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Good Morning!
It is almost Friday! Here’s what we’re breaking down in this issue:
👉 Taiwan Semiconductor earnings are in
👉 Major changes to Apple Watch
👉 Another Boeing PR nightmare
Let’s get into it!
EARNINGS: Taiwan Semiconductor
Taiwan Semiconductor Manufacturing Company, the leading chipmaker, reported a stronger-than-expected financial outcome amid tough macroeconomic conditions. Revenue fell 1.5% to NT$625.53 billion, and net income dropped 19.3% to NT$238.71 billion, aligning with their forecasted fourth-quarter revenue.
TSMC, which manufactures advanced processors for clients like Apple and Nvidia, faced a challenging year due to economic factors and inventory adjustments, according to CEO C.C. Wei. Similar struggles were reported by rivals like Samsung Electronics and SK Hynix, which were linked to reduced demand for consumer electronics post-pandemic. Analysts, however, anticipate a rebound in chip demand. TSMC projects first-quarter revenue between $18 billion and $18.8 billion USD.
Source: Wccftech
Earnings:
Revenue: 625.53 billion New Taiwan dollars vs. NT$618.31 billion expected
Net income: NT$238.71 billion, vs. NT$225.22 billion expected
Click here for a full deep-dive of Taiwan Semiconductor
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APPLE: Major Changes To Watch
Apple is removing the blood oxygen feature from its latest Apple Watches, including the Series 9 and Ultra 2, to comply with U.S. sales regulations amid a legal battle with Masimo over patent infringement. This modification, effective Thursday, comes after the International Trade Commission found Apple's blood oxygen sensors infringed Masimo's patents, leading to a temporary sales ban in December. However, Apple was able to delay it. Users attempting to use this feature will be directed to an explanation on Apple's website.
Source: Linkedin
This rare move of disabling a feature could impact the device's appeal, though Apple hopes for a reversal in the appeals court. The company's 2023 wearable sales totaled $39.8 billion, including headphones. Apple has not released any data on how this might impact future Apple watch sales.
BOEING: Another PR Nightmare
US Secretary of State Antony Blinken's return from Davos was delayed Wednesday due to a critical malfunction in his Boeing 737 aircraft. After an oxygen leak issue couldn't be fixed, Blinken had to use a different jet from Brussels while his aides and press flew commercially from Zurich.
Source: CNN
This incident adds to Boeing's challenges, as it follows the recent grounding of their 737 Max 9 planes. Blinken's aircraft, an older 737 variant, differs from the Max 9. Similar technical issues have previously affected government jets, like those used by Canadian Prime Minister Justin Trudeau and Germany's fleet, prompting upgrades to newer models.
Headlines You Need To Know: 🎙
The Middle East Oil Giant
This company made $122 billion in profits last year and is arguably the most influential company in the world. Saudi Aramco is a Saudi Arabian company that brought in almost $600 billion in revenue in 2022 while producing 12 million barrels of oil a day. In 1933, Standard Oil and Texaco set up a new concession agreement with Saudi Arabia, allowing them to explore for oil. However, they had trouble finding oil, and the project was almost canceled. Six years into the project, Standard Oil finally struck oil.
Source: Reuters
By the 1950s, Aramco was owned by four shareholder companies based in New York. The Saudi Arabian government made the decision that they wanted to own Aramco fully, and they started to buy the assets slowly. By 1980, the Saudis had complete control of the company and had made an absolute fortune. Due to the rise of EV cars, the Saudis have started diversifying their investments into Formula 1 racing, LIV Golf, and tourism-related ventures.
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Source: Unusual_Whales
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