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Google Directly to Jail?
“Google is a monopolist, and it has acted as one to maintain its monopoly,” wrote US District Court Judge Amit Mehta, in a ruling that confirms that Alphabet’s [GOOGL] Google held a monopoly in two market areas: search and text advertising. This is the outcome of a landmark case that bundled together suits initially filed in 2020 by the Department of Justice and a group of attorneys general from 38 states and territories. Kent Walker, Google’s President of Global Affairs, said that Google would appeal the ruling.
China Stocks Up on Chips
According to Reuters, Chinese tech firms, including Huawei and Baidu [BIDU], are stockpiling high-bandwidth memory (HBM) chips produced by Samsung [SSNLF] ahead of an anticipated expansion of US restrictions on chip exports to China. The country accounted for some 30% of Samsung’s HBM revenue in H1, in an indication that it is aiming to keep its tech sector on track despite the curbs, which were first reported in July. HBM chips are key to processing the large volumes of data used by artificial intelligence (AI) applications.
Hydrogen Breakthrough
Bloom Energy’s [BE] share price climbed as much as 4.4% after the close on Monday after the company announced that the Bloom Energy Server power solution displayed 60% electrical efficiency. This is the highest level yet reached by its solid oxide fuel cell platform when using 100% hydrogen. “With our world-leading efficiency electrolyser and the Bloom Energy fuel cell technology capable of running on natural gas and hydrogen blends, this achievement builds on our leadership position in the hydrogen industry,” said Chief Technology Officer Ravi Prasher, as reported by Seeking Alpha.
PIF Expands Support of EV Maker
Electric vehicle (EV) maker Lucid’s [LCID] share price jumped around 6% in extended trading, on news that its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), is to give it as much as $1.5bn in cash. The news comes ahead of the start of production of Lucid’s new Gravity SUV, and means that the firm will have enough funds to last it until Q4 2025. Some of the funds will go towards Lucid’s new factory in Saudi Arabia, CEO Peter Rawlinson told Reuters.
Chipmaker Soon to Receive US Loan
South Korea’s SK Hynix [000660:KS] will receive an initial $450m in grants and $500m in loans to construct a chip packaging and research facility in Indiana. The facility will package HBM chips used by AI chipmakers, including Nvidia [NVDA], boosting the US' domestic chip supply chain. Bloomberg reported that SK Hynix will ship its own chips to the US to be packaged; the firm will also receive a 25% tax credit.
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