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Welcome to Tech In Depth, our daily newsletter with reporting and analysis about the business of tech from Bloomberg's journalists around the world. Today, Riley Griffin reports from the Meta antitrust trial about the company's views of its rivals and the future of social networks.
Tencent earnings: Chinese gaming company Tencent said revenue in the March quarter grew 13%, the fastest pace since 2021.
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San Francisco Chronicle
35 minutes ago
- San Francisco Chronicle
China says its exports to the US fell nearly 10% in May, as trade talks are due to start in London
China's exports to the United States sank fell nearly 10% in May from a year earlier, new customs data show, adding to pressure on the world's second largest economy as a new round of trade talks with Washington was due to start later Monday in London. China's total exports rose 4.8% last month, slowing from an 8.1% year-on-year increase in April. Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion. China exported $28.8 billion to the United States in May, while its imports from the U.S. fell 7.4% to $10.8 billion, the report said. Still, exports to Southeast Asia and the European Union remained robust, growing 14.8% and 12%, year-on-year. Exports to Thailand, Vietnam and Indonesia were sharply higher, and exports to Germany jumped more than 12%. 'The acceleration of exports to other economies has helped China's exports to remain relatively buoyant in the face of the trade war,' Lynne Song of ING Economics said in a commentary. Many businesses had rushed orders earlier in the year to try to beat higher tariffs. Once new import duties took effect, shipments slowed. Exports will likely rebound somewhat in June thanks to a 90-day suspension of most of the tariffs China and the U.S. imposed on each other in their escalating trade war, Zichun Huang of Capital Economics said in a report. 'But with tariffs likely to remain elevated and Chinese manufacturers facing broader constraints on their ability to sustain rapid gains in global market share, we think export growth will slow further by year-end,' Huang said. Despite the tariffs truce, rancor between Beijing and Washington has persisted, with angry exchanges over advanced semiconductors, 'rare earths' that are vital to many industries and visas for Chinese students at American universities. The round of negotiations due to take place later Monday in London follow a phone call last week between Trump and Chinese leader Xi Jinping. It's unclear if that exchange will lead to any significant progress during the talks this week. Speaking to reporters on Air Force One on Friday, Trump said Xi had agreed to restart exports of rare earth minerals and magnets to the U.S. which China had slowed, threatening a range of U.S. manufacturers that relied on the critical materials. There was no immediate confirmation from China. The trade data released on Monday showed a nearly 21% plunge in the value of China's rare earths exports in January to May compared with a year earlier. In terms of volume, those exports rose 2.3%. Similar trends can be seen in exports of other products and commodities, such as shoes, ceramics and cell phones, as slowing demand causes prices to fall. Other data released Monday highlighted the pressure on China's own economy from slowing exports. Imports have faltered since manufacturers import many of the components and materials needed for the goods they assemble for the world. At the same time, China's own domestic markets are suffering. The government reported that consumer prices fell 0.1% in May, evidence of sluggish demand. The persisting deflation partly reflects lower food prices, economists said.
Yahoo
36 minutes ago
- Yahoo
Qualcomm Agrees to Buy Chip Firm Alphawave for $2.4 Billion
(Bloomberg) -- Qualcomm Inc. has agreed to buy London-listed semiconductor company Alphawave IP Group Plc for about $2.4 billion in cash to expand its technology for artificial intelligence. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The offer equates to about 183 pence per share for Alphawave, the companies said in a statement on Monday. That's a 96% premium to the company's share price on March 31, the last trading day before Alphawave and Qualcomm disclosed the talks. The deal, which is still subject to regulatory and shareholder approval, is expected to close in the first quarter of 2026. Qualcomm Chief Executive Officer Cristiano Amon is looking to lessen the company's reliance on the smartphone market, where growth has slowed, and push into new areas. Alphawave makes high-speed semiconductor and connectivity technology that can be used for data centers and AI applications, two growth areas in the chip industry that are being driven by demand for products like OpenAI's ChatGPT. Alphawave's board has unanimously recommended the cash offer. Investors representing 75% of shares must vote in favor of the deal for it to go through. Alphawave shareholders and directors representing about 50% of shares have agreed to vote in favor of the deal, the company said. Alphawave shares rose 23% to 183.60 pence at 8:53 a.m. in London. The shares have risen about 117% this year. Alphawave, which held an initial public offering in 2021 at 410 pence per share, has consistently traded below that level. The company had struggled with a reliance on large customers and navigating geopolitical tensions between the US and China, where Alphawave decided to cut back its business last year. Still, the company's technology has been gaining traction and had reported a surge in orders in the fourth quarter. Chief Executive Officer Tony Pialis said in a statement at the time that orders from North American AI customers were driving the business. As an alternative to the cash offer, Alphawave shareholders can also opt to exchange their stock for 0.01662 shares of Qualcomm. Qualcomm has also said that each Alphawave share could be exchanged for 0.00964 of a new 'series A Qualcomm exchangeable security' and 0.00698 of a new 'series B Qualcomm exchangeable security.' The Alphawave directors declined to recommend the alternative offers. In particular, they said they're unable to declare whether the second alternative deal, where shareholders trade stock for exchangeable securities, is fair and reasonable 'given the significant and variable impact of the advantages and disadvantages.' (Updates with premium in second paragraph) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
42 minutes ago
- Yahoo
Gold prices hold steady as US-China trade optimism builds
By Anmol Choubey (Reuters) - Gold prices steadied on Monday as investors refrained from making significant bets, with optimism building ahead of U.S.-China trade talks later in the day that could ease tensions between the two nations. Spot gold edged 0.1% higher at $3,313.54 an ounce, as of 0543 GMT. U.S. gold futures lost 0.4% to $3,333.80. Three top aides of U.S. President Donald Trump will meet with their Chinese counterparts in London later in the day to discuss the trade disputes between the two economies, a standoff that has kept global markets on edge. "Short-term traders do not want to take aggressive long positions right now ahead of the outcome of the U.S.-China talks," said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA. Although tariffs won't disappear, the talks may lower the baseline, Wong said, adding that the cost of doing business in the U.S. will remain elevated, and the widening U.S. budget deficit could exacerbate inflationary pressures. On the technical front, spot gold is expected to retest support at $3,296, a break below which could open the way towards $3,262, according to Reuters technical analyst Wang Tao. [TECH/C] U.S. non-farm payrolls topped expectations, with wage growth exceeding projections and the unemployment rate steady. Investors scaled back bets on rate cuts for the year from two to only one in October. U.S. CPI data, due on Wednesday, could give more clues. Meanwhile, Trump said a decision on the next Fed chair would be announced soon, adding that a "good Fed chair" would lower rates. The bullion, a safe-haven asset, often thrives during uncertainties and in low-interest-rates environment. China's central bank added gold to its reserves in May for the seventh straight month, official data showed. Elsewhere, spot silver was up 0.2% to $36.03 per ounce, platinum rose 1.6% to $1,187.80, while palladium fell 0.1% to $1,045.61. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
