Salesforce shares soared to a record high of $368.7 on Wednesday, climbing 11% after surpassing quarterly sales estimates and offering an optimistic outlook for its AI-driven products. The company’s newly launched Agentforce platform, designed to autonomously handle tasks, has become a key driver of this growth, with Salesforce banking on its potential to transform enterprise operations.
In a post-earnings call, executives highlighted Agentforce’s initial success, noting 200 deals closed since its late October release. Analysts expressed confidence in its long-term potential, predicting significant gains by 2026. The positive results prompted at least 20 analysts to raise their price targets, with the new median estimate sitting at $380—indicating a further 15% potential upside.
Salesforce’s market valuation surged by over $35 billion, reaching $316.85 billion. Third-quarter revenue grew by 8% to $9.44 billion, surpassing expectations. The momentum also lifted other US cloud companies, including Oracle, ServiceNow, Datadog, and Snowflake, which posted gains of 3% to 4%.
The company now forecasts fiscal year 2025 revenue of $37.8 billion to $38 billion. Analysts remain optimistic about Salesforce’s strategic push into AI and the revival of enterprise spending, positioning the firm for continued success heading into 2026.
US agencies have briefed senators on ‘Salt Typhoon,’ a Chinese cyber-espionage campaign allegedly targeting American telecommunications networks. Officials claim the hackers stole call metadata and other sensitive information, affecting at least eight US telecom firms and dozens of companies worldwide. The breaches have sparked bipartisan concern, with some senators pressing for stronger preventive measures and legislation.
Telecom giants like Verizon, AT&T, and T-Mobile acknowledged the incidents but downplayed the impact on customer data. Federal agencies, including the FBI and Cybersecurity and Infrastructure Security Agency, emphasised the challenge of fully removing hackers from networks, while incoming FCC Chair Brendan Carr pledged to strengthen cybersecurity defences.
China has denied the allegations, calling them disinformation. Meanwhile, a Senate subcommittee hearing on December 11 will focus on the risks posed by such cyber threats and explore ways to protect US communications infrastructure.
Taiwan Semiconductor Manufacturing Company (TSMC) is reportedly in discussions with Nvidia to produce its Blackwell AI chips at TSMC’s new facility in Arizona, according to sources familiar with the matter. This move would mark a significant expansion of Nvidia’s chip production outside Taiwan, where the Blackwell series has been manufactured since its unveiling in March. The chips, celebrated for their generative AI and accelerated computing capabilities, are in high demand and boast speeds 30 times faster than previous models for tasks like chatbot responses.
The Arizona facility, set to begin volume production next year, represents a major US investment by TSMC, which is building three plants in Phoenix with substantial US government subsidies. If finalised, Nvidia would join Apple and AMD as plant customers. However, sources indicate that the chips would still need to be sent back to Taiwan for advanced packaging due to the lack of chip-on-wafer-on-substrate (CoWoS) capacity in Arizona. All of TSMC’s CoWoS operations remain centralised in Taiwan.
TSMC’s expansion into the US aligns with Washington’s push to bolster domestic semiconductor manufacturing amid geopolitical concerns over Taiwan. Neither TSMC nor Nvidia has commented on the talks, emphasising the confidentiality of the ongoing discussions.
Malaysia has cautioned that US President-elect Donald Trump’s proposed tariffs on BRICS nations could disrupt the global semiconductor supply chain. Trump has warned of 100% tariffs on BRICS members unless they halt efforts to create a new currency or reduce reliance on the US dollar, a move Malaysia’s trade minister, Tengku Zafrul Aziz, says could harm both sides.
The United States is Malaysia’s third-largest trade partner, and US firms are key investors in Malaysia’s semiconductor industry, which handles 13% of global chip testing and packaging. Tengku Zafrul emphasised that supply chain stability depends on cooperation, not protectionist measures.
While BRICS countries have discussed alternatives to the dollar, no official decision has been made. Malaysia has applied to join the bloc but is not yet a member. Meanwhile, Russia argued that US pressure would only accelerate global moves toward national currencies in trade.
Republican Senator Ted Cruz has called for an investigation into whether European governments have improperly influenced US policies on AI. Cruz’s concerns stem from growing international collaborations on AI regulation, including treaties and partnerships initiated by the Biden administration.
Cruz criticised European regulations as overly restrictive, claiming they target American AI companies and could shape US policies unfairly. He also accused the Centre for the Governance of Artificial Intelligence (GovAI), a UK-based nonprofit, of political activities without registering as a foreign agent, though GovAI has denied any wrongdoing.
The European Union has taken a leading role in AI regulation, recently passing the AI Act, the world’s first comprehensive law for governing technology. Cruz has framed these efforts as part of what he describes as ‘radical left’ interference, urging transparency about foreign involvement in shaping US AI laws.
Dutch semiconductor equipment maker ASM International (ASMI) said that the new US export controls align with its earlier 2025 revenue outlook. The updated restrictions, which include limits on semiconductor equipment exports to China, are not expected to significantly affect the company’s financial targets. ASM’s larger peer, ASML, has also indicated that the new regulations will not disrupt its financial guidance.
While the export controls include new limits on chip-manufacturing tools and equipment production in countries like Singapore and Malaysia, ASM believes that these changes will have only an indirect impact on its business. The company reaffirmed its 2025 revenue goal of between 3.2 billion and 3.6 billion euros ($3.4 billion to $3.8 billion) and expects a moderate sales decline in China in the first half of 2025, with year-on-year declines in its full-year sales in China.
ASM maintained its fourth-quarter sales guidance for 2024, expecting between 770-810 million euros, with a rise of more than 15% in sales from July to December compared to the first half of the year. Following the announcement, ASM’s shares rose by 1.5%.
New US export rules targeting China’s semiconductor sector are not expected to affect ASML’s financial outlook. The Dutch chip equipment maker reaffirmed its guidance for 2025 group sales of €30-35 billion, with China’s share declining to 20%, down from around 50% in 2023.
The updated US restrictions, Washington’s third crackdown in as many years, limit exports to 140 Chinese companies, including key industry players. ASML acknowledged potential impacts on its deep ultraviolet lithography system exports if enforced by Dutch authorities. However, the company emphasised its long-term demand projections remain intact, driven by global needs.
The Dutch government aligned with US security concerns but stressed independent threat assessments guide its export controls. New rules also impose tighter regulations on computational lithography software, vital for chip yield and quality, a field where ASML holds a leading position.
ASML shares rose modestly in Amsterdam trading, closing 0.9% higher at €664.10. Despite geopolitical headwinds, the firm reiterated confidence in the semiconductor industry’s overall growth trajectory.
Trade tensions between the USA and China are escalating in the semiconductor sector, as four of the top Chinese industry associations warned against purchasing US chips, claiming they are ‘no longer safe’ and they threaten national security principles. The response follows the latest US crackdown, restricting exports to 140 Chinese companies, including prominent chip equipment makers like Naura Technology Group.
However, the US semiconductor trade group dismissed these concerns, arguing that US chips remain safe and reliable. It called for more targeted export controls aimed at national security rather than broad, punitive measures.
Despite these assurances, the Chinese associations, which represent major industries from telecommunications to the digital economy, opted for a considerable change of course in the mindset of Chinese businesses. They are now advised to consider non-US suppliers to safeguard their operations and reduce reliance on US technology.
China has also imposed restrictions, notably a ban on exports of critical rare minerals used in military applications, solar cells, and fibre optic cables. The measure is seen as Beijing’s attempt to exert leverage and retaliate against the US actions, showing a more aggressive stance in this tech export war. Experts suggest that while the warnings from Chinese associations may be largely advisory, the new mineral export bans are a far more significant measure that could have a lasting impact on the global supply chain.
The recent crackdown and the retaliatory moves have also raised alarms in Washington, with the US National Security Council vowing to take necessary steps to deter further ‘coercive actions’ from China. The US is also working on diversifying its supply chains away from China, particularly in the semiconductor sector, where China’s growing self-reliance is seen as a challenge to American dominance.
Dutch semiconductor company Nexperia confirmed its commitment to comply with US restrictions following the addition of its Chinese parent company, Wingtech, to the US Department of Commerce’s entity list. Wingtech now faces licensing requirements for accessing US technology, a move targeting companies seeking sensitive chip manufacturing technologies.
A Nexperia spokesperson clarified that the restrictions imposed on Wingtech do not directly impact Nexperia or its subsidiaries. However, Nexperia will ensure compliance where its interactions with Wingtech are concerned, reflecting its commitment to adhere to international trade regulations.
As one of the largest manufacturers of basic computer chips, including diodes and transistors, Nexperia has been expanding its global footprint. Earlier this year, the company increased its operations in Hamburg, Germany, signalling continued growth despite challenges linked to its parent company.
The US Commerce Department added Wingtech to the list, citing concerns over its efforts to acquire technologies crucial to the defence industries of the US and its allies.
China has imposed a ban on exports of key minerals, including gallium, germanium, and antimony, to the US, citing national security concerns. The new restrictions, which take immediate effect, are part of Beijing’s broader effort to control dual-use materials that have both civilian and military applications. These minerals are critical in semiconductor production and military technology, such as infrared systems and night vision goggles. The export ban also includes graphite items, which will face stricter end-use reviews.
This move follows the US’s recent crackdown on China’s semiconductor industry, which included new export curbs targeting 140 Chinese companies. The escalation is part of the ongoing trade tensions between the two economic giants. While the US has not been a major market for these minerals this year, China’s dominance in their production, accounting for over 90% of gallium and germanium, makes the move significant for global supply chains.
Experts warn that the restrictions could further tighten access to these essential materials, particularly as prices for antimony have surged by over 200% this year. With the US also imposing its own tariffs and export controls, the situation is expected to intensify as both countries brace for continued economic rivalry, especially with President-elect Donald Trump’s stance on China.
