TikTok Grabs Market Share From Shein Despite Looming Risks
TikTok Shop, the Bytedance Ltd. -owned social media giant's e-commerce feature, saw its sales outdo competition in the US just before President Donald Trump's disruptive trade actions.
The popular video app, which brought in-app shopping to its millions of American users in 2023, continued to surpass Shein and PDD Holdings Inc. 's Temu in January, according to Bloomberg Second Measure, which analyzes credit and debit card data. That builds on its 2024 performance, when it saw faster sales growth throughout.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
Micron to invest $200 billion in US memory facilities
Memory chip maker Micron (MU) announced on Thursday that it will invest an additional $30 billion in the US, as it looks to build out its manufacturing and research and development facilities in Idaho and New York. The move brings Micron's total US manufacturing and R&D investments up to roughly $200 billion which will create some 90,000 direct and indirect jobs, the company said. Micron is receiving about $6.5 billion in funding from the US CHIPS Act. The plans call for Micron to build a second memory manufacturing plant at its Boise, Idaho, facility and a massive chip fabrication complex in New York. The company is also updating and expanding its Virginia plant. Micron also said it expects the second Idaho plant to help it bring its advanced high-bandwidth memory (HBM) manufacturing to the US. HBM is a key component in AI data centers. 'Micron's investment in advanced memory manufacturing and HBM capabilities in the U.S., with support from the Trump Administration, is an important step forward for the AI ecosystem,' Nvidia (NVDA) CEO Jensen Huang said in a statement. 'Micron's leadership in high-performance memory is invaluable to enabling the next generation of AI breakthroughs that NVIDIA is driving. We're excited to collaborate with Micron as we push the boundaries of what's possible in AI and high-performance computing,' Huang added. All totaled, Micron says the investments will allow the company to produce 40% of its DRAM memory in the US. Its initial Idaho plant is expected to begin pumping out the hardware in 2027. Micron also says it is set to begin preparing the ground for its New York facilities later this year. 'This approximately $200 billion investment will reinforce America's technological leadership, create tens of thousands of American jobs across the semiconductor ecosystem and secure a domestic supply of semiconductors—critical to economic and national security,' Micron CEO Sanjay Mehrotra said in a statement. 'We are grateful for the support from President Trump, Secretary Lutnick and our federal, state, and local partners who have been instrumental in advancing domestic semiconductor manufacturing.' Micron isn't the only company bringing HBM production to the US, though. South Korea's SK Hynix is also building a new HBM plant in Indiana as part of a $3.8 billion construction project. The Trump administration, and the Biden administration before it, has made onshoring semiconductor manufacturing a key component of its domestic agenda, as it seeks to wean itself off of the country's dependence on foreign-made chips. Companies ranging from Intel (INTC) and TSMC (TSM) to Samsung and GlobalFounderies (GFS) and others have recently announced plans to build or upgrade their facility throughout the country, thanks in part to billions of dollars in funding through the CHIPS Act. Email Daniel Howley at dhowley@ Follow him on X/Twitter at @DanielHowley. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
28 minutes ago
- Yahoo
BioNTech to Acquire CureVac in Stock Deal Valued Around $1.25 Billion
BioNTech will acquire all shares of CureVac after the two sides reached an agreement in a deal valued around $1.25 billion. Each share of CureVac, a clinical-stage biotech company, will be exchanged for about $5.46 in BioNTech American depositary shares. Upon the deal's closing, CureVac shareholders are expected to own between 4% and 6% of the German developer of RNA vaccines and immunotherapies. ICE Raids Have Sent Latino Shoppers Into Hiding and Big Brands Are Hurting The Secret to Retaining the Best Employees: Ask Them These Four Questions Here's How Much Money the U.S. Is Earning From Tariffs, in Charts How Home Depot Became Ground Zero in Trump's Deportation Push Supply Chains Become New Battleground in the Global Trade War BioNTech Chief Executive Ugur Sahin said the plan is to bring complementary capabilities between the two companies together to develop transformative cancer treatments. CureVac's operating subsidiary will become a wholly owned subsidiary of BioNTech following the close of the transaction. As part of this plan, BioNTech will integrate CureVac's research and manufacturing site in Tübingen, Germany. The deal was unanimously approved by both companies' management and supervisory boards. It is expected to close in 2025. Shares of CureVac surged 29% to $5.25 in premarket trading. Write to Denny Jacob at Pulls Outlook as Sales Fall Bojangles Is Exploring a Sale While the Fried-Chicken Market Is Hot Why Bosses Should Give Feedback in the Morning The Audacious Reboot of America's Nuclear Energy Program Muted May Inflation Defies Tariff Fears 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
28 minutes ago
- Yahoo
US stock futures fall after Trump raises tariff tensions
U.S. stock futures are lower after President Donald Trump raises tariff tensions again by promising unilateral tariff rates within two weeks. He said he will send letters to trading partners in the next couple of weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies. Trump's new tariff threat contrasts with the more positive tone officials tried to strike after reaching a trade framework with China in London and earlier remarks from Treasury Secretary Scott Bessent. Bessent said at a hearing before the House Ways and Means Committee that the Trump administration though was open to extending the current 90-day tariff pause beyond July 9 for the U.S.′ top trading partners, as long as they show 'good faith' in ongoing trade negotiations. Futures linked to the blue-chip Dow fell -0.60%, while broad S&P 500 futures dropped -0.41% and tech-heavy Nasdaq futures slipped -0.35.%. Another set of inflation data are due before the opening bell. Producer prices, or the the prices businesses pay for their goods and services, are expected to rise 2.3% on an annual basis in May, according to Bank of America economists. Without the volatile food and energy sectors, producer prices are seen up 2.7%, they said. Some economists expect some tariff-related inflation to appear as inflation first can be seen by businesses, before price increases are passed on to consumers. Oracle's results in the final three months of its fiscal year topped Street views. The company also said cloud infrastructure revenue will rise by more than 70% in fiscal 2026, up from a 50% growth rate in the prior fiscal year. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning. This article originally appeared on USA TODAY: US stock futures fall after Trump raises tariff tensions Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
