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Business Standard
19 minutes ago
- Business Standard
Apple leads global tech rally as Trump spares key chipmakers from tariffs
Global technology stocks advanced on Thursday in a relief rally after the latest tariff salvo from US President Donald Trump largely exempted industry heavyweights from his threat to impose 100 per cent levy on chips and semiconductors. Trump said the new tariff rate would apply to "all chips and semiconductors coming into the United States," but would not apply to companies that had made a commitment to manufacture in the US or were in the process of doing so. Apple stock rose 2 per cent, clawing back most of its losses since the Liberation Day selloff back in April, after Trump's announcement on Wednesday that the company will invest an additional $100 billion in the US, a move that could help it sidestep potential tariffs on iPhones. Semiconductor manufacturing equipment supplier Applied Materials and chipmakers Texas Instruments, GlobalFoundries and Broadcom - Apple's partners in the investment effort - climbed between 1.3 per cent and 5.5 per cent. Other US-listed chipmakers also rose, with Advanced Micro Devices up 3.1 per cent and Nvidia 1.4 per cent, respectively. "From a high level, the 100 per cent headline number seems intimidating, but in practice we expect a much lower impact," BofA Global Research analysts led by Vivek Arya said in a note. Intel, however, fell 1.4 per cent after Trump called for the immediate resignation of Intel's new CEO, Lip-Bu Tan. European chipmakers also joined the rally, with ASML and ASMI up more than 3 per cent each. BE Semiconductor Industries climbed 4.7 per cent. analysts expect the proposed 100 per cent semiconductor tariff would not be stacked on top of the 15 per cent baseline tariff agreed between the European Union and the US last week. According to EU officials, the framework trade deal will have zero-for-zero tariffs on semiconductor-making equipment. Germany's Infineon said it could not speculate on possible semiconductor tariffs, as no details have been disclosed yet. Its shares were up 0.9 per cent. Trump's latest on semiconductor tariffs seemingly rules out Taiwanese chip contract manufacturer TSMC, which makes chips for most US companies, including Nvidia, as it has factories in the US "The market remains keen to buy TSMC on dips. Investors also believe they need to remain positioned in AI - with or without tariffs," UBS analysts said. TSMC shares closed almost 5 per cent higher to hit all-time highs, while Samsung Electronics and SK Hynix climbed 2.5 per cent and 1.4 per cent, respectively. South Korea's Samsung and SK Hynix will also not be subjected to 100 per cent tariffs on chips, the country's top trade envoy said. Samsung has invested in two chip fabrication plants in Austin and Taylor, Texas, while SK Hynix has announced plans to build an advanced chip packaging plant and research and development facility for artificial intelligence products in Indiana. Since stepping into the White House in January, Donald Trump has made several tariff threats, specifically on semiconductors, aimed at reshaping the supply chain of the industry and spurring domestic production. "The (100 per cent tariff) figure fits Trump's approach of 'open high, negotiate down' and the final figure could be similar to reciprocal tariffs to limit inflation in consumer goods, given that many have chips," said Phelix Lee, senior equity analyst at Morningstar. Not everyone has come out of the latest blitz on the right side, with the Philippines and Malaysia looking to find out more details about the tariff rate. Dan Lachica, the president of the trade body for the Philippine semiconductor industry, said 70 per cent of its electronics exports are semiconductors and the new tariff rate would be "devastating". Philippine stocks were down 0.1 per cent after falling as much as 0.9 per cent during the day.
Time of India
19 minutes ago
- Time of India
TCS rolls out pay hikes; Paytm trims headcount in FY25
TCS rolls out pay hikes; Paytm trims headcount in FY25 Want this newsletter delivered to your inbox? Also in the letter: TCS walks a tightrope: Raises pay while cutting 12,000 jobs What's happening? Behind the scenes: The layoffs are concentrated in mid- and senior-level roles. The company is doubling down on AI-led delivery and operational efficiency. Growing backlash: Paytm cuts headcount by 10% in FY25 Number-wise: In FY24, Paytm had 43,960 active on-roll employees across the company and its subsidiaries. In FY25, that number dropped to 39,368. As a result, employee costs (including stock options) fell by Rs 651 crore to Rs 2,743 crore. Verbatim: Setting context: Financials: Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: BharatPe turns the page with Rs 6 crore profit Tell me more: Why it matters: It's also diversifying: Quote, unquote: SoftBank's tech bets deliver $2.87 billion Q1 profit, big AI swings ahead What's new: Why it matters: Also Read: Apple doubles down on US production amid Trump tariff threats The plan: Apple will build a new 250,000-sq-ft AI factory in Houston to power its Apple Intelligence systems. A new manufacturing academy in Detroit will help small US businesses adopt AI tools Also Read: Backdrop: Why it matters: Winners: US-based chipmakers like TSMC, GlobalWafers, and Nvidia stand to benefit. Losers: Southeast Asian suppliers and smaller countries dependent on Apple's global supply chain. Weeks after announcing massive layoffs, TCS said it will raise salaries for 80% of its workforce. This and more in today's ETtech Top 5.■ BharatPe swings to black■ SoftBank delivers Q1 profit■ Apple doubles down on USIndia's largest IT firm, Tata Consultancy Services (TCS), is attempting to find a delicate balance between employee morale and business company will raise salaries for 80% of its workforce starting September 1, mainly benefiting junior and mid-level employees (up to grade C3A). The move comes despite plans to cut around 12,000 jobs globally , a sweeping 2% reduction in had skipped its usual April salary hike , citing global macroeconomic uncertainty. The pay bump now follows a 100% variable payout to 70% of its staff in May, a clear signal that the company wants to retain key talent even as it tightens its belt is in the midst of one of its largest restructurings to date, aiming to become 'future-ready.'Labour unions have called the layoffs illegal and filed complaints under the Industrial Disputes Act. The Karnataka IT union (KITU) has escalated the issue to the state labour department. Protests are scheduled for August 19, with another conciliation meeting between TCS and union representatives set for September 8 Paytm founder Vijay Shekhar SharmaFintech major Paytm trimmed its workforce by 4,592 in FY25, sharply bringing down employee costs as part of a wider restructuring effort, the company revealed in its latest annual reduction follows a sharp 34% rise in employee costs between FY23 and FY24."We took some tough calls, pruned and sold businesses, and doubled down on our core of payments, ensuring the preservation and growth of our cash reserves," founder and CEO Vijay Shekhar Sharma said in a letter to headcount reduction follows the Reserve Bank of India's directive in February 2024 to halt the operations of Paytm Payments Bank . The move forced the company to scale back aggressively, triggering layoffs and subsequent complaints with the labour the April-June quarter, Paytm swung to its first-ever quarterly profit of Rs 123 crore, compared to a loss of Rs 840 crore in the same period last Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Negi, CEO, BharatPeBharatPe has swung to its first adjusted pre-tax profit of Rs 6 crore in FY25, pulling off a sharp rebound from a Rs 342 crore loss in the previous year. Ebitda came at Rs 141 crore, while revenue climbed to Rs 1,734 turnaround is being steered by CEO Nalin Negi, who took over in April 2024 after a bruising period of founder exits and internal strife. Negi credits the Rs 1,000 crore in revenue from financial services, driven by merchant loans and its non-banking financial company (NBFC) Trillionloans, as the engine behind the marks a new chapter for BharatPe. The fintech is now aiming for a $100 million fundraise, ET reported on July 31 , and is confident of posting net profit in FY26. It also plans to go public within 18–24 armed with a UPI TPAP licence, the company is piloting consumer loans and has begun building a digital wealth platform, Invest BharatPe. It has also sharpened its focus on smaller merchants instead of chasing Razorpay-sized scale.'We are chasing growth, but don't want to be a very-high-burn company,' said Negi, hinting at BharatPe's cautious yet ambitious post-turnaround Son, founder, SoftBankSoftBank Group posted a net profit of $2.87 billion in Q1 FY26 , lifted by a rebound in tech stocks and a sharp rise in South Korean ecommerce firm Coupang's share price. Its Vision Funds booked nearly $5 billion in investment gains, a rare bright spotn for the Japanese group after years of is placing its biggest AI bet yet. It is leading a $40 billion funding round for OpenAI and backing Stargate, a $500 billion US-based data centre project touted as the world's largest AI infrastructure build. Founder Masayoshi Son has said he wants SoftBank to become the 'organiser of the AI industry.'Still, funding remains unclear. SoftBank recently raised $4.8 billion by trimming its T-Mobile stake. It has yet to outline full financing plans for its AI Vision Funds have returned just $5 billion on $172 billion deployed. That track record, plus concerns around debt and ongoing asset sales, makes this return to risk a bold and precarious now face a crucial test of Son's vision as SoftBank shifts from survival mode to a new tech is pouring an extra $100 billion into US manufacturing, stepping up its domestic game as tariff threats from President Donald Trump loom company took a $1.1 billion hit this quarter from Trump-era import duties. Now, with a fresh round of tariffs on the table—potentially 25% on iPhones made overseas—it's moving fast to shore up US are part of a sweeping $500 billion investment push in the US announced earlier this has threatened a 25% tariff on iPhones not made in the US (read: assembled in China and India), and floated 100% tariffs on imported semiconductors, while offering relief to companies that build at homeWith tensions between the US and China still running high, and AI increasingly seen as a national security issue, Apple's shift is as much about defence as strategy. The move also shows how Big Tech companies are adjusting to Trump's erratic tariff rollout.
Time of India
33 minutes ago
- Time of India
Is Intel collapsing under CEO Lip-Bu Tan? What went wrong with one of Silicon Valley's most iconic companies
Global technology stocks, including Nvidia and Advanced Micro Devices (AMD), are cheering on Thursday but Intel share price has gone down. This comes as U.S. President Donald Trump has called for the immediate resignation of Intel CEO Lip-Bu Tan , just months after he took the top job at the chipmaker, following concerns over his ties to Chinese firms through several investments. Tan has made hundreds of investments in Chinese companies over decades through Walden International, the San Francisco venture capital firm he founded in 1987, and two Hong Kong-based holding companies, Sakarya Limited and Seine Limited. What Went Wrong for Intel? Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Intel is one of Silicon Valley 's most iconic companies, but its fortunes have been dwarfed by Asian powerhouses TSMC and Samsung, which dominate the made-to-order semiconductor business. The company was also caught by surprise with the emergence of Nvidia as the world's preeminent AI chip provider. Intel's niche has been in chips used in traditional computing processes, steadily being eclipsed by the AI revolution. Once the dominant force in chip-making, the company is in the middle of a strategy shift meant to revive its fortunes after it fell behind Taiwanese rival TSMC in manufacturing. Intel also has virtually no presence in the booming market for AI chips dominated by Nvidia. Live Events The storied chipmaker, once synonymous with America's chipmaking heft, has lagged due to years of strategic missteps. Rival Nvidia has leaped ahead in the booming artificial intelligence chip industry, while rival AMD has been gaining share in Intel's mainstay personal computer and server semiconductor markets. CEO Tan has been focusing on a next-generation chipmaking process called 14A to win big external customers, shifting away from 18A, a technology that his predecessor Pat Gelsinger had spent billions of dollars to develop. Such a move could lead to a big writedown, an expense that would surely displease investors even as Intel has signaled that the new technology will help it be more competitive against Taiwan's TSMC, the world's biggest chipmaking factory. Longer-term commentary on the company's plans for the 14A technology "will hold more weight this earnings call than anything else", Stifel analysts wrote. Setback for Intel Back in July, Intel posted quarterly revenue that topped market expectations, saying it has cut about 15 percent of its workforce to be "more agile." Intel reported $12.9 billion in sales in the recently ended quarter, topping forecasts, but logged a $2.9 billion loss that included $1.9 billion in restructuring charges. "Intel has completed the majority of the planned headcount actions it announced last quarter to reduce its core workforce by approximately 15 percent," the company said in an earnings release. Intel CEO Lip-Bu Tan Intel chief executive Lip-Bu Tan took the helm in March, announcing layoffs as White House tariffs and export restrictions muddied the market. Malaysia-born tech industry veteran Tan has said it "won't be easy" to overcome challenges faced by the company. Tan, who took over the CEO role in March after the ousting of his predecessor Pat Gelsinger late last year, has set a goal of slashing the chipmaker's workforce to 75,000 people by year-end, a reduction of around 22 per cent. Intel also vowed to take a more disciplined approach to manufacturing investment. Since taking over as CEO in March, Tan has focused on shedding non-core assets. In April, Intel agreed to sell a 51 per cent stake in its Altera programmable chip business for $4.46 billion. The company has also considered divesting its network and edge businesses as well. The US chip maker also said it "will no longer move forward" with projects in Germany and Poland as part of a push to save billions of dollars. FAQs Q1. Who is Intel CEO? A1. Malaysia-born tech industry veteran Lip-Bu Tan is Intel CEO. Q2. Is Intel going for layoffs? A2. Lip-Bu Tan, who took over the CEO role in March after the ousting of his predecessor Pat Gelsinger late last year, has set a goal of slashing the chipmaker's workforce to 75,000 people by year-end, a reduction of around 22 per cent. Intel also vowed to take a more disciplined approach to manufacturing investment.
