
India's Milky Mist files draft papers for $236 million IPO
($1 = 86.2490 Indian rupees)

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Reuters
22 minutes ago
- Reuters
Intel's foundry future depends on securing a customer for next-gen chipmaking tech
SAN FRANCISCO, July 24 (Reuters) - Intel (INTC.O), opens new tab warned investors on Thursday that it may have to get out of the chip manufacturing business if it does not land external customers to make chips in its factories. New CEO Lip-Bu Tan said on Thursday the company's engineers were busy working with customers to jump-start its next-generation contract manufacturing process, or foundry, as the company announced big layoffs alongside a wider-than-expected third-quarter loss outlook. Those customers for the company's so-called 14A manufacturing process are crucial to the success of the technology - so much so that if it fails to secure a big one, it could shut down its cutting-edge manufacturing business altogether, according to Intel's quarterly filing on Thursday. The possibility that Intel could drop out of the cutting-edge manufacturing business would be a historic shift for a company that has described itself as a steward of Moore's Law - an observation by Intel co-founder Gordon Moore about the fast rate of development of the chip industry that held true for decades. Intel is the only U.S. chipmaker capable of making advanced computing chips. Intel has struggled for years due to management missteps, missing out on the AI race and losing market share to its longtime rival AMD (AMD.O), opens new tab. Former CEO Patrick Gelsinger poured money into Intel's foundry business, aiming to compete with chip manufacturing giant TSMC ( opens new tab. Tan, who has already taken steps to right the ship, said on a post-earnings call on Thursday that he was personally reviewing all chip designs and investments. "We're developing Intel 14A ... from the ground up in close partnership with large external customers," Tan said in a memo released with the results. "Going forward, our investment in Intel 14A will be based on confirmed customer commitments. "We will build what our customers need, when they need it, and earn their trust through consistent execution." Intel said that without a significant customer, it would consider cancelling or pausing development of 14A and subsequent technologies. Should the company take the step, it planned to continue to manufacture chips with its 18A technology and a variant through 2030, according to the filing. In a post-earnings conference call, Tan said on Thursday that he is focused on working with customers to ensure 14A is a success and that tight collaboration with external customers is something that was absent from the company's 18A, which is set to go into high-volume production later this year. Tan said bringing those prospective customers in and gaining their feedback during 14A's development has already made it more promising than 18A. "That gave me a lot more confidence that this time, we have customers (that) are engaging early enough in the inception" of 14A, Tan said. "We learn from our mistakes, and we can learn quicker and then get a better result." The consequences of a decision to halt internal manufacturing would be significant for Intel, the filing said. It would mean that over time, Intel would become dependent on Taiwan's TSMC ( opens new tab for contract manufacturing, or foundry, services. Doing so would also put it at a competitive disadvantage to competitors such as AMD, which has longer relationships and experience working with TSMC. Intel had roughly $100 billion of chipmaking equipment as of June 28. If the company halted its 14A manufacturing line, the company expects "significant material impairments" related to the company's foundry assets, the company's filing said.


Reuters
22 minutes ago
- Reuters
National Securities Depository sets price band of 760-800 rupees per share in Indian IPO
July 25 (Reuters) - India's largest depository National Securities Depository ( opens new tab has set a price band of 760-800 rupees per share for its initial public offering (IPO), according to a newspaper advertisement. At the top end of the price band, the IPO is expected to raise about 40 billion rupees ($464 million). The IPO will be open for bids from July 30 to August 1, while anchor investors can submit their bids on July 29. ($1 = 86.4570 Indian rupees)


Reuters
22 minutes ago
- Reuters
Asian stocks slip from highs, dollar gains as markets brace for crucial week
TOKYO, July 25 (Reuters) - Asian shares eased from highs on Friday, with Japanese markets retreating from a record peak, as investors locked in profits ahead of a crucial week that includes U.S. President Donald Trump's tariff deadline and a host of central bank meetings. The dollar gained against the yen after bouncing off a two-week low on Thursday, helped by some firm U.S. economic data, while Japan's currency was weighed down by political uncertainty amid media reports Prime Minister Shigeru Ishiba will step down. Benchmark Japanese government bond yields hovered just below the highest since 2008. Japan's broad Topix index (.TOPX), opens new tab, which had jumped more than 5% over the previous two sessions to reach an all-time high, pulled back 0.7%. The Nikkei (.N225), opens new tab slipped 0.5% from Thursday's one-year high. Hong Kong's Hang Seng (.HSI), opens new tab lost 0.5% and mainland Chinese blue chips (.CSI300), opens new tab declined 0.2%. Australia's equity benchmark (.AXJO), opens new tab declined 0.5%. At the same time, U.S. S&P 500 futures added 0.2%, after the cash index (.SPX), opens new tab edged up slightly to a new record closing high overnight, buoyed by robust earnings from Google parent Alphabet (GOOGL.O), opens new tab. The tech-heavy Nasdaq (.IXIC), opens new tab also marked a record high. MSCI's gauge of stocks across the globe (.MIWD00000PUS), opens new tab edged down 0.1%, but remained just below an all-time peak from Thursday. The index is on course for a 1.3% weekly advance, buoyed in large part by optimism for U.S. trade deals with the European Union and China, following an agreement with Japan this week. Next week, in the U.S. alone, investors need to contend with Trump's August 1 deadline for trade deals, a Federal Reserve policy meeting, the closely watched monthly payrolls report, and earnings from the likes of Amazon, Apple, Meta and Microsoft. The Bank of Japan has its own policy announcement on Thursday, and Prime Minister Ishiba's Liberal Democratic Party holds a meeting the same day. That's after the European Central Bank held rates steady on Thursday, pausing its easing campaign as it waits to assess any impact from U.S. tariffs. The euro ended the session down 0.2% against a buoyant dollar, and was little changed on Friday at $1.1743 . The U.S. currency advanced 0.3% to 147.37 yen , adding to Thursday's 0.4% gain. Trump kept the pressure on Fed Chair Jerome Powell to cut rates after a rare presidential visit to the central bank on Thursday, although he said he did not intend to fire Powell, as he has frequently suggested he would. U.S. 10-year Treasury yields edged down to 4.39% on Friday, effectively erasing an advance on Thursday. Equivalent Japanese government bond yields eased 0.5 basis point to 1.595%, just off this week's high of 1.6%, a level last seen in October 2008. JGB yields have been rising on concerns the political scale is tilting more towards fiscal stimulus, after big gains for opposition parties backing consumption tax cuts in Sunday's upper house election. Pressure is building on the more fiscally hawkish Ishiba to quit after his coalition lost its majority in the vote, after doing the same in lower house elections last October. Gold was flat at around $3,368 per ounce, keeping it on course for a 0.5% rise this week. Brent crude futures gained 0.3% to $69.35 a barrel, while U.S. West Texas Intermediate crude futures added 0.2% to $66.18 per barrel.