Top Stories Thursday, June 15: Major China Cloud Players Want Nvidia's Chips, Tesla Rival XPeng Launches

Reuters

At a Wednesday investor conference, Walmart Inc (NYSE: WMT) CFO John David Rainey voiced expectations for India's Flipkart marketplace and PhonePe payments business to reach $100 billion in value.
The retailer flagged the two businesses as key drivers in doubling the gross merchandise volume it sells in foreign markets to $200 billion in five years.
Walmart said its Flipkart business generated double-digit sales growth, backed by new shoppers in some cities and a 50% jump in ad sales. Flipkart was worth over $40 billion in 2022.

Over 109,000 Americans lost their lives to drug overdoses in the 12 months ending in January 2023, representing a slight increase of 0.7% compared to the previous year.
Fentanyl, a highly potent opioid, has played a significant role in the opioid crisis and the surge in drug overdoses in the U.S. It is 50 times stronger than heroin and is increasingly mixed in with other illegal drugs.
In May, the administration imposed sanctions on 17 individuals and entities in China and Mexico accused of facilitating the production of counterfeit fentanyl-laced pills.

The merger of Vodafone Group PLC (NASDAQ: VOD) and CK Hutchison Holdings Ltd (OTC: CKHUY) (OTC: CKHUF) U.K. telecommunication businesses has reportedly come under the scrutiny of U.K.'s Competition and Markets Authority (CMA).
After months of speculation, the companies officially disclosed the merger of their U.K. businesses yesterday.
Post-merger of Vodafone U.K. and Three U.K., Vodafone will own 51% of the combined business, and CKHGT will have the remaining 49%.
The companies will need approval under the National Security and Investment Act, which allows the British government to intervene in deals, posing a risk.

Goldman Sachs Group Inc (NASDAQ:GS) is contemplating more job cuts as a part of the firm's ongoing push to reduce costs by $1 billion.
Previously, employees at Goldman Sachs were allowed to book a business trip to see just one client, expensing on "pricey meals." However, senior managers are now asked to reduce expenditures and see multiple clients in one travel as a part of the bank's belt-tightening agenda.
The company will terminate more employees forward if revenues don't grow alongside the aggressive cost-cutting measures.

Bloomberg

Applied Materials, Inc (NASDAQ:AMAT) prosecuted Mattson, owned by Beijing E-Town Dragon Semiconductor Industry Investment Center, for hiring away 17 of its most senior engineers over just over a year.
The chipmaking equipment supplier slammed the Chinese-owned rival for allegedly trying to steal some of its most valuable secrets, including covert transfers of semiconductor equipment designs.
The lawsuit flagged the documents as highly sensitive and containing Applied's trade secrets that could give Mattson years of competitive advantage in its technology trajectory.

Barron's

Chinese electric vehicle maker XPeng Inc (NYSE:XPEV) launched its assisted-driving technology in Beijing and three other cities.
The EV maker became the first company to roll out an advanced driver-assistance system (ADAS) in Beijing after winning approval for use on significant ring roads and expressways in the capital city.
XPeng said its City NGP (Navigation Guided Pilot) system, which is similar to Tesla Inc's (NASDAQ:TSLA) FSD (Full Self-Driving) feature, is also available in Shanghai, Shenzhen, and Guangzhou. The company plans to expand the feature into "dozens of cities" in 2023.

Pandaily

Nvidia Corp (NASDAQ:NVDA) bagged significant orders from major Chinese internet companies with cloud computing businesses following the 2023 Spring Festival.
The chipmaker won orders over $1 billion in GPUs ByteDance Ltd in 2023.
ByteDance has received 100,000 A100 and H800 accelerator cards, including delivered and pending orders thus far. Notably, the H800 only began production in March 2023.

Benzinga

Siemens AG (OTC:SIEGY) plans to invest €2 billion for new manufacturing capacity, innovation labs, education centers, and more in its sites worldwide.
Following investments in Germany and the U.S., the German tech behemoth will expand its production network and R&D capacities in Asia.
Siemens announced a high-tech factory in Singapore to serve the booming Southeast Asia markets. Investment in the factory will be around €200 million, creating about 400 jobs.

Swedish clothing giant Hennes & Mauritz AB (OTC: HNNMY) group reported a 6% year-on-year growth in second-quarter FY23 sales to SEK57.6 billion.H&M said sales measured in local currencies for its March-May quarter were flattish.
Sales in the second quarter were affected by unfavorable weather conditions compared to the corresponding period last year on several of the H&M group's large markets.
The company said June has got off to a good start.

Rapper Snoop Dogg has partnered with Petco Health and Wellness Company Inc (NASDAQ:WOOF) ad campaign in which he plays the human version of a Doberman pinscher.
The collaboration features Petco Picks by Snoop, which include toys, treats, and grooming supplies.
In 2022, American pet owners spent about $136.8 billion, a 13.2% increase from the previous year, according to an American Pet Products Association survey.

Financial Times

Lenders, including HSBC Holdings Plc (NYSE:HSBC) and Standard Chartered PLC (OTC: SCBFY) (OTC: SCBFF), faced pressure from Hong Kong's banking regulator to take on crypto exchanges as clients despite a series of collapses, including the FTX.
The Hong Kong Monetary Authority urged the banks not to burden potential customers with due diligence, especially those setting up an office in Hong Kong.
Banks are reluctant to take on crypto exchanges over fears of prosecution due to money laundering or other illegal activity.

Photo by Mizter_X94 via Pixabay