Streetbeat News

Partnerships

AAPL

Apple Inc. has seen a significant increase in iPhone exports from India, with April figures nearly doubling to $1.1 billion from $580 million the previous year. This growth could position India as Apple's second-largest iPhone manufacturing hub after China. Currently, 14-15% of Apple's total iPhone production is in India, with projections to rise to 26% by 2026. Apple's production in India for FY2024 reached $14 billion, with exports over $10 billion, marking the highest annual export value by any company in India. Apple's contract manufacturers in India, including Foxconn, Wistron (now owned by Tata Group), and Pegatron (in talks for a majority stake sale to Tata), benefit from India's production-linked incentive (PLI) scheme. Apple's market presence in India is also growing, with a 38% YoY growth and aims to increase its local market share.

Portfolio Pulse from Shomik Sen Bhattacharjee

May 13, 2024 | 9:37 am

NVDA

RXRX

Recursion (NASDAQ:RXRX) has completed its NVIDIA-powered AI supercomputer, BioHive-2, featuring 63 DGX H100 systems and 504 NVIDIA H100 Tensor Core GPUs. This supercomputer is four times faster than its predecessor, BioHive-1, making it the fastest supercomputer owned by a pharmaceutical company globally.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 9:12 am

HPE

Hewlett Packard Enterprise (NYSE:HPE) has delivered Aurora, the world's second exascale supercomputer, to the US Department of Energy's Argonne National Laboratory. Developed in collaboration with Intel, Aurora achieved 1.012 exaflops, making it the second-fastest supercomputer globally. It also leads in AI capabilities, topping the HPL Mixed Precision Benchmark with 10.6 exaflops.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 9:11 am

DXYZ

META

Meta Platforms Inc.'s Chief AI Scientist, Yann LeCun, criticized OpenAI's early investor, Vinod Khosla, for supporting a closed-source approach to AI, motivated by financial gains and concerns over China's access to AI technology. LeCun advocates for open-source AI to ensure a diverse and democratic future. Meanwhile, Destiny Tech100 Inc. fund, which invests in tech companies including OpenAI, has seen a significant drop in value.

Portfolio Pulse from Rounak Jain

May 13, 2024 | 9:05 am

ZPTA

Zapata Computing Holdings Inc. (NASDAQ:ZPTA), an Industrial Generative AI company, announced Sumit Kapur as the new CFO effective May 20, 2024. Kapur, with a background in AI, investment banking, and scaling businesses, is expected to support Zapata AI's expansion across various industries. He succeeds Mimi Flanagan, who is leaving for personal reasons. Kapur's previous role was CFO at 3Degrees, where he significantly scaled the business.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 8:17 am

PEGA

Pegasystems Inc. (NASDAQ:PEGA) has expanded its relationship with the UK's tax authority, HMRC, through a new five-year agreement to enhance HMRC's digital transformation with Pega's software. This agreement emphasizes the use of Pega's Customer Service and Decisioning software to improve customer experience and streamline tax advisory services.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 8:02 am

ECL

Ecolab and HeiQ Chrisal have launched the Maxx Synbiotic cleaning range at Interclean in Amsterdam, introducing advanced synbiotic cleaning products to the European market. The products, featuring pre- and probiotics, aim for efficient cleaning and odor reduction, with scientific validation from a study published in The Lancet.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 7:10 am

NTES

NetEase Cloud Music has entered into a licensing agreement with Kakao Entertainment to expand its K-Pop catalog in China. This partnership aims to leverage Kakao Entertainment's extensive catalog and popular artists to attract younger audiences in China, enhancing NetEase Cloud Music's content library.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 7:07 am

PTEN

SLB

Patterson-UTI has signed a non-binding term sheet to partner with ADNOC Drilling in the UAE, aiming for a minority stake in Turnwell Industries LLC OPC, which has secured a $1.7 billion contract for drilling 144 unconventional wells for ADNOC. Schlumberger Middle East SA, a subsidiary of SLB, is also expected to hold a minority stake in Turnwell.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 6:46 am

NVDA

NVIDIA Corp (NASDAQ:NVDA) has seen a significant surge in its stock price, with a 240% increase in 2023 and an additional 80% in 2024, sparking a debate among fund managers on its future investment potential. Trent Masters from Alphinity Investment Management views the stock as a good buy due to its strong market share and sustainable earnings, while Adam Coons from Winthop Investment Management advises caution due to inflated valuations. Nvidia's market value has reached $2.27 trillion, largely due to its pivotal role in AI technology, attracting major partnerships and investments. Goldman Sachs has raised its 12-month price target for Nvidia to $1,100, maintaining a 'Buy' rating.

Portfolio Pulse from Benzinga Neuro

May 13, 2024 | 5:00 am