Tech Meme

Olivia Poh / Bloomberg: Southeast Asian giant Sea dropped 29%, its largest single-day drop ever, wiping out nearly $10B in market value for a $23B market cap, down from $180B in 2021  —  – Singapore e-commerce stock drops to lowest ever as sales slow  — Competition intensifies as Alibaba, TikTok gain shopping users Lees verder op Tech Meme

Bloomberg: Sources: UK PM Rishi Sunak is planning an AI summit later in 2023 to host G7 leaders and tech executives; the historic Bletchley Park is a possible venue  —  – Premier mulls WWII code-breaking site to gather CEOs, leaders  — Wants global approach to establish ‘guardrails’ around AI Lees verder op Tech Meme

Financial Times: Internal documents: India accounts for $10B of Foxconn’s annual revenue, or 4.6% of its 2022 revenue, as its India push shows the limits of “China plus one”  —  Apple supplier still relies on Chinese plants for 75% of global operations  —  When Foxconn chair Young Liu … Lees verder op Tech Meme

Ian King / Bloomberg: Intel terminates its $5.4B deal to acquire Israeli company Tower Semiconductor after failing to win regulatory approval; the deal was announced in February 2022  —  – $5.4 billion deal scrapped after China didn’t sign off  —  Intel Corp. said it’s walking away from its attempt … Lees verder op Tech Meme

Andrew J. Hawkins / The Verge: As San Francisco opens to 24/7 robotaxis, a look at Cruise and Waymo cars causing traffic jams and obstructing emergency vehicles, unraveling the public’s trust  —  The day after California regulators handed driverless car companies a major victory, allowing them to expand … Lees verder op Tech Meme

Olivia Poh / Bloomberg: SE Asian internet giant Sea dropped 29%, its largest single-day drop ever, wiping out nearly $10B of its market cap; Sea is valued at $23B vs. $180B in 2021  —  – Singapore e-commerce stock drops to lowest ever as sales slow  — Competition intensifies as Alibaba, TikTok gain shopping users Lees verder op Tech Meme

Bloomberg: Sources: UK PM Rishi Sunak is planning an AI summit later this year with other G7 leaders and tech execs, with the historic Bletchley Park as a possible venue  —  – Premier mulls WWII code-breaking site to gather CEOs, leaders  — Wants global approach to establish ‘guardrails’ around AI Lees verder op Tech Meme

Financial Times: Internal docs: India accounts for $10B of Foxconn’s annual revenue, which is 4.6% of its 2022 revenue, as Foxconn’s India push shows limits of “China plus one”  —  Apple supplier still relies on Chinese plants for 75% of global operations  —  When Foxconn chair Young Liu … Lees verder op Tech Meme

Bloomberg: Sources: Intel is expected to call off its planned $5.4B Tower acquisition, which had an August 15 deadline, as time to win Chinese regulatory approval runs out  —  – Company expected to call off transaction as time runs out  — Deal would have put Intel in closer competition with TSMC Lees verder op Tech Meme

Yuka Hayashi / Wall Street Journal: The US Commerce Department has built a team of people from Goldman Sachs, Blackstone, KKR, and other Wall Street firms to help allocate $39B in chip subsidies  —  Talent from Goldman Sachs, KKR and Blackstone will help determine how $39 billion in semiconductor chip subsidies are allocated Lees verder op Tech Meme