesla’ s [TSLA] suit against several of its former employees accused of taking confidential information to rival electric vehicle (EV) maker Rivian [RIVN] will go to trial, a California state court judge has declared. Meanwhile, the National Highway Traffic Safety Administration is launching a probe to investigate 12 complaints of steering faults from owners of Tesla’s newest Model 3 and Model Y vehicles. Subaru [7270.T] aims for battery EVs to constitute half its sales by 2030.
AI chatbot under development by Uber
Uber [UBER] is building an artificial intelligence (AI) chatbot to provide assistance to its app users, CEO Dara Khosrowshahi told Bloomberg this week. Uber’s stock fell 5.7% on the day following a revenue miss despite its first quarterly GAAP operating profit; its newfound profitability was boosted by ride numbers in the US and Canada passing pre-pandemic levels for the first time.
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