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iPhone-Maker Hon Hai Hits New High
The share price of Taiwan’s Hon Hai Precision Industry [2317:TW], which trades internationally as Foxconn [2354:TW], jumped as much as 5.1% on Thursday, reaching a new record for the firm. This rise was sparked by strong quarterly earnings earlier this month, as well as the ongoing artificial intelligence (AI) frenzy — despite the fact that Hon Hai’s total revenue exposure to AI will probably stay in the 10–12% range this year, Bloomberg reported.
Can Xiaomi Defy Its Doubters?
The Chinese smartphone giant [1810:HK] unveiled its first electric vehicle (EV) on Thursday. Its $10bn move into this crowded and increasingly challenging space has been seen by many as a risky decision; the company’s billionaire Co-Founder Lei Jun has said it will be his last major endeavour. Meanwhile, the European Federation for Transport and Environment reported that Chinese-made EVs will account for over 25% of EV sales in Europe this year, a 5% increase on the previous year.
Amazon Invests $2.75bn in Anthropic
The e-commerce colossus [AMZN] has said it will invest a further $2.75bn in AI start-up Anthropic, taking its total investment to $4bn and thereby completing a deal made last year. As part of the agreement, Anthropic will use Amazon’s custom-built chips and Amazon Web Services data centres to power some of its operations. The San Francisco start-up was founded in 2021 by former OpenAI employees, and has since become a major competitor.
Is Lewis Kaufman’s EM Fund the Real Deal?
Lewis Kaufman manages the Artisan Developing World Fund at Artisan Partners. But some 40% of the fund’s $3bn in holdings are US-based, primarily tech firms, such as Nvidia or CrowdStrike [CRWD]. Critics have called his approach “disingenuous”, according to Bloomberg. However, Kaufman argues that such firms derive a large amount of value from emerging markets (EM). “We’re not trying to avoid emerging markets,” Kaufman says. “We’re trying to embrace them, and we’re trying to do it in a thoughtful and creative way.”
CEO Buys Another Chunk of SNOW
In an SEC filing on Wednesday, Snowflake [SNOW] CEO Sridhar Ramaswamy disclosed a purchase of 31,542 shares of the company at $158.52 per share, to a total of $5m. He now owns 224,181 shares in the firm. The last three months have seen 63 insider trades of the stock. Based in Montana, Snowflake offers a cloud-based data storage and analytics service.
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