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Why Did Intel Sell Arm?
According to a regulatory filing released on Tuesday, the US chipmaker [INTC] sold its entire 1.18 million-share stake in Arm Holdings [ARM] in Q2. It likely made some $146.7m from the sale, according to Reuters; earlier this month Intel announced it is to cut more than 15% of its workforce. Elsewhere, Apple [AAPL] supplier Foxconn [FXCOF] on Wednesday said that demand for artificial intelligence servers was behind a 6% rise in net profit in Q2.
Zeekr Debuts New Fast-Charging Battery
China’s Zeekr [ZK], an electric vehicle brand owned by Geely [GELYF], has said that its new batteries charge faster any other company’s, going from 10% to 80% capacity in 10-and-a-half minutes at one of its ultra-fast charging stations. By contrast, Tesla [TSLA] says a 15-minute charge allows its Model 3 to travel around half its full range. Elsewhere, Chinese autonomous driving start-up WeRide has been given a permit to test its driverless vehicles in the US state of California, Reuters reported.
AstraZeneca Tops £200bn
The drugmaker [AZN] has become the first UK-listed company to reach a £200bn valuation, the Financial Times reported, in what could be a vindication of its strategy to develop its portfolio of cancer drugs. The AZN share price is up by 24.5% this year. Elsewhere, the drugmaker’s £450m investment in a vaccine-manufacturing site on Merseyside has been called into question, also according to the Financial Times, after government sources intimated that the Treasury is considering reducing state aid to the project.
Back to the Moon
Space exploration company Intuitive Machines [LUNR] made history earlier this year when it carried out the first commercial moon landing. When it reported better-than-expected Q2 results on Tuesday, the firm also announced that it has scheduled its next moon mission for early 2025. In the quarter, the firm received $12.5m in contract modifications from NASA, according to MarketWatch.
Tencent is on the Mend
Summer blockbuster Dungeon & Fighter Mobile helped Tencent [TCEHY] to boost sales by 8% in the recent quarter. The game “reactivated millions of IP fans and is retaining players well, positioning it to become our next evergreen major hit,” the firm said in its earnings release. Net income climbed 82%, beating expectations, but the fintech and cloud services division grew by just 4%. Tencent shares are up nearly 32% this year, CNBC reported.
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