Gold Consolidates; Easing Fed Rate-Cut Prospects May Weigh
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Thoma Bravo Is Said to Be in Talks to Buy Software Firm Dayforce
(Bloomberg) -- Thoma Bravo is in talks to acquire human resources management software provider Dayforce Inc., according to people familiar with the matter. The buyout firm is planning to take the Minneapolis-based company private in a deal that could be announced as soon as the coming weeks, the people said, asking not to be identified as the matter is private. The US-Canadian Road Safety Gap Is Getting Wider A Photographer's Pipe Dream: Capturing New York's Vast Water System Festivals and Parades Are Canceled Amid US Immigration Anxiety A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Princeton Plans New Budget Cuts as Pressure From Trump Builds Shares of Dayforce rose as much as 22% in pre-market New York trading on Monday. The company, whose shares also trade on the Toronto Stock Exchange, had a market value of about $8.4 billion at the close on Friday. While discussions are advanced, they could still be delayed or falter and it's possible another bidder may emerge, the people said. Representatives for Thoma Bravo and Dayforce didn't immediately respond to requests for comment. Dayforce shares have fallen about 60% from their 2021 peak through Friday. While the company increased revenue more than 70% between 2021 and 2024 and became more profitable, the enterprise software market has had difficulties maintaining momentum after a runup during Covid-19 lockdowns. Companies spent money at the time to upgrade their systems, only to pull back after offices reopened in a shaky economy. 'We would not be surprised if DAY chose to sell given the lack of appreciation for the stock in the public markets,' Jefferies Financial Group Inc. analysts including Samad Samana wrote in a note to clients after the Bloomberg report. 'It has been tough sledding for DAY the last few years post-Covid highs, not unlike the rest of the HR/payroll coverage universe. However, it has also underperformed the entire group.' Thoma Bravo, led by co-founder Orlando Bravo, has remained an active buyer this year in what has remained a challenging environment for private equity firms seeking to deploy capital. It agreed to purchase Boeing Co.'s flight navigation unit and other digital assets for $10.6 billion in April, and in July it struck a $2 billion deal to buy restaurant software maker Olo Inc. The firm has been in talks about a potential takeover of Verint Systems Inc., Bloomberg News reported last month. Dayforce, which rebranded from Ceridian HCM Holding Inc. last year, provides AI-powered software for managing recruitment, payrolls and employee career development. Its customers include companies in the health-care, retail and hospitality and financial services sectors. With about $1.2 billion in debt, the company has an enterprise value of more than $9 billion, according to data compiled by Bloomberg. --With assistance from Amy Thomson. (Updates with pre-market trading, industry context from third paragraph.) What Declining Cardboard Box Sales Tell Us About the US Economy Americans Are Getting Priced Out of Homeownership at Record Rates Living With 12 Strangers to Ease a Housing Crunch Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan How Syrian Immigrants Are Boosting Germany's Economy ©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
25 minutes ago
- Yahoo
China Ramps Up Rare Earth Exports After Fright For Global Buyers
(Bloomberg) -- China's exports of rare earth products — including magnets — extended their recovery in July, months after Beijing threatened a disruptive global shortage by crimping supplies to fight a trade clash with US President Donald Trump. Shipments jumped last month to reach their highest since January, well before China leveraged its dominance of rare earths to hit back at Trump's punitive tariffs. Beijing agreed to resume flows to the US as part of a trade truce with Washington. The US-Canadian Road Safety Gap Is Getting Wider A Photographer's Pipe Dream: Capturing New York's Vast Water System Festivals and Parades Are Canceled Amid US Immigration Anxiety A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Princeton Plans New Budget Cuts as Pressure From Trump Builds Data released Monday covers rare earth products, a category typically dominated by so-called permanent magnets. Volumes sold overseas rose 69% to 6,422 tons in July, according to Bloomberg News calculations. China produces about 90% of the world's rare-earth magnets and its export controls launched in early April threatened to deprive major manufacturers from India to Europe and the US of a small but critical component. The US has since unveiled plans to boost domestic output of rare earths and magnets. Exports from China reached a low in May after China launched the curbs, which covered shipments of seven rare earths as well as products made from them. US Trade Representative Jamieson Greer said earlier this month that China was 'about halfway there' in terms of returning magnet supplies to where they were prior to the controls. China's weaponization of rare earths didn't just affect the US, and the slump in supplies also contributed to growing tensions between the European Union and China. More granular data on exports of magnets, and the countries to which they were shipped, should be released on Wednesday. (Adds details throughout. An earlier version of the story corrected the month in the second paragraph.) What Declining Cardboard Box Sales Tell Us About the US Economy Americans Are Getting Priced Out of Homeownership at Record Rates Living With 12 Strangers to Ease a Housing Crunch Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan How Syrian Immigrants Are Boosting Germany's Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Foxconn's Apple era fades as AI servers drive growth in Taiwan tech sector
By Wen-Yee Lee TAIPEI (Reuters) -Taiwan's Foxconn, which rose to become a global tech manufacturing juggernaut by assembling millions of iPhones, can now say its main business is no longer Apple as it takes advantage of the AI-boom to diversify its income. Its revenue from making AI servers and other cloud and networking products, including for major customer Nvidia, surpassed smart consumer products such as iPhones for the first time in the second quarter, marking the culmination of a shift that began years ago and has swept through Taiwan's tech industry. Foxconn's heavy reliance on the smartphone business has long been viewed by investors as a significant risk, as demand growth for new iPhones has gradually weakened since they were first introduced nearly two decades ago, leaving the top iPhone assembler grappling with slowing sales momentum, analysts said. Wary of the risk, Foxconn Chairman Young Liu has been championing new businesses such as AI servers, electric vehicles and semiconductors since taking the top job in 2019. While its expansion into EVs and chips has yet to show a meaningful contribution to its topline, Foxconn's success in AI server manufacturing - the company is Nvidia's biggest server maker - is the result of its early bets before the technology was thrust into the limelight with the advent of ChatGPT in late 2022. Consumer electronics accounted for 35% of Foxconn's total revenue in the second quarter, while cloud and networking business represented 41%. In 2021, consumer electronics represented 54% of its revenue. The firm's prudent wagers years back helped it cultivate a now-prized relationship with the U.S. AI chip firm and other major AI players, analysts said. "The company has been in the business for years, meeting higher quality requirements, diversifying assembly and operations across sites, and pursuing vertical integration,' said Ming-Chi Kuo, an analyst at TF International Securities. Foxconn began producing reference designs for Nvidia's graphics cards around 2002 and started making general-purpose servers for cloud service providers' data centres as early as around 2009. Its AI server business with Nvidia is in many ways the culmination of that history, analysts said. Foxconn says it is now one of the world's largest suppliers of both general-purpose and AI servers, with a market share of nearly 40% in each. The company has also shown a willingness to commit investment to a project at an earlier stage than other companies, Kuo said, citing its past investments for Apple and similar moves for Nvidia. 'In long-term partnerships, Foxconn is more willing to take the initiative,' he said. Foxconn's plan to build factories in Houston, Texas — part of Nvidia's $500 billion U.S. investment plan — and in Mexico to produce AI servers for the U.S. client underscores this strategy, analysts said. Foxconn now expects its AI server revenue would grow more than 170% in the third quarter year-on-year. Foxconn and Nvidia declined to comment. Apple did not respond to request for comment. BROADER SHIFT The shift at Foxconn mirrors a broader trend in Taiwan's technology sector, where companies once centred on consumer electronics — such as Foxconn with iPhones, and Quanta Computer and Wistron Corp with notebooks — are now investing heavily in AI servers. Nvidia partner Wistron's revenue for January to July rose 92.7%, while Quanta's grew 65.6% in the same period. "The monthly sales jump for Taiwan ODMs in the first half of 2025 is evidence of this trend,' said Robert Cheng, head of Asia technology hardware research at BofA Global Research, referring to original design manufacturers like Foxconn that contract manufacture products for their clients. Their fast transition into AI servers is also the result of Taiwanese tech supply chain working closely with U.S. tech giants on data centre infrastructure work for a decade now, according to Chris Wei, industry consultant at Taiwan's Market Intelligence & Consulting Institute. He estimates Taiwan accounts for about 80% of global server shipments and more than 90% of AI servers. Cheng agrees. "We think this shift toward AI servers, whatever form it takes, is good for Taiwan's tech industry," he said, noting Taiwanese firms' ability to rapidly shift to cater to changing needs from their customers. 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
