Taiwan chipmaker, TSMC has reported a rise by 16.5% in its 2024 first quarter revenue on wednesday.
The rise beats market expectations as the company benefits majorly from AI boom.
TSMC, the world’s largest chip contract chipmaker has reaped major benefits from the continued AI surge as its 2024 quarterly earnings rise by 16.5%. It is expected that the company will continue gaining value despite its stock already being in a record high.
TSMC reports higher Q1 revenue than expected
Most companies in the world order their chips from TMSC including NVIDIA and Apple. The company has been on a rise since embarking on AI innovative chips. Now, a Wednesday financial report from the company has shown marvellous growth in sales and profits.
Its revenue in this period came in at $18.54 billion up from $16.72billion recorded in Q3 2023. The result surpassed an LSEG SmartEstimate of $18.15 billion set by 23 analysts and weighted to those who have more accuracy ratings. This data comes at a time when Taiwanese companies are recovering from the holiday seasons of Q4 2023.
In March alone, TSMC had a revenue rise of 34.3% year over year and up 7.5% from February. This trend is expected to keep rising alongside the AI boom. However, its not definite as the company’s shares are already on their all-time high zone.
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Xiaomi CEO Lei Jun has introduced the standard version of their electric car, SU7, which is expected to sell at $30,408, a price that will help them enter the market even if they make losses per car.
The SU7 is now selling at $4K cheaper than Tesla’s Model 3 in China.
Xiaomi CEO Lei Jun has debuted their latest innovation, an electric car dubbed SU7. This vehicle will be trading at (215,900 Yuan) which is cheaper than the Tesla Model 3 (245,900 Yuan), which will see the company making losses per unit sold.
Xiaomi seeks to test the Chinese EV markets via their SU7 model
Chinese smartphone companies have done what Apple failed to do by introducing their version of an electric car. These two companies had announced plans to debut their innovations in the electric car market, but Apple backed away after ten years of no reasonable improvements.
Addressing the matter on social media, Xiaomi CEO Lei Jun explained that they are targeting to chase down Tesla and take part in its market in China. Xiaomi is now set to start deliveries of their car, SU7, by the end of April 2024, saying that the standard version of the vehicle beats the Tesla Model 3 on over 90% of its specifications, expect several that may require up to five years to catch up with the innovation at Tesla.
He said he expects the SU7 to be the best sedan under $69,328 in the Chinese market. This market is becoming more competitive by the day as multiple companies are introducing a slew of electric car models to take a share of the pie, which Tesla has been holding for a long time now. Whether the newcomers will succeed in the venture is time to tell. Keep close for more tech news.
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Satoshi Nakamoto’s selfless invention Bitcoin, has hit ATH in multiple countries as it eyes $60K.
Bitcoin’s ATH in USD is $65K a figure that is now in a close range as the coin breaches $59K levels.
Crypto bull runs have been following 4-year cycles in tandem with Bitcoin halving cycles. The next halving cycle is on April 19th.
The crypto market is beginning to get fired up as Bitcoin price rallies eyeing its ATH. The coin has been following a rough market cycle of bulls and bears that have the halving event in the middle of it.
Bitcoin eyes $60K, $5K shy from its ATH
As Bitcoin eyes its next halving event on April 19th, it has already breached the $59K level. This remarkable performance has attracted the attention of crypto investors and influencers on X.com and attracted mixed reactions.
Owing to rising inflation rates, the coin has already breached its ATH price in multiple countries including:
Argentina
Russia
Ethiopia
Malaysia
Australia
China
Indonesia
Nigeria
Japan
Pakistan
South Korea
Is the crypto bull run already here?
As mentioned earlier the crypto bull run and Bitcoin halving cycles seem to be occurring together. This time, the market is reacting in a similar manner.
While it’s still not promised that the bull market has already begun, Bitcoin always precedes ALTs’ season and now, it has received almost ATH inflows of funds. To add to the sum, there is an influx of dollars following into the Bitcoin market indirectly via ETFs. This particular set of events makes it almost believable that the upcoming bull run will be the biggest one yet.
If that happens. The crypto market will have endured one of the biggest crypto winter and bear market that began in 2021 ending 2024. In these two years, multiple companies went bankrupt and the crypto market shed a value of almost $2T.
While these views have market history backing, it’s not promised that this time it has to play out in a similar way. A black swan event could happen and reverse the market sentiments. Please do your own research before investing and remember to avoid FOMO.
This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.
For more resources like this one, keep watching our website and remember to follow our socials to stay ahead of the curve. Thanks for believing in us. Your support is appreciated.
A landmark Marijuana bill is headed to the US Senate seeking to challenge regulators who order the closure of bank accounts of businesses they don’t like.
The bill seeks to protect legal businesses from being forced to deal with reduced banking options owing to pressure from regulators.
The Senate Business Committee has approved the start of the voting process for a historic Marijuana bill that seeks to protect legal companies from asset freezes by regulators who might deem their operations ‘not moral.’
A bill that might save crypto?
An October 2 story by CNN indicates that the US Senate Banking Committee has approved a Marijuana bill that seeks to break barriers between financial institutions and Cannabis companies. The bill in question challenges the activities of Regulators who seek to freeze bank accounts of legal companies because their operations might not be legal.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act aims to resolve a longstanding deadlock between regulators and the cannabis industry, which has forced the involved companies only to use cash for operations. This bill had been presented before the committee since 2015, but it’s the first time it has received a green light to head to the Senate Floor for voting.
How does this relate to crypto? If this bill passes, it will be a benchmark in the Wild West of ongoing crypto regulation in the United States. The SEC, DoJ, CFTC, and other authorities and regulators have doubled down on the crypto industry, with some key heads dubbing the industry as risky and based on non-compliance.
Sitting SEC chair, Gary Gensler has been vocal about the crypto industry being highly uncooperative in the regulatory processes that his authority has been trying to spearhead in the industry. However, it is highly noticeable that the US is trailing far behind in crypto regulation. The EU and other countries are already introducing crypto regulatory frameworks.
If this bill passes, it will be a benchmark for companies like Coinbase and Binance that have legal tussles with US regulators to defend their stances that crypto is not a morally legal grey area. However, now only the voting process by the Senators is left to dictate the direction of the bill.
The SEC vs. Justin Sun case on possible Tron (TRX) market manipulation has seen a new development after the presiding judge granted a defense extension till December 8, 2023, to explore possible resolution before motion practice.
Justin Sun’s legal team gets more time to explore possible resolutions with the SEC
The Securities and Exchange Commission’s (SEC) case against Tron Network’s Justin Sun kickstarted in March 2023 as the regulator alleged that Sun, Tron Foundation, BitTorrent Foundation, and a company named Rainberry had illegally exposed investors to Tron (TRX) and BitTorrent (BTT) tokens as unregistered securities.
The commission added that Sun was plotting to manipulate the market prices of Tron tokens (TRX). In a court order dated September 14, 2023, Sun and Rainberry’s legal defense teams asked the court to give them more time to find an amicable resolution to the debacle, which Judge Edgardo Ramos granted.
This development is not new in complex legal cases, especially where out-of-court settlements and resolutions could be reached. The defendants and the prosecution will now have time to discuss their differences and develop a mutual agreement that will benefit both.
It will also provide more time for further investigations to be carried out, defining more clearly who is in the wrong if court proceedings resume. While the specifics of the case remain confidential, the crypto industry will be keenly watching this case as it is part of a broader effort by the SEC to regulate crypto assets it sees as securities. Keep watching Fintech Express for more updates on this and other fintech related developments.
