Taiwan Semiconductor Manufacturing Company (TSMC) said it would build a second chip factory in Arizona and increase its investment in the state to $40B. In 2020, the company announced plans for a $12B semiconductor factory in the state scheduled to open in 2024. TSMC broke ground on the location last year. More: - Construction on the second plant will start next year, and chip production is expected to begin in 2026.
- The second factory will make 3-nanometer chips.
- President Biden, Apple CEO Tim Cook, and Nvidia CEO Jensen Huang spoke at TSMC’s event in Arizona on Tuesday.
- Cook said Apple would use semiconductor chips made at TSMC’s Arizona factory, noting the chips would be proudly stamped “Made in America.”
- TSMC is the world’s largest contract semiconductor producer.
- The company currently produces most of its chips in Taiwan, raising concerns from U.S. and European lawmakers about securing chip supplies as geopolitical tensions rise.
- Earlier this year, Congress passed the Biden Administration’s Chips and Science Act, providing $52B in subsidies for chipmakers in the U.S.
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On Tuesday, several U.S. bank CEOs and other business executives voiced concerns about the possible state of the U.S. economy in 2023. JPMorgan Chase CEO Jamie Dimon said rising interest rates, record inflation, and ongoing geopolitical tensions could lead the U.S. into a recession next year. More: - Dimon added that inflation and the Fed’s interest rate hikes are eating into savings and government aid U.S. consumers accumulated during the pandemic.
- Bank of America CEO Brian Moynihan said U.S. consumers still have more savings in the bank compared to before the pandemic, adding that savings peaked in April during tax refund season.
- General Motors CEO Mary Barra said the company is still seeing strong consumer demand, but the automaker plans to be conservative with costs in 2023.
- Barra noted she expects issues from the pandemic, like chip shortages and strained supply chains, to persist in 2023.
- Goldman Sachs CEO David Solomon said the investment bank might cut jobs in certain areas and be more cautious with its financial resources going into the new year.
- Solomon added that he is more cautious about the state of the U.S. economy than the bank’s economists, who predict that the U.S. might narrowly avoid a recession in 2023.
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Apple is scaling back its plans for a level 5 self-driving car. The iPhone maker also postponed its release date for its electric vehicle, now expecting to launch a more traditional EV with a steering wheel and pedals in 2026. Apple had initially planned to launch the new product category in 2025. More: - According to sources, Apple’s car project, dubbed Titan internally, has been in limbo for several months following high-profile executive exits.
- The project was launched about 10 years ago and is currently being led by Apple’s VP of Technology, Kevin Lynch.
- Also, the tech giant is facing the reality that the technology needed to realize its fully autonomous vehicle ambition isn’t available.
- Apple’s new direction for its self-driving EV would only support full autonomous capabilities on highways and freeways.
- According to sources, the company aims to complete the industrial design for the vehicle in 2023, complete its features in 2024, and conduct extensive testing in 2025.
- This would leave 2026 for the launch.
- Following news on the delay, Apple shares fell ~2%. It closed at $142.91, down 2.54% for the day.
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Amazon has reached an agreement with EU antitrust regulators three years after the Commission launched an investigation into the company’s handling of data from competitors. As part of the settlement, Amazon will allow sellers using its Prime membership program to choose any logistics company they want. More: - Sellers would also be able to negotiate terms instead of being locked into using Amazon’s logistics services.
- Amazon also agreed to increase the visibility of rival products by giving them equal treatment on Amazon’s “buy box.”
- The agreement means Amazon would avoid formal charges of breaking EU law and a hefty fine of up to 10% of global revenues.
- The agreement would remain in effect for five years.
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Sports merchandise company Fanatics has raised $700M at a $31B valuation. According to sources, about two-thirds of the new capital came from existing investors. The company plans to use the new funds to grow its various units, including a soon-to-launch sports betting and gaming business. More: - Investors include Silver Lake, Fidelity Management & Research, SoftBank, LionTree, and private-equity firm Clearlake Capital Group LP, which led the round.
- Fanatics supplies merchandise and memorabilia for professional and college sports teams.
- Last year the company launched its collectibles business, which includes trading cards.
- Earlier this year, Fanatics raised $1.5B at a $27B valuation.
- The company plans to eventually IPO when some of its newer business lines are more mature.
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Morgan Stanley, PepsiCo, and Buzzfeed all announced layoffs this week. Morgan Stanley is laying off the most of the three, as it said it would cut about 2% of its global workforce or roughly 1,600 jobs. The bank had more than 81,000 employees at the end of Q3. According to sources, financial advisors are one of the few groups exempt from the bank’s layoffs. More: - Buzzfeed on Tuesday announced it will lay off about 12% of its staff, or 180 workers.
- The digital media company pointed to challenging economic conditions and its acquisition of Complex Networks, among other things, for the staff reduction.
- Buzzfeed CEO Jonah Peretti told staff the company needed to adapt and readjust its cost structure.
- According to sources, PepsiCo is laying off hundreds of employees at its North American beverage headquarters in Purchase, New York.
- PepsiCo also plans to cut corporate jobs at its North American snacks and packaged-foods business, headquartered in Chicago, Illinois, and Plano, Texas.
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- Two subsidiaries of the Trump Organization were convicted of multiple crimes on Tuesday, including tax fraud, falsifying business records, and conspiracy. The company faces fines of up to $1.6M.
- The U.S. has opened an auction to sell offshore California wind rights. The Interior Department’s Bureau of Ocean Energy Management plans a lease sale of two offshore regions, one north of Santa Barbara near Morro Bay and another in Humboldt County, south of the Oregon border. The projects are expected to generate over 4.5 gigawatts of electricity, enough to power more than 1.5 million homes.
- Hungary has blocked an €18B ($18.9B) package of EU financial support for Ukraine, increasing the rift between the country’s prime minister, Viktor Orbán, and Brussels. Brussels has paused a decision over Budapest’s access to €5.8B ($6.07B) worth of COVID-19 recovery funds.
- SpaceX unveiled a military version of its Starlink satellite called Starshield. According to SpaceX’s website, the Starshield system will focus on three areas – Earth observations (imagery), communications, and hosted payloads.
- Taking care of yourself matters, and BetterHelp connects you to a therapist within 48 hours without having to leave home. Get 25% off your first month.*
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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