Nvidia supplier SK Hynix Q2 profit rises 69%, slightly above forecasts
The Nvidia supplier reported a 9.2 trillion won ($6.69 billion) operating profit for the April-June period versus 5.5 trillion won a year earlier.
That compared with a 9.0 trillion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate.
The firm has been a main high-bandwidth memory (HBM) chip supplier to Nvidia, as its cross-town rival Samsung Electronics has struggled to keep up in the race.
($1 = 1,374.5800 won)
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CNA
3 hours ago
- CNA
‘I miss the excitement': PS Cafe's Peter Teo returns to F&B scene with new bistro in Holland Village
While retirement ushers in a slower pace in life and well-earned rest for many, Peter Teo, co-founder of Singapore's beloved PS Cafe, found himself grappling with a missing sense of purpose. In 2022, Teo and his longtime partners Philip Chin and Richard Chamberlain, sold their remaining stakes in PSGourmet, the parent company of PS Cafe, to investment firm Sun Venture. 'We'd built what we built over more than 25 years. [We felt it was time] to get new blood into the business, with a new vision to take it to the next stage,' Teo said of the exit. By then, PS Cafe had multiple outlets across Singapore and had even expanded abroad. The group's portfolio had also diversified to include contemporary Japanese restaurant Jypsy and Anglo-Chinese eatery Chopsuey Cafe. With the business at that scale, the trio felt it was no longer the right fit for where they were in their lives. 'It was about doing the right thing by PS Cafe and responsibly passing it on to people with the energy to further grow the business,' said Teo. Retirement saw Teo spending more time in New Zealand, where his sister and family live. 'It was a different pace of life, where people are not on their phones all the time and they talk to you on the street. It was a bit more relaxing, and the weather can be lovely.' But in a true case of 'the grass is always greener,' it wasn't long before the creative entrepreneur and F&B veteran grew restless. 'What I realise is, when I don't have PS Cafe or a business to run, I miss the excitement,' Teo laughed. 'It's always the case, when you're very busy, you want an escape. But when you're not busy, you start looking for some busyness.' A NEW CHAPTER To scratch the itch, Teo ended up investing in a humble pie business he had come across at a farmer's market, which reignited his love for F&B and hospitality. Earlier this year, he partnered with distiller Philibert Gandy and Edward Lee, PSGourmet's former group business director, to open a distillery back in Singapore called Distillius. Teo has always had a passion for exploring new flavours. 'For me, tasting is about discovery. I'll eat airplane food just to see how it was done. I know it's not going to be great, but I'm just curious,' he said, adding with a chuckle that his 'waist is not very happy about it'. This natural curiosity brought him to the process of distillation, which he describes as equal parts art and science. 'There's the art of deciding what botanicals you want to put together, and then the science of how to do it, and then the end product is where both art and science meet.' Distillius specialises in what Teo calls 'equatorial aperitifs', crafted from botanicals from the equatorial belt. One of the products the team came up with is Arveau, a bittersweet amaro made from ginseng root, calamansi and torch ginger. Another product is the Super Pandan, a grass-fresh liqueur that captures the pure aroma of pandan leaves. As the team continued to experiment, they began looking for a space where people could taste their creations. Leaning into Teo's expertise in F&B, they came up with the idea of a bistro. 'We could try to get our products into other bars or restaurants, but there's nothing like coming to a space specially designed to showcase your creations,' Teo reasoned. The tasting experience, Teo felt, should be complemented by food. 'We felt that we needed to create something in a restaurant setting, where you can have a cocktail before dinner. It's what we call tasting in the wild.' RETURNING TO F&B Chip Bee Bistro, located in the heart of Chip Bee Gardens in Holland Village, opened on Jul 24. For the new project, Teo roped in the founding members of PS Cafe, Chin and Chamberlain, along with Lee, as partners. 'We have worked together for so long and we're all strong in our own ways. Philip and I work on the food. Richard is very much into the design of the space. Working with them is like having a comfort blanket. I can't imagine not getting their feedback and input,' he said about bringing the band back together. At a time when Holland Village is facing a wave of closures – including long-standing F&B establishments Crystal Jade La Mian Xiao Long Boa and Wala Wala – some may question Teo's choice of location. But Teo and his co-founders have a special connection to the neighbourhood. 'The first house that Philip, Richard and I shared together was in Taman Warna. So this feels a bit like coming home,' shared Teo. Teo is unfazed by the current headwinds in Holland Village. After all, PS Cafe thrived by opening outlets in offbeat or unconventional locations such as Dempsey in its early days, and later on, Parkland Green in East Coast. 'I am drawn to spaces that require creativity to overcome some of the challenges it may face. But you never know. Fingers crossed, this will work out.' A 'GROWN-UP' TAKE ON CASUAL DINING Chip Bee Bistro occupies a spacious double unit along Jalan Merah Saga. Stepping into the space, guests first enter the bar area and tasting room, which sets a welcoming tone. A short flight of steps leads to the main dining room. Design has always been a cornerstone of PS Cafe's appeal, and Chip Bee Bistro applies the same meticulous attention to detail. The elegant interiors feature a mix of warm woods, dark accents and neutral tones, along with black-and-white checkered tile flooring. Natural light floods in from tall vertical windows. While Teo is reluctant to draw comparisons to PS Cafe, he describes Chip Bee Bistro as a little more 'grown-up'. 'We're consciously trying to start a new chapter, so what about that new chapter is new?' he mused. 'Some things don't change, such as table height and chair comfort. Those are things you don't skimp on because they are important to the dining experience. But we're now experimenting with a new palette of colours and materials to more adequately represent this new chapter. But ultimately, I leave it up to guests to decide for themselves whether it feels fresh.' One key lesson Teo carries from the PS Cafe days is that the basics of running a good restaurant never change. 'We are focused on keeping the fundamentals right, which are consistent food quality and great hospitality,' he asserted. Teo describes the food as 'Australian-inspired, European-leaning'. The menu consists of sharing plates that guests can enjoy with cocktails, alongside a selection of mains suitable for one. 'I wanted the place to feel like a bistro that's got life through the day, and guests won't always feel like having sharing plates. Sometimes you might be by yourself or with a partner, and you just want a burger or pasta.' Some highlights include the Steak & Frites, Duck Leg Confit, Spilt Wings, Triple Cheese & Potato Crochette and more. If there's one dish Teo recommends trying, it's the CB Bistro Burger. Whenever he dines out, Teo is often on the lookout for a good burger. 'Some chefs think it's beneath them to put a burger on the menu. That has always mystified me, because there are good burgers and not-so-good burgers.' The drink menu was developed in collaboration with cocktail maestro Jay Gray, formerly from cocktail bar Sago House. Distillius' aperitifs, liqueurs and syrups are naturally core to the menu. There are four key cocktails – the Arveau Lychee Spritz, Chocolate and Spice Negroni, Arveau Espresso Martini and Old Fashion Pandan – along with non-alcoholic options crafted with Distillius' range of syrups and equatorial botanicals such as roselle, torchflower and black lime. As for Teo's vision for the bistro and distillery, he is content to take things one step a time. 'We will put our very best into it and the way we've worked in the past is to be open to the universe and see what happens.' It's the same guiding principle that underpinned the success of PS Cafe over the decades, which began in 1999 as a spin-off from fashion brand Projectshop. 'We started with souvenir T-shirts, then we did womenswear, menswear, bags and then we had the cafe. We've always got something new and creative on the boil, and one thing always leads to another.' A SENSE OF FAMILY The F&B industry is tough business and Teo is cognisant of the challenges that lie ahead. 'There's never a good time to open a restaurant. There are so many restaurants closing, but at the same time, the statistics show that there are just as many opening,' said Teo, jokingly adding with a chuckle that 'the best business to be in is the kitchen supply business'. Despite what the numbers may show, Teo believes people are always looking for comforting, familiar places they can regularly go back to. 'That's what PS Cafe was for many people, with something for everyone on the menu.' Yet, Teo admits to worrying that 'there are some things people know that I don't'. 'The market has changed. We exited the business three years ago,' he acknowledged. 'But I've done F&B for so long to know there will always be new challenges. So, just hantam lah,' he laughed. What ultimately pulled him out of retirement and back into the F&B scene is the sense of family. 'It's about talking with the chef, with the front of house team. These bonds you form that are so special. I don't have a family of my own so this is my family,' quipped Teo. This collective spirit is encapsulated in a painting that hangs prominently in the bistro's main dining room – a commissioned work by Singaporean artist Jimmy Ong, a long-time friend of Teo's. Titled 'Gathering after the Monsoon', it depicts a team working together in the aftermath of a storm, shrouded amid tropical foliage. 'I wanted to have something [in the bistro] that showcases how it takes a village to build a successful business,' said Teo. DEFINING SUCCESS Having built a legacy with PS Cafe, and now starting a new chapter, how does Teo define success today? 'I feel like I don't have so much to prove anymore. We created a great business that's still a great brand and passed it on for its next iteration. Success, for me, is about enjoying my journey now and most importantly, working with the team of younger people who are passionate about the industry." In fact, what energises him the most is mentoring the next generation of 'wide-eyed and bushy-tailed' F&B talent. When asked for advice he would give to young people in the industry, he takes a moment to pause before answering: 'I've always believed the best advice you can give someone is to be a good example." That's what Teo hopes they did with PS Cafe. 'We showed that you can open a single cafe and it can grow, and at some point, you can pass it on to the next owner,' Teo reflected. While Teo is careful 'not to sound arrogant', he takes pride in the fact that cafes in Singapore have drawn inspiration from the brand. 'I feel happy that we've played a part in creating a very dynamic cafe and casual dining scene in Singapore. Our DNA is almost everywhere you look,' he said. 'I try to do things effortlessly and in a natural way,' he continued. 'I honestly feel like I'm also learning all the time and I'm terrified on whether [this new venture] is going to be successful or not. I can only do my best and if this ends up meaning something to someone, then I think I've done my job.'
CNA
3 hours ago
- CNA
Meta names ChatGPT co-creator as chief scientist of Superintelligence Lab
NEW YORK :Meta Platforms has appointed Shengjia Zhao, co-creator of ChatGPT, as chief scientist of its Superintelligence Lab, CEO Mark Zuckerberg said on Friday, as the company accelerates its push into advanced AI. "In this role, Shengjia will set the research agenda and scientific direction for our new lab working directly with me and Alex," Zuckerberg wrote in a Threads post, referring to Meta's Chief AI Officer Alexandr Wang, who Zuckerberg hired from startup Scale AI when Meta took a big stake in it. Zhao, a former research scientist at OpenAI, co-created ChatGPT, GPT-4 and several of OpenAI's mini models, including 4.1 and o3. He is among several researchers who have moved from OpenAI to Meta in recent weeks, part of a broader talent arms race as Zuckerberg aggressively hires from rivals to close the gap in advanced AI. Meta has been offering some of Silicon Valley's most lucrative pay packages and striking startup deals to attract top researchers, a strategy that follows the underwhelming performance of its Llama 4 model. Meta launched the Superintelligence Lab recently to consolidate work on its Llama models and long‑term artificial general intelligence ambitions. Zhao is a co-founder of the lab, according to the Threads post, which operates separately from FAIR, Meta's established AI research division led by deep learning pioneer Yann LeCun. Zuckerberg has said Meta aims to build 'full general intelligence' and release its work as open source — a strategy that has drawn both praise and concern within the AI community.
CNA
3 hours ago
- CNA
Tesla gets multiple shareholder proposals related to investment in xAI
Tesla said on Friday it has received a number of shareholder proposals regarding the automaker investing in CEO Elon Musk's artificial intelligence startup xAI. Musk earlier in July ruled out a merger between Tesla and xAI but said he plans to hold a shareholder vote on investment in the startup by the automaker. Tesla, which will hold its annual shareholder meeting on November 6, said it will only include one proposal on each topic in its proxy statement, in accordance with SEC rules. Earlier this month, the board set July 31 as the deadline for the submission of shareholder proposals to be included in the proxy statement.
