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The secrets of the world's richest company

The secrets of the world's richest company

The Guardiana day ago
It is the richest company in the world, with a market value of $4tn. But while you may know the names of other extraordinarily rich companies – such as Apple or Google – you may never have heard of Nvidia.
Created by Jensen Huang, a Taiwanese American, Nvidia is a microchip company with just 40,000 employees. Its products can be found in the games we play and ChatGPT. So how did Huang do it – and will he be able to see off Donald Trump's tariff regime and navigate the difficulties of doing business during Trump's trade war with China?
Journalist Tae Kim explains Jensen's rise through the tech ranks and tells Helen Pidd where he is likely to take the company next.
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Breakingviews - China's OPEC-for-solar push risks overreaching
Breakingviews - China's OPEC-for-solar push risks overreaching

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Breakingviews - China's OPEC-for-solar push risks overreaching

HONG KONG, Aug 14 (Reuters Breakingviews) - Forging a legitimate oligopoly in a market can be hugely profitable. Leading solar firms in China may now have a chance to do exactly that. Companies including GCL Technology ( opens new tab are in talks to set up a 50 billion yuan ($7 billion) fund to buy and then shut down more than one million tons of production capacity for key raw material polysilicon, Reuters reported. The proposal comes with the sector being one of several under pressure to respond to President Xi Jinping's push, opens new tab to end both price wars and overcapacity. The country had 3.23 million tons of polysilicon capacity at the end of last year, or about twice this year's projected demand, according to the China Photovoltaic Industry Association. The industry body has also flagged that more than 40 solar firms have delisted or gone under since 2024. The supply glut has hit big players too, with Tongwei ( opens new tab and others shedding some 87,000 staff, or a third of their workforce, per Reuters. China's solar industry has been through similar pain before. In 2012 a supply glut and anti-dumping duties imposed by Washington led to a raft of bankruptcies. If the restructuring fund currently under consideration becomes a well-crafted market-oriented approach to knock out industrial overcapacity, it could help soothe trade tensions with the U.S. and Europe. It also could serve as a model for other industries equally plagued by a supply glut, such as autos. There are some big hurdles to jump. Local governments may balk at the idea of winding down their investment in a sector that was deemed strategically important a few years ago. And the fund would need to collaborate with banks or state-backed firms, which may not be keen to work with an industry whose players have suffered massive losses in recent years. But the main problem is that the large players behind the fund would have a major say in which rivals either stay at the table or end up getting eaten. They also want part of its function to mirror that of oil cartel OPEC in setting and allocating production quotas. Granted, that would help reduce oversupply, conforming with Beijing's near-term objective of ending what it calls a destructive "rat race" between companies. But in the long run it would also stifle rather than strengthen competition.

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