Broadcom scraps microchip plant investment in Spain, report says
Spain's Digital Transformation Ministry and Broadcom did not immediately respond to requests for comment.
The Europa Press report did not say why the talks had broken down.
The decision will be a blow for Spain's ambition to become a relevant player in the microchip industry in Europe. The government has previously said it would allocate some 12 billion euros ($14 billion) for the semiconductor and microchip industry, using some of the European Union's pandemic relief funds.
Broadcom announced the investment two years ago but did not say how much it would invest. The government said at the time the project could be worth $1 billion and include the construction of "large-scale back-end semiconductors facilities unique in Europe".
($1 = 0.8559 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
Report – Inter Milan Owners Approve €40M Bid For Sought-After Atalanta Forward
Inter Milan owners Oaktree Capital have approved the club's hefty proposal for Atalanta star Ademola Lookman. According to Sky Sport via FCInterNews, the American fund is backing the €40 million bid for the Nigerian. Though Inter and Atalanta have yet to open talks for the 27-year-old, the Nerazzurri have already made contact with the player. Furthermore, Ademola Lookman has reportedly agreed personal terms with Inter as he favors a switch to San Siro. However, Atalanta's demands remain a mystery. Oaktree Approve Inter Milan €40m Bid for Ademola Lookman Inter won't increase their opening bid. Meanwhile, Atalanta's stance remains uncertain, though La Dea reportedly won't sell Lookman for less than €50m. But with the player's seal of approval, Inter will enter negotiations from a position of strength. As for Atalanta, they're waiting for Inter's move. Despite earlier interest in Lois Openda and Christopher Nkunku, Lookman is now the club's top target. However, the San Siro club must first sort out the future of Mehdi Taremi. The Iranian has drawn interest from Besiktas and several Premier League sides.
Yahoo
5 minutes ago
- Yahoo
MOTOR Ai secures $20m for autonomous driving technology
MOTOR Ai, a German company specialising in cognitive AI systems for autonomous driving, has secured $20m in a seed financing round for the deployment of the company's neuroscience-driven technology on public roads in Germany. eCAPITAL and Segenia Capital spearheaded the funding round which also saw contributions from German high-net-worth individuals (HNWI). The fresh capital injection is said to be utilised for the final steps towards type approval for public roads and the following deployment of the company's autonomous vehicles. MOTOR Ai has developed a Level 4 autonomous driving intelligence that employs reasoning via data, rather than mere reaction. At the core of its system is a cognitive architecture based on 'active inference', a neuroscience model that enables vehicles to make transparent decisions. In 2025, MOTOR Ai plans to initiate operations of vehicles equipped with its Level 4 autonomous system in various districts of the country. Although these vehicles will initially be supervised by a safety driver, the aim is to remove the driver by 2026. The deployments will encompass both the full onboard autonomy stack as well as the technical supervision mandated by law. The company's vision is to create a 'certified, explainable driver system' that acts as a foundation for 'safe and transparent autonomy.' MOTOR Ai anticipates type-approval after European and German regulations by 2026. The company was founded by CEO Roy Uhlmann and CTO Adam Bahlke in 2017 in Berlin. Roy Uhlmann said: 'Our solution meets key requirements for transparency and traceability of autonomous driving decisions, as required by authorities. 'That clearly distinguishes us from US providers and at the same time optimally complies with European regulatory requirements.' "MOTOR Ai secures $20m for autonomous driving technology" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
5 minutes ago
- Yahoo
Faced with geopolitics and trade war, US companies in China report record-low new investment plans
WASHINGTON (AP) — American companies in China are reporting record-low new investment plans for this year and declining confidence in profits, while uncertainty in U.S.-China relations and President Donald Trump's tariffs have become their top concerns, according to a business survey released Wednesday. The companies are also challenged by China's slowing economy, where weak domestic demand and overcapacity in local industries are eroding profitability for the Americans. 'Businesses in China are less profitable now than they were years ago, but risks, including reputational risk, regulatory risk, and political risk, are increasing,' said Sean Stein, the president of the U.S.-China Business Council, a Washington-based group that represents American companies doing business in China, including major multinationals. The survey, conducted between March and May and drawing from 130 member companies, came after the two countries clashed over tariffs and non-tariff measures, including export controls on critical products such as rare-earth magnets and advanced computer chips. Following high-level talks in Geneva and London, U.S. and Chinese officials agreed to pull back from sky-high tariffs and restrictions on exports, but uncertainty persists as the two sides are yet to hammer out a more permanent trade deal. Kyle Sullivan, vice president of business advisory services at the USCBC, said more than half of the companies in the survey indicated they do not have new investment plans in China 'at all' this year. "That's a record high,' Sullivan said, noting that it is ''a new development that we have not observed in previous surveys.' Around 40% of companies reported negative effects from U.S. export control measures, with many experiencing lost sales, severed customer relationships, and reputational damage from being unreliable suppliers, according to the survey. Citing national security, the U.S. government has banned exports to China of high-tech products, such as the most advanced chips, which could help boost China's military capabilities. Stein argued that export controls must be very carefully targeted, because businesses from Europe or Japan, or local businesses in China would immediately fill the void left by American companies. Silicon Valley chipmaker Nvidia won approval from the Trump administration to resume sales to China of its advanced H20 chips used to develop artificial intelligence, its CEO Jensen Huang announced on Monday, though the company's most powerful chips remain under U.S. export control rules. While 82% of U.S. companies reported profits in 2024, fewer than half are optimistic about the future in China, reflecting concerns over tariffs, deflation, and policy uncertainty, according to the survey. Also, a record high number of American businesses plan to relocate their business operations outside of China, Sullivan said, as 27% of the members indicated so, up from 19% the year before. In a departure from past surveys, concerns over China's regulatory environment, including risks of intellectual property misuse and lack of market access, didn't make it to the top five concerns this year. That's likely a first, and not for a good reason, Stein said. 'It is not because things got dramatically better on the Chinese side, but the new challenges, often coming from the U.S., are now posing as much of a challenge,' Stein said. Almost all the American companies said they cannot remain globally competitive without their Chinese operations. A survey from the European Union Chamber of Commerce in China in May found that European companies were cutting costs and scaling back investment plans in China as its economy slows and fierce competition drives down prices. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
