Chinese tech giants, AI startups build around Nvidia H20 chips
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CNBC
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- CNBC
China's growth stumbles in July as retail sales, industrial output miss forecasts
China's economy lost momentum in July, with growth faltering across the board, as weak domestic demand persisted and Beijing intensified efforts to curb excess capacity. Retail sales last month rose 3.7% from a year earlier, data from the National Bureau of Statistics showed Friday, sharply missing analysts' estimates for a 4.6% growth in a Reuters poll and slowing from June's 4.8% growth. Industrial output rose 5.7% from a year ago in July, its weakest level since November last year, according to LSEG data, and weaker than analysts' expectations for a 5.9% rise. Fixed-asset investment, reported on a year-to-date basis, expanded 1.6% this year as of July, undershooting economists' forecasts for a 2.7% growth and slowing from 2.8% in the first six months. Separately, China's survey-based urban unemployment rate in July came in at 5.2%, edging higher after remaining at 5% in May and June. Unemployment rate for those aged between 16 and 24, excluding college students, however, has remained above 14% for a year. Beijing and Washington on Monday announced that they would extend the tariff pause for another 90 days until mid-November, averting the steep tariffs and allowing more time for both sides to negotiate a durable deal. Despite the temporary truce, "core disputes — from tech access and critical minerals to industrial policy and geopolitical alignments — remain unresolved," said Jing Qian, co-founder and managing director of the Center for China Analysis at the Asia Society Policy Institute. Qian, who advised both governments during the ongoing negotiations, said the "big political trade-offs" are being reserved for a potential summit between U.S. President Donald Trump and his Chinese counterpart Xi Jinping in the coming months.
CNBC
2 hours ago
- CNBC
Shein's UK sales jump 32% in 2024, fueling profit gains on Hong Kong IPO horizon
Shein's U.K. arm generated £2.05 billion ($2.77 billion) in sales in 2024, up 32.3% from 2023, according to a filing released on Friday. The online fast-fashion retailer's pre-tax profit rose to £38.25 million in 2024 from £24.43 million in 2023. The company highlighted several milestones during the year, including the opening of new offices in King's Cross and Manchester, a pop-up shop in Liverpool and a Christmas bus tour across 12 U.K. cities. The Chinese company, which is headquartered in Singapore, flagged risks such as potential supply chain delays, higher costs from currency fluctuations and freight charges, IT system outages, and shifting UK regulations that could require it to alter or withdraw products. It also noted that weaker consumer confidence from higher inflation and living costs could weigh on sales. Shein confidentially filed for an initial public offering in Hong Kong earlier this year, a move aimed at pressuring U.K. regulators and speeding up its long-delayed listing plans. Before this, the fast fashion giant filed to list in London but has struggled to receive regulatory approval before shifting its focus to Hong Kong.
Yahoo
2 hours ago
- Yahoo
Trump weighs taking stake in Intel, Bloomberg News reports
By Jaspreet Singh and Mrinalika Roy (Reuters) -The Trump administration is in talks with Intel to have the U.S. government potentially take a stake in the struggling chipmaker, Bloomberg News reported on Thursday, citing people familiar with the plan. Such a move would mark another intervention by U.S. President Donald Trump in industries seen as vital to national security. Trump has pushed for multibillion-dollar government tie-ups in semiconductors and rare earths - for instance, a pay-for-play deal with Nvidia and an arrangement with rare-earth producer MP Materials to secure critical minerals. Intel declined to comment on the report but said it was deeply committed to supporting Trump's efforts to strengthen U.S. technology and manufacturing leadership. White House spokesman Kush Desai said: "Discussion about hypothetical deals should be regarded as speculation unless officially announced by the administration." Intel's shares surged over 7% in regular trading and then another 2.6% after the bell. The discussions follow a meeting this week between Trump and Intel CEO Lip-Bu Tan. That meeting came days after Trump publicly demanded that Tan resign over his investments in Chinese tech companies, some linked to the Chinese military. Details of the stake and price are still being discussed, Bloomberg said. Ryuta Makino, an analyst at Intel investor Gabelli Funds, said it was likely that the U.S. government would take a stake in Intel because Trump wants the chipmaker to expand domestic manufacturing and to create more jobs. Intel warned last month that it may have to get out of the chip manufacturing business if it does not land external customers to make chips in its factories. It planned to slow construction work on new factories in Ohio. Tan, who took the top job just over six months back, has been tasked to undo years of missteps that left Intel struggling to make inroads in the booming AI chip industry dominated by Nvidia, while investment-heavy contract manufacturing ambitions led to heavy losses. "I think any deal that involves the U.S., as well as third-party investors (PE) likely has to come with tariffs that strongly encourage customers like Nvidia, AMD, Apple to use Intel Foundry," said Ben Bajarin, CEO of market analysis firm Creative Strategies. It is not unusual for the U.S. government to take a stake in a company, but those have usually needed financial help. Though Intel's stock market value has tumbled in recent years and it has lost its industry leadership, its revenue remains stable at over $50 billion a year, and it was not clear to some investors that the chipmaker needs such direct government assistance. Sign in to access your portfolio
