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ByteDance reportedly teams with Broadcom on AI chip

ByteDance (BDNCE) working with Broadcom (AVGO) on advanced AI chip - report. (00:25) Fast-fashion firm Shein may abandon London IPO - report. (01:16) Freight M&A: UPS sells Coyote Logistics to RXO. (02:23)

Episode transcripts seekingalpha.com/wsb.

Show links: 
Biggest stock movers today: RXO, RMD, and more
CDK Global works on fixing data breach that hit thousands of car dealers
Microsoft has a 'hidden' $100B opportunity inside. And it's all about cybersecurity
Gap between growth and small-cap is huge, but don't call it a bubble - Oppenheimer

Sign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Duration:
5m
Broadcast on:
24 Jun 2024
Audio Format:
mp3

Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning! Today is Monday, June 24th. I'm Julie Morgan. ByteDance is reportedly working with Broadcom on an AI chip. She and may not have an IPO in London after all, and UPS offloads Coyote logistics. ByteDance, the Chinese firm that owns TikTok, is collaborating with Broadcom. Two sources told Reuters that the companies are working on an advanced AI chip. The goal is to secure a stable supply of high-end chips and lower procurement costs amid China-U.S. trade tensions. Taiwan's semiconductor will manufacture the five nanometer chip, which is an application-specific integrated circuit that will comply with U.S. export curbs. The new chip is still being designed by Taiwan Simi and is not expected to start manufacturing this year. While the companies have not confirmed the partnership, it would be the first between a Chinese company and a U.S. firm involving five nanometers or more advanced chip-making technology, since Washington imposed chip export restrictions amid national security fears. Chinese fast-fashion platform Xi'in may scrap an initial public offering in London over how the retailer has recently been portrayed in the UK. A series of criticisms leveled at Xi'in has annoyed some in the upper parts of the Chinese government, according to a report in Mail on Sunday, which cited unidentified senior city sources. A source added that Beijing authorities may now put pressure on Xi'in to list in Hong Kong instead of London. The retailer has been criticized by the British Fashion Council, which is similar to its U.S. counterpart, the National Retail Federation. Xi'in has been criticized in the UK and the U.S. over its dependence on third-party contract suppliers and accusations surrounding the use of forced labor. Xi'in declined to comment to the mail on Sunday. The latest update comes after reports, including from Sky News Financial Times and Reuters, that Xi'in was preparing to file a prospectus with the UK's Financial Conduct Authority for approval ahead of a planned £50 billion London listing this month. United Parcel Service announced on Sunday that it has entered into an agreement to sell its Coyote logistics business units to RXO for $1.025 billion. The transaction is expected to close before the end of the year. Following the closing of the transaction, UPS will update its financial outlook. At closing, RXO will be the third largest provider of broker transportation in North America. The addition of Coyote's customer base is anticipated to diversify RXO's vertical mix and will increase the number of customers who do more than $1 million in business with the company by approximately 80%. Pre-market RXO is up 14%. There's a few other articles I'd like to tell you about on Seeking Alpha. CDK Global works on fixing a data breach that hit thousands of car dealers. Microsoft has a hidden $100 billion opportunity inside, and it's all about cybersecurity. And the gap between growth and small cap is huge, but Oppenheimer says don't call it a bubble. On our catalyst watch for the day, the three-day Marine Money Week Conference will begin. Companies with executives appearing on panel discussions include Pangiologistics, Frontline, Ardmore Shipping Corporation, Genco Shipping and Trading, not offshore partners LP, Navigator Holdings, International Seaways, Navios Maritime Partners and Eurodry. Now, for a look at the markets today, as of 6 a.m., Dow, S&P and NASDAQ futures are in mixed territory. Prude Oil is up 0.4% at $80 a barrel. Bitcoin is down 5% at 61,000. In the world markets, the FTSE 100 is up 0.6%, and the DAX is up 0.7%. Prudential is on our list of the biggest movers of the day pre-market. PUK is up nearly 6% after announcing plans to buy back $2 billion of stock by mid-2026. On today's economic calendar, at 1 p.m., the Feds Patrick Harker will speak on the economic outlook before the Global Interdependence Center's 42nd Annual Monetary and Trade Conference. That's it for today's Wall Street Breakfast. Thanks for listening. To take full advantage of Seeking Alpha, join the highest quality community of real investors discussing stocks and ETFs at seekingalpha.com/subscriptions. I'm your host Julie Morgan. Go out and make it a great day! [music] [BLANK_AUDIO]
ByteDance (BDNCE) working with Broadcom (AVGO) on advanced AI chip - report. (00:25) Fast-fashion firm Shein may abandon London IPO - report. (01:16) Freight M&A: UPS sells Coyote Logistics to RXO. (02:23)

Episode transcripts seekingalpha.com/wsb.

Show links: 
Biggest stock movers today: RXO, RMD, and more
CDK Global works on fixing data breach that hit thousands of car dealers
Microsoft has a 'hidden' $100B opportunity inside. And it's all about cybersecurity
Gap between growth and small-cap is huge, but don't call it a bubble - Oppenheimer

Sign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.