Intel (NASDAQ:INTC) is handing over a tempting 20% slice of its IMS Nanofabrication GmbH business to Bain Capital Special Situations. The Austro-German IMS enterprise is being valued at a mouthwatering $4.3 billion.
If all goes well, the deal is set to be sealed in the third quarter of 2023. Once the ink dries, IMS will continue its independent streak as a standalone subsidiary, with CEO Elmar Platzgummer steering the ship.
According to Matt Poirier, Intel’s sharp-witted Senior VP of Corporate Development, Bain Capital’s involvement will not only grant IMS greater autonomy but also provide a strategic boost to the next phase of lithography technology innovation. It’s a win-win situation, benefitting the entire ecosystem like a charm.
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SoftBank Group’s CEO, the ever-enthusiastic Masayoshi Son, revealed on Wednesday that his tech investing empire is ready to switch gears and go into “offence mode” due to the thrilling advancements in artificial intelligence.
After enduring substantial investment losses in its Vision Fund division, the group had adopted a defensive position, scaling back its investment activities.
But fear not, dear shareholders! Son declared during the company’s annual general meeting that the time has come to unleash their offensive prowess.
SoftBank, in its financial report, disclosed a net loss of a whopping 970 billion yen ($6.85 billion) for the fiscal year ending on March 31. However, they managed to soften the blow by strategically selling off a portion of their stake in Alibaba (NYSE:BABA).
Now, with their offensive strategy in play, let’s see how SoftBank plans to conquer the AI battlefield!
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Some of the biggest movers:
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FedEx (NYSE:FDX) took a 2.2% dive as the delivery powerhouse issued a profit warning, attributing the decision to ground 29 additional aircraft in the new fiscal year to ongoing “demand challenges.”
Winnebago Industries (NYSE:WGO) witnessed a 4.9% decline as the recreational vehicle manufacturer reported a significant revenue shortfall in its quarterly earnings, driven by decreased volumes and higher discounts.
Tesla (NASDAQ:TSLA) experienced a 1.2% boost in stock value after CEO Elon Musk expressed the likelihood of a substantial investment in India following a meeting with Indian Prime Minister Narendra Modi during his U.S. visit, reiterating the company’s commitment to the electric vehicle market.
Spotify (NYSE:SPOT) enjoyed a 2% surge as Wolfe Research upgraded its assessment of the audio streaming service to ‘outperform’ from ‘peer perform,’ anticipating a potential rally of over 20% due to the growth of ad revenue.
Li Auto (NASDAQ:LI) climbed 4%, Nio (NYSE:NIO) rose 2.5%, and Xpeng
(NYSE:XPEV) added 2.7% after China introduced significant tax incentives aimed at bolstering the sales of electric vehicles and other environmentally friendly cars over the next four years.
Coinbase (NASDAQ:COIN) witnessed a 3.2% rise as the leading cryptocurrency exchange benefited from the surge in Bitcoin, the most widely utilized digital currency, reaching its highest level in six weeks.
UBS (NYSE:UBS) observed a 0.8% increase in stock value following Reuters’ report that the Swiss banking giant plans to cut Asia investment banking positions at Credit Suisse in the coming month as it progresses toward business integration.
Adobe (NASDAQ:ADBE) experienced a 1.5% uptick as BMO Capital upgraded the enterprise software maker to ‘outperform’ from ‘market perform,’ citing growing demand for artificial intelligence and its positive impact on spending.
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FedEx (NYSE:FDX) took a 2.2% dive as the delivery powerhouse issued a profit warning, attributing the decision to ground 29 additional aircraft in the new fiscal year to ongoing “demand challenges.”
Winnebago Industries (NYSE:WGO) witnessed a 4.9% decline as the recreational vehicle manufacturer reported a significant revenue shortfall in its quarterly earnings, driven by decreased volumes and higher discounts.
Tesla (NASDAQ:TSLA) experienced a 1.2% boost in stock value after CEO Elon Musk expressed the likelihood of a substantial investment in India following a meeting with Indian Prime Minister Narendra Modi during his U.S. visit, reiterating the company’s commitment to the electric vehicle market.
Spotify (NYSE:SPOT) enjoyed a 2% surge as Wolfe Research upgraded its assessment of the audio streaming service to ‘outperform’ from ‘peer perform,’ anticipating a potential rally of over 20% due to the growth of ad revenue.
Li Auto (NASDAQ:LI) climbed 4%, Nio (NYSE:NIO) rose 2.5%, and Xpeng
(NYSE:XPEV) added 2.7% after China introduced significant tax incentives aimed at bolstering the sales of electric vehicles and other environmentally friendly cars over the next four years.
Coinbase (NASDAQ:COIN) witnessed a 3.2% rise as the leading cryptocurrency exchange benefited from the surge in Bitcoin, the most widely utilized digital currency, reaching its highest level in six weeks.
UBS (NYSE:UBS) observed a 0.8% increase in stock value following Reuters’ report that the Swiss banking giant plans to cut Asia investment banking positions at Credit Suisse in the coming month as it progresses toward business integration.
Adobe (NASDAQ:ADBE) experienced a 1.5% uptick as BMO Capital upgraded the enterprise software maker to ‘outperform’ from ‘market perform,’ citing growing demand for artificial intelligence and its positive impact on spending.
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