India can sustain iPhone growth despite Foxconn recall: Ashwini Vaishnaw
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Time of India
37 minutes ago
- Time of India
Textiles exporters face fresh trade uncertainty amid Trump's latest announcements
NEW DELHI: US President 's latest tariff announcements have resulted in fresh uncertainty, with buyers expected to go slow on new orders. While textiles exporters seem to have got an advantage over Bangladesh, which has been slapped with 35% duty by Trump, industry is keeping close tabs on India's bilateral trade deal with the US as the American president has claimed the agreement with Vietnam allows him to impose a 20% tariff, although there may be product-specific concessions. Tired of too many ads? go ad free now In any case, the final word is not out on where tariffs settle in the coming weeks, with countries, including Bangladesh, once again rushing to Washington to rebalance the equations. "We need to watch how tariffs move. Buyers are a little confused at the moment," said V Elangovan, managing director of Tirupur-based SNQS International. What is adding to the complications is China. "Retailers have to fill their shelves. Last week, our merchandisers were in Shanghai, we could not compete because the Chinese were quoting better prices this year than last year. It is not clear how they can do so when the tariff for them is higher. We need more hand-holding from govt," he added. Govt and industry has been pushing for zero duty for garments and home textiles, where Indian products are competitive, although it is unlikely even if a trade deal is worked out as the Trump administration has refused to remove the 10% baseline tariff applicable on all countries. At 10%, Indian exporters are seen to be better off than rivals, provided subsidies are not doled out to Chinese manufacturers. In natural garments, where India has traditional strength, the cost disadvantage is relatively small, 3-4%. However, in synthetic garments, the gap widens to 10-11% due to higher production costs, Apparel Export Promotion Council (AEPC) said. "India, even with the existing reciprocal tariff rate (26% announced in April), will gain in export competitiveness vis-a-vis major garment exporting competing countries. Tired of too many ads? go ad free now Besides, we are quite hopeful of India striking a favourable trade deal which will further improve the competitiveness of India's apparel exports in all important US market... even a moderate reduction in the reciprocal tariff to around 15% could significantly improve our competitiveness across both natural and synthetic garment categories, thereby opening infinite export possibilities for India amid shifting global sourcing trends," said AEPC CEO Mithileshwar Thakur. With current tariff levels - India at 26%, Vietnam at 20%, and Bangladesh at 35% - India is seen to be competitive against Bangladesh in natural garments but faces pressure in the synthetics segment. "It is looking good for us and a trade deal will help," said K M Subramani, president of Tirupur Exporters' Association. The big question is the ability of Indian garment makers to manufacture on a scale, especially given their reluctance to invest in capacity addition.
Economic Times
an hour ago
- Economic Times
The Magnificent Seven just lost Tesla and Apple - these 2 surging tech stocks are taking over fast
In a potential shake-up of the "Magnificent Seven" tech stocks, Tesla and Apple might be losing their spots to two rising stars: Oracle and Broadcom, as per a report. The shift's recommendation comes from Vimal Patel, manager of the Columbia Seligman Global Technology Fund, a fund that has outperformed its peers by six percentage points annually over the past five years, according to a report by Morningstar who holds an advanced degree in electrical engineering and has a background in the tech industry, is calling for an upgrade to the traditional list of mega-cap tech names, replacing Tesla and Apple with two companies he believes are better positioned for future growth, as per a report by Market Watch. Tesla has had an impressive run, but Patel thinks it's time to take a step back, according to the report. He points to growing competition in the electric vehicle space, especially from China, which is forcing Tesla into price cuts and squeezing margins, as per Market Watch said that, 'It's just a pricing war out there,' as quoted in the report. He's also skeptical about Tesla's long-term bets on robotaxis and humanoid robots, saying, 'We don't buy hopes and dreams,' as quoted by Market Watch. ALSO READ: Billionaires ditch Nvidia for this AI stock that's soared 2,000% since 2023 Apple remains popular with consumers, but Patel sees three key challenges. First, iPhone upgrade fatigue as he said, 'We have been waiting for an iPhone growth cycle, and we have not seen it,' as quoted in the report. Second, Apple's AI offerings haven't impressed and third, the company's exposure to China puts it at serious geopolitical risk, according to the Market Watch said that, 'Of all the Mag 7, they are the most exposed,' adding, 'They are not in a good position to navigate the tariff situation,' as quoted in the READ: Trump blasted for embarrassing typo in tariff letter — misgenders foreign leaderOracle has quietly become a strong competitor in the cloud space, especially through its Oracle Cloud Infrastructure (OCI) business, according to the report. Once known mostly for databases, the company is now gaining ground against Amazon Web Services, Microsoft Azure, and Google Cloud, as reported by Market said, 'They are becoming the next hyperscaler,' adding, "They are starting to show their chops,' as quoted in the report. In its most recent quarter, Oracle reported cloud revenue of $6.7 billion, up 27%, and total sales of $15.9 billion, an 11% increase, as reported by Market Watch. CEO Safra Catz expects cloud revenue to grow another 40% in the next year, as per the report. Oracle is also making strides in AI through Oracle 23 AI, which allows companies to run large language models directly on their private data, according to Market Watch. ALSO READ: VantageScore 4.0 just got a major boost - what it means for your credit and loans While Nvidia has dominated headlines, Broadcom is helping some of the world's biggest tech companies build custom AI chips, a cost-saving move gaining popularity among hyperscalers like Amazon, Google, and Microsoft, as reorted by Market Watch. Patel explained that, 'Instead of spending a ton of money on Nvidia chips, hyperscalers create their own chips made by Broadcom. This reduces costs and power requirements dramatically,' as quoted in the report. Broadcom's AI chip revenue rose 46% to $4.4 billion last quarter, helping total revenue reach $15 billion, as per the report. The company expects AI chip sales to climb to $5.1 billion in the next quarter, a 60% year-over-year jump, reported Market Watch. Broadcom is also a key supplier of networking and wireless chips, making it a crucial player in several areas of tech infrastructure, according to the Market Watch is recommending this change to the Magnificent Seven list?Vimal Patel, a seasoned tech investor and manager of the Columbia Seligman Global Technology Fund, which has outperformed its peers for years, as per the Market Watch report. Should I consider investing in Oracle or Broadcom now? While Patel sees long-term promise in both, always consider your risk tolerance and investment goals before making portfolio changes.
Time of India
an hour ago
- Time of India
Mark Zuckerberg now hires top Apple exec for the unit that made OpenAI 'shutdown' for one-full week
It seems Facebook-and Instagram parent Meta CEO Mark Zuckerberg is still not done shopping talent for his new AI superintelligence unit. According to a report in Bloomberg, Apple's head of AI models, Ruoming Pang , is leaving the iPhone maker to work at Meta. This marks the latest high-ranking AI executive that Mark Zuckerberg has poached to be part of his new AI superintelligence unit. With this, the Apple exec joins an array of talent Zuckerberg has poached in recent months, including leaders from Google DeepMind, OpenAI , and Safe Superintelligence. Pang is said to be a key part of Apple's in-house team that trained the AI foundation models that are said to underpin Apple Intelligence and other on-device AI features. Pang is reported to offer expertise in designing small, on-device AI models to Meta. Sources told Bloomberg that Ruoming Pang's departure might be the first of many in Apple's troubled AI unit. Meta's aggressive hiring drive for AI talent Meta Platforms is reported to be racing to secure top AI talent for its newly created Superintelligence Labs to better compete with rivals including OpenAI, Google and Anthropic. The Facebook and Instagram parent's aggressive hiring for its unified AI initiative has intensified the talent war in Silicon Valley. OpenAI Chief Research Officer warning to employees ChatGPT-maker OpenAI recently announced a rare company-wide shutdown to give employees time to recharge after months of grueling 80-hour workweeks. According to a report by Wired, the temporary closure comes as the ChatGPT maker fights to retain top talent amid Meta's aggressive $100 million recruitment offers. Chief Research Officer Mark Chen is said to have warned employees in an internal Slack memo that Meta would likely exploit the shutdown period to pressure OpenAI researchers into making quick decisions. "Meta knows we're taking this week to recharge and will take advantage of it to try and pressure you to make decisions fast and in isolation," Mark Chen wrote, in the memo as seen by Wired. Meta's superintelligence lab has hired Lucas Beyer, Alexander Kolesnikov, Xiaohua Zhai, and Trapit Bansal; a foundational contributor to OpenAI's o1 model. Who replaces Ruoming Pang at Apple With Pang's departure, the AFM team will now reportedly be headed by Zhifeng Chen. In a change from a structure under Pang where most of the engineers reported to him directly, the report said that there will be a new organizational layout that includes multiple managers reporting to Chen, who will then have engineers reporting to them. Apple's overall AI strategy is now run primarily by Craig Federighi, Apple's head of software engineering, and Mike Rockwell, who helped create the Apple Vision Pro headset and now leads engineering for Siri. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
