Biden's Order Curbs Tech Investments in China Amid Rising Tensions
Biden's executive order restricts U.S. tech investors' funding in Chinese A.I. and chips, signaling a new era of restrictions. Combined U.S. investments in China at an eight-year low due to geopolitical concerns. The move aims to prevent U.S. money from financing Beijing's military growth. The ban's impact likely to extend beyond explicitly prohibited sectors. ByteDance's U.S. listing canceled amid security concerns, raising uncertainty for investors. Concerns about rebuilding trust and missing out on future deals arise as U.S.-China relations remain tense.
Verizon Teams Up with HCLTech to Boost Network Management
Verizon, the top US telecom company, has partnered with India's HCLTech to enhance its network management for business clients. Struggling with declining wireline business revenue, Verizon seeks AI and automation solutions. HCLTech will handle post-sale network deployment and support, while Verizon focuses on sales and development. This collaboration aims to attract new clients, bolster existing services, and create long-term value.
STG Acquires Avid Technology for $1.4B, Expanding Media Software
Private equity firm Symphony Technology Group (STG) has agreed to acquire media editing software maker Avid Technology for $1.4 billion, including debt. Avid shareholders will receive $27.05 per share in cash. The deal, expected to close in Q4 2023, offers a 32% premium to Avid's previous closing share price. Avid provides editing software for movies like "Top Gun: Maverick" and "Avatar: The Way of Water." STG, focused on technology investments, manages around $10 billion in assets and has invested in over 50 tech companies.
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