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Apple (NASDAQ:AAPL) unveils a new megastore in Beijing’s upscale Sanlitun shopping district.
The first Sanlitun store was opened 12 years ago and has since attracted 22M visitors.
The new megastore doubles the footprint and ups the staff from 52 team members to 185.
Apple’s reopening comes a day after U.S. Attorney General William Barr accused the company of being “acquiescent to the Chinese communists.”
The tech giant has closed more than 90 of its 271 U.S. retail locations due to spiking coronavirus cases. Apple temporarily closed its Chinese stores earlier this year as the pandemic began to spread.
Related: Last month, rival Microsoft permanently shuttered most of its brick-and-mortar stores to focus on online sales.
Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD) are the top two beneficiaries of the “unexpected PC market revival/stability,” says BofA analyst Vivek Arya.
Despite Intel’s continued efforts to increase data center in its product mix, PCs still account for about 50% of sales and 60% of profits.
Intel started the year with PC supply constraints. BofA estimates that Intel’s PC CPUs grew 7% in H1, outpacing PC production by 500 bps and suggesting progress in replenishing the channel for a strong Q3.
BofA sees Street estimates for Intel’s H2 as too conservative, especially with the impending launch of next-gen 10nm Tiger Lake processors.
The firm calls Apple’s transition to in-house silicon a “modest headwind” for Intel.
AMD held just 18% of the PC market in Q1, but BofA notes that the fourth-generation Ryzen desktop processors due in H2 positions the company to “extend its performance lead.”
BofA maintains Buy ratings on Intel and AMD with price objectives of $70 and $65, respectively.
Nutanix (NASDAQ:NTNX) shares pop 9.1% to $22.20 after making The Information’s “Takeover Target List.”
The publication doesn’t provide specific details about ongoing talks or strategic reviews.
The Information names Google, Hewlett Packard Enterprise, and Cisco as potential interested parties.
HPE and Cisco tried to purchase Nutanix before it went public in 2016. HPE did purchase Nutanix rival SimpliVity in 2017.
Weeks after entering a new fiscal year, Microsoft (NASDAQ:MSFT) confirms trimming its workforce across geographies and teams but doesn’t provide specifics.
Business Insider sources put the cuts at just under 1,000 across the business, including online news portal MSN.com and the Azure cloud division.
Microsoft says it’s common to re-evaluate the business in the new fiscal year, which started on July 1.
As part of its debt-reducing fundraising effort, SoftBank (OTCPK:SFTBF,OTCPK:SFTBY) unloads another $2.2B of its Alibaba (NYSE:BABA) stake.
The sale was disclosed in SoftBank’s annual filing in late June but is just now making headlines.
The deal includes a collar contract and call spread, and is expected to be settled between May and June 2024.
SoftBank’s Masayoshi Son invested $20B in Alibaba in 2000, a stake now worth more than $150B.
Seeking Alpha authors are currently bearish on SoftBank.
SoftBank has now sold more than $13.7B of its BABA stock this year, part of its push to offload $42B of assets to fund buybacks and reduce debt.
