
Technical body of Brazil antitrust regulator recommends ruling against Apple in iOS case
In a statement, CADE said the case, which follows a complaint by Latin America e-commerce firm MercadoLibre, will be decided by an internal panel.
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CNA
20 hours ago
- CNA
Foxconn reports record Q2 revenue, cautions about geopolitical and exchange rate risks
TAIPEI :Taiwan's Foxconn, the world's largest contract electronics maker, reported record second-quarter revenue on strong demand for artificial intelligence products but cautioned about geopolitical and exchange rate headwinds. Revenue for Apple's biggest iPhone assembler jumped 15.82 per cent year-on-year to T$1.797 trillion, Foxconn said in a statement on Saturday, beating the T$1.7896 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate. Robust AI demand led to strong revenue growth for its cloud and networking products division, said Foxconn, whose customers include AI chip firm Nvidia. Smart consumer electronics, which includes iPhones, posted 'flattish' year-on-year revenue growth affected by exchange rates, it said. June revenue roses 10.09 per cent on year to T$540.237 billion, a record high for that month. Foxconn said it anticipates growth in this quarter from the previous three months and from the same period last year but cautioned about potential risks to growth. "The impact of evolving global political and economic conditions and exchange rate changes will need continued close monitoring," it said without elaborating. U.S. President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the "take it or leave it" offers to be sent out on Monday. The Chinese city of Zhengzhou is home to the world's largest iPhone manufacturing facility, operated by Foxconn. The company, formally called Hon Hai Precision Industry, does not provide numerical forecasts. It will report full second quarter earnings on August 14. Foxconn's shares jumped 76 per cent last year, far outperforming the 28.5 per cent rise for the Taiwan market, but are down 12.5 per cent so far this year, reflecting broader pressure on tech stocks rattled by Trump's tumultuous trade policy. The stock closed down 1.83 per cent on Friday ahead of the revenue data release, compared with a 0.73 per cent drop for the benchmark index.


CNA
21 hours ago
- CNA
Foxconn second quarter revenue rises 15.82% on year
TAIPEI :Taiwan's Foxconn, the world's largest contract electronics maker and Apple's biggest iPhone assembler, on Saturday reported second quarter revenue rose 15.82 per cent from the same period last year to a record for the quarter. Foxconn, also a major supplier to artificial intelligence chip firm Nvidia, said it expected third-quarter business to grow on quarter and on year.


CNA
3 days ago
- CNA
Nvidia set to become world's most valuable company in history
Nvidia was on track to become the most valuable company in history on Thursday (Jul 2), with the chipmaker's market capitalisation reaching US$3.92 trillion as Wall Street doubled down on optimism about artificial intelligence. Shares of the leading designer of high-end AI chips were up 2.2 per cent at US$160.60 in morning trading, giving the company a higher market capitalisation than Apple's record closing value of US$3.915 trillion on Dec 26, 2024. Nvidia's newest chips have made gains in training the largest AI models, fueling demand for products by the Santa Clara, California, company. Microsoft is currently the second-most valuable company on Wall Street, with a market capitalisation of US$3.7 trillion as its shares rose 1.5 per cent to US$498.5. Apple rose 0.8 per cent, giving it a market value of US$3.19 trillion, in third place. A race among Microsoft, Meta Platforms, Alphabet and Tesla to build AI data centres and dominate the emerging technology has fueled insatiable demand for Nvidia's high-end processors. "When the first company crossed a trillion dollars, it was amazing. And now you're talking four trillion, which is just incredible. It tells you that there's this huge rush with AI spending and everybody's chasing it right now," said Joe Saluzzi, co-manager of trading at Themis Trading. The stock market value of Nvidia, whose core technology was developed to power video games, has increased nearly eightfold over the past four years, from US$500 billion in 2021. Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom. Nvidia recently traded at about 32 times analysts' expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia's sizable stock gains. The company's stock has now rebounded more than 68 per cent from its recent closing low on Apr 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. US stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump's tariffs. Nvidia holds a weight of nearly 7.4 per cent on the benchmark S&P 500. AI POSTER CHILD Nvidia's swelling market capitalisation underscores Wall Street's big bets on the proliferation of generative AI technology, with the chipmaker's hardware serving as the foundation. Co-founded in 1993 by CEO Jensen Huang, Nvidia has evolved from a niche company popular among video game enthusiasts into Wall Street's barometer for the AI industry. The stock's recent rally comes after a slow first half of the year, when investor optimism about AI took a back seat to worries about tariffs and Trump's trade dispute with Beijing. Chinese startup DeepSeek in January triggered a selloff in global equities markets with a cut-price AI model that outperformed many Western competitors and sparked speculation that companies might spend less on high-end processors.