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Apple Loses Ground in China, Gains Ground in India
Global smartphone shipments rose 6.5% in the June quarter, reported Bloomberg. Apple [AAPL] shipped 45.2 million handsets, up 1.5% on the year-ago quarter. In China, iPhone sales have been recovering, but Apple has lost market share to local brands, particularly Xiaomi [XIACF] and Huawei. However, Apple’s annual sales in India are at nearly $8bn, a record total, having climbed approximately 33% in the 12 months through March.
Alphabet Looks to Boost Cybersecurity Operation
In what would be the largest buyout in its history, Google parent Alphabet [GOOGL] is set to buy cybersecurity start-up Wiz for some $23bn, the Financial Times reported. The deal is still some weeks from completion, with a number of details yet to be addressed. Led by former Microsoft [MSFT] executive Assaf Rappaport, Wiz has raised some $2bn from investors since it was founded four years ago. Alphabet acquired cybersecurity firm Mandiant for $5.4bn two years ago.
Semiconductors: Not Everyone Can be a Winner
Taiwan Semiconductor Manufacturing Co [TSM], the world's largest contract chipmaker, reports this week; analyst consensus suggests it will log a 30% rise in profit in Q2. Earlier this month, Samsung Electronics [SSNLF] predicted Q2 operating profits would climb by nearly 1,500%; however, the South Korean giant has been enmired in a labour dispute, and is lagging rivals, among them domestic challenger SK Hynix [000660:KS]. Lastly, tech investor James Anderson told the Financial Times that Nvidia [NVDA] could be worth $50trn within a decade.
The Lure of an NY IPO for European Cannabis Companies
A report from the Financial Times shows that a number of European cannabis start-ups are planning an IPO in New York, as the US moves closer to reclassifying marijuana. Among them are Grow Group, a London-based medical cannabis distributor, and Lisbon-based Somai Pharmaceuticals, which is seeking a “reasonable” €250m valuation on the Nasdaq, CEO Michael Sassano told the Financial Times. Somai would also be aiming for a secondary listing on the Toronto Stock Exchange or LSE.
Should Tech Workers Fear AI?
The tech sector has seen 100,000 lay-offs so far this year, Seeking Alpha reported. Intuit [INTU] announced last week it is to shed 1,800 employees as it transitions workflows to artificial intelligence-native (AI) processes. However, the firm expects to hire approximately the same number of staff to run its AI. Also last week, UiPath [PATH] said it is to cut it global workforce by about 10%. Elsewhere, OpenAI whistleblowers have lodged a complaint with the US Securities and Exchange Commission over non-disclosure agreements, Reuters reported.
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