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Phone Makers Broke Anti-Trust Laws in India
Indian regulators have said that Samsung [SSNLF], Xiaomi [XIACF] and Motorola [MSI], amid other smartphone firms, colluded with Amazon [AMZN] and Walmart’s [WMT] Flipkart to launch products exclusively on their Indian websites, breaching antitrust laws. Investigations by the Competition Commission of India found these companies prioritized certain listings and offered steep discounts. The reports allege “exclusive” phone launches through “collusion” with Amazon and Flipkart, harming other sellers in the market.
Billionaires Jostle for Top Spot
Oracle [ORCL] Co-founder Larry Ellison briefly surpassed Amazon Founder Jeff Bezos to become the world’s second-richest person, after Oracle shares surged 14.3% last week. The rally followed Oracle’s strong Q1 earnings and impressive long-term targets, pushing Ellison’s net worth to $208.4bn, Seeking Alpha reported. His wealth has since adjusted to $197.7bn. Bezos’ net worth stands at $204.4bn, while Tesla [TSLA] CEO Elon Musk remains the richest, at $252.8bn.
AI Demand to Intensify Copper Shortage
BHP [BHP], the world’s largest mining company by market cap, has warned that the rise of artificial intelligence (AI) and data centers will intensify a global copper shortfall. BHP’s Chief Financial Officer Vandita Pant told the Financial Times that AI-related demand could increase copper needs by 3.4 million tons annually by 2050. Currently, data centers account for less than 1% of copper demand, but this figure is expected to reach 6–7% by 2050.
Pentagon Deal for Chipmaker?
In the latest such win for the stock, Intel [INTC] has reportedly secured up to $3.5bn in federal grants for the Pentagon’s “Secure Enclave” program, aimed at creating advanced chips for military and intelligence use. Despite initial pushback from other chipmakers and concerns about relying on a single firm, the funding could be announced soon, according to Bloomberg. This grant adds to Intel’s $8.5bn in grants and $11bn in loans under the 2022 CHIPS Act.
Google Smartwatch Design Partnership
Masimo [MASI] has partnered with Alphabet’s [GOOG] Google to create a new reference platform for original equipment manufacturers (OEMs) developing Wear OS smartwatches. The goal is to streamline the process of building smartwatches with premium features, promoting innovation across the Wear OS ecosystem and enabling faster market entry for new devices.
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