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ByteDance (BDNCE) working with Broadcom (AVGO) on advanced AI chip – report. (00:25) Fast-fashion firm Shein may abandon London IPO – report. (01:16) Freight M&A: UPS sells Coyote Logistics to RXO. (02:23)
This is an abridged transcript of the podcast.
ByteDance (BDNCE), the Chinese firm that owns TikTok, is collaborating with Broadcom (NASDAQ:AVGO).
Two sources told Reuters that the companies are working on an advanced AI chip. The goal is to secure a stable supply of high-end chips and lower procurement costs amid China-U.S. trade tensions.
Taiwan Semiconductor (TSM) will manufacture the 5 nanometer chip which is an application-specific integrated circuit that will comply with U.S. export curbs.
The new chip is still being designed by Taiwan Semi (TSM) and is not expected to start manufacturing this year.
While the companies have not confirmed the partnership, it would be the first between a Chinese company and a U.S. firm involving 5 nm or more advanced chipmaking technology since Washington imposed chip export restrictions amid national security fears.
Chinese fast-fashion platform Shein may scrap an initial public offering in London over how the retailer has recently been portrayed in the UK.
A series of criticisms leveled at Shein has annoyed some in the upper parts of the Chinese government, according to a report in Mail on Sunday, which cited unidentified senior City sources. A source added that Beijing authorities may now put pressure on Shein to list in Hong Kong instead of London.
The retailer has been criticized by the British Fashion Council, which is similar to its U.S. counterpart, the National Retail Federation. Shein has been criticized in the UK and the U.S. over its dependence on third-party contract suppliers and accusations surrounding the use of forced labor.
Shein declined to comment to the Mail on Sunday.
The latest update comes after reports, including from Sky News Financial Times and Reuters, that Shein was preparing to file a prospectus with the UK’s Financial Conduct Authority for approval ahead of a planned £50B London listing this month.
United Parcel Service (NYSE:UPS) announced on Sunday that it has entered into an agreement to sell its Coyote Logistics business unit to RXO (NYSE:RXO) for $1.025 billion.
The transaction is expected to close before the end of the year.
Following the closing of the transaction, UPS will update its financial outlook.
At closing, RXO (RXO) will be the third-largest provider of brokered transportation in North America.
The addition of Coyote’s customer base is anticipated to diversify RXO’s (RXO) vertical mix and will increase the number of customers who do more than $1 million in business with the company by approximately 80%.
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Catalyst watch:
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The three-day Marine Money Week conference will begin. Companies with executives appearing on panel discussions include Pangaea Logistics (PANL), Frontline (FRO), Ardmore Shipping Corporation (ASC), Genco Shipping & Trading (GNK), KNOT Offshore Partners LP (KNOP), Navigator Holdings (NVGS), International Seaways (INSW), Navios Maritime Partners (NMM), and EuroDry (EDRY).
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in mixed territory . Crude oil is up 0.4% at $80 per barrel. Bitcoin is down 5% at $61,000.
In the world markets, the FTSE 100 is up 0.6% and the DAX is up 0.7%.
The biggest movers for the day premarket: Prudential plc (NYSE:PUK) shares rose nearly 6% after announcing plans to buy back $2B of stock by mid-2026.
On today’s economic calendar:
