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32 minutes ago
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SoftBank buys Foxconn's Ohio plant to advance Stargate AI push, Bloomberg News reports
SoftBank Group Corp is acquiring Foxconn Technology Group's electric vehicle plant in Ohio, in a bid to launch the Japanese company's Stargate data center project, Bloomberg News reported on Friday. U.S. President Donald Trump in January announced Stargate, a private sector investment of up to $500 billion for AI infrastructure, funded by SoftBank, OpenAI and Oracle. SoftBank, which has struggled to create a financial plan for Stargate, approached Foxconn to get the Apple supplier on board with its plan to build data centers and related infrastructure throughout the U.S., which led to the sale of the plant, the report said, citing people familiar with the matter. The Ohio site may be used to host a data center, Bloomberg said. Reuters could not immediately verify the report. SoftBank declined to comment, while Foxconn did not immediately respond to Reuters' request for comment.
CNA
an hour ago
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GlobalWafers has received $200 million from CHIPS Act for US projects
TAIPEI :Taiwan-based Sino-American Silicon Products said on Friday its subsidiary GlobalWafers received just over $200 million from the U.S. CHIPS Act in June, about half of a grant the major silicon wafer supplier secured last year. The funding was part of a $406 million award announced last December by the former Biden administration for the company's projects in Texas and Missouri to significantly expand U.S. silicon wafer production. President Donald Trump's administration had cast some doubt over whether the awards would go forward, saying that they were renegotiating some CHIPS Act grants. U.S. Commerce Secretary Howard Lutnick said in June that they may axe some of the awards. GlobalWafers said in May the overall grant was to be disbursed in stages upon reaching specific milestones. It opened its new $3.5 billion wafer plant in Sherman, Texas, in the same month, a project announced in 2022. As part of Apple's announcement on Wednesday of an additional $100 billion U.S. investment, GlobalWafers said it would partner with the iPhone maker to supply 300mm silicon wafers from its Texas facility. Sino-American Silicon Products and GlobalWafers chairwoman Doris Hsu said on an earnings call that the partnership would help the company prepare for U.S. domestic market demand. "If U.S. demand continues to grow, we will not rule out (accelerating) the next phase of expansion," she said.
CNA
an hour ago
- CNA
Expedia shares soar on upbeat forecast, US travel rebound
Shares of Expedia surged more than 17 per cent in premarket trading on Friday, after the online travel agent raised its full-year gross bookings forecast and struck an optimistic tone on the recovery in U.S. travel demand. Expedia is the latest travel company to hint at a rebound in demand, following weakness earlier this year when consumers fretted over the economic impact of President Donald Trump's tariff policies. "Since the beginning of July, we've seen an uptick in overall travel demand, particularly in the U.S.," CEO Ariane Gorin said on the earnings call on Thursday. The company expects 2025 gross bookings to grow between 3 per cent to 5 per cent, up 1 per centage point from its earlier forecast. Morningstar analyst Dan Wasiolek expects bookings growth to accelerate further to 7 per cent in 2026 as demand improves alongside policy visibility. Tariffs had disrupted travel spending, "but it appears prospective U.S. travelers are prepared to book again," said Danni Hewson, head of financial analysis at AJ Bell. Expedia has also been focusing on simplifying its organizational structure by eliminating roles, streamlining operations and deploying generative AI technology. Its second-quarter margin grew by 190 basis points, surpassing the company's May guidance of a 75- to 100-basis-point increase. The biggest fundamental takeaway is that Expedia's continued strategic focus and tighter expense controls are driving more consistent results, said Baird analyst Michael Bellisario. Expedia also joined industry peers Marriott and Airbnb in noting strong bookings from higher-income consumers while lower-income consumers were more cautious with discretionary spending. Expedia's shares trade at about 12.01 times their forward profit estimates, below the industry median of 14.19.
