Overview of TOP weekly news 11.5.2022

11 / 05 / 2022
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Phillip Morris International to buy Swedish Match

The biggest cigarettes company in the world, Phillip Morris International – which, amongst other brands also make Marlboro, announced that they intend to buy a tobacco and nicotine products company Swedish Match. The offer was to buy the company at 106 Swedish crowns per share, which is around 10,6 USD per stock, if we consider the currency exchange, which was valid at the time of writing. The ending or the whole offer for the company was around 161 billion Swedish crowns, which is around 16 billion dollars. *

Performance of Phillip Morris International stocks in five years period. (Source: Trading Economics)

Tesla exported first cars from Shanghai after the closure

Tesla have reported that they have made the first export from China since reopening the plant in Shanghai, which was closed due to outbreak of Covid. Shipment carried more than 4.500 cars all the way to Slovenia. Company already has plans for the next shipment, as they want to export more than 300.000 cars in 2022. This shipment and the one that is planned to show that Tesla is putting effort into returning the operations back to normal. But Tesla has another problem in China because sales of cars there have dropped for 98% in April, compared with March.

Ford sold Rivian’s shares

Ford Motor Co sold eight million stocks of an electric-car maker Rivian Automotive Inc. The reported price was at 26,80 USD for a stock, or all together around 214 million dollars. Despite the sell-off, they still hold 10,5% stake in the company – which is around 94 million shares. * Rivian announced in the beginning of the year already that they see production in 2022 lower for 50%, as they are facing the problem with supply of semiconductors. If that is not enough, Ford is very competitive towards them with its electric pickup truck F-150 Lightning.

Apple was approved EV charging station patent

Apple was granted a patent relating to electric car charging on Tuesday. The patent is for a charging station that allows “an electric car to connect a charging station without manual connection by an operator,” according to the website Patently Apple. Apple’s patent application is a continuation of prior US patent applications. According to Patently Apple, this is Apple’s second patent for the innovation. Apple said that charging stations that require an operator do not permit charging to be performed when no human is present.

Intel’s new AI chips competition to Nvidia

Intel Corp introduced a new chip called Gaudi2 and is aimed at artificial intelligence computing, as the chipmaker makes a greater push into the AI chip market presently dominated by Nvidia Corp. Gaudi2 is the second-generation processor by Habana Labs. AI chip firms have received significant funding in recent years, as AI computing is one of the fastest expanding sectors of data centre activity. It has been difficult to take market share away from Nvidia since many AI researchers and corporations are accustomed to utilizing Nvidia’s software platform CUDA.

What to watch this week:

  • On Thursday we can follow important PPI and Unemployment claims from the US
  • On Friday we will check data for Industrial Production in Eurozone

* Past performance is no guarantee for future results.

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