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Yahoo
21-05-2025
- Business
- Yahoo
Intel CFO: Division responsible for Ohio plant remains on track; layoffs have dual purpose
NEW ALBANY, Ohio (WCMH) — Intel's chief financial officer clarified updates for the division behind Ohio's Intel plant this month, including impending layoffs. Dave Zinsner, executive vice president and CFO of Intel, spoke at a Global Technology, Media and Communications Conference on May 13. In his discussion, he addressed changes under new CEO Lip-Bu Tan and the future of Intel Foundry, the division responsible for the $28 billion Ohio One plant. See previous coverage of Intel's Ohio plant in the video player above. $250M facility opens down the road from Intel in New Albany, creating 225 jobs 'While it's not to where we were driving, when you look back, it's actually a fair amount of progress that we have made,' Zinsner said. Once the face of American semiconductor manufacturing, Intel announced its New Albany project in 2022, preparing to build two chip factories across 1,000 acres in Licking County in the largest private investment in Ohio history. Those plants were originally scheduled to be up and running this year, but financial turmoil contributed to a delay into the early 2030s. When Tan stepped into the role of CEO in March, it was unclear where he would take Ohio One and rumors of a buyout persisted. Ohio's plant is still far from central to Tan's public plans, but Zinsner said he is committed to the Foundry business. Despite initial concerns that Tan could abandon the Ohio plant or Intel Foundry entirely, Zinsner said Tan isn't thinking about massive changes. Instead, Tan is focused on streamlining internal operations and addressing customer needs. 'We have lost talent at the company and we do need to rebuild that and the great thing about Lip-Bu is that he's a magnet for talent,' Zinsner said. Zinsner said he believes Tan's biggest concern is a lack of execution, he said he will 'flatten' the organization, which he has already done at the executive level. Tan has far more engineers and leaders reporting directly to him, and he hopes decision-making will be easier with less bureaucracy. Teen on the mend after tree falls into house during storm Part of this streamlining process involves significant layoffs, with Bloomberg reporting 20% cuts across the board and Tan confirming a mass firing will happen by the end of July. Although layoffs help with finances, Zinsner said cuts had less to do with cost reductions and more to do with restructuring and becoming more nimble. 'What he (Tan) wants is the lowest level of the organization to be closer to him so that he's hearing the good, the bad, the ugly of what's going on,' Zinsner said. Zinsner, who served as co-interim CEO before Tan was selected, said the Foundry business behind Ohio's plant was in good shape. He said he was 'highly confident' that Foundry will break even in 2027, positive news for Ohio's expensive plant. Zinsner said many of the problems Intel Foundry faces stem from the makeup of the company. As a Foundry business, Intel wants to develop and manufacture semiconductors for external companies, many of whom compete directly with Intel's other half, Intel Products. Zinsner said that can make it difficult to earn trust as a Foundry. Investigation alleges Kroger overcharges customers on for sale items 'What we have to do is make sure they feel confident that IP is getting protected, but maybe more important that supply is getting protected, that we aren't going to disadvantage their products in terms of supply,' Zinsner said. Tan has a plan for that, too. Zinsner said Tan spends much of his time meeting with customers to hear what they need and earn trust. He recalled Tan had 22 meetings on a weekend once, trying to gather insight from customers. Zinsner did not address the Ohio plant directly, and he also did not address any other developing manufacturing hubs. Construction continues at the Ohio One plant. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
20-05-2025
- Business
- Yahoo
Why Mastercard invested in Corpay
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Mastercard invested in Corpay's cross-border unit last month largely because of a 'synergistic' fit between the companies, Chief Financial Officer Sachin Mehra explained at an investor conference last week. It's unusual for one large publicly-traded company to make a minority investment in another publicly-traded company, and for just a 3% ownership stake in this case. When Mehra was asked to explain the move during JPMorgan Chase's Global Technology, Media and Communications conference on May 13, the CFO expounded on the benefits of the tie. Corpay handles big-dollar, account-to-account cross-border payments, mainly for corporate clients, and primarily in the U.S., Mehra explained at the JPMorgan event. By contrast, Mastercard's expertise is in lower-value cross-border card payments globally, tapping its financial institution partner channels, he said. Bringing those capabilities together benefits both companies, he contended. 'This is very synergistic for both companies in many ways,' Mehra said, praising Corpay's currency conversion, currency management and basic platform technology. The announcement came just before Mastercard reported first-quarter results that showed cross-border payments volume growth slowed for the period, with that business emerging as a potential pain point for the card network. Analysts who follow the company attributed the slowdown in growth to weakness in regions including the Middle East and Africa. Purchase, New York-based Mastercard is the no. 2 U.S. card network behind Visa. Atlanta-based Corpay provides digital payments services that allow its business customers to manage and better track their payments to other businesses. Those clients use Corpay's cards for lots of different types of payments, but it has a sweet spot in the transportation field. As its former FleetCor Technologies name implies, Corpay's clients use its cards to manage an array of transportation expenses, including fuel, tolls and parking. Mehra noted during the conference that under the new pact Mastercard will be able to offer its other digital, cross-border payment services to Corpay's corporate clients. The two companies have been business partners for more than a decade. Now, Corpay will be the exclusive provider of currency risk management and big-ticket cross-border payments services to Mastercard's bank customers. And Corpay will offer only Mastercard's virtual cards to its business clients. 'As we went into that discussion, we said 'There's a ton of stuff we do on the virtual card side, there's more we can do on this cross-border, account-to-account payments side,'' Mehra recounted, noting that the companies tried to take a more strategic approach. It amounted to a deeper tie where Corpay benefits from Mastercard's broader customer base, and the card network gets access to Corpay's big-ticket cross-border capabilities, he said. In its initial April 29 press release, Mastercard said its bank clients and their customers will get simplified access to Corpay's cross-border payments options, including carded and non-carded services 'for all ticket sizes.' The Corpay offering includes 'servicing business payments, hedging, multi-currency collections accounts and vertical specialization,' a spokesperson for the network said last month after the transaction was disclosed. Recommended Reading Mastercard faces cross-border headwinds Sign in to access your portfolio
Time of India
15-05-2025
- Automotive
- Time of India
Formula 1's American dream faces reality check as Liberty Media CEO discusses TV rights and fan engagement
Liberty Media's CEO discusses Formula 1's challenges in securing U.S. TV rights, raising concerns about audience engagement and American market growth. (Credit: Getty Images) When Liberty Media took the reins of Formula 1 in 2017, it kickstarted a new era for the sport—one that embraced storytelling, social media, and global expansion like never before. Fast-forward to 2025, and the picture is evolving. The U.S. market, once viewed as a cornerstone of F1's future, is no longer being treated as the primary growth engine. Instead, Liberty Media is starting to look beyond American borders, signalling a possible pivot to untapped international opportunities. Liberty Media chief sheds light on Formula 1's battle to win American viewers and secure better TV deals Newly appointed Liberty Media CEO Derek Chang made this shift clear during his remarks at the J.P. Morgan Global Technology, Media, and Communications Conference. 'In the US, we [F1] are not a major player, but globally, we are,' he stated bluntly. This candid admission reveals a sobering reality: despite the surge in American F1 interest driven by Netflix's Drive to Survive, Formula 1 still sits on the periphery of mainstream U.S. sports culture. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors in the Philippines Can Enjoy Affordable Private Health Insurance! (See List) Local Plan Search Now Undo The Vegas experiment has been a wake-up call. Liberty Media's direct involvement in organising and promoting the Las Vegas Grand Prix was seen as a major commitment to the U.S. market. But year-over-year enthusiasm has dimmed. 'The fall-off from the first year to the second year was a bit more dramatic than anticipated,' Chang admitted. Still, he remains 'cautiously optimistic,' noting improved ticket movement this season, a signal that lessons have been learned and adjustments made. Yet, the American media landscape is proving to be another tough nut to crack. ESPN currently holds F1 broadcasting rights through 2025, but their future involvement remains uncertain. Formula 1 is reportedly eyeing a $180 million per year deal from 2026, yet heavyweights like NBC have already bowed out of the race for rights, while ESPN may not see the value at such a price point. Chang, however, isn't just looking for the biggest check—he wants a media partner who can embed F1 deeper into American culture. 'We're obviously looking for a partner that can help us continue to grow the fan base,' Chang said. He emphasized that Formula 1, compared to leagues like the NFL, NBA, and MLB, still has 'a lot of headroom' in the U.S. 'It's up to us to go out and capitalize on that.' Interestingly, Chang isn't fixated on traditional media deals. In his view, F1 is no longer merely a racing series—it's a content-rich, cultural phenomenon. In the age of streaming, where digital platforms hunger for compelling content, the sport has become more about lifestyle, drama, and cinematic appeal. This cultural momentum is set to get another boost with the upcoming Brad Pitt-led F1 film, which hits theatres June 25. 'I think this is a pretty significant moment in terms of the amount of investment and promotion that Apple and Warner Bros are putting into a project like this,' said Chang, expressing optimism for its impact. Globally, Chang sees brighter prospects. Markets like China and India are now on Liberty Media's radar. 'You look at a market like China where we've actually had a race, and we probably haven't probably not invested what we should,' he noted. India, with its deep love for entertainment and sports, is another frontier with immense potential. 'Can we break through in a way?' Chang asked, drawing parallels between F1's glitzy appeal and Bollywood or the IPL. What emerges from Chang's vision is not a retreat from the U.S., but a recalibration. The goal is no longer solely to 'Americanize' Formula 1, but to globalise it with tailored strategies for each region. The sport may never rival American football stateside, but worldwide, it's gearing up to tap into the next billion fans. In many ways, Liberty Media is back at the drawing board—armed with data, experience, and now, the humility to accept that not every market responds the same way. But for a brand as visually thrilling and globally revered as Formula 1, the track ahead is still filled with opportunity. Also Read: F1 drivers get more freedom of speech as FIA eases swearing penalties after backlash from fans and teams Get IPL 2025 match schedules , squads , points table , and live scores for CSK , MI , RCB , KKR , SRH , LSG , DC , GT , PBKS , and RR . Check the latest IPL Orange Cap and Purple Cap standings.
Yahoo
14-05-2025
- Business
- Yahoo
Tariffs and TSMC delays could turn Apple into an Intel Foundry customer
When you buy through links on our articles, Future and its syndication partners may earn a commission. Intel has historically downplayed its external Foundry customers, but on Tuesday, CFO David Zinsner gave us some insight into why Intel remains silent on its biggest clients. During a conversation at the J.P. Morgan Global Technology, Media, and Communications conference in Boston, Zinsner confirmed that Intel doesn't have a significant volume of external chips. At least on the 18A process node. Zinsner implied Intel will have more customers for its future 14A process node. "We have the traditional pipeline modeling, we have a bunch of potential customers, and then we get test chips, and then some customers fall out of the test chips. And there's a certain amount of customers that hang in there. So committed volume is not significant right now," Zinsner said. Zinsner has been at Intel since 2022 and was at Micron before that. Before Lip-Bu Tan took over as CEO in March, Zinsner served as co-CEO with fellow Intel executive MJ Johnston Holthaus after Pat Gelsinger stepped down as CEO in December 2024. Intel Foundry is currently working on the 18A and 14A production pipelines for chips in the 2 nm-and-under range, these processes will be used for Intel's own chips. The first, codenamed Panther Lake, will arrive later this year, Zinsner confirmed. "We always expected that the predominant amount of volume of 18A was going to be internal to us, and we would win customers here or there that would fill in the gaps." However, Intel will be looking for a higher volume of external sales for 14A. So, while Intel may not be making many chips for outside customers right now, a recent report from SemiAccurate indicates that could change soon. Let's take a closer look at what could be in store for Intel's chip foundry business. So far, a few big names have been reported as Intel Foundry clients. Reuters and SemiAccurate have previously reported that Broadcom and Nvidia are Intel Foundry customers, and Taiwan Semiconductor could potentially pitch a change to Intel to its longtime customers. According to that same Reuters report, TSMC also pitched Intel Foundry to AMD, but there has been no further news on that front. Reuters has also reported on a deal between Intel Foundry and Amazon to make a custom chip. One of the few official confirmed partners with Intel Foundry is Microsoft, which announced a partnership with Intel Foundry in February of last year. While not all of these rumors and deals have been confirmed, they do indicate a potential shift in the silicon production market, which lends some credence to SemiAccurate's most recent report on Intel Foundry. This new report, published on Monday, implies that Apple might be the newest Foundry customer as TSMC, Apple's current production partner, is capacity-bound on advanced packaging. DEAL SPOTLIGHT Lenovo's Early Memorial Day Access sale knocks $256 off the 2024 Lenovo IdeaPad 5i 2-in-1 laptop with coupon "DEASAVINGS1". Get things done from anywhere and enjoy seamless performance, whether working on a college term paper, drafting documents for work, or consuming content in your downtime. Key specs: 14-inch FHD (1920 x 1080) 300-nit touchscreen, Intel Core 5 120U 10-core CPU, 8GB RAM, Integrated Intel Graphics, 512GB SSD, 720p webcam with dual microphone and privacy shutter, fingerprint reader, Lenovo Digital Pen, Windows 11 HomeView Deal A direct read Zinsner's comments implies that many of Intel's external Foundry customers have yet to fully switch production lines for their chips. However, it's possible that those external custom chips are still in testing or that the exact details of the agreement are still being negotiated. After all, Zinsner did indicate that most of Intel Foundry's 18A process would be sold internally to Intel, while 14A is expected to have a broader range of external wafer sales. But if the rumors of TSMC's maxed capacity are true, combined with the ever-shifting US foreign manufacturing tariffs, Intel Foundry could be a more attractive option than ever for silicon production. TSMC is not out of the chip game yet, though. It's reportedly working on 2nm and smaller silicon wafers, which are expected to be used in the next generations of Apple Silicon. So, even if a company like Nvidia or Apple were to shift production from TSMC to Intel Foundry, we likely wouldn't see those chips for a few generations. That's in line with Zisner's comments on Tuesday about Foundry production. Intel's 14A process is expected to hit commercial production in 2027, which is also when Intel Foundry is set to break even. This could potentially be thanks to external customers. And that would coincide with the next big Nvidia (RTX 60-series) or Apple Silicon (M7) launches. Intel has been keeping its Foundry cards close to its chest for years, so we'll likely only know the details once the chips are ready for production or agreements have been filed with the SEC. Intel's new CEO Lip-Bu Tan has a retro vision for Intel's future, but is nostalgia the key to success? Forget the M5, Apple is reportedly already working on the M6 and M7 Computex showdown: Nvidia & MediaTek tipped to steal Windows-on-Arm spotlight
Yahoo
14-05-2025
- Business
- Yahoo
Tariffs and TSMC delays could turn Apple into an Intel Foundry customer
When you buy through links on our articles, Future and its syndication partners may earn a commission. Intel has historically downplayed its external Foundry customers, but on Tuesday, CFO David Zinsner gave us some insight into why Intel remains silent on its biggest clients. During a conversation at the J.P. Morgan Global Technology, Media, and Communications conference in Boston, Zinsner confirmed that Intel doesn't have a significant volume of external chips. At least on the 18A process node. Zinsner implied Intel will have more customers for its future 14A process node. "We have the traditional pipeline modeling, we have a bunch of potential customers, and then we get test chips, and then some customers fall out of the test chips. And there's a certain amount of customers that hang in there. So committed volume is not significant right now," Zinsner said. Zinsner has been at Intel since 2022 and was at Micron before that. Before Lip-Bu Tan took over as CEO in March, Zinsner served as co-CEO with fellow Intel executive MJ Johnston Holthaus after Pat Gelsinger stepped down as CEO in December 2024. Intel Foundry is currently working on the 18A and 14A production pipelines for chips in the 2 nm-and-under range, these processes will be used for Intel's own chips. The first, codenamed Panther Lake, will arrive later this year, Zinsner confirmed. "We always expected that the predominant amount of volume of 18A was going to be internal to us, and we would win customers here or there that would fill in the gaps." However, Intel will be looking for a higher volume of external sales for 14A. So, while Intel may not be making many chips for outside customers right now, a recent report from SemiAccurate indicates that could change soon. Let's take a closer look at what could be in store for Intel's chip foundry business. So far, a few big names have been reported as Intel Foundry clients. Reuters and SemiAccurate have previously reported that Broadcom and Nvidia are Intel Foundry customers, and Taiwan Semiconductor could potentially pitch a change to Intel to its longtime customers. According to that same Reuters report, TSMC also pitched Intel Foundry to AMD, but there has been no further news on that front. Reuters has also reported on a deal between Intel Foundry and Amazon to make a custom chip. One of the few official confirmed partners with Intel Foundry is Microsoft, which announced a partnership with Intel Foundry in February of last year. While not all of these rumors and deals have been confirmed, they do indicate a potential shift in the silicon production market, which lends some credence to SemiAccurate's most recent report on Intel Foundry. This new report, published on Monday, implies that Apple might be the newest Foundry customer as TSMC, Apple's current production partner, is capacity-bound on advanced packaging. DEAL SPOTLIGHT Lenovo's Early Memorial Day Access sale knocks $256 off the 2024 Lenovo IdeaPad 5i 2-in-1 laptop with coupon "DEASAVINGS1". Get things done from anywhere and enjoy seamless performance, whether working on a college term paper, drafting documents for work, or consuming content in your downtime. Key specs: 14-inch FHD (1920 x 1080) 300-nit touchscreen, Intel Core 5 120U 10-core CPU, 8GB RAM, Integrated Intel Graphics, 512GB SSD, 720p webcam with dual microphone and privacy shutter, fingerprint reader, Lenovo Digital Pen, Windows 11 HomeView Deal A direct read Zinsner's comments implies that many of Intel's external Foundry customers have yet to fully switch production lines for their chips. However, it's possible that those external custom chips are still in testing or that the exact details of the agreement are still being negotiated. After all, Zinsner did indicate that most of Intel Foundry's 18A process would be sold internally to Intel, while 14A is expected to have a broader range of external wafer sales. But if the rumors of TSMC's maxed capacity are true, combined with the ever-shifting US foreign manufacturing tariffs, Intel Foundry could be a more attractive option than ever for silicon production. TSMC is not out of the chip game yet, though. It's reportedly working on 2nm and smaller silicon wafers, which are expected to be used in the next generations of Apple Silicon. So, even if a company like Nvidia or Apple were to shift production from TSMC to Intel Foundry, we likely wouldn't see those chips for a few generations. That's in line with Zisner's comments on Tuesday about Foundry production. Intel's 14A process is expected to hit commercial production in 2027, which is also when Intel Foundry is set to break even. This could potentially be thanks to external customers. And that would coincide with the next big Nvidia (RTX 60-series) or Apple Silicon (M7) launches. Intel has been keeping its Foundry cards close to its chest for years, so we'll likely only know the details once the chips are ready for production or agreements have been filed with the SEC. Intel's new CEO Lip-Bu Tan has a retro vision for Intel's future, but is nostalgia the key to success? Forget the M5, Apple is reportedly already working on the M6 and M7 Computex showdown: Nvidia & MediaTek tipped to steal Windows-on-Arm spotlight 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
