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Business Mayor
21-05-2025
- Business
- Business Mayor
Raising Our Fair Value Estimate for Wide-Moat Unilever
Editor's Note: This analysis was originally published as a stock note by Morningstar Equity Research. We are transferring coverage of Unilever ULVR, a leading global player in home and personal care, and packaged foods, with significant exposure to emerging markets, accounting for 58% of revenue in 2024. The bottom line: We raise our fair value estimate by around 3% to EUR 59/GBX 4,940/USD 66. We maintain our wide economic moat, standard capital allocation, and Low Morningstar Uncertainty ratings. At current levels, shares offer a modest upside of around 6%. Over the past 18 months, Unilever's shares have risen about 25%, driven by a strategic reset focused on driving productivity savings and stepping up brand and marketing investment and innovation efforts to rekindle volume growth. The wide moat rating reflects Unilever's strong retailer relationships, brand strength across some key categories, particularly in personal care, and cost advantage stemming from its scale and operational efficiency. Big picture: Under new CEO Fernando Fernandez, the company is embarking on the next stage of its transformation. Fernandez's agenda focuses on sharper market execution and more impactful, scaled innovations to improve brand appeal in an increasingly fragmented competitive landscape. Management targets consistent volume growth of at least 2%, supplemented by premiumization efforts to drive mid-single digit organic sales growth, alongside modest operating margin accretion led by gross margin gains. This is supported by continued portfolio rotation toward higher growth categories like beauty and wellbeing, as well as the company's strong presence in emerging markets where population growth, urbanization, and rising incomes should support long-term demand. Read More Nvidia GTC 2025: Winners & Losers Key stats: We model 3.8% organic sales growth, including 2.2% from volume. Our 2029 operating margin forecast is 18.9%, 50 basis points ahead of 2024, reflecting a 100-basis-point contribution from gross margin and overhead reduction, partly offset by brand and marketing reinvestment. The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies. SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk READ SOURCE
Express Tribune
06-05-2025
- Business
- Express Tribune
US lawmaker introduces bill to curb Nvidia AI chip smuggling into China: Reuter
Exclusive: US lawmaker targets Nvidia chip smuggling to China with new bill By Stephen Nellis and Max A. Cherney May 6, 20258:15 AM GMT+5Updated 2 hours ago Nvidia GTC software developer conference in San Jose Item 1 of 5 Data center servers and components containing the newest artificial intelligence chips from Nvidia are seen on display at the company's GTC software developer conference in San Jose, California, U.S., March 19, 2025. REUTERS/Stephen Nellis [1/5]Data center servers and components containing the newest artificial intelligence chips from Nvidia are seen on display at the company's GTC software developer conference in San Jose, California, U.S., March 19, 2025. PHOTO:REUTERS Listen to article US Representative Bill Foster has introduced legislation aimed at preventing the smuggling of Nvidia's advanced artificial intelligence (AI) chips into China, circumventing US export controls, according to a Reuters report. The proposed bill seeks to mandate that chipmakers implement mechanisms to track the location of their chips post-sale and ensure that unlicensed chips cannot be activated. The legislation has garnered support from both Democratic and Republican lawmakers, reflecting bipartisan concern over national security risks posed by unauthorised AI development in China. The bill would require the US Department of Commerce to draft regulations within six months to enforce these measures. Foster and technical experts argue that the necessary tracking technologies are already embedded in current chips. The legislation follows reports indicating that, despite export restrictions, Nvidia chips have been used in China's AI advancements, including those by DeepSeek. Nvidia, a leading supplier of AI chips, has been working closely with the US government to develop products that comply with export regulations while maintaining its presence in the Chinese market. However, the company has warned that tightening US export controls could hinder product development and force it to shift operations out of certain countries. The proposed legislation represents a significant step in the US government's efforts to control the flow of advanced AI technology to China and safeguard national security interests.
Boston Globe
14-04-2025
- Business
- Boston Globe
Meta faces historic antitrust trial that could force it to break off Instagram, WhatsApp
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up PHARMACEUTICAL Advertisement Pfizer ends development of potential pill obesity treatment Advertisement The Pfizer headquarters in New York. Yuki Iwamura/Associated Press Pfizer is ending the development of its potential once-daily pill treatment for obesity before venturing into the biggest and most expensive level of clinical testing. The drugmaker said Tuesday that it would stop studying danuglipron after a participant in one of its trials experienced a possible drug-induced liver injury that ended once the person stopped taking the treatment. The once-daily version of the pill was in early-stage testing, with researchers trying to figure out the best dose for patients, a spokesperson said. The company intended to move the drug into late-stage testing, which is generally the last phase of development before a company submits the potential treatment to government regulators for approval. A company official said in a statement that Pfizer still plans to develop other potential obesity treatments in earlier stages of testing. Obesity treatments have become one of the more promising and lucrative sectors of drug development for pharmaceutical companies. Eli Lilly and Co.'s Zepbound, for instance, brought in nearly $5 billion in sales in 2024, its first full year on the market. But leading treatments like Zepbound and Novo Nordisk's Wegovy are injectable. Drugmakers are eager to develop an easier-to-take pill version for patients who don't want to deal with needles and daily injections. — ASSOCIATED PRESS ARTIFICIAL INTELLIGENCE Nvidia says it will build up to $500b of AI gear in US Chief executive Jensen Huang spoke during the keynote address of Nvidia GTC on March 18 in San Jose, Calif. Nic Coury/Associated Press Nvidia Corp., the dominant player in chips for AI models, said it will produce as much as half a trillion dollars' worth of AI infrastructure in the United States over the next four years through manufacturing partnerships. Production of Nvidia's latest generation AI chip, known as Blackwell, has begun at Taiwan Semiconductor Manufacturing Co.'s new plant in Phoenix. Santa Clara, Calif.-based Nvidia is also building supercomputer manufacturing plants in Texas with Foxconn and Wistron Corp. and partnering with Amkor Technology Inc. and Siliconware Precision Industries Co. for packaging and testing operations in Arizona, the company said in a statement Monday. 'Mass production' is expected to ramp up in the next 12 to 15 months. 'Adding American manufacturing helps us better meet the incredible and growing demand for AI chips and supercomputers, strengthens our supply chain and boosts our resiliency,' chief executive Jensen Huang said in the statement. Electronics players around the world, including chipmakers, are reeling from shifting new tariff policies from the Trump administration. Over the weekend, President Trump pledged he will still apply tariffs to phones, computers, and popular consumer electronics, downplaying an exemption issued on Friday as just a procedural step in his overall push to remake US trade. — BLOOMBERG NEWS Advertisement ENTERTAINMENT Movie and TV filming in LA tumbles 22 percent amid global slump, losses to other areas Clouds moved over the Hollywood sign in Los Angeles in 2020. Damian Dovarganes/Associated Press Movie and TV filming in the greater Los Angeles area declined 22 percent in the first quarter, reflecting a worldwide slump in production and California's continued loss of business to other areas. Television production, the biggest part of the industry, fell 31 percent, while feature film production was down 29 percent, the permitting office FilmLA said Monday in a statement. The size of the decline lays bare Hollywood's retrenchment in recent years. TV production peaked in Los Angeles in 2021 at 18,560 annual shoot days. Since then, production has shrunk by more than half, FilmLA said. 'As the largest and hardest-hit segment of LA's film production economy, declines in television carry wide employment repercussions,' FilmLA said. The wildfires earlier in the year that devastated parts of Los Angeles only had a temporary effect, according to the permit group. Those areas accounted for just 1.3 percent of all regional filming over the past four years, though the fires did displace workers and force some productions to reschedule. The industry has suffered multiple setbacks over the last few years, from shutdowns related to COVID-19 and labor disputes to strategic changes at the studios. Major media companies have all cut production and jobs to boost profitability, particularly in their streaming operations. — BLOOMBERG NEWS Advertisement LABOR Starbucks tightens dress-code rules for its baristas People walked past a Starbucks coffee shop on Friday in New York City. ANGELA WEISS/AFP via Getty Images Starbucks is updating its dress code for baristas to make it more consistent across North American stores, part of a broader plan to revive sales by revamping the look and feel of cafes. Starting May 12, baristas will wear solid black tops, a change from prior practice allowing any color. Baristas can wear their own attire, and Starbucks will provide two shirts from a new company-branded line at no cost. In addition, baristas can wear any shade of khaki, black, or blue denim bottoms. The prior dress code also allowed gray and brown. The new rules are part of chief executive Brian Niccol's efforts to revitalize the coffee giant. The company is betting that the changes will create a more consistent look across stores as the chain brings back comfortable coffee shops that encourage people to linger — and spend more. The streamlined dress code will 'allow our iconic green apron to shine and create a sense of familiarity for our customers, no matter which store they visit across North America,' Starbucks said in a statement Monday. A representative for Starbucks Workers United, the union that has organized more than 500 of the company's roughly 10,000 corporate-run US cafes, criticized the move and called on Starbucks to focus on reaching a collective-bargaining agreement. 'Starbucks is prioritizing a limiting dress code that won't improve the company's operations,' Jasmine Leli, a barista and union bargaining delegate, said in a statement. — BLOOMBERG NEWS Advertisement CYBERSECURITY Hertz says hackers stole driver's license numbers, personal data A Hertz rental car location in San Francisco, Calif., on Jan. 29. David Paul Morris/Bloomberg Hertz is alerting customers to a data breach involving driver's license numbers and other personal information, following a hack in its supply chain. The car rental company, in a posting on its website, said it completed an analysis of the incident on April 2 and determined that the affected information may include names, credit card data, driver's license information, and details related to worker's compensation claims. The company confirmed in February that attackers obtained Hertz data during a security incident at a vendor, an enterprise software firm Cleo Communications US, according to the posting. 'Our forensic investigation has found no evidence that Hertz's own network was affected by this event,' according to a statement provided by a company spokesperson on Monday. 'However, among many other companies affected by this event, we have confirmed that Hertz data was acquired by an unauthorized third party that we understand exploited zero-day vulnerabilities within Cleo's platform in October 2024 and December 2024.' — BLOOMBERG NEWS
Miami Herald
05-04-2025
- Business
- Miami Herald
Amazon directly targets Nvidia with bold new strategy
Despite a highly volatile performance over the past month, Nvidia (NVDA) has recently taken some steps to keep investors excited about its future. The artificial intelligence (AI) leader completed a successful week of product unveils and updates at the annual Nvidia GTC (global technology conference) 2025. This included the debuts of multiple highly anticipated GPUs (graphics processing units) and notable advances in robotic technology. Don't miss the move: SIGN UP for TheStreet's FREE Daily newsletter Right now, Nvidia and most of its big-tech peers are facing a highly complicated industry landscape. With President Donald Trump's recent tariffs pushing down financial markets, most high-growth tech stocks are plunging amid high economic uncertainty. However, that doesn't mean these companies are not focused on growth or that they plan on scaling back innovation. Amazon (AMZN) recently revealed a plan to expand its share of a booming tech market that could severely impact Nvidia. Over the past few years, the AI market has boomed in spectacular fashion, creating new opportunities for both investors and consumers. As they have tried to procure a share of it, many tech companies have struggled with one thing: competing with Nvidia. The company most synonymous with the current AI revolution, Nvidia has benefited from providing GPUs that are widely considered to be the best available. While the rise of Chinese AI startup DeepSeek's R1 model triggered a selloff for Nvidia and its peers, the company remains an AI favorite among Wall Street analysts. Related: Analyst unveils startling Nvidia stock forecast amid tariffs One reason for Nvidia's success is the industry-wide reliance on its chips. However, other tech companies have focused on developing their own in a clear attempt to decrease their reliance on Nvidia's highly priced GPUs, and Amazon seems to be getting close. Amazon Web Services (AWS), the tech conglomerate's cloud computing subsidiary, has revealed a new strategy that centers around luring Nvidia's customers away. According to The Information, it has already spoken to at least one company, claiming that AI servers powered by its Trainium chip can deliver the same quality as the Nvidia H100 but at only 25% of the cost. For companies that don't want to pay Nvidia's extremely high prices for hardware, such an offer could be extremely enticing. TechRadar provided further context on these AWS AI chips, stating: "Trainium is one of several in-house chips that Amazon has developed (alongside Graviton and Inferentia), built for training machine learning models in the AWS cloud, and offering a lower-cost alternative to GPU-based systems. Amazon's silicon is not intended as a like-for-like replacement for Nvidia's more advanced products, but it doesn't need to be." More technology: Jensen Huang shocks the world with Nvidia Quantum Day surpriseQuantum computing leader has blunt, 9-word take on Nvidia stockAn event that may save Nvidia is coming May 15 This pitch reportedly took place during Nvidia GTC 2025 week from March 17 to March 25. While Nvidia held panels and unveiled new products, AWS seized the opportunity to court one of its customers and offer a more cost-effective way forward. For some time, experts have speculated that for all its growth and momentum, Nvidia would ultimately be unable to retain its share of the AI market. Other companies would inevitably develop more cost-effective options that could deliver similar results. Related: AI CEO issues grave warning about the future of Nvidia Now it seems that this may be playing out, as Amazon Web Services makes the case for why its own products can offer customers the same service as Nvidia's, for substantially less money. If just a few customers opt to use servers powered by the Trainium chip, it could be a blow to Nvidia, similar to the launch of DeepSeek's R1 model. Matthew Kimball, a VP and principal analyst at Moor Insights & Strategy, praises the tech platform's initiative. "What AWS is doing is smart," he states. "It is telling the world that there is a cost-effective alternative that is also performant for AI training needs. It is inserting itself into the AI conversation." How Nvidia responds to this development will do much to determine how this new rivalry will play out in the coming months. If AWS continues to court its customers, though, Nvidia may have no choice but to lower prices on some of its AI chips to avoid losing its market share. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Globe and Mail
27-03-2025
- Business
- Globe and Mail
Dear Nvidia Stock Fans, Mark Your Calendars for April 2
Shares of Nvidia (NVDA) moved lower this week as investors weigh ongoing tariff uncertainties against strong artificial intelligence (AI) demand. While President Donald Trump's April 2 'reciprocal' tariffs may not immediately target semiconductors from Taiwan, where Nvidia's advanced chips are manufactured, his comments that chip levies would follow 'down the road' continue to create market tension. The tariff concerns come as Loop Capital reports that Apple (AAPL) is placing approximately $1 billion in orders for Nvidia's GB300 NVL72 systems. This represents 250 servers priced between $3.7 million and $4 million each. The recent order signals a healthy demand for Nvidia's newest AI hardware despite the potential trade headwinds. Other semiconductor stocks, like Advanced Micro Devices (AMD) and Broadcom (AVGO), also traded lower this week as investors remain uncertain about the tariff war. Valued at a market cap of nearly $2.8 trillion, Nvidia has returned massive wealth for long-term shareholders. The tech stock has surged more than 21,000% in the past decade after adjusting for dividend reinvestments. Despite these outsized gains, the chip maker is down almost 27% from all-time highs, allowing you to buy the dip. So, let's see if you should own NVDA stock at the current multiple. Is Nvidia Stock a Good Buy Right Now? Nvidia CEO Jensen Huang has outlined an expansive vision for the company's future. Huang emphasized that Nvidia will focus on key growth verticals such as cloud data centers, enterprise IT, and robotics systems. During the recent Nvidia GTC event, Huang stressed that the computing paradigm has fundamentally shifted from general-purpose computing to GPU-accelerated computing, with AI driving unprecedented demand for computational power. This computational demand is fueling NVIDIA's growth trajectory, with Blackwell GPU orders reaching 3.6 million units from the top four cloud service providers in early 2025. Nvidia's roadmap features annual product releases with performance improvements. The Blackwell chip is now in full production, while the Blackwell Ultra will be launched in the second half of 2025. Looking ahead, Vera Rubin (2026) and Rubin Ultra (2027) will deliver even more dramatic leaps in performance. Nvidia also tackles power efficiency challenges through innovations like the NVIDIA Dynamo operating system for AI factories and MicroRing Resonator Modulator technology for silicon photonics. These advances could save 'tens of megawatts' in large-scale deployments, effectively converting power savings into additional computing capacity. For enterprise customers, NVIDIA unveiled DGX Station and DGX Spark systems manufactured by major OEMs, including HP (HPQ), Dell (DELL), and Lenovo. The company has secured key partnerships across industries. This includes a new alliance with General Motors (GM) for autonomous vehicle development and collaborations with T-Mobile (TMUS), Cisco (CSCO), and Cerberus for AI-enabled radio networks. In robotics, Nvidia introduced Isaac Groot N1, a foundation model for humanoid robots, alongside Newton, a physics engine developed with DeepMind and Disney Research that enables sophisticated simulation for robot training. What Is the Target Price for Nvidia Stock? Huang claimed that AI factories and other specialized facilities represent a massive growth opportunity beyond the traditional $1 trillion data center market. With the computation requirements for AI skyrocketing due to agentic and reasoning capabilities, Nvidia is positioning itself at the center of what Huang describes as a fundamental technological shift. Nvidia's growth story is far from over. Analysts expect the company's sales to touch $310.19 billion in fiscal year 2030 (ending in January), up from $130.5 billion in fiscal year 2025. Comparatively, adjusted earnings per share are forecast to expand from $2.99 per share in 2025 to $7 per share in 2030. Out of the 44 analysts covering Nvidia stock, 38 recommend 'Strong Buy,' two recommend 'Moderate Buy,' and four recommend 'Hold.' The average target price for NVDA stock is $177.19, indicating upside potential of over 50% from current levels.
