Nvidia Stock Plunges Amid China Chip Export Curbs

 

Nvidia's stock dropped nearly 7% after the US government imposed export restrictions on its H20 chips to China, leading to a $5.5 billion charge. Morgan Stanley analysts lowered revenue projections, estimating an 8-9% hit to data center revenue. This comes amid scrutiny of Nvidia's relationship with Chinese AI...

Zuckerberg Defends Meta's WhatsApp, Instagram Acquisitions

 

Mark Zuckerberg testified in a US FTC antitrust lawsuit against Meta, defending the acquisitions of WhatsApp and Instagram. He argued that he bought WhatsApp to adapt to shifting communication trends and leverage against Apple and Google, while Instagram's acquisition was to prevent potential future competition. Zuckerberg claimed both acquisitions...

Trade Warnings Trigger Sharp Stock Market Decline

 

Wall Street experienced a significant downturn on Wednesday, driven by fresh trade warnings. AI chipmakers Nvidia and AMD announced substantial charges due to new US export controls impacting sales to China. These controls, deemed indefinite by Nvidia, are expected to negatively impact revenue. Further fueling the market...

Zuckerberg: Meta's Snapchat Bid Would've Boosted Growth

 

Meta CEO Mark Zuckerberg testified during an antitrust trial that Snapchat's growth would have been faster had Meta acquired it in 2013 for $6 billion. Zuckerberg's testimony supports the FTC's argument that Meta strategically acquires rivals to maintain its social media dominance. The FTC seeks to force Meta to...

UK Government Seizes Steel Plant to Avert Crisis

 

The UK government took emergency control of the Scunthorpe steel plant, preventing its potential closure by Chinese owner Jingye. This action avoids Britain becoming the only G7 nation unable to produce virgin steel. The government's intervention, possibly influenced by upcoming elections and geopolitical concerns, raises questions about its...

TikTok Trade War: China Undercuts Tariffs on Social Media

 

Chinese suppliers are using TikTok to circumvent President Trump's tariffs on goods from China. Videos showcasing purported manufacturers of luxury brands like Lululemon and Chanel, offering significantly lower prices, have gone viral. However, experts doubt the legitimacy of these suppliers, citing non-disclosure agreements and the likelihood of counterfeits. ...

Lego Executive Dies After Skiing Accident

 

Lego parent company Kirkbi's vice chair, Michael Halbye, 64, died Saturday from internal bleeding after a skiing accident in Switzerland. Halbye, who joined Kirkbi's board in 2020 and became vice chair in 2022, was also a friend of the Danish royal family and served on Queen Mary's foundation. ...

Japan Negotiates Tariffs, Military Costs with Trump

 

Japan's top trade negotiator is in Washington for talks with the Trump administration on tariffs, marking the first bilateral meeting since Trump's recent tariff announcements. The talks cover tariffs, military support costs, and trade fairness. Japan's status as the first country to negotiate gives it a unique position,...

US Car Supplies Plummet Amidst Tariff Fears

 

US new and used car supplies are plummeting as consumers rush to buy before anticipated tariff-related price hikes. Cox Automotive reports new vehicle days' supply dropped from 91 to 70 days in March, while used vehicle supply fell to 39 days. This surge in sales, exceeding last year's...

China Appoints New Trade Envoy Amid US Tariff Turmoil

 

Amid escalating trade tensions with the US, China has appointed Li Chenggang as its new trade envoy. Li, a former WTO ambassador, replaces Wang Shouwen. This comes as China's economy, while showing 5.4% GDP growth in Q1, faces the impact of US tariffs. Chinese officials denounce US tariffs...