davidsen03

[davidsen03]

US Chip Export Licenses to China Blocked, Intel and Qualcomm Affected

Revocation of export licenses by the US impacts chip sales to Chinese customer, stirring tensions.

In a recent development, the United States has revoked export licenses for chip sales to a Chinese customer, notably impacting the revenue projections of tech giants Intel and Qualcomm. The move, seen as a response to national security concerns, has ignited fresh tensions in the ongoing trade dynamics between the US and China.

Intel disclosed on Wednesday that its sales are set to suffer following the revocation of some of its export licenses for a customer based in China. This decision by the US government has drawn criticism from Beijing, which perceives it as an excessive measure under the guise of national security.

Although Intel did not divulge the identity of the Chinese customer affected by the license cancellations, reports suggest that the US has targeted companies, including Intel and Qualcomm, involved in supplying chips to Huawei Technologies, a sanctioned Chinese telecoms equipment manufacturer.

The recent release of Huawei’s MateBook X Pro, featuring Intel’s Core Ultra 9 processor, stirred controversy among Republican lawmakers, who questioned the Commerce Department's approval for Intel to sell chips to Huawei.

Following Intel’s announcement, its shares witnessed a decline of 2.9%, settling at $29.80. The company anticipates its second-quarter revenue to remain within the range of $12.5 billion to $13.5 billion, albeit below the midpoint. Notably, Intel's shares have plummeted by nearly 38% since the beginning of the year.

Similarly, Qualcomm also confirmed on Wednesday that one of its export licenses for Huawei had been revoked, with its shares maintaining a flat trajectory.

In response to the situation, Commerce Secretary Gina Raimondo emphasized Huawei’s perceived threat, asserting that the move was not a departure from existing policy but rather an escalated focus on emerging technologies such as artificial intelligence (AI).

The Chinese foreign ministry condemned the US action, accusing it of overstretching the concept of national security and unjustly targeting Chinese companies through export controls.

The US has maintained a stringent stance on Huawei since 2019, placing it on a trade restriction list amid concerns over potential espionage activities. President Joe Biden’s administration has further tightened restrictions on Huawei, viewing them as part of a broader strategy to curb China’s technological advancements, particularly in sensitive domains.

This move underscores Biden's efforts to restrict China's access to critical American technology, positioning it as a response to the competitive landscape between the two nations with divergent political systems.

[davidsen03]

Google Simplifies Your Digital Life with Wallet App Launch in India

Store tickets, boarding passes, loyalty cards, and more – Google Wallet goes beyond payments in India.

Tech giant Google is expanding its digital footprint in India with the launch of its Google Wallet app for Android users. The app aims to be your digital companion, securely storing everything from movie tickets and rewards cards to digital car keys.

"We're streamlining the transition from paper to digital," said Ram Papatla, GM & India Engineering Lead, Android at Google. Google has initially partnered with 20 companies, including big names like PVR Inox, MakeMyTrip, and BMW.

However, Google Wallet won't compete with its popular payment app Google Pay in India, focusing exclusively on non-payment uses. "Google Pay remains our primary payment solution," Papatla clarified, "Wallet focuses on streamlining your daily essentials."

Android users can find the Google Wallet app available for download immediately. Pixel phones sold in India will have it preloaded. Conveniently, the app can be added as a lock screen shortcut for quick access.

Google's track record with digital wallets is long and varied. Originally launched in 2011, the concept has evolved through iterations like Android Pay before merging into the widely used Google Pay in 2018.

With Android dominating the Indian smartphone market, Google Wallet aims to solve everyday pain points like hunting for boarding passes. Google promises seamless integration – tickets confirmed via Gmail will appear automatically in your Wallet.

Google has no immediate plans to monetize the Wallet app in India, focusing on building its user base.