World Liberty Financial, a decentralized finance (DeFi) crypto project associated with former President Donald Trump and his sons, plans to limit its token sales to $30 million within the United States. According to a recent filing with the US regulators, the company, based in Delaware but operated from Puerto Rico, has approximately $288.5 million worth of tokens available, meaning around 90% of the sales will occur offshore. So far, fewer than 350 investors in the US have purchased these tokens.
To navigate regulatory challenges from the US Securities and Exchange Commission (SEC), which aims to classify tokens as securities, World Liberty is leveraging an exemption known as Regulation D. This allows the company to raise unlimited funds from wealthy individuals and institutions meeting certain criteria, such as having a net worth exceeding $1 million. Since mid-October, World Liberty has reportedly raised $2.7 million from 348 investors through this mechanism.
While Trump and his sons are mentioned in the company’s filings, the document clarifies that their names are included for informational purposes and do not indicate official endorsement of the offering. The project promotes itself as part of a broader initiative to democratise access to financial services. Looking ahead, any potential sales to non-US investors will be conducted under Regulation S, which imposes fewer requirements but is limited to foreign investors only.
The US Commerce Department has fined GlobalFoundries $500,000 for exporting semiconductor chips to SJ Semiconductor, an affiliate of China’s blacklisted chipmaker SMIC, without proper authorisation. GlobalFoundries, based in New York and one of the world’s largest contract chipmakers, reportedly made 74 shipments valued at $17.1M to the Chinese firm without obtaining the required export license. SJ Semiconductor and its parent, SMIC, were placed on the US trade restriction list in 2020 due to SMIC’s alleged links to China’s military.
GlobalFoundries disclosed the unintentional violation, attributing the exports to a data-entry error that occurred before the Chinese firms were listed. The company emphasised its commitment to strict compliance practices, a sentiment echoed by Assistant Secretary for Export Enforcement Matthew Axelrod, who urged American companies to be vigilant in transactions with Chinese entities.
This fine comes amid increased scrutiny of US export policy and enforcement, particularly as Washington works to prevent American technology from enhancing China’s military capabilities. GlobalFoundries is also in line to receive $1.5B in government support to expand semiconductor manufacturing in the United States, part of the Biden administration’s broader push to boost domestic chip production.
US tech companies have raised concerns over a proposed data protection law in Vietnam, warning it could restrict their ability to grow in one of Asia’s largest digital markets. The draft law, which is under discussion in Vietnam’s parliament, aims to tighten controls on data protection, limit data transfers abroad, and give authorities easier access to information. Major industry players, represented by the Information Technology Industry Council, argue that these restrictions could hinder companies like Meta, Google, and Equinix from effectively reaching their large Vietnamese user base and building new data centres.
Vietnam, home to 100 million people, is an attractive market for tech and social media companies and has ambitions to expand its data centre industry through foreign investments. However, the new law would require companies to obtain prior authorisation before transferring “core” or “important” data abroad—terms that critics say are vaguely defined. In addition, companies may be required to share data with the government in cases broadly categorised as being in the “public interest.”
The US tech sector has voiced opposition, citing an “undue expansion of government access” that could create significant compliance challenges. The American Chamber of Commerce in Hanoi has joined the call, urging lawmakers to reconsider the legislation’s quick adoption, which is scheduled for a vote on November 30. Industry analysts are watching closely, as the law could impact foreign investment plans, including Google’s potential new data centre in southern Vietnam.
Nvidia CEO Jensen Huang has urged South Korea’s SK Hynix to speed up the delivery of its next-generation HBM4 memory chips by six months, according to SK Group Chairman Chey Tae-won. Initially scheduled for the latter half of 2025, the HBM4 chips are in high demand as Nvidia’s GPUs require them for advancing AI technology. Nvidia, which holds a dominant share of the AI chip market, relies on SK Hynix’s high-bandwidth memory to support AI processing.
Facing growing competition from Samsung and Micron, SK Hynix is working to deliver its latest HBM3E chips this year, with plans to release improved 16-layer versions early next year. Samsung has also announced progress on a new supply deal and aims to roll out its HBM4 products by the second half of 2024.
Shares of SK Hynix surged 5.1% on the news, reflecting strong investor confidence in its strategic response to the booming demand for advanced memory technology.
Foxconn subsidiary Shunsin has submitted a request for an $80 million investment permit to establish an integrated circuit manufacturing plant in Bac Giang province, northern Vietnam. This development is detailed in a document from Vietnam’s environment ministry and represents a significant expansion of Foxconn’s operations in the region. The proposed facility aims to produce and process electronic components, particularly integrated circuit boards and is expected to commence full-scale operations by December 2026, with an annual production capacity of 4.5 million units.
This move aligns with Foxconn’s ongoing strategy to diversify its manufacturing base outside of China, especially in Southeast Asia, where it has already made substantial investments. The products manufactured at the new Shunsin plant will be designated for export, targeting major markets including the US, EU, and Japan. This export focus underscores Foxconn’s commitment to meeting the growing global demand for advanced electronic components.
Foxconn, officially known as Hon Hai Precision Industry, is recognised as the world’s largest contract electronics manufacturer. Since entering Vietnam in the early 2000s, the company has invested over $3.2 billion in various operations across the country. Its manufacturing footprint is primarily concentrated in northern provinces like Bac Ninh and Bac Giang, which have become key hubs for electronics production. In July, Foxconn also received a license to invest $383 million in a factory dedicated to printed circuit boards, further enhancing its capabilities in the region.
Huawei has announced that its latest operating system, HarmonyOS NEXT, will incorporate China’s central bank digital currency, the digital yuan. Officially launched on 22 October 2023, HarmonyOS NEXT will streamline digital yuan access for Huawei’s extensive user base, estimated at nearly 1 billion people. This marks the first in-house operating system developed entirely by Huawei, positioning it as the world’s third most popular operating system after Android and iOS.
With the digital yuan built directly into the operating system, users can access the currency without needing a separate application, simplifying its use. Huawei has also announced improvements in digital wallet management and enhanced interoperability with other financial applications, making the central bank’s digital currency more accessible and practical. Plans to expand the digital yuan’s reach across IoT devices and smart chips signal further integration across a range of technologies.
This integration comes at a time when China’s digital yuan is gaining momentum domestically and internationally. Recently, the International Air Transport Association (IATA) included the digital yuan as the first digital currency it will accept, citing China’s leading position in digital currency adoption. Meanwhile, China is preparing to update its Anti-Money Laundering laws to address risks associated with virtual assets, underscoring the country’s evolving approach to digital finance.
Nvidia is seeking antitrust approval from the European Union for its planned acquisition of Israeli AI startup Run:ai valued at approximately $700 million. The European Commission has raised concerns that the merger could harm competition in the markets where both companies operate, prompting increased scrutiny of tech giants acquiring startups. This move reflects a broader regulatory trend aimed at preventing potential monopolistic practices in the tech sector.
Although the acquisition does not meet the EU’s turnover threshold for automatic review, it was flagged by Italy’s competition agency, which requested the EU to investigate further. The Commission has accepted this request, indicating that the transaction could significantly impact competition across the European Economic Area.
In response to the regulatory review, Nvidia expressed its readiness to cooperate and answer any questions regarding the acquisition. The company is committed to ensuring that AI technologies remain accessible across various platforms, emphasising its role as a leader in the chip industry, particularly for AI applications like ChatGPT.
Thailand’s Board of Investment (BOI) announced on Friday it has approved $2 billion in new investments aimed at bolstering the nation’s data centre and electronics manufacturing sectors. Among these, a significant investment comes from a subsidiary of Alphabet Inc., which will allocate 32.8 billion baht ($968 million) toward the development of a hyperscale data centre. This facility is expected to strengthen Thailand’s data infrastructure, accommodating the growing demand for digital services and data management across Southeast Asia.
The BOI highlighted that these investments align with Thailand’s strategic vision to transform into a regional tech and manufacturing hub. By enhancing its digital infrastructure and encouraging foreign investment in high-tech sectors, the country hopes to create a more resilient, future-ready economy. The addition of hyperscale data centres, in particular, will enable Thailand to meet increasing demands from cloud service providers, e-commerce companies, and other data-intensive industries.
Thailand has seen a surge in interest from global tech giants looking to establish operations in Southeast Asia, a region marked by rapid digital adoption and economic growth. BOI’s continued support for high-tech projects like these reflects the country’s focus on building a sustainable ecosystem for digital and electronics manufacturing, positioning Thailand as a key player in Asia’s digital economy.
SkyBridge Capital’s Anthony Scaramucci expressed confidence that the United States will address its debt crisis by allowing controlled inflation, despite potential impacts on lower- and middle-income households. Speaking at the Reuters Global Markets Forum, Scaramucci took a positive stance on debt management, diverging from many analysts who worry about mounting U.S. debt and possible downgrades to its credit rating. The US fiscal deficit recently rose by 8%, reaching $1.833T, the third largest in US history.
Scaramucci also shared his support for Vice President Kamala Harris’s economic plan over that of Donald Trump, despite Wall Street’s leanings toward Trump. He suggested that a second Trump administration could see increased interest in cryptocurrencies, with bitcoin potentially benefiting from Trump’s pro-crypto stance.
Predicting a significant increase in bitcoin’s value, Scaramucci anticipated the cryptocurrency reaching $170,000 by mid-2026, a threefold jump. This forecast reflects his confidence in bitcoin’s limited supply and rising demand amid financial market shifts.
PepsiCo is enhancing data collaboration with major retailers in response to declining sales and shifting consumer preferences toward budget options. The Lay’s and Tostitos maker has seen recent decreases in snack sales volumes, prompting adjustments to product sizes and a renewed focus on advertising. In early October, PepsiCo revised its annual sales forecast, reflecting the need to adapt to current market dynamics.
The data-sharing initiative, led by PepsiCo‘s senior vice president of strategy, Angelika Kipor, enables the company to gain insights into shoppers’ purchasing habits while helping retailers improve their supply chain accuracy. By sharing predictive data, PepsiCo assists retailers in optimising product orders, leading to higher sales—recently seen in collaboration with Carrefour, where the grocer expanded its PepsiCo product range based on historical data insights.
Retailer partnerships also help PepsiCo make data-driven supply chain adjustments using AI, a practice gaining traction among consumer goods companies looking to streamline operations. Kipor emphasised that while data-sharing strengthens trust with retailers, it remains separate from PepsiCo’s pricing negotiations, which have eased since the company’s commitment last year not to implement further price hikes on snacks and drinks despite ongoing inflation.
