Across the Global Markets, US stocks closed lower on Monday with the Dow Jones falling 0.16% at the close of trading while the Nasdaq 100 was down 0.19%. The S&P 500 was unchanged from Friday’s closing.
Major Global Markets News
NVIDIA Corp, the pioneer of GPU-accelerated computing on Monday said it expects its revenue for the first quarter for fiscal 2022 to be higher than previously estimated.
“While our fiscal 2022 first quarter is not yet complete, Q1 total revenue is tracking above the $5.30 billion outlook provided during our fiscal year-end earnings call. We are experiencing broad-based strength, with all our market platforms driving upside to our initial outlook,” said Colette Kress, executive vice president and chief financial officer of NVIDIA.
The US Government through the White House Press Secretary Jen Psaki has said that the shortage of semiconductors is a national security issue
According to CNBC, the White House is proposing a $15 billion investment into the semiconductor manufacturing and research industry.
Microsoft to acquire Nuance for $19.7 billion cash
Microsoft Corporation on Monday announced it will acquire voice recognition company Nuance Communications Inc. for $19.7 billion in cash.
Microsoft said in a statement that it will acquire Nuance for $56.00 per share, implying a 23% premium to the closing price of Nuance on Friday. The all-cash transaction will include Nuance’s net debt.
Trading in Nuance Communications’ stock was suspended on Monday after it surged over 22% in premarket trade following the news.
Huawei to invest $1B in EV, Plans 6G Launch
Huawei Technologies has announced plans to invest $1 billion in research and development of self-driving and electric car technology.
The company’s rotating chairman Eric Xu said that Huawei’s current self-driving vehicle technology had surpassed Tesla’s, noting that the company’s cars can cruise without any human guidance for over 621 miles.
Speaking at Huawei’s Global Analyst Summit on Monday, he added that that the EV business will grow even if the company doesn’t enter the global market as long it serves the local Chinese Market.
Huawei’s chairman also announced plans to make 6G technology commercially available around 2030. The firm has already signed a strategic agreement with China Unicom and Grandstar Cargo International airline to start work on developing 6G connectivity
Uber’s monthly bookings hit record high
Ride-hailing company Uber Technologies Inc. on Monday announced that its gross bookings stood at an all-time high in March.
It added that its mobility business posted its best month since March 2020, when the coronavirus pandemic started.
Uber’s delivery business bookings skyrocketed by more than 150% year on year in March to hit a record of $52 billion annualized gross bookings run rate.
Alibaba Fine Will Have no Impact – CEO
Alibaba Group CEO Daniel Zhang has said that the $2.77 billion antitrust fine imposed on the e-commerce giant will not have a “significant impact” on Alibaba.
The company was fined $2.77 billion for violating China’s anti-monopoly laws and “abusing market dominance.”
This comes after the People’s Bank of China said on Monday that Alibaba’s affiliate Ant Group will apply to become a financial holding company, subjecting it to regulations similar to those governing banks, The Wall Street Journal reported.
Ant Group was in 2019 forced to cancel its initial public offering after the Chinese regulators ordered the company to improve regulatory compliance and rectify all business and financial violations.