J.H. Whitney

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J.H. Whitney

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Our core thesis for the firm and what we bring

To navigate today’s interconnected world, corporate and political entities require a deep understanding of the impact of geopolitical affairs and nation-state activities on global business operations, investments, and economic security. 

In this landscape of new challenges and threats, J.H. Whitney Investment Management believes in a central vision of providing cutting-edge analysis of geopolitical interests.

With an unwavering commitment to defending U.S. national security interests and assisting decision-makers in navigating the complex web of global risks, J.H. Whitney aims to act as the trusted partner for asset managers, institutional investors, corporate leaders, governments, and national security officials.

Investment Management

Direct investments in early-stage military and civilian technologies and advisory services associated with navigating nation-state competition in the economic domain.

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Data Services

Provides custom indices and geopolitical risk mitigation analytics, including a quantitative representation of geopolitical exposure in the form of our Geostrategic Risk Rating. Click here for press commentary.

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Publications

04/24/2024 | The Wall Street Journal

At Moderna, OpenAI’s GPTs Are Changing Almost Everything

Moderna is expected to announce a partnership Wednesday with artificial-intelligence heavyweight OpenAI, a deal that aims to automate nearly every business process at the biotechnology company and boost the ChatGPT maker’s reach into the enterprise. 
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04/24/2024 | The Wall Street Journal

Why the AI Industry’s Thirst for New Data Centers Can’t Be Satisfied

The frenzy to build data centers to serve the exploding demand for artificial intelligence is causing a shortage of the parts, property and power that the sprawling warehouses of supercomputers require. 
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04/24/2024 | Bloomberg

Biden Makes $11 Billion Push to Beat China at Chip Research

The Biden administration’s efforts to revitalize the chip industry have mostly focused on doling out multibillion-dollar grants for domestic factories. But there’s a less-discussed side to the push: turning cutting-edge semiconductor research into a more enticing field for Americans.
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04/24/2024 | Bloomberg

ASML CEO Wennink’s Exit Leaves US-China Semiconductor Fight to Successor

When Chief Executive Officer Peter Wennink took over ASML Holding NV a little more than a decade ago, it was a relative minnow based in the sleepy Dutch town of Veldhoven.
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04/24/2024 | Bloomberg

SK Hynix Plans $15 Billion Chip Expansion to Meet AI Demand

SK Hynix Inc. plans to spend about $14.6 billion building a new memory chip complex in South Korea, preparing to meet rapidly growing demand for semiconductors employed in AI development.
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04/24/2024 | Bloomberg

UK Satellite Internet Engineer Filtronic Gets SpaceX Boost

Filtronic Plc soared in London trading after striking a deal with Elon Musk’s Space Exploration Technologies Corp. that gives the UK company’s satellite internet technology a high-profile seal of approval.
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04/24/2024 | Bloomberg

China’s SenseTime Surges 36% After Unveiling a New AI Model

SenseTime Group Inc.’s stock soared its most in more than two years after releasing the latest version of its SenseNova generative AI model, highlighting the intense interest surrounding China’s efforts to develop artificial intelligence.
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04/24/2024 | Nikkei Asia

Tesla profit falls nearly 50% as demand and China headwinds persist

Tesla reported a third straight quarterly profit drop on Tuesday as the U.S. electric-vehicle maker faces weakening EV demand in key markets, including China, where it faces growing competition from such local players as BYD.
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04/24/2024 | Foreign Affairs

The Delusion of Peak China: America Can’t Wish Away Its Toughest Challenger

Ever since Chinese President Xi Jinping secured his third term in power in the fall of 2022, he has had a rough time. Shortly after his reappointment, street protests pushed him to abruptly abandon his signature “zero COVID” policy.
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04/24/2024 | Reuters

China's Huawei launches new software brand for intelligent driving

Chinese tech company Huawei unveiled on Wednesday a new software brand for intelligent driving, marking its latest push to become a major player in the electric vehicle industry.
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04/23/2024 | Bloomberg

Australia’s Spy Chief Warns AI Set to Accelerate Radicalization

Australia’s domestic intelligence chief warned that artificial intelligence is likely to dramatically improve the capabilities of the nation’s enemies — resulting in increased espionage, disinformation and radicalization.
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04/23/2024 | Bloomberg

EU Weighs Sanctions on Firms Shipping Weapons Tech to Russia

The European Union is assessing potential sanctions against more than a dozen companies that have continued to buy restricted goods from the bloc and supply them to Russia, according to a document seen by Bloomberg.
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04/23/2024 | Nikkei Asia

Microsoft introduces smaller AI model Phi-3-mini

Microsoft on Tuesday announced a cost-effective, small language artificial intelligence model that can perform tasks such as content creation and create social media posts while using smaller amounts of data.
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04/23/2024 | Nikkei Asia

New York woos Japan companies to join Micron in nascent chip hub

The head of New York's economic development agency is working to draw investment from Japanese chip industry suppliers as the state seeks to build a hub for the sector around Micron Technology's planned fabrication facilities.
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04/23/2024 | Nikkei Asia

China envoy calls on U.S. to define 'national security boundaries'

China's ambassador to the U.S. has called out Washington for failing to engage in promised talks with Beijing about defining the "boundaries" of national security, despite what he described as an agreement by the two countries' leaders to do so.
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04/23/2024 | Foreign Affairs

China’s Alternative Order: And What America Should Learn From It

By now, Chinese President Xi Jinping’s ambition to remake the world is undeniable. He wants to dissolve Washington’s network of alliances and purge what he dismisses as “Western” values from international bodies.
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04/23/2024 | Reuters

China acquired recently banned Nvidia chips in Super Micro, Dell servers, tenders show

Chinese universities and research institutes recently obtained high-end Nvidia artificial intelligence chips through resellers, despite the U.S. widening a ban last year on the sale of such technology to China.
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04/23/2024 | The Wall Street Journal

Ericsson Lays Off More Than 200 Employees in China

Ericsson said the positions would be cut in line with the company’s effort to diversify its research and development footprint to better align with its sales globally. The employees impacted would be in its core network R&D division in China, a spokesman said.
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04/23/2024 | Bloomberg

IBM Is in Advanced Talks to Acquire Software Provider HashiCorp

IBM and HashiCorp could reach an agreement as soon as Wednesday, said the people, who asked not to be identified discussing confidential information.
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04/23/2024 | Nikkei Asia

North Korean hackers target South's defense sector, police say

South Korean police and arms procurement authorities say North Korean hackers have been targeting the country's burgeoning defense sector over the past 18 months in operations characterized by more diverse approaches and higher levels of complexity.
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04/23/2024 | Nikkei Asia

Samsung starts mass production of most advanced NAND memory

Samsung Electronics said Tuesday it has begun mass production of the world's most advanced, 286-layer NAND flash memory chips with expanded data storage capacity.
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04/23/2024 | Foreign Policy

New Zealand Becomes the Latest Country to Pivot to the U.S.

On the same day U.S. President Joe Biden hosted the first-ever United States-Japan-Philippines summit at the White House, a much less conspicuous meeting to strengthen the U.S. alliance network in the Indo-Pacific took place a few blocks away.
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04/22/2024 | The Wall Street Journal

Sam Altman Invests in Energy Startup Focused on AI Data Centers

The face of the artificial-intelligence boom is betting that a new twist on solar power and energy storage can handle some of the ravenous electricity demands of the industry’s data centers.
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04/22/2024 | Nikkei Asia

SoftBank to spend $960m to boost computing power for generative AI

Japanese telecom company SoftBank is investing 150 billion yen ($960 million) by 2025 to give its computing facilities the number crunching power needed to develop world-class generative artificial intelligence, Nikkei has learned.
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04/22/2024 | Nikkei Asia

Malaysia rolls out 'Golden Pass' to lure unicorns and VC firms

Malaysia has rolled out new incentive packages to attract the world's leading startups and venture capital firms to the country, hoping to build a robust startup ecosystem that will spur growth.
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04/22/2024 | Nikkei Asia

Japan, Europe to link industrial data platforms for EV battery materials

Japan and Europe will cooperate in recycling EV batteries by establishing a system to share information on the extraction sites and suppliers of minerals used to make them, Nikkei has learned.
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04/22/2024 | South China Morning Post

Baidu and Zhipu AI’s large language models top Chinese generative AI rankings, but OpenAI, Anthropic remain ahead in overall performance

Baidu’s Ernie Bot 4.0 and start-up Zhipu AI’s GLM-4 rank top among Chinese large language models (LLMs), but their foreign rivals still lead in overall capabilities, according to a new test by Tsinghua University in Beijing.
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04/22/2024 | The Wall Street Journal

Salesforce Calls for AI Emissions Regulations as Concerns Grow Over Tech Sector’s Carbon Footprint

Salesforce is pushing for more environmental regulation of artificial intelligence, highlighting concerns about energy use and a lack of emissions disclosure within the technology sector. 
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04/22/2024 | Bloomberg

Big Tech Is in Hot Seat to Deliver on AI Promises, BofA Says

The stakes are high for America’s technology behemoths to start delivering on artificial intelligence promises with their earnings poised to decelerate, according to Bank of America Corp. strategists.
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04/22/2024 | Bloomberg

ASML Eyes Dutch Expansion After Government Commits €2.5 Billion

ASML Holding NV is weighing options to expand its presence in the Netherlands, after the government committed €2.5 billion ($2.7 billion) to infrastructure and education spending in the region where the company’s headquarters are located.
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04/22/2024 | Bloomberg

Startup Nominal Raises $27 Million to Aid Defense Tech Boom

Lux Capital, General Catalyst and Founders Fund have been backing a startup that wants to accelerate the creation of hardware used in space, energy and other sectors critical to national security.
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04/22/2024 | Center for Strategic & International Studies

Pursuing Global Order in the Twenty-First Century

Amid shifting global power balances, renewed international contestation, and growing transnational challenges, understanding how the world order is changing has never been more critical.
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04/21/2024 | Bloomberg

Korean Lithium Refiner Ecopro Cuts Output on Weakening EV Demand

South Korean metals refiner Ecopro Innovation Co. has cut production of lithium hydroxide used for batteries by 10% from a year ago, in response to weakening global demand growth for electric vehicles.
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04/21/2024 | Bloomberg

Tesla’s Latest Price Cuts Risk Wiping Out China Earnings

Tesla Inc.’s price cuts in China could cost the carmaker the entirety of its operating profit in the world’s biggest electric-vehicle market, Evercore ISI warned in a new report.
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04/21/2024 | Bloomberg

Raimondo Says Huawei’s Chip Breakthrough Is Years Behind US Tech

US Commerce Secretary Gina Raimondo said Huawei Technologies Co.’s latest phone shows that China remains behind on cutting-edge chip technology.
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04/21/2024 | Nikkei Asia

Malaysian trade minister touts 'neutrality' to grow chip industry

Malaysia's geopolitical neutrality and strategic positioning are key selling points to multinational semiconductor companies looking for investment destinations, its trade minister says.
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04/21/2024 | Nikkei Asia

China accelerates purge at state-owned companies to fight graft

China has replaced more than three times as many top executives at state-owned companies so far this year as it did in the same period in 2023, signaling a growing push to stamp out corruption at what it considers some of the country's most critical businesses.
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04/21/2024 | Nikkei Asia

Nvidia to help Japan build hybrid quantum-supercomputer

Japan's government-backed technology institute will work with Nvidia to build a hybrid supercomputer that offers quantum computing capability for use by researchers and companies.
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04/21/2024 | South China Morning Post

Chinese lidar sensor maker Hesai eyes European plant as adoption of technology widens amid falling costs

Hesai Group, one of the world’s top makers of lidar sensors used in smart cars, has set its sights on Europe, buoyed by its efforts to make the once-expensive components more affordable to customers.
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04/21/2024 | Matt Turpin

Beijing’s Covert Fentanyl Campaign Against the United States

Hundreds of thousands of Americans have died over the past decade due to overdoses on synthetic opioids (mostly fentanyl) that is largely produced by chemical and pharmaceutical companies in the People’s Republic of China and exported to the United States or to Mexico for processing and smuggling into the United States.
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Team Blog

Weekend Reading

04/18/2024 | Center for Strategic & International Studies

SPACE THREAT ASSESSMENT 2024

Today, there are more satellites and systems in space providing services, information, and capabilities to people on Earth than ever before. While many of these systems have a civilian mission and are built and run by companies instead of governments, they also support U.S. national security.
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04/18/2024 | Deloitte

Tech Trends 2024

Three elevating forces (interaction, information, and computation) and three grounding forces (business of technology, core modernization, and cyber and trust) continue to be the bedrock upon which we build Tech Trends, Deloitte's annual exploration of the impact of emerging technologies.
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04/18/2024 | Bloomberg

China’s High Tech Hopes Risk Trade Blowback

China's efforts to develop high technology sectors has two strategic aims - to build new growth engines and increase supply-chain independence. As its progress on electric vehicles, lithium batteries and solar products shows, the policies are reaping rewards.

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04/18/2024 | J.P. Morgan

Data Center Deep Dive: The Most Ferocious Investment Inflection In Decades

While still early, it is increasingly clear to us that the data center vertical is facing the most dramatic infrastructure build out/capex inflection in any industry of note we have covered in the 25 years we have been watching the space.

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04/11/2024 | Foreign Affairs

No Substitute for Victory: America’s Competition With China Must Be Won, Not Managed

Amid a presidency beset by failures of deterrence—in Afghanistan, Ukraine, and the Middle East—the Biden administration’s China policy has stood out as a relative bright spot.
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04/11/2024 | Financial Times

Drugmakers race to find alternative suppliers as US cracks down on Chinese biotech

Western pharmaceutical companies are in talks with alternative suppliers in response to draft US legislation seeking to restrict an important Chinese drug developer and manufacturer over national security concerns.
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04/11/2024 | Bloomberg

US Officials to Pressure Dutch Government on China Chip Curbs

Senior US officials plan to visit the Netherlands next week to pressure the Dutch government to toughen its China chip equipment curbs, as the Biden administration ramps up its campaign to thwart Beijing’s technology ambitions.
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03/22/2024 | John M.B. O'Connor

Team Commentary

This week our committee discussion focused on the continuing escalation spiral between the US and PRC in decoupling the global semiconductor industry with each of the competitors seeking “autarky”. We provide articles on moves by the US to restrict technology flows to China, and China’s outspending the US in the race to build an independent indigenous industry. One cannot help but wonder how this industrial policy competition (1) impacts TSMC’s place in the world if the PRC and USA overbuild and (2) Has the US overlooked a critical vulnerability in legacy “commodity industrial chips and (3) how an arms race in semiconductors might trigger a geostrategic strike if one side or the other appears to be pulling ahead?

03/21/2024 | Bloomberg

China Readies $27 Billion Chip Fund to Counter Growing US Curbs

China is in the process of raising more than $27 billion for its largest chip fund to date, accelerating the development of cutting-edge technologies to counter a US campaign to thwart its rise.
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03/21/2024 | Foreign Affairs

A World Divided Over Artificial Intelligence

Through multinational communiqués and bilateral talks, an international framework for regulating AI does seem to be coalescing.
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03/21/2024 | J.P. Morgan

Autos & Semiconductors

Competitive pressure from new EV entrants has forced the automotive industry to innovate and digitalise the customer experience. Over the air software updates, no a key differentiating factor for OEMs, can improve a vehicl's performance by enhancing all aspects of a vehicle.

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03/02/2024 | J.H. Whitney Data Services

Team Commentary

This week we focus on two themes, one micro one macro.

Our micro theme is “Apple is in the soup (dumpling) “ See the FT article and UBS research report referenced in the article asking, and answering great questions about Apple valuation. Also see the article about market share challenges arising in China. We wonder if ownership of Apple devices is becoming a Social Credit Score issue?

Our macro theme is the coordination of capital markets and national technology priorities in the Middle Kingdom. The 5G => 6G transformation will not be cheap but the PRC will certainly wan to be the endgame winner.

Enjoy our selection and please send us your thoughts.

02/29/2024 | Bloomberg

Apple’s iPhone Steeply Discounted in China on Weak Demand

Apple Inc.’s resellers in China are slashing the price of iPhone 15 models by as much as $180, signaling an unusually prolonged slump in demand.
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02/29/2024 | Financial Times

‘Sell Apple’

The note’s from Andrew Garthwaite, UBS head of global equity strategy, whose team has (belatedly) published its 10 potential surprises for 2024. None represents the bank’s core views. For Apple, the analysts call for the stock to ascend gently to a $190-per-share price target to justify their “neutral” recommendation.
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02/29/2024 | UBS

10 Surprises for 2024

We have identified 10 potential surprises for 2024. These are events that are possible (i.e. where we think the risks lie) but are not the UBS or market-implied central case (as it is understood today).

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02/22/2024 | Foreign Affairs

The Taiwan Catastrophe: What America—and the World—Would Lose If China Took the Island

Washington and its allies face many potential geopolitical catastrophes over the next decade, but nearly all pale in comparison to what would ensue if China annexed or invaded Taiwan.
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02/22/2024 | Reuters

Dutch government says China seeks military advantage from ASML tools

Fears that ASML's computer chip equipment will be used for Chinese military ends underlie recent decisions to deny the company export licences, the Dutch trade minister said in answers to questions from parliament.
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02/22/2024 | Nikkei Asia

Eyeing China, Biden signs order to defend ports against cyberattacks

U.S. President Joe Biden signed an executive order on Wednesday to bolster defenses against cyberattacks on the nation's ports, as officials warn about the threat posed by Chinese hackers.
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02/22/2024 | Bloomberg

Odds of a Taiwan Strait Crisis? Not So Slim

We estimate a 25% chance of a major crisis in the Taiwan Strait in the next five years, within which we assess a 7 0% risk of some form of conflict. The odds mainland China and Taiwan instead find a peaceful, enduring solution to their differences? Unfortunately, much lower - we estimate around 5%.

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02/16/2024 | J.H. Whitney Data Services

Team Commentary

It’s not just about Taylor, Travis, Putin, Zelinsky, Biden, Trump, Netanyahu and the Magnificent 7. In addition to other great content this week, we highlight that we have seen increased analysis of the probability of US  v PRC conflict focusing on a Taiwan clash. Of particular note is a Bloomberg report which provides 7 scenarios ranging from enduring peace to outright military conflict. [Spoiler alert: military conflict twice as likely as enduring peace]. This while Taiwan Indexes reach all time highs.

Niall Ferguson published a brilliant thought experiment of what conflict [ Spoiler alert: and losing] might be like. Beyond this, a very detailed looks from CSIS. As always please favor us with comments.

02/15/2024 | Bloomberg

If You Think World War III Is Unimaginable, Read This

You might have thought that, having so recently lost a small war, Americans would have no difficulty picturing the consequences of losing a large one. But the humiliating abandonment of Afghanistan in 2021 has been consigned with remarkable swiftness to the collective memory hole.
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02/15/2024 | Bloomberg

Xi, Biden and the $10 Trillion Cost of War Over Taiwan

War over Taiwan would have a cost in blood and treasure so vast that even those unhappiest with the status quo have reason not to risk it. Bloomberg Economics estimate the price tag at around $10 trillion, equal to about 10% of global GDP — dwarfing the blow from the war in Ukraine, Covid pandemic and Global Financial Crisis.
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02/15/2024 | Bloomberg

Odds of a Taiwan Strait Crisis? Not So Slim

We estimate a 25% chance of a major crisis in the Taiwan Strait in the next five years, within which we assess a 7 0% risk of some form of conflict. The odds mainland China and Taiwan instead find a peaceful, enduring solution to their differences? Unfortunately, much lower - we estimate around 5%.

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01/25/2024 | The Wall Street Journal

Investors Are Betting on Defense Startups. The Pentagon Isn’t.

Venture capitalists have poured more than $100 billion into U.S. defense-technology startups since 2021, banking on government interest in upgrading the military. Persuading the Pentagon to buy from Silicon Valley has proven difficult.
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01/24/2024 | Nikkei Asia

Tesla cars face more entry bans in China as 'security concerns' accelerate

Tesla drivers in China are facing entry restrictions at more government-affiliated venues, including meeting halls and exhibition centers, due to data security concerns amid ongoing tensions between Washington and Beijing.
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01/19/2024 | Bloomberg

New ICBM Is Seen Going 37% Over $96 Billion Cost, Forcing a US Review

The US Air Force’s new Sentinel intercontinental ballistic missile program is now estimated to cost at least 37% more than the previously projected $96 billion, triggering a formal Pentagon review that will include whether to scale back or terminate the project.
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01/18/2024 | Reuters

China issues draft guidelines for standardising AI industry

China's industry ministry on Wednesday issued draft guidelines for standardising the artificial intelligence (AI) industry, it said in a statement posted on the ministry's website.
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01/17/2024 | The Washington Times

The eve of Apple and Tesla’s destruction in China

American CEOs who succumb to the lure of China‘s sweatshops, pollution havens and government subsidies inevitably lose not just their souls. They eventually surrender their companies.
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01/17/2024 | J.H. Whitney Data Services

Team Commentary

Each week we will identify a few selected articles representative of themes and events we find of particular interest and worthy of making it into your weekend reading kit. This week we focus on the continuing movement at scale of the PRC in legacy chips, space platforms and AI/AR. The combination of continued implementation of MIC 2025 combined with Civil/Military Fusion is presenting an ever more formidable challenge to the West. We chose 3 articles illustrating this, and we welcome your comments.

01/11/2024 | Bloomberg

China’s Chip Output May Double in Five Years, Barclays Says

China’s chipmaking capacity will more than double in five to seven years based on local manufacturers’ existing plans, “materially more” than the market expects, according to research from Barclays analysts.
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01/10/2024 | South China Morning Post

China augmented reality start-up Rokid gets US$70 million in new funding round led by Hefei government

Chinese augmented reality (AR) technology firm Rokid has raised nearly half a billion yuan in its latest round of funding led by a local Chinese government, in a fresh indication of the backing from authorities for tech start-ups.
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01/10/2024 | Nikkei Asia

China to launch 26,000 satellites, vying with U.S. for space power

China will start building this year its own version of StarLink, a satellite internet constellation using low Earth orbit, with plans of launching some 26,000 satellites to cover the entire world led by state-run companies.
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Topic of the week

04/18/2024 | Nikkei Asia

Apple wants to spend more on suppliers in Vietnam, state media says

Apple wants to boost its investment in Vietnam, state media quoted the U.S. tech group's CEO Tim Cook as saying in Hanoi on Tuesday, a day after the U.S. company said it wanted to increase spending on suppliers in the Southeast Asian nation.
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04/18/2024 | South China Morning Post

Apple mulls first manufacturing facility in Indonesia after CEO Tim Cook meets Joko Widodo

Apple will look into building a manufacturing facility in Indonesia, its CEO said on Wednesday after meeting President Joko Widodo, who hoped the tech giant would increase its local content by partnering with domestic firms.
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04/18/2024 | Bloomberg

Huawei Unveils New Phone Lineup to Ramp Up the Pressure on Apple

Huawei Technologies Co. released its latest series of smartphones on Thursday, sustaining its momentum after the breakthrough Mate 60 device helped erode Apple Inc.’s dominance in China’s high-end segment.
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04/18/2024 | Bloomberg

Weak Apple 1Q iPhone Shipments Put More Pressure on 4Q

A drop of 10% in iPhone shipments in the March quarter, as reported by IDC, puts more pressure on Apple to showcase new AI capabilities in June at its developer conference, which is critical to drive any meaningful growth in 4Q.

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04/11/2024 | Foreign Policy

It’s Too Soon for Biden and Kishida to Take a Victory Lap

When U.S. President Joe Biden hosts Japanese Prime Minister Fumio Kishida at the White House on April 10, both leaders, facing domestic political challenges at home, will be eager to tout the strength of the U.S.-Japan alliance—and with good reason.
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04/11/2024 | Nikkei Asia

How Japan's National Security Council rewrote China strategy

In the decade since the NSC was established, Japan's place in the world seems to have become much clearer. The senior secretariat official, who requested anonymity, explained why.
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04/11/2024 | Bloomberg

Biden and Kishida Enlist Amazon, Nvidia to Fund AI Research

President Joe Biden and Japanese Prime Minister Fumio Kishida have enlisted Amazon.com Inc. and Nvidia Corp. to fund a new joint artificial intelligence research program, as the two nations look to improve collaboration around the quickly emerging technology.
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04/11/2024 | Foreign Affairs

America’s Best Friend in Asia: The Case for Elevating the U.S. Alliance With Japan

Alliances are a bit like families: you may not have a favorite member, but there is always one you depend on most. Throughout the Cold War, NATO was the collective ally that the United States depended on most in its global effort to stop Soviet expansionism.
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03/21/2024 | South China Morning Post

Chinese-origin researchers stand out in Apple’s 2024 AI scholarship programme, shining a light on mainland’s brain drain

Researchers of Chinese origin comprised more than half of this year’s recipients of Apple’s annual fellowship programme on artificial intelligence (AI), shining a light on a brain drain that threatens the nation’s ambition to become a global powerhouse in that critical technology.
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03/21/2024 | South China Morning Post

Intel still sells to Huawei millions of dollars’ worth of advanced chips, while AMD receives no such licence: sources

Intel has survived an effort to halt hundreds of millions of dollars’ worth of chip sales to Huawei Technologies, two people familiar with the matter said, giving one of the world’s largest chip makers more time to sell to the heavily sanctioned Chinese telecoms company.
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03/21/2024 | Reuters

ASML's threat to leave uncovers deeper concerns in Netherlands Inc.

A threat by the Netherlands' largest company ASML to quit the country if it cannot grow there has laid bare wider corporate concerns that the nation's business climate is deteriorating.
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03/21/2024 | Reuters

STMicroelectronics CEO says China is a growth market despite US chip war

China remains an important growth market for French-Italian semiconductor STMicroelectronics, despite increasing U.S-China tensions over semiconductors, the company's chief executive said on Tuesday.
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02/29/2024 | Bloomberg

Alibaba Discloses State Ownership in More Than 12 Business Units

Alibaba Group Holding Ltd. disclosed a wider web of Chinese government stakes in its business units than previously known, following an inquiry from the US Securities and Exchange Commission.
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02/29/2024 | Bloomberg

China's State-Backed Funds Have Bought $57 Billion of Stocks, UBS Says

China’s state-backed funds have poured more than 410 billion yuan ($57 billion) into onshore shares this year in a bid to prop up the market, according to estimates by UBS Group AG, which expects further purchases.
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02/29/2024 | Financial Times

China’s plan to reshape world trade on its own terms

Even during the first blush of the honeymoon period that attended China’s accession to the World Trade Organization in 2001, it was clear that Washington and Beijing were — as a Chinese idiom has it — “sharing a bed but dreaming different dreams”.
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02/29/2024 | The Wall Street Journal

ZTE, China Network Maker Shares Rise After U.S. Allies Unveil 6G Principles

Shares of ZTE and other Chinese telecom-equipment makers rose sharply after countries including the U.S., Japan and the U.K. issued a statement endorsing principles for the development of global 6G networks.
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02/22/2024 | Bloomberg

US Needs More Chips Funding as AI Fuels Demand, Raimondo Says

Commerce Secretary Gina Raimondo said that the US will need continued investments in semiconductor manufacturing to regain global leadership and meet demand from artificial intelligence technologies.
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02/22/2024 | Nikkei Asia

U.S. trade curbs spur China business for Japan chip industry

Japan's semiconductor equipment makers are enjoying strong demand from China, in part due to trade controls imposed by Washington and to Beijing stepping up efforts to boost the local chip industry.
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02/22/2024 | Bloomberg

How Japan Pulled Off an Early Victory in the Race to Make More Chips

On Feb. 24, TSMC will officially open its Kumamoto fab, putting it on track to begin mass production later this year. The ribbon-cutting marks an early victory for Japan as governments around the world race to establish domestic chip capabilities in the wake of Covid-era disruptions and growing geopolitical tensions.
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02/22/2024 | J.P. Morgan

Hardware & Networking

2024 Outlook: Leaning Further into AI in Networking and Compute, Valuations and Expectations of Recovery Remain Elevated Despite Recent Pullback

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02/15/2024 | Global Taiwan Institute

Geopolitics and Energy Security in Taiwan: A Refined Analysis

How can Taiwan best protect its oil industry, to include building resiliency and ensuring strategic oil reserves for both military and civilian use? This two-part article series seeks to address these questions by critically reviewing Taiwan’s oil supply chain, identifying key vulnerabilities, and offering policy recommendations.
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02/15/2024 | Bloomberg

Dimon Says China Risk-Reward Equation Has ‘Changed Dramatically’

China has been “very consistent” in opening up to financial-services companies, but calculating the potential upside for US firms has become more complicated, according to Jamie Dimon.
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02/15/2024 | Stimson Center

Would Anyone “Win” a Taiwan Conflict?

As US-China tensions persist and anti-China rhetoric ramps up in the U.S. presidential election campaign, many political contenders exude a casual bravado about a conflict with China. This mindset discounts the catastrophic economic costs of a conventional US-China confrontation.
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02/15/2024 | Center for Strategic & International Studies

The First Battle of the Next War

What would happen if China attempted an amphibious invasion of Taiwan? CSIS developed a wargame for a Chinese amphibious invasion of Taiwan and ran it 24 times. In most scenarios, the United States/Taiwan/Japan defeated a conventional amphibious invasion by China and maintained an autonomous Taiwan.
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01/24/2024

Financial Times: White House science chief signals US-China co-operation on AI safety

The US will work with China on the safety of artificial intelligence systems in the coming months, the White House’s top science adviser has said, signalling a rare co-operation between the two powers.
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01/24/2024

J.P. Morgan: Is the world economy deglobalizing?

Since the U.S.-China trade war began in 2018, and with increasing intensity during COVID, investors have expressed concerns about deglobalization. That’s the idea that the world is becoming less interconnected through trade, which has the potential to hurt financial markets, GDP growth and corporate profits.
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01/23/2024

Foreign Affairs: Containment for AI

The last two years have seen startling advances in artificial intelligence. The next few years promise far more, with larger and more efficient models, capable of real creativity and complicated planning, likely to emerge.
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01/23/2024

The Morgan Stanley Al Guidebook: Fourth Edition

We highlight ~30 new Al notes across Morgan Stanley Global Research. We focus on Al diffusion winners, macro productivity gains, healthcare, financial and education sector impacts. We also detail work on the software stack, gaming, Edge Al and our deep dive on Gen Al private companies.

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01/18/2024

South China Morning Post: Chinese-developed nuclear-powered battery can last 50 years without recharging

A company in China has developed a battery that it says can last longer than the devices it powers. The nuclear-powered BV100 is smaller than a coin and can provide power for 50 years without the need for recharging.
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01/18/2024

The Wall Street Journal: One of Biden’s Favorite Chip Projects Is Facing New Delays

Taiwanese chip maker TSMC said it expected to delay production at the second of two semiconductor plants it is building in Arizona, the latest setback for a $40 billion project at the core of Washington’s effort to rebuild U.S. chip manufacturing.
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01/18/2024

Reuters: EU-backed investors plan 500 million euro battery raw materials fund

Two of Europe's leading energy transition investors plan to raise 500 million euros ($544.55 million) for a battery raw materials fund, aiming to plug "significant gaps" in the region's supply chain, executives told Reuters.
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01/15/2024

Bloomberg: South Korea Lays Out $470 Billion Plan to Build Chipmaking Hub

South Korea unveiled plans by leading firms such as Samsung Electronics Co. and SK Hynix Inc. to spend more than $470 billion establishing the world’s largest chipmaking cluster, joining a global race to safeguard domestic supply.
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01/14/2024 | Taiwan Election

J.P. Morgan: Risk appetite not yet wavering despite tight valuations

The Biden administration's tone toward China has become less confrontational while China has focused on domestic challenges as their top priority.

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01/08/2024 | Taiwan Election

Bloomberg: Xi, Biden and the $10 Trillion Cost of War Over Taiwan

War over Taiwan would have a cost in blood and treasure so vast that even those unhappiest with the status quo have reason not to risk it. Bloomberg Economics estimate the price tag at around $10 trillion, equal to about 10% of global GDP — dwarfing the blow from the war in Ukraine, Covid pandemic and Global Financial Crisis.
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01/04/2024 | Taiwan Election

Bloomberg: Wargaming a Great Power Conflict Over Taiwan

Militaries have long used wargames to develop and refine battle plans, but rarely make their findings public. Fortunately, outside research institutions also run simulations that can provide a meaningful glimpse into how a US China war over Taiwan could start and how it might end.

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10/25/2023 | Taiwan Election

Baker's Institute: Reaping the Whirlwind: How China’s Coercive Annexation of Taiwan Could Trigger Nuclear Proliferation in Asia and Beyond

Five years ago — and certainly a decade ago — coercive annexation of Taiwan by the People’s Republic of China (PRC) might have seemed an extreme scenario. Unfortunately, this is no longer the case. The rising crescendo of PRC air and maritime pressure operations near the island, missile firings, and so on are bringing Beijing within a few steps of the maritime quarantine or similar operations that would likely be central to an attempt at coercive annexation.
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