logo
AMD says it will restart MI308 sales to China after US review

AMD says it will restart MI308 sales to China after US review

ADVANCED Micro Devices Inc. said that it plans to restart shipments of its MI308 chips to China after the US said it would approve the sales, following a similar decision on an Nvidia Corp. semiconductor.
The US Commerce Department told AMD that license applications for the MI308 products would move forward for review, an AMD spokesman said Tuesday.
Allowing the products back into China is a reversal for President Donald Trump's administration, which spent weeks insisting that curbs on chips sales to the Asian country were not up for discussion. The news comes after weeks of thawing ties between the two nations as well as Nvidia Chief Executive Officer Jensen Huang's meeting with Trump last week.
AMD said in April that export restrictions on the MI308 chips would cost the company about $800 million.
Earlier, Nvidia similarly said the government had agreed to green-light shipments of its H20 AI chip to China, a decision that could add billions to the company's revenue this year.
AMD shares rose 5% in premarket trading on Tuesday. The stock closed at $146.24 on Monday and has gained 21% this year. –BLOOMBERG
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India's Infosys narrows annual forecast helped by banking and financial unit strength
India's Infosys narrows annual forecast helped by banking and financial unit strength

The Star

time16 minutes ago

  • The Star

India's Infosys narrows annual forecast helped by banking and financial unit strength

FILE PHOTO: Figurines with computers and smartphones are seen in front of Infosys logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File photo BENGALURU (Reuters) -India's Infosys narrowed its full-year forecast on Wednesday after reporting stronger-than-expected revenue for the first quarter, driven by growth in its financial services segment. The Bengaluru-based software services company narrowed its annual revenue growth forecast to 1%–3% from a prior range of flat to 3%- in line with analyst expectations for a lift in the lower end. Consolidated sales rose 7.5% year-on-year to 422.79 billion rupees ($4.89 billion) in the June quarter, while analysts, on average, expected revenue of 418.06 billion rupees, as per data compiled by LSEG. Revenue from Infosys' banking and financial services segment rose for the fifth consecutive quarter, helped by marquee deal wins including Bank of Sydney, Metro Bank, and U.K.-based AIB. Net profit rose 8.7% in three-month period to 69.21 billion rupees. Analyst had expected 67.55 billion rupees, as per data compiled by LSEG. Analysts have said that U.S. President Donald Trump easing some tariff restrictions, along with global interest rate cuts by central banks, could boost India's $283-billion IT industry, where the banking and financial services segment contributes about a third of total revenue. Net new bookings rose $3.8 billion during the quarter, compared with $2.6 billion in the previous quarter and $4.1 billion in the year-ago period. Infosys also retained its operating margin forecast at 20-22% for FY26. Earlier this month, bellwether Tata Consultancy Services missed revenue estimates and flagged delays in decision making and project starts. Smaller rivals and Tech Mahindra fared better than large caps on account of higher deal wins and better margin. Shares listed in Mumbai closed 0.8% higher ahead of the results. ($1 = 86.3880 Indian rupees) (Reporting by Sai Ishwarbharath B ; Editing by Nivedita Bhattacharjee)

European shares rise on US-Japan trade deal, EU talks in focus
European shares rise on US-Japan trade deal, EU talks in focus

New Straits Times

time2 hours ago

  • New Straits Times

European shares rise on US-Japan trade deal, EU talks in focus

LONDON: European shares climbed more than 1 per cent on Wednesday, led by automobile stocks, after US President Donald Trump revived hopes for a trade deal with the European Union following an agreement with Japan. The pan-European STOXX 600 index gained 1.1 per cent to 550.14, as of 0809 GMT, after three straight sessions of declines. Britain's blue-chip FTSE 100 rose for a fifth session to a record high, last up 0.5 per cent. Other regional indexes also traded higher, with France's CAC 40 leading the pack, jumping 1.3 per cent. European automobile stocks led the broad-based rally, rising 3.6 per cent, tracking strength in Asian rivals. Carmakers such as Mercedes-Benz, Volkswagen and Porsche gained between 7.4 per cent and 5.1 per cent. Trump struck a trade deal with Japan, lowering tariffs on auto imports and sparing Tokyo from punishing new levies on other goods in exchange for a US$550 billion package of US-bound investment and loans. The Japan deal included reduced 15 per cent tariffs for auto exports to the US, down from 25 per cent earlier. Meanwhile, the prospects of an EU-US trade agreement improved after Trump said on Tuesday that EU representatives would come for trade negotiations on Wednesday. "The message is that things are negotiable," said RBC Brewin Dolphin's head of market analysis, Janet Lui, mentioning how Japan faced similar difficulties in reaching a tariff consensus with the US "The read across is there is potential to reach a trade deal that's lifting European markets across the board." Among individual stocks, Temenos gained 18.1 per cent, the biggest gainer in the STOXX 600, after the banking software company raised its full-year earnings forecast. UniCredit rose 3.4 per cent after the Italian lender posted higher-than-expected quarterly profit and raised its fiscal-year outlook. Lonza rose 6.3 per cent after the Swiss company topped core profit forecast. Conversely, Nokia slumped 7.7 per cent, pressuring media stocks, after the Finnish group lowered its guidance for 2025 comparable operating profit on Tuesday. ASM International fell the most in the benchmark index, down 9.3 per cent, after the computer chip equipment maker reported second-quarter bookings below market expectations. SAP fell 2.5 per cent after the German software maker reported a positive second-quarter profit on cost cuts and increased demand. Meanwhile, the latest earnings forecasts showed on Tuesday that the outlook for European corporate health has slightly improved. On the day, Alphabet and Tesla will kick off the results season for the "Magnificent Seven" stocks.

China slams US exit from Unesco, says not a move by a ‘responsible major country'
China slams US exit from Unesco, says not a move by a ‘responsible major country'

Malay Mail

time2 hours ago

  • Malay Mail

China slams US exit from Unesco, says not a move by a ‘responsible major country'

BEIJING, July 23 — China said it regretted today the United States' decision to withdraw from the UN cultural and education agency Unesco. 'This is not the action that a responsible major country should take,' foreign ministry spokesman Guo Jiakun said. 'China has always firmly supported the work of Unesco,' he added. The United States said yesterday it would quit Unesco, best known for establishing world heritage sites, claiming it was biased against Israel and promoted 'divisive' causes. US President Donald Trump also ordered the country's withdrawal from Unesco 2017 during his first term. President Joe Biden later reestablished membership. This latest withdrawal will take effect in December 2026. Since taking office, Trump has indicated he would pull the United States out of several multilateral institutions—including the World Health Organization and the Paris climate agreement—and has launched punishing trade tariffs against allies and foes alike. China, meanwhile, has sought to promote itself as a responsible major power by expressing support for the United Nations and other international bodies. 'This is already the third time that the US has withdrawn from Unesco, and it has long been in arrears with its membership fees,' Guo told reporters Wednesday. 'We call on all countries to reaffirm their commitment to multilateralism and take concrete actions to support the international system with the UN at its core,' he said. — AFP

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store