
Bloomberg Surveillance
Bloomberg Surveillance TV: September 18, 2024
Sep 18, 2024
Joumanna Bercetche, a Bloomberg News correspondent, provides urgent updates from Dubai on the escalating Israel-Hezbollah conflict after a devastating incident in Lebanon. Max Layton, Citi's Global Head of Commodities Research, analyzes the surging prices of precious metals as gold reaches near-record highs. Meanwhile, Mike Shepard delves into Intel's challenges, including a significant government grant aimed at boosting semiconductor production while navigating political tensions surrounding a potential acquisition in the steel industry.
14:45
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Quick takeaways
- Intel is restructuring significantly by cutting over 15,000 jobs and reducing expenses amid challenges and partnerships for AI semiconductor production.
- The commodity market is shifting as precious metals gain importance, with forecasts indicating rising Brent prices and changing dynamics due to geopolitical risks and demand fluctuations.
Deep dives
Intel's Strategic Developments
Intel is undergoing significant changes in response to recent challenges, including a major drop in its stock value following a dismal earnings forecast. The company is implementing job cuts exceeding 15,000 positions and aiming to reduce expenses by $10 billion. A recent partnership with Amazon Web Services is set to produce semiconductors for AI, which signifies a shift toward building a strong commercial customer base. Additionally, Intel stands to gain up to $3 billion for military chip production, reflecting the overlapping interests of technological advancement and national security.
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