Hewlett Packard signs cooperation deal with Elliott, adds tech veteran to board
As part of the agreement, the company's board has named KLA Corp Chairman Robert Calderoni as director.
Elliott had built a stake of more than $1.5 billion in Hewlett Packard Enterprise, a person familiar with the matter had said in April.
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Business Times
a day ago
- Business Times
China state media asks Nvidia to prove H20 chips are secure
[HONG KONG] China state media is calling for Nvidia to prove that its H20 chip is secure, saying it cannot allow flawed chips into the country. China's top Internet watchdog summoned Nvidia representatives earlier this week to discuss what Chinese officials called significant security vulnerabilities in the H20. The Cyberspace Administration of China said that Nvidia would need to explain potential security risks and provide documents as needed, citing comments by US lawmakers about the need to install tracking capabilities on advanced chips being exported. 'As soon as 'backdoors' in chips are triggered, we can encounter a 'nightmare',' the People's Daily, a mouthpiece for the Chinese Communist Party, said in a commentary on Friday (Aug 1). 'We need to maintain the security of the cyberspace and we cannot allow 'infected' chips to be put to work.' More scrutiny of the artificial intelligence (AI) chip would throw a wrench China's already-contentious trade talks with the US. Santa Clara, California-based Nvidia had designed the H20 to comply with US export controls on its technology, and the company was hoping to start sales after the US granted a license. 'Cybersecurity is critically important to us,' Nvidia said on Thursday. 'Nvidia does not have 'backdoors' in our chips that would give anyone a remote way to access or control them.' US and Chinese officials met in Stockholm this week to discuss trade terms in talks that Chinese state media said that 'deepened mutual trust', though the two sides still have several disagreements over the potential new tariffs. The warning in People's Daily may signal that Chinese officials don't find H20s, which are less powerful than Nvidia's most high-end chips, to be worthy offerings. The Trump administration in April barred Nvidia from selling H20s to China in an escalation of the ongoing tech war between the world's two largest economies. Trump officials then pledged to lift those restrictions in July as part of a trade deal for China to allow more sales of rare-earth magnets needed to make a range of high-tech products. US Commerce Secretary Howard Lutnick had touted the resumption of sales of the H20 as a breakthrough that came from bilateral discussions in London, framing it as a concession to China. US Treasury Secretary Scott Bessent, meanwhile, said earlier this week that the magnet issue has been 'solved'. However, it is unclear whether Nvidia has received licenses to resume shipping those semiconductors. Nvidia boss Jensen Huang himself recently concluded a high-profile visit to Beijing, where he feted national Chinese champions such as DeepSeek and celebrated the country's rising prowess in AI. The billionaire had denied Nvidia installed backdoors in its product, saying that would not make business sense. BLOOMBERG
Business Times
a day ago
- Business Times
Europe: Shares log biggest daily drop since April after US tariffs hike
[BENGALURU] European stocks logged their biggest one-day drop in over three months on Friday (Aug 1), at the end of a busy week as investors grappled with the repercussions of fresh US levies on dozens of countries, including a 39 per cent tariff on Switzerland. Investors shunned riskier equities globally as Trump continued his tariff blitz, announcing steep levies on exports from dozens of trading partners including Canada, Brazil, India and Taiwan with countries not listed subject to a base 10 per cent rate ahead of a Friday trade deal deadline. Healthcare stocks lost 1 per cent after US President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies, including Novo Nordisk and Sanofi, outlining how they should slash US prescription drug prices. The sector was already singed this week by Novo Nordisk's profit warning. The Denmark-listed Wegovy-maker shed 1.8 per cent and logged its steepest weekly decline on record. 'We saw during the week that companies such as Novo Nordisk had different issues. European pharma is very close to bottoming and that's why it didn't react to the uncertainty around tariffs and policy,' Anthi Tsouvali, a multi-asset strategist at UBS Global Wealth Management said. 'Europe is an export market... if we see heightened tariffs all over the world and trade being subdued, then that will have an impact on European companies regardless.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The pan-European Stoxx 600 index slid 1.9 per cent and marked its biggest one-week drop since early April when Trump unveiled his tariffs on world economies. The euro Stoxx volatility index jumped 4.25 points to its highest in over one-month. The Stoxx index has lost over 5 per cent from its March peak, after coming within 2 per cent of that level earlier this week, dragged down by a record plunge in Novo Nordisk shares, and as investors assess the implications of the U.S.-EU trade deal. Markets in Switzerland were shut for a holiday, but UK-listed Watches of Switzerland declined 6.8 per cent, while a U.S.-listed exchange traded fund tracking the country's equities slid to a more than three-month low and was last down 1.2 per cent. Most regional bourses were in the red, with Germany's blue-chip DAX down 2.7 per cent, while Denmark's OMXC fell 1.8 per cent to a nearly two-year low. Banks, that had rallied earlier in the week, were down 3.4 per cent and were the top sectoral underperformer as they notched their biggest one-day drop since early April. Adding to the dour mood, US data showed job growth slowed sharply in July, which boosted bets for an interest rate cut by the Federal Reserve next month, while traders also priced in a dovish move by the European Central Bank later this year. In a bright spot, Italy's Campari was the top gainer on the Stoxx 600 index, adding 7.9 per cent after reporting an increase in second-quarter operating profit. REUTERS
CNA
a day ago
- CNA
Meta to share AI infrastructure costs via $2 billion asset sale
Meta Platforms is pressing ahead with efforts to bring in outside partners to help fund the massive infrastructure needed to power artificial intelligence, disclosing plans in a filing on Thursday to offload $2 billion in data center assets as part of that strategy. The strategy reflects a broader shift among tech giants — long known for self-funding growth — as they grapple with the soaring cost of building and powering data centers to support generative AI. The social media giant said earlier this week that it was exploring ways to work with financial partners to co-develop data centers to help finance its massive capital outlay for next year. 'We're exploring ways to work with financial partners to co-develop data centers,' Meta Chief Finance Officer Susan Li said on a post-earnings conference call on Wednesday. While the company still expects to fund much of its capital spending internally, some projects could attract 'significant external financing' and offer more flexibility if infrastructure needs shift over time, Li said. The company did not have any finalized transactions to announce, she said. The disclosure in Meta's quarterly filing, however, signals that plans are firming up. In its quarterly filing on Thursday, Meta said it had approved a plan in June to dispose of certain data center assets and reclassified $2.04 billion worth of land and construction-in-progress as "held-for-sale". These assets were expected to be contributed to a third party within the next twelve months for co-developing data centers. Meta did not record a loss on the reclassification, which values the assets at the lower of their carrying amounts or fair value less costs to sell. As of June 30, total held-for-sale assets stood at $3.26 billion, according to the filing. Meta declined to comment for this story. CEO Mark Zuckerberg has laid out plans to invest hundreds of billions of dollars into constructing AI data center 'superclusters' for superintelligence. 'Just one of these covers a significant part of the footprint of Manhattan,' he said. The Instagram and WhatsApp owner on Wednesday raised the bottom end of its annual capital expenditures forecast by $2 billion, to $66 billion to $72 billion.
