BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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China Introduces Guidelines to Block Intel and AMD Chips in Government Use
China has taken a significant step in reducing its reliance on foreign technology by introducing new guidelines that phase out U.S. microprocessors, specifically those from Intel and Advanced Micro Devices (AMD), in government personal computers and servers. This move, as reported by the Financial Times, marks a considerable shift towards domestic alternatives and is part of a broader effort to bolster the Chinese semiconductor industry.
Phasing Out Foreign Tech in Government Procurement
The new procurement guidelines, which were unveiled on December 26 and are now being enforced, also aim to limit the use of Microsoft's Windows operating system and foreign-made database software in favor of Chinese-made solutions. This directive applies to government agencies above the township level, emphasizing the requirement for "safe and reliable" processors and operating systems.
U.S.-China Tech War Escalates
These developments come against the backdrop of an escalating technology war between the U.S. and China, with semiconductors at the heart of the conflict. The U.S. has implemented export restrictions designed to cut off Beijing from key semiconductor equipment and technologies, aiming to hinder China's ability to access, obtain, or manufacture advanced semiconductor chips. These measures are part of a broader strategy to contain China's technological and military capabilities.
Impact on Major Tech Firms
The decision has immediate implications for major tech firms, with Intel and AMD stocks experiencing modest declines following the announcement. Intel stock fell nearly 4% in premarket trade, while AMD stock sank more than 3% before Monday's open. Microsoft also saw a slight drop in its stock value, highlighting the far-reaching effects of China's new guidelines on global tech companies.
China's Push for Domestic Semiconductor Industry
China's initiative to phase out foreign tech components from government use underscores its commitment to fostering a self-reliant semiconductor industry. The country has been actively boosting its domestic capabilities in response to U.S.-led restrictions on exports. This move is seen as part of a growing technological decoupling with the U.S., which has barred the sale of artificial intelligence chips and advanced chip-making equipment to China.
Global Implications
As China continues to enforce these guidelines, the global tech landscape is likely to witness significant shifts. The emphasis on domestic technology not only challenges foreign tech giants but also highlights the intensifying competition in the semiconductor industry. With both nations pushing for technological supremacy, the outcomes of these policies will undoubtedly have a profound impact on the global tech economy.
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