Solo VC Effort Offers Individual Touch to Early Startup Founders
AI chip deals: Nvidia, the leading maker of AI processors, and rival Advanced Micro Devices announced deals to supply chips to Saudi Arabia for massive data centers for artificial intelligence work. Meanwhile, the Trump administration may let the UAE buy more than a million of Nvidia's advanced AI chips, which would far exceed Biden-era limits.
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Business Insider
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- Business Insider
Africa's media moment: Turning disruption into opportunity
As editors and media leaders across Africa, we come together at a pivotal moment for both our industry and our continent. Independent media has long served as a cornerstone of democracy and development. It holds power to account, informs citizens, amplifies underrepresented voices, and drives transparency — all while fostering investor confidence and enabling economic growth. Yet today, this essential institution is under growing pressure. Demographics are shifting, and so are audience expectations. Competition from non-traditional content producers is increasing. We are facing a new wave of misinformation. And as instantaneous content become the norm, traditional business models will become no longer fit for purpose. These challenges are not new. For over a decade, media houses across the continent have been working tirelessly to address them, exploring new ways of working, producing and connecting with our audience. But the pace of disruption has intensified. AI is expected to profoundly transform our sector once again. African media can no longer do without the investment in infrastructure, training and innovation in the technological advances that will shape the next decade of news. On June 8-10, we met in Zambia for the Africa Media Business Innovators 2025 organized by Bloomberg. News is a relentlessly fast industry, but this was a rare moment to catch our breath, take stock of these unprecedented challenges and share ideas on what needs to be done. What we heard was not a story of decline — it was one of opportunity. Those in attendance in Zambia shared how they have already started to experiment with new business models and uses for emerging technologies. We heard about the numerous assets already available on the continent: its youth, making Africa both the world's fastest growing media market and a critical producer of content and data globally; and its economic success, with African nations outperforming the rest of the world in GDP growth. And, importantly, we have heard how other sectors – including African fintech – have successfully navigated and overcome that may inspire African media leaders to find innovative solutions to strengthen and grow the industry. The case for investments in credible and independent media ecosystems that support journalists has never been stronger. But it is up to African media themselves to take ownership of their own narratives and showcase their potential to investors and partners. And here is how it can happen: • Invest in ideas. As paper distribution becomes less central, media organizations must reimagine themselves as platforms for discussions and partnerships — without compromising journalistic integrity. • Don't fear new technology: embrace it. Social media may have increased competition for attention, but it allowed us to diversify our audiences and get closer to our readers. With the right guardrails, AI, too, can become a powerful tool for journalism. Training our journalists on new technologies is essential. • Collaborate and share. Africa is a diverse continent, yet many of our challenges — including misperceptions — are shared. By sharing success stories and working collectively with regional and global partners, we can build a stronger, more connected media ecosystem. • Bolster business journalism. Set up young African writers for a career in business journalism by showing your support for what a financially literate press can do for the continent's economic future. A robust press contributes to good governance, exposes corruption, empowers communities, and helps unlock investment and inclusive economic opportunities for all. We believe in the power of journalism to shape Africa's future — but we cannot do it alone. It will take a collective effort from readers, policymakers, investors, and practitioners to protect, strengthen, and invest in our democracies and economies, which so critically need strong and independent media. Signed, Sipho Kings, Co-founder and Publisher, The Continent
Bloomberg
an hour ago
- Bloomberg
Crude's Drop, Strong Ruble Cut Russian Oil Revenue to 2-Year Low
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Forbes
an hour ago
- Forbes
How Lam Research Stock Gets To $200
The Lam Research Corporation logo appears on a smartphone screen in this illustration photo in Reno, ... More United States, on December 17, 2024. (Photo by Jaque Silva/NurPhoto via Getty Images) Lam Research (NASDAQ: LRCX), a prominent supplier of equipment for chip fabrication, is poised to gain from the increasing capital expenditures driven by the burgeoning generative artificial intelligence industry. While AI leader Nvidia (NASDAQ: NVDA) grabs attention with its stock price soaring more than 3 times over the last two years and its valuation approaching $4 trillion, less known companies like Lam play an essential role in the manufacturing of the AI chips that Nvidia markets. These stocks may provide a more stable value with significant potential for upside. The data is persuasive. According to SEMI, capital expenditure on advanced chip-making equipment is expected to nearly double from 2023 to 2028, and global capex spending is anticipated to exceed $100 billion in 2025 alone. Lam, which focuses on deposition and etching equipment—two of the foremost processes in chip production—may be well-positioned to seize a substantial portion of this investment. The company's primary clients include industry titans like TSMC, Samsung, and Intel, establishing it as a key player in both the logic and memory sectors of the chip market. Although traditionally dominant in memory chips, Lam is broadening its footprint in advanced logic chips and packaging technologies—fields that are witnessing increasing demand as chip design complexity escalates. AI tasks require not just advanced processing power but also high-bandwidth memory (HBM) and intricate stacking architectures. For instance, the fabrication of HBM chips is three times more wafer-intensive than standard DRAM because of lower bit density and the requirement for 3D stacking. This results in a direct increase in demand for tools manufactured by companies like Lam. How Lam Stock Can Reach $200 Whereas chip designers such as Nvidia have experienced skyrocketing valuations, Lam's stock has lagged. Shares have decreased by approximately 9% over the past 12 months and presently trade at around 24 times forward earnings, while Nvidia trades at about 35 times. Indeed, the valuation disparity is partly attributable to Lam's reliance on China, which represented 31% of revenues in the March quarter. Ongoing U.S. export restrictions have impacted this segment, likely restricting Lam's capacity to capitalize on the substantial Chinese market. According to consensus estimates, Lam's revenues are projected to grow by around 22% in FY25, although growth is expected to cool to roughly 2% in FY'26, in part due to these China-related challenges, with earnings also expected to remain flat. Nonetheless, if heightened demand related to AI, combined with a possible relaxation of chip equipment export restrictions to China, leads to sustained revenue growth at FY'25 rates of about 22% annually over the next three years, Lam's revenue could increase by around 1.8 times. Even if profit margins stay near current levels of 27% (as recorded over the first nine months of FY25), and if the valuation multiple rises to about 30 times (up from 24 times currently, a 1.25 times growth), the stock could potentially double from the current price of approximately $97 to over $200 per share. Several scenarios could lead to this outcome. Last week, the U.S. and China established a trade framework that encompasses rare earth exports and a potential relaxation of technology restrictions. If this easing of tensions applies to chip equipment exports, companies like Lam might gain renewed access to a vital growth market, further enhancing revenues. Furthermore, the process of chip manufacturing is becoming increasingly capital-intensive, meaning that a larger portion of the chip's expense is now equipment-related—a distinct advantage for companies like Lam. Additionally, advanced packaging methods, such as stacking and connecting multiple chips, which are already being used for AI tasks, should boost the demand for Lam's high-end machinery. Risks Also Exist Certainly, Lam faces significant risks. Beyond the China issue, the memory chip arena, where Lam has historically excelled, is encountering pricing pressures. Flash memory prices have been declining due to decreased demand from consumer markets and capex in this sector has been subdued as key players reduce production. Additionally, geopolitical tensions, macroeconomic uncertainty, and U.S. tariffs could further obscure Lam's short-term growth prospects. Although Lam is a highly specialized company with robust intellectual property, it may not enjoy the same protective barrier as a firm like ASML, which essentially has a monopoly over its trade of extreme ultraviolet lithography. On the other hand, Lam faces numerous competitors, such as Applied Materials and Tokyo Electron, which also provide similar services. That said, the long-term upcycle appears to be secure. The global semiconductor market is forecasted to surpass $1 trillion in annual revenue by 2030, rising from approximately $624 billion in 2024 according to the Wall Street Journal. As chip manufacturers adopt next-generation technologies to enable AI, the demand for sophisticated manufacturing tools is likely to remain high, directly benefiting Lam. While investing in a single stock like LRCX entails risk, the Trefis Reinforced Value (RV) Portfolio has outperformed its all-cap stock benchmark (a combination of the S&P 500, S&P mid-cap, and Russell 2000 benchmark indices), delivering robust returns for investors. What accounts for this? The quarterly rebalanced mix of large-, mid-, and small-cap RV Portfolio stocks offered an adaptive means to maximize the advantages of favorable market conditions while curbing losses when markets decline, as outlined in RV Portfolio performance metrics.
