Tech Roundup: Pelosi, Taiwan, chips and AMTD Digital’s wild stock-price swings

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August kicked off with more tech earnings reports, but a controversial trip by U.S. President Nancy Pelosi and the mad dash of the latest kid to poster stock memes also managed to grab the attention of investors and Wall Street last week.

Pelosi caused a stir when she visited Taiwan as part of the highest level visit by a US political leader to Taipei in 25 years. Chinese government officials expressed displeasure with Pelosi’s visit, while the House speaker made comments to assure Beijing that his visit did not signal a shift in the US government’s “One China” policy.

While in Taiwan, Pelosi met with officials from Taiwan Semiconductor (TSM) and other chip companies, and discussed the Chips and Science Act, which includes $52 billion in government support. American to the semiconductor industry.

The chip sector was also busy with quarterly results from Advanced Micro Devices (AMD). While AMD’s (AMD) second quarter results were upbeat, the company took a bit of a beating due to its slightly disappointing third quarter outlook.

Intel (INTC), which recently gave its own flawed quarterly outlook, was reportedly close to striking a deal to spend $5 billion on a chip packaging and assembly plant in Italy.

At the end of the week, memory chipmakers were nervous after Western Digital (WDC) released a weaker than expected quarterly report and outlook. In addition to shares of Western Digital (WDC) which fell more than 5% on Friday, other companies present or related to the memory market such as Micron Technology (MU) and Nvidia (NVDA) ended the week in the red.

Let’s go back to Taiwan for a moment… Apple (NASDAQ: AAPL) reportedly told its suppliers in Taiwan to relabel any products they ship to China to indicate that those items were made in “Taiwan, China” or “Chinese Taipei” to avoid scrutiny from officials in Beijing. .

Apple (AAPL) was also in the crosshairs following a report that 15 current and former female employees accused Apple (AAPL) of having its human resources department retaliate after making allegations of misconduct. within the company.

The Chinese Internet and e-commerce giant Alibaba (NYSE: BABA) received a boost during the week after upbeat first-quarter results, and the company said it would “strive” to maintain its listing on the New York Stock Exchange after the Securities and Exchange Commission United States placed the company on a watch list for possible delisting.

One company that has garnered arguably excessive attention from investors, and which many believed had only become a “thing” since mid-July: AMTD Digital. (NYSE: HKD).

The Hong Kong-based company, which develops digital platforms for industries including banking and entertainment, went public on July 15 at $7.80 per share, hit $2,555.30 per share on Wednesday and ended the week at $721.23 per share. no real news from the company. In fact, AMTD (HKD) officials said in a statement that they were not aware “of any circumstances, events or other material matters relating to the business and operational activities of our company since the date of the IPO” and that they knew their shares “are subject to our initial stabilization.

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