Daily Archives: June 24, 2023

Joe Biden and PM Modi met with some of the most powerful executives in Silicon Valley on Friday.

Three US tech giants have committed to major investments in India following Prime Minister Narendra Modi's recently-concluded state visit to the western superpower. Amazon, Google, and Microsoft have announced capital investments and technological cooperation for the growth of Indian technology.

While Amazon has committed to investing an additional $15 billion in India over the next seven years, which will take the company's total India investment across all businesses to $26 billion, Google has said it will open its global fintech operation centre in Gujarat.

Microsoft Chairman and CEO Satya Nadella in his meeting with the Prime Minister discussed the power of technology, particularly Artificial Intelligence, to help improve the lives of Indians.

"India is home to one of the most vibrant developer and start-up ecosystems in the world, and Microsoft remains deeply committed to the growth of Indian technology - that will impact both India and markets across the globe," a Microsoft statement said after the meeting.

Microsoft had last month launched Jugalbandi, a new generative AI-driven chatbot on mobile devices for government assistance, in India. It can understand questions in multiple languages, whether spoken or typed. It retrieves information on relevant programs - usually written in English - and relays it back in local language. The Jugalbandi AI assistant is powered by language models from AI4Bharat, a government-backed initiative, and reasoning models from Microsoft Azure OpenAI Service.

Google CEO Sundar Puchai said that he shared with the Prime Minister that Google is investing $10 billion in India's digitisation fund. "We are announcing the opening of our global fintech operation centre in GIFT City, Gujarat," news agency ANI quoted Mr Pichai as saying.

An Amazon statement said its CEO Andy Jassy and the PM spoke about supporting Indian startups, creating jobs, enabling exports, digitisation, and empowering individuals and small businesses to compete globally.

"Amazon has pledged to digitise 10 million small businesses, enable $20 billion in exports, and create 2 million jobs in India by 2025. Currently, Amazon India is on track to deliver on them, having already digitised over 6.2 million small businesses, enabled over $7 billion in exports, and created over 1.3 million direct and indirect jobs," the company statement said.

PM Modi met captains of industry from various fields, including semiconductors, manufacturing, space, and start-ups, at the "Hi-Tech handshake" mega event at the White House in Washington DC on his last day of the US visit.

"In his remarks, Prime Minister underlined the immense potential of harnessing India-US tech cooperation for socio-economic growth. He also applauded the contribution of India's talented youth in fostering a culture of innovation. President Biden called on CEOs to help expand India-US tech partnership to new fields including biotechnology and quantum," a government release on the event said.

Among those present were Apple's Tim Cook, Revathi Advaithi, CEO, Flex, Sam Altman, CEO, OpenAI, Mark Douglas, President and CEO, FMC Corporation, Microsoft chief Satya Nadella and Google's Sundar Pichai.

Another key announcement, earlier during the PM's visit, was Micron Technology, along with India Semiconductor Mission, saying it will build a semiconductor assembly and test facility in Gujarat at a cost of $2.75 billion.

In space sector, India has signed the Artemis Accords for space exploration. By the end of this year, NASA and ISRO are developing a strategic framework for human spaceflight cooperation.

PM Modi also met with SpaceX chief Elon Musk in New York on Tuesday.

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What Amazon, Google, And Microsoft Announced After PM's 'Hi-Tech Handshake' - NDTV

A coalition of publishing, tech and other digital organisations have warned against a potential change to the competition watchdogs appeal process that could allow tech giants to leverage their resources in the courts to obstruct and delay regulation.

The Digital Markets, Competition and Consumers Bill is the UKs version of legislation designed to regulate competition and dominance of the market by the biggest tech companies such as Google and Meta, which owns Facebook, Instagram and Whatsapp. It would also seek to force these platforms to negotiate payments for content with news publishers.

A coalition that includes the News Media Association, Professional Publishers Association, Public Interest News Foundation, Radiocentre and other tech businesses such as search engine Duck Duck Go, travel companies Expedia and Skyscanner, and the Open Web Advocacy has written to Prime Minister Rishi Sunak urging him to keep the Judicial Review standard for appeals within the bill.

They fear that a change to a full merits or Judicial Review-plus standard for appeal would mean powerful firms with unlimited legal budgets could leverage their resources and unparalleled strength in the courts to obstruct and delay the entire regime: on average, merits appeals take twice as long as appeals on Judicial Review principles.

The letter said this could leave the Competition and Markets Authority unable to move quickly enough to address significant anti-competitive harm.

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The size of the tech companies legal budgets was also raised earlier in the week at the Lords Communications and Digital Committee on the bill.

Committee member Dido Harding, best known by many for leading the NHS Test and Trace programme during the Covid-19 pandemic, said: If I can only afford one case, and you [the tech giants] can afford ten of them, timing is in your favour.

At the same committee, Metas UK policy manager Matt Foster argued platforms have a responsibility to their users to fight for the integrity of their service, which merits a review standard of appeal would allow them to do.

Owen Meredith, chief executive of the News Media Association, told the committee the digital markets bill is urgently needed to recognise the value of news on platforms like Google and Facebook and tackle a market failure.

Meredith outlined the damage big tech has dealt to many news outlets, saying: Digital markets dont function properly, and essentially there has been a market failure we need this new legislation to tackle it.

He said the monetisation is fundamentally flawed because of the monopolistic attitudes and controls that a small number of big tech firms exercise, adding that we need this legislation to reframe the way that digital markets work.

Meredith said the root of the issue was the lack of recognition that news outlets were receiving for bring present on Google, saying the value created by having news as part of their overall product is fundamental to big techs ability to charge advertisers a premium.

He added: What we are asking for is recognition of the value that news brings to these platforms.

This was echoed by other speakers at the hearing, including Richard Stables, chief executive of e-commerce company Kelkoo Group, which is also part of the coalition that wrote to Sunak this week. Stables said his business was one of many suffering from big tech stealing from industries.

Overall, legislators have been asleep at the wheel over antitrust laws over the last 20 years, he alleged. He added that this has led to a situation where five companies run the internet. Government affairs managers from all five of those five companies, Microsoft, Google, Apple, Amazon and Meta, were present at the hearing.

Googles Tom Morrisson-Bell stated that we strongly believe that our products are excellent products. When asked how Google would like the digital markets bill to be formulated, Morrison-Bell affirmed the need for a regime that has a consumer at the heart, one that is delivered by having the right checks and balances.

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Rishi Sunak warned tech giants could 'leverage resources to ... - Press Gazette

Did someone say tech billionaire brawl?!

Facebook CEO Mark Zuckerberg has accepted Tesla CEO and Chairman of Twitter Elon Musks invitation to a cage fight. Musk recently mocked Zuckerberg on Twitter when a follower warned Musk that Zuck does Jiu-Jitsu. In response, Elon tweeted Im up for a cage match if he is lol, to which Zuckerberg responded, Send me the location.

Musk, 51, responded with Vegas Octagon which is a competition venue used for UFC fights. Elon joked that although he almost never works out except for picking up his kids and throwing them in the air, his best move is The Walrus where he just lies on top of his opponent.

Meanwhile and all jokes aside, Zuckerberg, 39, has been training in MMA and even won jiu-jitsu tournaments.

#DishFam, who do you think will win in a cage fight.Elon Musk or Mark Zuckerberg?

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Will There Be An Elon Musk Vs Mark Zuckerberg Cage Fight? The ... - Dish Nation

In a nutshell: The number of layoffs in the tech industry this year has dwarfed those from other areas. We've also seen some extreme cost-cutting measures implemented. But a new report shows that if you want a well-paid job, some of the best options are still at technology giants such as Alphabet and Google.

The report on company pay comes from the Wall Street Journal, which analyzed data collected by MyLogIQ on the median salaries of 278 firms in the S&P 500.

Despite the large number of layoffs and global economic turmoil, annual compensation - salary, bonuses, and benefits - rose more in 2022 than in 2021, with more than 100 companies raising salaries by 10% or more.

$414,500

$279,902

$247,678

The highest median salary is the $414,500 paid by New York City-based real estate investment trust Vici Properties. Comprising just 22 employees, it owns a number of casinos across the US - the salaries of hourly workers employed by its properties aren't included in the figures.

The second place belongs to Facebook owner Meta Platforms, which pays almost $300,000. The $280,000 median wage Google parent Alphabet pays staff puts the company in third place.

Meta has laid off over 20,000 people since November last year, while Alphabet's 12,000 layoffs led to global protests.

Amazon, which had a revenue of $514 billion last year, was 43rd on the list with its median salary of $34,195. That includes the massive number of warehouse workers at the company.

The companies with the lowest median wages include retail firms such as Yum Brands ($10,398), Ross Stores ($9,968), and Aptiv ($8,139), which have minimum-wage workers. Walmart is on the lower half of the list ($27,000), even though it raised salaries by 7% last year.

The WSJ also worked out how much more CEOs earn compared to the average worker at their company. Alphabet CEO Sundar Pichai's top pay package of $226 million gives him 808 times more than the company's median pay. Mark Zuckerberg's $28 million is 91 times higher, while Vici Properties' CEO Edward Pitoniak gets 28 times more, though it was 273 times higher last year.

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As layoffs surge, tech giants still lead when it comes to high salaries - TechSpot

Artificial Intelligence is transforming industries and how! Weve seen some of the biggest tech companies emerge as pioneers in the field and this has taken the market valuation to new highs.

The companies that are developing products and services for AI applications will see immense growth soon. The recent quarterly results of several tech companies highlighted the potential that AI has and this AI boom will take the valuation of tech companies to new highs.

Nvidia (NASDAQ:NVDA) recently joined the trillion-dollar club and the stock is up over 200% year to date. Its market cap surged after the company reported results.

The market capitalization of a company reflects the size of the company and several companies have seen the market cap hit new highs over the past month.

Naturally, it is easier for a large-cap stock to reach a higher market cap as compared to a small-cap stock. So, if you are looking for stocks that have the ability to hit a new high in the market cap, you need to ensure that the company has strong fundamentals and a high growth potential. With higher earnings and revenue, we can see soaring tech stock valuations.

With that in mind, lets take a look at the three top tech stocks to watch as the market cap hits new highs.

Source: NYCStock / Shutterstock.com

One of the top tech stocks with high market cap to keep your eyes on is Microsoft (NASDAQ:MSFT). The tech dinosaur has been around for as long as I can remember.

While the company already has a market cap of $2.5 trillion, there is no stopping its expansion. The company is set for success with this investment in OpenAI and its integration across the infrastructure.

This is one company that already holds a strong market share and a dominant position in the industry. However, when it comes to AI, this is only the beginning.

It is not the one to let any opportunities pass by and it has adopted AI as fast as it could. Microsoft has integrated AI into its Bing search engine.

It aims to capture a large share of the search engine from Alphabet (NASDAQ:GOOG) in the near future and this could mean a significant amount of revenue generation. Even one percent of the market share can bring billions to the business.

Microsoft is one of the top tech stocks with new highs.MSFT stock is trading at $338 today and is up 41% year to date. The stock has gone from $222 in Jan to $338 today and I am certain that it will end this year on a high note.

Besides AI, Microsoft is also set to benefit from the cloud computing business, Azure. It generated $75.3 billion in 2022 and $22.1 billion in the recent quarter, which was up 16%. The company enjoys a dividend yield of 0.80% and announced a quarterly dividend of $0.68.

It holds a solid position in the market and the segment generates maximum revenue for the company.

Source: Arina P Habich / Shutterstock.com

Next on the top tech stocks to watch list is Tesla(NASDAQ:TSLA). The EV maker enjoys a market cap of $850 billion and theres more to come.

TSLA stock is trading at $274 today and is up 99% in the past six months. The stock is up 153% year to date and 45% in the past month. Nothing can stop the momentum of this stock.

The recent rally in the stock is due to the companys agreements with General Motors (NYSE:GM) and Ford (NYSE:F). Even Rivian Automotive(NASDAQ:RIVN)announced that it will allow Rivian drivers to access Teslas Supercharger network across North America.

Other EV makers could soon join the network. By opening up its charging networks for other automakers, the company is solidifying its position in the industry as an EV leader.Besides growing the EV lineup and increasing sales, Tesla also enjoys a full $7,500 federal tax credit on all the variants of Model 3s.

Teslas long-term goal is to produce 20 million vehicles annually and while it is relentlessly working towards reducing costs, if this ambitious goal becomes a reality, it could take Tesla to new highs. The stock has already doubled since the start of the year but there is room for more.

One reason to bet on Tesla is its approach toward expansion and innovation. With a leader like Elon Musk, this tech company can go places. He is always improving the quality and brings the latest technology to the forefront.

The company has the potential to become a leader in the AI space which could double the price of the stock. The company already enjoys a dominant position in the electric vehicle industry and with the recent collaborations, it is strengthening its position further.

Source: Michael Vi / Shutterstock.com

Already in the trillion-dollar club, all of us have witnessed the rise of Nvidia. The company reported blowout first quarter results and this led to a massive surge in the market cap.

NVDA stock is trading at $438 today and is up over 200% year to date. It is hitting new 52-week highs every week and theres no stopping its momentum. Ive said it in the past and Ill say it again, buy NVDA stock in every dip but if you missed the opportunity, NVDA still remains one of the high value tech stocks to own.

Once known for gaming, Nvidia has become a popular name in the AI space now. It has the best technology in the industry right now which can also change gaming forever.

It recently announced the Avatar Cloud Engine (ACE) which is an AI-based solution for game developers. This technology will be used to build 3D graphics and applications. Besides the data center business, the gaming segment could pick up and generate strong revenues for the company in the near future.

Nvidias rally will continue throughout the second half of the year and its position in the industry is only going to strengthen.

The company is set to make the most of the AI boom and has chips that can run AI applications and its demand is soaring. Its cloud business has also shown tremendous growth and the company will continue to grow its market share in the years to come which makes it one of the top tech stocks to watch.

On the date of publication, Vandita Jadeja did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

Vandita Jadeja is a CPA and a freelance financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis.

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Soaring Valuations: 3 Tech Stocks to Watch as Market Caps Hit New ... - InvestorPlace