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AMD Stock Up 0.43%, AMD Could Be Next $100B Chip Company

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Following the impressive Q2 revenue report and a bullish call from the Bank of America, AMD may become America’s next $100 billion chip company.

Bank of America Corp (NYSE: BAC) believes that Advanced Micro Devices Inc (NASDAQ: AMD) may be on its way to becoming America’s next $100 billion chip company. The tech company has been trailing impressive runs bolstered by its profitable Q2 earnings released on July 28. The company’s CEO Dr. Lisa Su said in a statement:

“We delivered strong second-quarter results, led by record notebook and server processor sales as Ryzen and EPYC revenue more than doubled from a year ago. Despite some macroeconomic uncertainty, we are raising our full-year revenue outlook as we enter our next phase of growth driven by the acceleration of our business in different markets.”

Like key tech firms whose Q2 results have been posted, AMD stock has since turned bullish since the earning was declared. The stock at press time is trading at 0.43% higher at $77.76. This run could be in part stirred by the Bank of America’s optimistic call on the stock but the tech company’s recent product offering is earning it a seat amongst Wall Street’s large market cap companies.

AMD History and Emergence

Advanced Micro Devices Inc (AMD) is an American multinational semiconductor company based in Santa Clara, California. It is a highly tech-focused company that develops computer processors and related technologies for business and consumer markets. While it initially manufactured its own processors, the company later outsourced its manufacturing, a practice known as going fabless, after GlobalFoundries was spun off in 2009.

AMD’s main products include microprocessors, motherboard chipsets, embedded processors, and graphics processors for servers, workstations, personal computers, and embedded system applications.

AMD has shown leadership in the emerging tech ecosystem over the years. Coinspeaker reported its partnership with Consensys to develop W3BCLOUD, a reliable infrastructure for the growing blockchain ecosystem. Its many ventures in blockchain technology have also seen it form a partnership to develop the next generation of blockchain-powered gaming.

New Products Driving AMD as a Prominent Chip Company

The $100 billion market capitalization run of AMD may be spiked by the company’s exclusive product offerings. For a while now, AMD has been cashing out with its 7nm CPUs and GPUs and is about to launch 7nm semi-custom chips for the next-gen Xbox Series X and PlayStation 5 consoles.

In addition, Tweaktown noted that AMD is about to unveil its RDNA 2 graphics architecture and a family of next-gen Radeon RX graphics cards as well as the new Zen 3 architecture and Ryzen 4000 series desktop CPUs that aren’t too far away.

For a company with such planned products with the potential of taking its competitor’s market share, the market cap of $91.67 billion may be just it’s recorded low as it AMD journeys to become a prominent chip company

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Bitcoin Mining Stocks Jump 49% in Less Than One Month after Poor Figures Recorded in May

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Bitcoin mining stocks have performed much better than Bitcoin has in the last one year. These stocks are rising despite China’s crackdown.

The three largest Bitcoin mining stocks are rising, following crashes seen across these companies’ valuations last month. These stocks have pulled in considerable weight over the last month, regardless of souring Bitcoin mining sentiments palpable across different geographic regions.

According to a recent report, the three companies include Riot Blockchain Inc (NASDAQ: RIOT), Canaan Inc (NASDAQ: CAN), and Marathon Patent Group (NASDAQ: MARA). Since May 21, Riot Blockchain has jumped 63% from $2.08 billion to $3.4 billion. Marathon also increased by 55% to its current $2.98 billion valuation. All three companies have increased an average of 49% in less than a month.

While these increases may spell progress for the crypto sector, extreme volatility may also be a concern. Between February and April, bitcoin mining firms maintained significant market caps after rising considerably. However, the month of April and early May saw some reversal. Again, by the end of May, their stocks began to rise. The instability is also more seen with a company like Riot Blockchain. Last year, RIOT had a valuation of less than $200 million. By February this year, the company’s market cap had hit $6.12 billion.

Bitcoin Mining Stocks and BTC

At the moment, Bitcoin mining stocks are considerably more promising than the asset itself. Over the past 12 months, stock prices for Riot Blockchain, Hive, Marathon, and Canaan have brought mouth-watering returns to holders. Marathon, which has spiked the highest, comes at 3,119%. In the same timeframe, Bitcoin has increased by an impressive but still much lower 334%.

Recently, China renewed its fight against Bitcoin mining and has come down heavy on operators. Last week, China’s Xinjiang province ordered all Bitcoin miners to immediately suspend operations. The Changji Prefecture Government in the province also sent a circular to subordinate government arms in the Zhundong Economic Technological development park. Specifically, the circular required the park to completely discontinue all mining and other undertakings related to crypto. This is considered a big blow on the country’s crypto clime as the park is considered a major hub.

Back in March, the Inner Mongolia region of Northern China also made a similar move. Its decision was said to be an effort to reduce energy consumption. Basically, Inner Mongolia was supporting energy efficiency demands set by Beijing. Regardless, many crypto community members suggest that the energy efficiency reasons are a ruse to hamper Bitcoin’s growth in the country.

The general effect of the mining ban is significant. Since the ban, large mining pools with Chinese clients have lost a significant chunk of their hash rates. According to BTC.com data, mining pools such as AntPool, BTC.com, Poolin, and F2Pool lost between 11% and 30% of their hash rates within 24 hours of the announcement. Binance and Huobi pools also lost 10% in the same time frame. However, pools outside China, including Foundry USA and Slushpool saw little to no changes.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.



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US Lawmakers Introduce Bipartisan Antitrust Bills That May Reform Top Tech Giants

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Apart from the two bills focused on Amazon and Apple, the other three include the Platform Competition and Opportunity Act, Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act and Merger Filing Fee Modernization Act. 

House lawmakers have released bipartisan antitrust that may affect tech giants like Amazon.com Inc (NASDAQ: AMZN), Apple Inc (NASDAQ: AAPL), Facebook Inc (NASDAQ: FB), and Google LLC(NASDAQ: GOOGL). The bills came after the four tech companies were investigated over antitrust issues. At the time, the result of the investigation revealed that the tech companies hold monopoly power. In conclusion, the panel said antitrust laws needs review to address competition challenges in the digital space. 

New Bills May Affect Dominant Tech Companies

Now, these bills, which consist of five packages, are to challenge dominant platforms over mergers. Also, the five package bills will prohibit the companies from owning businesses that show obvious conflicts of interest. 

Two of the bills focus on Amazon and Apple. These tech firms own marketplaces that include their personal products and apps, which compete with other merchants or developers that utilize and rely on their marketplaces to offer services to consumers. These tech companies create platforms for other businesses and then compete with the same businesses that they provide marketplace services to. The two bills are the Platform Anti-Monopoly Act, which has been renamed the American Choice and Innovation Online Act, and the Ending Platform Monopolies Act. The former was sponsored by the House Judiciary subcommittee on antitrust Chairman Rep. David Cicilline, D-R.I. Vice-Chair Pramilia Jayapal sponsored the latter. 

Earlier this week, the CEO of the Chamber of Progress, Adam Kovacevich, commented on these two bills. Kovacevich said that the approval of the bills would result in consumers losing out on over a dozen popular features. The CEO noted that rules against discrimination would disallow Google from providing results on the most popular results for businesses in users’ locations. Also, Amazon will no longer offer Prime free shipping. At the same time, the conflict of interest and non-discrimination provisions will stop Facebook users from easily cross-posting to Instagram. In addition, Apple will not continue its Find My apps pre-install that helps users locate lost items conveniently.

Before the signing of these bills into law by the president, the Senate must first approve it. Before then, the bills will need to gain support from the Judiciary Committee. 

Antitrust Bills

Apart from the two bills focused on Amazon and Apple, the other three include the Platform Competition and Opportunity Act, Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act and Merger Filing Fee Modernization Act. 

The Platform Competition and Opportunity Act will make dominant platforms involved in mergers prove that their actions comply with the law. Eventually, dominant tech companies will reduce their acquisitions. As for the proposed ACCESS bill, these tech firms would order dominant platforms to maintain stipulated standards of data portability and interoperability. As such, consumers will find it easier to transfer their data to other platforms. The Merger Filing Fee Modernization bills seek to raise funds for the Federal Trade Commission and the Department of Justice. 

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Didi Set to Make US Stock Market Debut, Files for IPO

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Anticipated to be one of the biggest tech IPOs of 2021, Didi IPO could fetch the company a $100 billion valuation while raising $10 billion.

Didi Chuxing, founded in 2012 by Cheng Wei, filed for an Initial Public Offering (IPO) under its formal name Xiaoju Kuaizhi Inc. It has become a market leader in the mobility technology industry in a short time, having acquired its biggest competitor, Uber’s China unit, in 2016. In return, Uber now has a 12.8% stake in Didi. Other high-profile investors include tech giants SoftBank Group Corp with a 21.5% stake in the company, and Tencent Holdings Ltd, which holds 6.8% of the company. Despite constant competition in the ride-hailing industry, Didi has managed to stay dominant through its continuous expansion in providing related services using top-notch technology.

Like other industries disrupted by the pandemic, Didi, too, suffered huge losses estimated at $1.6 billion for 2020. Its net profit contracted by almost 10% between 2019 and 2020, thanks to the pandemic that reduced passengers and affected business across countries. However, the first quarter of 2021 brought good news as it saw an astounding 107% growth and doubling of revenue, earning a profit of $30 million. Like major tech startups, Didi has seen losses in its 8 years of existence, however, it still reins the country’s ride-hailing industry.

Didi Chuxing has its operations in 15 countries across Africa, South America, Asia and Europe, including China, although a vast customer base comprises the Chinese population. In addition to providing app-based transportation facilities, Didi also offers food delivery, financial and automobile services. The Beijing based company has also worked in partnership with BYD Co. Ltd., a Chinese automobile manufacturer, to develop electric cars, specifically engineered for their ride-hailing business. Not just that, the company has also been a part of the strategic partnership with Guangzhou Automobile Industry Group to design, develop and manufacture autonomous electric vehicles.

In the Founder’s Letter submitted alongside the filing, CEO Cheng owned the company’s mistakes and failings, notably the rape and deaths of two female passengers and the plight of drivers who face unfair treatment. The letter mentions the solutions adopted to overcome the shortcomings that include redesigning over 200 app features, installation of safety-enhancing mechanisms and devices and the establishment of a SWAT Team that would respond to all safety incidents on a real-time basis.

With such a revaluation and improvement of existing services, Didi is all set to take advantage of the vast investment market in the US With the Covid effects diminishing and the universal rollout of vaccinations, the ride-hailing services have already hit the market like never before and Didi plans to make the most of it through the strategic use of its IPO proceeds. More than a quarter will go towards developing technological competencies while an equal share will be put on international expansion efforts. Roughly 20% of the proceeds will be used to develop new offerings, and the rest will be put to use for corporate activities.

Goldman Sachs, Morgan Stanley and JPMorgan are chosen as the lead underwriters for the IPO.

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