Core Viewpoint - Singapore Telecommunications Limited (Singtel) announced that a fund managed by private equity firm KKR will invest SGD 1.1 billion in cash to acquire a 20% stake in Singtel's regional data center business, with the transaction expected to close in Q4 of this year [1] Group 1 - KKR has the option to increase its stake to 25% by 2027 based on a pre-agreed valuation [1] - This investment raises the enterprise value of Singtel's regional data center business to SGD 5.5 billion [1] - The transaction is not expected to have a material impact on Singtel for the fiscal year ending March 31, 2024 [1] Group 2 - The funds will be used to accelerate the expansion of regional data center operations in ASEAN markets such as Singapore, Indonesia, and Thailand, while also exploring opportunities in other markets like Malaysia [1]

Group 1 - The UK Competition and Markets Authority (CMA) has proposed new standards for managing AI models, focusing on accountability, access, and transparency to promote healthy development of the technology [1] - CMA CEO Sarah Cardell emphasized the potential of AI to enhance productivity and ease daily tasks for millions, but also highlighted that the consequences of this technology may not always be positive [1] - The CMA's regulatory principles include seven aspects: accountability, access, diversity, choice, flexibility, fair trading, and transparency [1] Group 2 - In the coming months, the CMA will engage with a wide range of stakeholders in the UK and internationally to further develop these principles, supporting the positive development of AI in key markets for effective competition and consumer protection [2] - The UK government aims to become a global leader in the AI industry and regulation, planning to host the first global AI summit in November [2] - A proposed copyright law exemption would allow text and data mining for any purpose, potentially leading to the use of copyrighted artistic and cultural content as training material for generative AI [2]

据报道，自从2020年开始，在韩国展开运营的奈飞和SK电信就产生了纠纷。双方争论的焦点，是那些 产生高额互联网传输流量的媒体内容提供商，是否应该为使用电信网络承担额外的费用，另外这种针对 特定互联网公司的收费，是否违反了传统的"网络中立原则"，并导致特定的互联网消费群体面临更高的 费用。 这份声明提到，通过签署周一的合作伙伴文件，SK宽带公司和奈飞将结束过去的所有纠纷，未来以伙 伴的身份展开各种合作。 奈飞和SK宽带公司的发言人表示，之前针对对方发起的相关诉讼已经取消。 据报道，此前在韩国，美国网络视频巨头奈飞（Netflix）和本地的电信运营商"SK电信"产生纠纷和诉 讼，原因是SK电信公司认为奈飞给自身的电信网络带来了庞大的互联网视频流量包袱，因此奈飞应该 为网络流量和网络维护成本承担费用，不过在周一，双方宣布已经和解，针对彼此的诉讼也被取消。 "SK宽带公司"和母公司"SK电信"与奈飞共同发布了一份声明，宣布双方达成和解，双方宣布将建立一 种合作伙伴关系，共同开发产品，同时公共部署SK电信公司开发的人工智能技术。 ...

| | | 英特尔对此表示，台积电的收购将使IMS的估值达到约43亿美元。英特尔将保留IMS的大部分股权。 台积电官网宣布，董事会批准对软银旗下ARM投资至多1亿美元，批准以高达4.328亿美元的价格收购 英特尔旗下子公司IMS 10%的股份。 ...

Core Viewpoint - Arm is engaged in a legal dispute with Qualcomm over patent usage, which is intensifying as Arm prepares for its highly anticipated IPO, potentially impacting its relationship with investors and clients [1][4]. Group 1: Legal Dispute - Arm filed a lawsuit against Nuvia, acquired by Qualcomm, alleging unauthorized use of its patented technology without negotiation for new licensing [3]. - Qualcomm countered the lawsuit, claiming no wrongdoing and asserting that Arm cannot demand the destruction of technology developed using Nuvia's intellectual property [3]. - The lawsuit is set to be heard in federal court in Wilmington next September, with the outcome hinging on undisclosed agreement details between the two companies [8]. Group 2: IPO Impact - Arm's IPO is projected to raise nearly $4.87 billion, with shares priced between $47 and $51, leading to a maximum valuation of $54.5 billion [7]. - The IPO has reportedly received 10 times oversubscription, indicating strong investor interest despite the ongoing legal challenges [8]. - Analysts express concern that the timing of the IPO amidst litigation could negatively affect Arm's reputation and relationships with major clients like Amazon, Samsung, and Apple [5][9]. Group 3: Financial Context - Qualcomm contributed nearly $300 million in licensing fees to Arm in the fiscal year ending March, accounting for 11% of Arm's total revenue of $26.8 billion [5]. - The ongoing legal battle may create apprehension among Arm's top clients regarding potential increases in licensing fees [5].

Group 1 - Qualcomm announced it will supply 5G modems to Apple for iPhones until 2026, leading to a pre-market increase of over 5% for Qualcomm and over 1% for Apple [1] - Analysts previously expected Apple to transition to its own 5G modem by 2024, but the extension of the supply agreement is seen as a boost for Qualcomm's mobile business [1] - Qualcomm's mobile business generated $5.26 billion in sales for the third fiscal quarter of 2023, with approximately 21% of Qualcomm's total revenue of $44.2 billion in fiscal year 2022 coming from Apple [1] Group 2 - In addition to 5G modems, Qualcomm earns profits from cellular licensing fees from Apple, estimated at $1.9 billion in 2022 [2] - Qualcomm has a six-year agreement to continue charging royalties to Apple, established after a legal battle over patent fees in 2019 [2] - Qualcomm expects to provide only 20% of Apple's overall 5G modem needs by 2026, indicating a projected decline in business from Apple [2]

Group 1 - Huawei's Yu Chengdong claims that the strongest foldable smartphone will still be Huawei, introducing the new member of the Pioneer Program, the Huawei Mate X5 [1] - The Huawei Mate X5 has officially started pre-orders today, and there is a sudden announcement that the Mate X5 series is still in high demand, selling out immediately after launch [3] - The official website indicates that the Mate X5 is currently "temporarily out of stock" due to overwhelming demand [3]

Core Viewpoint - JPMorgan's report indicates that the upcoming iPhone 15 lacks substantial upgrades, which will not drive significant user upgrades [1][2] Group 1: Target Price Adjustment - JPMorgan has lowered Apple's target price from $235 to $230, reversing a previous increase made last month due to strong shareholder returns and service business performance [1] - The downgrade reflects a shift from a bullish outlook to a more cautious stance regarding iPhone 15 sales [1] Group 2: iPhone 15 Features and Consumer Appeal - The report suggests that the main changes in the iPhone 15 may only involve the exterior, with the Pro model potentially featuring a titanium alloy frame instead of stainless steel [1] - Despite the lack of significant upgrades, the large existing user base is expected to still attract some purchases [1] Group 3: Pricing Expectations - JPMorgan anticipates that all iPhone models will see price increases, contrary to the common expectation that only Pro models would be affected [2] - The firm argues that if the price gap between the base and Pro models is too wide, it may reduce consumer motivation to purchase higher-end models [1] Group 4: Market Conditions - The report highlights that consumer spending is tightening and competition is intensifying, contributing to lower sales expectations for the iPhone 15 [2] - Unlike previous years, there is a lack of high expectations from investors ahead of the new iPhone launch [1]

Group 1 - Intel has entered a new foundry agreement with Tower Semiconductor, involving a $300 million investment in Intel's Rio Rancho facility in New Mexico [2] - Tower Semiconductor will gain production capacity of over 600,000 photo layers per month to meet customer demand for next-generation 300 mm chips [2] - The collaboration aims to focus on advanced power management and RF SOI solutions, with plans for full process qualification in 2024 [2] Group 2 - Intel's foundry services have seen significant growth, with Q2 revenue reaching $232 million, a year-over-year increase of over 300% [3] - Intel aims to become the second-largest external foundry provider globally by 2030 [3] - Prior to this agreement, Intel and Tower Semiconductor had terminated a previous acquisition deal, with Intel paying a breakup fee of $353 million [3]

Core Insights - Xiaomi's Q2 2023 revenue reached 673.5 billion yuan, a year-on-year decline of 4%, while adjusted net profit increased by 147% to 51.4 billion yuan [12] - The average selling price (ASP) of Xiaomi's products rose to 1112 yuan, reflecting a year-on-year growth of 2.8% [12] Financial Performance - Q2 revenue breakdown: smartphones accounted for 366 billion yuan, IoT and lifestyle products for 223 billion yuan, internet services for 74 billion yuan, and other income for 10.6 billion yuan [12] - R&D expenditure in Q2 was 46 billion yuan, a year-on-year increase of 21% [11][12] - The gross margin for IoT and lifestyle products reached a record high of 17.6%, up 3.3 percentage points year-on-year [11] IoT and User Engagement - As of June 30, 2023, Xiaomi's IoT platform connected 655 million devices, marking a year-on-year growth of 24.2% [6] - The number of active users for Xiaomi's smart TVs exceeded 62 million in June 2023, representing an increase of over 18% year-on-year [11] Research and Development - The number of R&D personnel reached 16,834, constituting 52% of the total workforce [11][12] - Xiaomi has over 3,000 personnel focused on AI, with significant progress in developing lightweight, locally deployed AI models [11]