Stronger-than-expected earnings from Micron Technologies helped boost investor sentiment overnight as the semiconductor maker stuck to its forecast of a second half rebound in the memory chip market, and resumed shipments to Huawei, sending shares up 10% premarket. Qualcomm and Intel have also started shipping some components to the blacklisted Chinese tech giant. Even when businesses have headquarters in the U.S. they may be able through ownership of overseas subsidiaries and operations to classify their technology as foreign. This one is likely to play out in the courts… (SA)
New orders for key U.S.-made capital goods rose more than expected in May and shipments increased solidly, suggesting some stabilizing in business spending on equipment after it fell early in the year. The Commerce Department said on Wednesday orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 0.4% last month and 2.3% year-on-year amid increases in demand for machinery, and computers and electronic products. (CNBC)
Drive.ai, a self-driving startup that was once valued at $200M – spare change to Tim Cook -- has been scooped up by Apple as well as dozens of its engineers. The deal confirms that Apple hasn't given up its autonomous driving project, called Project Titan, which has gone through its own struggles. Drive.ai talked with multiple possible acquirers, but only Apple was left as a possible suitor.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.