YOUR WEEKLY TECH INSIGHT FROM ACROSS THE GLOBE
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Dutch firm ASML and Taiwan’s TSMC, two of the world’s most important semiconductor firms, got a share price boost on Thursday after Nvidia’s earnings impressed investors.
Nvidia reported earnings and revenue that beat market expectations on Wednesday.
But its sales forecast of about $11 billion for the second quarter — more than 50% higher than Wall Street estimates — was what sent the U.S. giant’s stock surging more than 24% in after-hours trade.
Nvidia’s needs
The rise in Nvidia’s stock has sparked a rally in chip names globally.
Two of the most notable are ASML and TSMC. ASML, headquartered in the Netherlands, was up 6.25% Thursday in European trade. TSMC, which is listed in Taiwan, was last trading around 3.9% higher early Friday.
This rally can be explained by a simple fact: Nvidia does not manufacture its own chips.
Instead, it relies on TSMC, the most advanced chipmaker in the world, to manufacture its GPUs. And TSMC relies on machines from ASML, which are required to manufacture the world’s most advanced semiconductors.
Interconnected semiconductor chain
Nvidia’s bullish forecast for the second quarter has bolstered expectations that it will ramp up orders with the likes of TSMC, which in turn relies on ASML’s equipment.
“We have procured substantially higher supply for the second half of the year,” Colette Kress, chief financial officer at Nvidia, said on the earnings call on Wednesday.
The stock price rally across the industry highlights the concentrated nature of the semiconductor supply chain.
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The U.S. Navy has been hit by the Chinese state-sponsored hack that Microsoft disclosed Wednesday, Secretary of the Navy Carlos Del Toro told CNBC’s Morgan Brennan on Thursday.
Del Toro said the U.S. Navy “has been impacted” by the cyberattacks, adding that it was “no surprise that China has been behaving in this manner, not just for the last couple years, but for decades.”
Microsoft warning
Microsoft warned on Wednesday that Chinese state-sponsored hackers had compromised “critical” U.S. cyber infrastructure across numerous industries with a focus on gathering intelligence.
The Chinese hacking group, codenamed “Volt Typhoon,” has operated since mid-2021, Microsoft said in an advisory.
The organization is apparently working to disrupt “critical communications infrastructure between the United States and Asia,” Microsoft said, to stymie efforts during “future crises.”
Infrastructure in nearly every critical sector has been impacted, Microsoft said, including the communications, transport, and maritime industries. Government organizations were also targeted.
The attack is apparently ongoing. In an advisory, Microsoft urged impacted customers to “close or change credentials for all compromised accounts.”
Focused on Guam
U.S. intelligence agencies became aware of the incursion in February, around the same time that a Chinese spy balloon was downed, the New York Times reported.
The infiltration was focused on communications infrastructure in Guam and other parts of the U.S., the Times reported, and was particularly alarming to U.S. intelligence because Guam sits at the heart of an American military response in case of a Taiwanese invasion.
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Goldman Sachs invested in Go Inc., Japan’s biggest ride-hailing app in a funding round which values the startup at $1 billion, the company announced on Wednesday.
The U.S. investment bank invested 10 billion Japanese yen ($72.1 million) into Go.
Go Inc. operates an Uber-style of ride-hailing service in Japan, but is trying to focus the company on other areas of mobility. For example, it has a business where it sells a camera and software to monitor drivers and ensure they are not driving dangerously.
Investment despite headwinds
Goldman’s investment comes as technology startups still face a difficult environment in which to raise funding, as macroeconomic headwinds prevail and the fallout from the collapse of Silicon Valley Bank this year — a key pillar of the industry — continues to ripple across the world.
“We believe this round of fundraising is highly significant, indicating that we have gained high social credibility,” Hiroshi Nakajima, president of Go Inc., said in a press release.
Ride-hailing firms
Goldman Sachs has built up its private investments in tech firms. One of its most notable investments was is ride-hailing firm Uber, although the bank has now dumped its entire stake in the company.
But Goldman Sachs remains bullish on ride-hailing.
“Mobility is an integral part of our everyday life, and Go Inc. is well-positioned to lead digitalization and innovation of Japan’s taxi market,” Stephanie Hui, global co-head of growth equity at Goldman Sachs Asset Management, said in a press release.
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Alibaba is cutting 7% of the workforce in its cloud computing division as the unit gears up for an initial public offering.
The move was confirmed to CNBC by a person familiar with the matter, who preferred to remain anonymous because they were not able to speak publicly.
Independent business unit
In March, Alibaba announced plans to split the company into six business units each with their own chief executive and board of directors.
Last week, the company announced plans for a full spin-off of its cloud computing unit and said it intends for the division to become an independent publicly listed company. Alibaba aims to complete the spin off within the next 12 months.
Focus on cloud
Alibaba’s CEO Daniel Zhang has long-seen cloud computing as a key part of the e-commerce giant’s future but it currently accounts for just 9% of the group’s total revenue.
And revenue has been slowing significantly over the last few quarters. In fact, revenue fell 2% year on year in the first quarter of the year.
TikTok owner ByteDance began moving its international operations off of Alibaba’s cloud which continues to weigh on the company’s cloud business.
Still, Alibaba has made some headway with its cloud business over the past few years. It is the number one player by market share in China and number two in Asia-Pacific, just behind Amazon, according to Synergy Research Group. However, on a global level, it still trails giants Amazon, Microsoft and Google.
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Three decades after inventing the web, Tim Berners-Lee has some ideas on how to fix it
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The internet landscape is now disempowering for individuals, and its inventor Tim Berners-Lee and Inrupt CEO John Bruce share their visions for the future of the web.
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Data also provided by THOMSON REUTERS
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