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Intel faces significant challenges as it attempts to regain its footing in the semiconductor industry amid layoffs and financial losses. Meanwhile, TSMC halts advanced chip supplies to Chinese firms, responding to U.S. export controls and geopolitical tensions. Both companies are pivotal in the global chip landscape.
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China's integrated circuit (IC) output growth has slowed, with a 23.1% increase in the first 11 months of 2024. The US has imposed stricter export controls on chip technology, prompting China to bolster its domestic semiconductor capabilities. Despite challenges, IC exports reached a record value of nearly $145 billion, driven by demand for legacy chips.
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Elon Musk's influence in Donald Trump's upcoming administration is solidifying as he co-heads a new Department of Government Efficiency. His close ties with Trump and significant financial backing raise concerns about conflicts of interest and the implications for government reform. This dynamic reflects a broader trend of wealthy individuals shaping policy.
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On December 3, 2024, the US Commerce Department added 140 Chinese chip-related firms to a trade blacklist, escalating restrictions on China's semiconductor industry. Representative John Moolenaar raised concerns about loopholes in the new export controls, which he believes allow some Chinese firms to evade sanctions.
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The upcoming jobs report is expected to reveal a rebound in hiring, with an estimated 208,000 jobs added in November, following a significant drop in October. Despite this, the job market shows signs of cooling, with job openings rising but overall hiring slowing down. The unemployment rate is projected to remain at 4.1%.
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On December 2, 2024, the US announced new export restrictions targeting Chinese chipmakers and suppliers. The measures aim to limit China's access to advanced semiconductor technology, particularly for military applications, as tensions between the two nations escalate. This marks a significant step in the ongoing tech rivalry.
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As trade tensions rise, countries are increasingly pushing back against China's practices, particularly in the solar and manufacturing sectors. Tariffs and anti-dumping measures are being implemented as local industries struggle to compete with cheap Chinese imports, raising concerns about economic sovereignty and future growth. This trend is gaining momentum post-COVID-19.
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Intel's CEO Pat Gelsinger has resigned amid significant financial losses and competitive pressures from rivals like Nvidia. Interim leaders David Zinsner and Michelle Johnston Holthaus will guide the company as it seeks a new CEO while grappling with a 52% drop in stock value this year and a $16.6 billion quarterly loss.
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As of December 9, 2024, China's semiconductor sector is grappling with intensified U.S. export restrictions, impacting key players like YMTC and Empyrean Technology. The U.S. has added 140 Chinese organizations to its trade blacklist, aiming to hinder China's technological advancements while local companies adapt to the changing landscape.
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Donald Trump has proposed expedited environmental approvals for investments over $1 billion and aims to renew GOP tax cuts, including a new child tax credit. These initiatives are part of his strategy to attract investment and support working-class families, but they face significant regulatory and legislative challenges.
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On December 18, 2024, the Federal Reserve announced a 25 basis point interest rate cut, marking the third reduction this year. This decision aligns with market expectations amid rising inflation and a mixed economic outlook. The Fed's projections indicate potential further cuts in 2025, influenced by President-elect Trump's proposed tariffs.