AMD plans to invest around $400 million in India over the next five years and set up its largest design center in the country’s southern city of Bengaluru as the chipmaker joins the growing list of firms that are backing the South Asian nation’s ambition of becoming a semiconductor manufacturing hub.
AMD CTO Mark Papermaster announced the chipmaker’s investment plans on Friday at the annual semiconductor conference SemiconIndia 2023 in Prime Minister Narendra Modi’s home state of Gujarat.
“Our investment will build on over two decades of growth and successful presence here in India,” said Papermaster in his keynote.
AMD will expand its footprint in India with the opening of its new design center in Bengaluru by the end of this year. Covering an area of 500,000 square feet, this new facility will bring the total number of AMD offices in India to 10, including locations in Delhi, Gurugram, Hyderabad and Mumbai.
“Through these investments, AMD will further expand our R&D capabilities in India to be able to drive our semiconductor design innovation in support of the government’s India semiconductor mission and drive to make India a strong semiconductor talent and nation,” he added.
The Santa Clara-headquartered company, which started its operations in the South Asian nation 22 years ago in 2001, has more than 6,500 employees, as well as 3,000 partners and contractors in the country. The chipmaker is expected to expand its workforce in the country with 3,000 additional engineers by the end of 2028.
“We welcome the AMD plan to expand its leading-edge R&D engineering operations in India,” said Indian electronics and information technology minister Ashwini Vaishnaw.
Other industry executives, including Foxconn Chairman Young Liu, Micron CEO Sanjay Mehrotra and Applied Materials semiconductor products group president Prabu Raja, are also in attendance at the conference.
India is looking to become the next big hub for semiconductors globally. In 2021, the Narendra Modi-led government announced a $10 billion incentive program to attract chipmakers to set up local facilities in the country. However, the government had to tweak the scheme in June as the original version did not receive the expected response from global companies.
In June, semiconductor manufacturer Applied Materials announced a $400 million investment to set up its engineering center in India. Computer memory and data storage maker Micron also unveiled a plan to invest up to $825 million last month to build a semiconductor plant in the country.
“I welcome AMD’s decision to set up its largest R&D design center in India and expansion of the India-AMD partnership. It will certainly play an important role in building a world-class semiconductor design and innovation ecosystem. It will also provide tremendous opportunities for our large pool of highly skilled semiconductor engineers and researchers and will catalyze PM Narendra Modi’s vision of India becoming a global talent hub,” said Rajeev Chandrasekhar, minister of state for electronics and IT, skill development and entrepreneurship.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
