US slowdown risks in focus as Nvidia rout triggers sell-off in local tech stocks

https://theedgemalaysia.com/node/725513

Nvidia's mixed earnings report disappointed investors. Despite strong revenue growth, the company's sales forecast fell short of expectations. This led to a decline in tech stocks, including the Nasdaq 100 ETF. While Nvidia's board approved additional stock buybacks, the company's production snags with the Blackwell chip raised concerns. Despite the short-term volatility, analysts remain optimistic about the long-term growth prospects of AI technology.

https://theedgemalaysia.com/node/724722

Genetec Technology Bhd faces investor concerns. Shares have plummeted due to potential delays in new orders, policy uncertainties, and concerns about upcoming results. The company's market value has decreased significantly. CIMB Securities has downgraded the stock and lowered its target price.

https://theedgemalaysia.com/node/723965

DRB-Hicom reported a net loss in the second quarter due to weaker performance in Proton and Pos Malaysia. Revenue declined due to lower vehicle sales and international mail volume. However, aerospace and defense sectors saw growth. The group is optimistic about future growth with new car launches and technology adoption.

https://theedgemalaysia.com/node/724699

Looks like EPF is currently averaging down from their bulk purchase on May 21 (day close is around 2.35) and has been doing so since July.

This is hoping that the tender results for Sabah's 400 MWh supply project will be announced soon as a positive trigger.

https://www.thestar.com.my/business/business-news/2024/06/07/growth-potential-in-genetec

The EU plans five-year tariffs of up to 36% on Chinese electric vehicles due to state subsidies, with Tesla's Chinese-made cars facing a 9% duty. Beijing opposes the tariffs and has appealed to the WTO, but the EU is open to finding a resolution. This move reflects growing trade tensions as China's state-backed EV industry challenges Europe's auto sector.

https://www.malaymail.com/news/money/2024/08/21/eu-plans-36pc-tariff-on-chinese-evs-lower-for-tesla/147652

EU approves €5 billion for new German chip plant

The European Commission has approved a €5 billion subsidy for a new chip plant in Dresden, Germany. The plant is a joint venture led by TSMC, with European companies Bosch, Infineon, and NXP also involved. The plant is expected to produce chips for automotive and other industrial applications.

https://www.channelnewsasia.com/business/eu-approves-biggest-grant-yet-under-chips-act-tsmc-germany-plant-4556356