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BlinkLab Limited
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BlinkLab’s transformative AI-based healthcare technology is at the forefront of innovations in the global medical field that are quickly gaining traction among keen investors.
Overview
BlinkLab (ASX:BB1) offers a smartphone-based diagnostic platform that leverages computer vision, artificial intelligence (AI) and machine learning (ML). A company started by neuroscientists at Princeton University, Blinklab has developed its novel technology over several years, providing an app-enabled, smartphone-based diagnostic tool for evaluating children with neurodevelopmental conditions such as autism and ADHD.
The app turns a smartphone into a diagnostic tool that helps to conduct remote and rapid tests that can assist in diagnosing neurodevelopmental conditions. BlinkLab’s smartphone app provides a screening tool that can help with diagnoses much earlier than the age that children are typically assessed at present (approximately 5-6 years old). It is also a remote (i.e., accessible) and inexpensive means of beginning the assessment process, which can typically be very costly and take up to multiple years currently.
BlinkLab’s smartphone app facilitates early diagnosis, reduces costs, and improves accuracy.
BlinkLab’s smartphone-based technology, which uses AI and machine learning (ML), makes it attractive to investors. Like other industries, AI is becoming very popular in the healthcare sector. According to Statista, the AI healthcare market is expected to proliferate from $11 billion in 2021 to $187 billion in 2030. The increasing use of AI is driven by advanced ML algorithms, access to data, and use of 5G technology. AI and ML technologies can evaluate and analyze enormous volumes of data faster than humans.
Artificial intelligence, and particularly machine learning, has the potential to serve as the great equaliser for many behavioural healthcare concerns like autism. According to recent data, 97 percent of adults in the United States own a cellular device, and nine in ten own a smartphone. A 2022 Global State of Digital report by We Are Social shows 66.9 percent, or about 5.34 billion, of the world’s population are mobile users. As these percentages continue to rise and internet-powered devices become ubiquitous, access to digital health services can become democratised on a global scale. While autism spectrum disorder (ASD) services are currently restricted to relatively privileged populations, digital solutions powered by emerging data, science, and methodologies can make access to autism therapy more accessible.
Large players are investing in this segment to tap into the vast potential of these new technologies. One such example was Pfizer’s acquisition of ResApp. In October 2022, Pfizer acquired Queensland University startup ResApp Health for $179 million. ResApp developed a smartphone technology to detect respiratory diseases using cough analysis accurately.
Furthermore, big tech companies such as Apple, Amazon, Microsoft and Alphabet are also now venturing into the AI healthcare market.
Company Highlights
- Australia-based BlinkLab (ASX:BB1) is focused on transforming mental healthcare through an AI-enabled smartphone application, a breakthrough technology developed with Princeton University.
- The company’s innovative approach leverages the power of smartphones, AI and machine learning to deliver screening tests specifically designed for children as young as 18 months old. This marks a significant advancement, considering traditional diagnoses typically occur around five years of age, often missing the crucial early window for effective intervention.
- Once approved by regulators, this cutting-edge digital technology is poised to capture the imagination of both investors and major pharmaceutical companies, eager to embrace transformative solutions in healthcare.
- BlinkLab is led by an experienced management team and leading experts in the field of machine learning, autism and brain development, bridging the most advanced technological innovations with groundbreaking scientific research. The company is chaired by Brian Leedman, an experienced biotechnology entrepreneur and founder of ResApp Health, a digital diagnostic company recently acquired by Pfizer.
Key Technology and Applications
Neurobehavioral assays of brain function can reveal fundamental mechanisms underlying neuropsychiatric conditions, but typically require centrally located equipment in a laboratory test facility. Consequently, these tests are often unpleasant for participants, as they often require instruments attached to their face and cannot be used at scale in daily clinical practice, particularly with paediatric patients.
BlinkLab has developed a smartphone-based software platform, known as ‘BlinkLab Test’, to perform neurobehavioural testing that is free from facial instruments or other fixed location equipment.
This AI-based platform is designed to be used at home or in similarly comfortable environments, either independently or with the assistance of a caregiver, while following instructions from the smartphone application. The tests include, but are not limited to, eyeblink conditioning (EBC), which is a form of sensory-motor associative learning, prepulse inhibition of the acoustic startle response (PPI), which measures the ability to filter out irrelevant information through sensorimotor gating, startle habituation, which measures the ability for the intrinsic damping of repetitive stimuli and sensory adaptation, and habituation of the eye blink response, which serve as biomarkers for neurological and psychiatric disorders.
The BlinkLab Test App combines a smartphone’s ability to deliver stimuli and acquire data using computer vision with a secure cloud-based portal for data storage and analysis. In the tests, each audio and/or visual stimulus is presented with millisecond-precise control over parameters such as timing, amplitude and frequency. To maintain participant attention, an entertaining movie of choice is shown with normalised audio levels. Participants’ responses are measured by the smartphone’s camera and microphone, and are processed in real time using state-of-the art computer vision techniques. Response data is then fully anonymised, and transferred securely to the analysis portal. There, BlinkLab’s in-house AI/ML algorithms then perform clustering and statistical analysis to identify the prediction value of the experiment in the particular data set.
BlinkLab Test was initially developed as a prescription diagnostic aid to healthcare professionals (HCP) considering the diagnosis of ASD in patients 18 months through 72 months of age that are at risk for developmental delay. In collaboration with Princeton University in the United States and Erasmus Medical Center in the Netherlands, the company has conducted several trials using BlinkLab Test as an early assessment tool for autism. Autism represents a global challenge, with 1 in 36 children in the U.S. having autism, up from the previous rate of 1 in 44. With no early tests currently available to detect the condition, many children are diagnosed with the condition as late as the age of five.
Blinklab’s mobile app can aid in early detection, facilitating diagnoses as early as two years of age and resulting in earlier personalised interventions and monitoring. The testing process is also far more comfortable than traditional means of diagnoses, as the child can watch their favourite movie or cartoon on the phone, and the app will record their reactions, providing key information on the functioning of the brain.
BlinkLab will be subject to regulatory oversight as a medical device and must clear clinical studies. Previous clinical trials completed by Blinklab have shown impressive indicators of success, achieving sensitivity levels of 85 percent and specificity levels of 84 percent. The company notes that these trials are very similar to those that are required by the United States Food and Drug Administration (FDA) for approval and have shown much higher levels of accuracy compared to currently approved products.
In order for the BlinkLab Test technology to be used as a clinical aid in the diagnosis of ASD, BlinkLab will need to complete a pivotal registrational study, and subsequently apply for FDA registration and reimbursement for the tests. The registrational study intends to recruit up to 500 subjects. Enrolment for this study is expected to begin in 2024, with study completion expected by mid-2025. The potential to participate in a disruptive and scalable AI-powered technology close to regulatory approval should attract attention from big medical technology companies.
Research and clinical studies
BlinkLab engages and partners with research and medical institutions across the globe to further test and develop its technology.
In May 2024, BlinkLab initiated a clinical study in partnership with US-based Turning Pointe Autism Foundation to enroll up to one hundred children previously diagnosed with autism and one hundred children without an autism diagnosis. The data obtained during this collaboration will be used to finalise the data collection and processing algorithms and AI/ML models ahead of the FDA registrational study.
The company is also participating in a clinical study of patients with spinocerebellar ataxias, conducted by Columbia University, New York, to study the effect of aerobic physical exercise on neuroplasticity in adults with spinocerebellar ataxias (SCA).
To further improve and accelerate the diagnostic evaluation of ADHD, BlinkLab forged a major research and clinical partnership with Mental Care Group (MCG) in The Netherlands, the fifth largest outpatient mental health care provider in Europe.
To validate BlinkLab’s platform for the assessment of functional neurological disorder (FND), the company has partnered with Bates College in Maine for a clinical study that aims to characterise the behavioural time course of Pavlovian eyeblink conditioning and acoustic startle habituation. It will validate the BlinkLab smartphone test for use as a remote neurobehavioral testing and diagnostic tool for FND.
At Erasmus University Medical Center, BlinkLab’s smartphone-based remote assessment, including eyeblink conditioning and prepulse inhibition of the acoustic startle reflex, is being used, among other tools, in a clinical study to set-up an overarching at-home testing lab, named the Digital Dementia Lab, to identify, develop and test a variety of digital biomarkers
measuring clinically relevant behaviour for improving early accurate diagnosis of dementia.
BlinkLab is also working with Monash University in Australia to evaluate BlinkLab as a medical device for monitoring the therapeutic effects of ketamine on cognitive processes whereby sensory information is converted into decision making. Results from this study can help facilitate cognitive behavioural therapy outcomes in patients with psychiatric conditions such as depression, schizophrenia, epilepsy, and post-traumatic stress disorder.
BlinkLab also recently signed a partnership for more clinical trialling with INTER-PSY, a large centre in the Netherlands that specialises in autism, offering assistance with diagnostics and treatments. This study also mirrors the study design of the Company’s developing FDA regulatory trial, which will be needed for future approval of BlinkLab Test as an approved diagnostic tool in the United States.
Management Team
BlinkLab is led by an experienced management team and directors with a proven track record in building companies and vast knowledge in digital healthcare, computer vision, AI and machine learning. The company’s chairman, Brian Leedman, is an experienced biotechnology entrepreneur and founder of ResApp Health, a digital diagnostic company for respiratory conditions, which was recently acquired by Pfizer for $179 million before reaching FDA approval for their main diagnostic product.
Dr. Henk-Jan Boele – Founder and Chief Executive Officer
Henk-Jan Boele is an assistant professor of neuroscience at the Medical Center of Erasmus University and a researcher at Princeton University. He obtained his PhD from Erasmus University in 2014. Boele has always been pushing scientific and methodological boundaries, and received numerous government and industry grants in the field of neuroscience.
Peter Boele – Founder and Chief Technology Officer
Peter Boele holds a bachelor’s degree in history and philosophy from Leiden University. He has over 20 years of experience in software development and has worked with Erasmus University, Leaseweb, Kaboom Informatics and Insocial.
Dr. Anton Uvarov – Founder and Chief Operational Officer
Anton Uvarov holds a Ph.D. from the University of Manitoba and an MBA from the Haskayne School of Business. He has rich experience in bio-technology investments with a particular focus on neuroscience and has successfully led several IPOs. He started his career as a biotechnology analyst with Citigroup, US.
Dr. Bas Koekkoek – Founder and Chief Scientific Officer
Bas Koekkoek is an assistant professor at Erasmus Medical Center. Koekkoek has been working at the Department of Neuroscience mainly in the role of rapid prototype of new technology and techniques for neuroscience. He has numerous publications in the area of brain development including Nature and Science journals.
Professor Sam Wang – Founder and Chair of Advisory Board
Sam Wang holds a PhD from Stanford University. He is a professor of neuroscience at Princeton University, has published over 100 articles on the brain in leading scientific journals and has received numerous awards. He gives public lectures on a regular basis and has been featured in The New York Times, The Wall Street Journal, NPR, and the Fox News Channel.
Professor Chris de Zeeuw – Founder and Scientific Advisor
Chris de Zeeuw is chairman of the Department of Neuroscience at Erasmus MC in Rotterdam and vice-director at the Netherlands Institute for Neuroscience in Amsterdam. De Zeeuw has received over 100 grants, including the Pioneer Award from ZonMw and the ERC advanced grant. In 2006, he received the Beatrix Award for Brain Research from Her Majesty the Queen; in 2014, he became an elected member of the Dutch Academy of Arts & Science; and in 2018, he received the international Casella Prize for Physiology.
Tech 5: Big Tech Players Release Latest Results, Super Micro Shares Plummet
1. Bitcoin teases all-time high
Bitcoin recovered over the weekend from a dip last Friday, climbing above US$69,000 by Monday (October 28), fueled by growing optimism that Donald Trump will win the upcoming election, as reflected in his favorable odds on betting platforms. This surge widened Bitcoin’s dominance to almost 60 percent, its highest since March 2021, fueled by strong ETF inflows.
The rally continued Tuesday (October 29), pushing Bitcoin past the elusive US$70,000 it had been stuck beneath for weeks to US$71,540. By Wednesday (October 30) it was near its all-time high, hitting US$73,295. This triggered some liquidations, but strong exchange-traded fund inflows suggested continued demand.
Bitcoin performance, October 26 to November 1, 2024.
Chart via CoinGecko.
However, profit-taking on Thursday led to a selloff, driving Bitcoin's price below US$70,000.
The subsequent 24 hours were marked by extreme volatility, with Bitcoin's price swinging from US$68,840 to US$71,500 and back to US$69,350 in less than a day. By the end of the trading week, Bitcoin closed at US$69,284, reflecting a 4.39 percent decrease from its highest point this week.
2. Mixed results in tech earnings reports
This week’s tech earnings reports were a mixed bag, with most companies facing investor skepticism. AMD (NASDAQ:AMD), the first to report on Tuesday (October 29), saw its share price decline due to a lower-than-expected sales forecast, despite exceeding revenue predictions and demonstrating growth in sales of its data center chips.
Similarly, Microsoft’s (NASDAQ:MSFT) strong revenue growth was overshadowed by concerns about a slowdown in its Azure cloud business. Executives attributed the decrease to capacity constraints rather than decreased demand, but it wasn’t enough to appease investors who sent its share price down by three percent after hours.
AMD, Microsoft, Meta Platforms and Intel performance, October 28 to November 1, 2024.
Chart via Google Finance.
Apple (NASDAQ:AAPL), despite reporting its highest quarterly revenue growth in two years, disappointed investors with its sales forecast, following a lackluster reception to its limited AI feature launch. Apple shares are down 4.54 percent for the week.
Both Amazon and Alphabet (NASDAQ:GOOGL) reported strong overall revenue growth, with their cloud computing businesses as a key growth driver. Alphabet was trading slightly ahead leading up to the release of its Q3 report, which revealed an increase in total revenue to US$88 billion, 15 percent higher than last year’s Q3 and beating estimates of US$86.44 billion. The primary contributor to Alphabet's growth was its Google Cloud business, which expanded by 39 percent. This growth was fueled by AI, which attracted new users and increased engagement with existing ones.
Conversely, search ad growth decelerated, decreasing by 12 percent compared to the previous quarter's 14 percent decline. Capital expenditures, which have set a running rate of around US$13 billion per quarter this year, are set to increase in 2025, although growth will likely be smaller than it was in 2024, which may have eased investors' worries that spending on AI will eat into the company’s profits.
Amazon and Alphabet performance, October 28 to November 1, 2024.
Chart via Google Finance.
Later, on Thursday evening, Amazon’s Q3 report showed 50 percent growth in Amazon Web Services' quarterly operating profit to US$10.4 billion. Revenue also increased by 19 percent to US$27.5 billion. Investors appeared unconcerned about Amazon's significant capital expenditures, sending its shares up 6.75 percent on Friday morning.
This is likely because AWS's generative AI business is rapidly expanding. Andrew R. Jassy, president and CEO of Amazon, explained during a conference call that AWS’ AI segment is growing at a triple-digit rate, exceeding even AWS's early growth trajectory.
On the other hand, Meta’s (NASDAQ:META) 4.19 percent share price dip was triggered by plans for increased capital expenditure and anticipated losses in its AI division, highlighting growing investor impatience with the company’s ambitious spending on AI ventures, especially as its cloud business hasn’t generated the profits seen by Amazon, Alphabet and Microsoft to offset these losses.
Finally, after a disastrous performance in Q2, Intel (NASDAQ:INTC) managed to restore some investor confidence. Its Q3 results beat analysts' expectations, despite reporting a 6 percent decline in quarterly revenue to US$13.28 billion and losses of US$16.6 billion, arising from the company’s ongoing restructuring efforts. The company’s stock is up 2.34 percent for the week.
3. Apple's week of product launches
Apple had a busy week of product rollouts, starting with the launch of Apple Intelligence on October 28 (Monday). However, the initial release proved underwhelming due to its limited functionality, offering only AI enhancements to Photos and Writing tools. Most highly anticipated features are delayed until December, and users are required to join a waitlist to gain access to them.
Apple also introduced its new line of iMacs featuring M4 chips and built-in Apple Intelligence, which failed to garner enthusiasm. Apple ended the trading day slightly below its opening price.
Tuesday saw the launch of the new Mac mini, a compact 5x5 inch desktop designed for flexibility; the computer is sold as a stand-alone product and is compatible with non-Apple peripherals, allowing consumers to design their own system by adding their preferred display, keyboard and mouse. This product launch resulted in a marginal increase in its share value.
On October 30 (Wednesday), Apple introduced the powerful M4 Pro and M4 Max chips, designed for high-performance users with higher memory bandwidth and more GPU cores than the standard M4. However, in the lead-up to the company's Q3 earnings report on Thursday, Apple's share value dipped by over one percent.
Overall, Apple's stock value has decreased by 4.54 percent this week.
4. Super Micro Computer faces financial turmoil
Shares of Super Micro Computer (NASDAQ:SMCI) are down a whopping 45.5 percent this week after the California-based server maker disclosed that global accounting firm EY had resigned.
The firm cited issues with the company’s financial reporting as the reason for terminating the relationship, saying it had identified issues that raised concerns about the Audit Committee’s representations. The news was reported by Reuters on Wednesday and resulted in a 33 percent drop in Super Micro’s share price.
Super Micro Computer, whose valuation peaked in 2024 at US$118.81 mid-March and was up over 65 percent year-to-date before this story broke, disagrees with the firm’s findings; however, investors seem to be airing on the side of caution, as this latest development adds to a series of unanswered questions surrounding the company's financial reporting.
Super Micro delayed filing its annual report in late August to assess its internal controls over financial reporting after Hindenburg Research made claims of possible account manipulation. Super Micro then hired a special committee to investigate the matter, which EY said it could “no longer rely on” in a recent filing with the US Securities and Exchange Commission. The US Department of Justice reportedly also began an investigation into the company in September, according to a report by the Wall Street Journal.
5. Google Cloud gains a new partner
Google Cloud announced a partnership with web3 infrastructure provider MANTRA on Tuesday.
Under the terms of the deal, Google Cloud will serve as the primary validator and infrastructure provider for the MANTRA Chain, a Layer-1 blockchain designed to facilitate the tokenization of real-world assets (RWAs). MANTRA Chain will be integrated into Google Cloud’s Web3 portal, giving developers the tools they need to build RWA solutions on the platform. The partnership aims to drive the adoption of RWAs in industries like finance and real estate.
Furthermore, MANTRA and Google Cloud are launching MANTRA Incubator in 2025, an accelerator program to support real-world asset tokenization projects with resources and expertise.
This agreement presents a potentially lucrative revenue stream for Google Cloud and strengthens the company’s presence in the Web3 space. As the primary validator for MANTRA, Google Cloud will earn rewards for validating transactions and securing the network. As the MANTRA Chain grows and handles more transactions, Google Cloud’s revenue will likely increase.
This collaboration marks a significant step for both companies, highlighting the growing interest and potential of blockchain technology in transforming traditional industries.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Tech 5: Tech Earnings Season Kicks Off as Tesla and IBM Report Results
Market watchers are now looking ahead to quarterly earnings reports from major tech companies. Stay informed on the latest developments in the tech world with the Investing News Network's round-up below.
1. Bitcoin starts strong, but ends down
The CoinDesk 20 Index (INDEXNYSEGIS:CDI20) started the week up 1.17 percent in 24 hours, with Bitcoin priced at nearly US$70,000 as trading commenced in Asia. The surge corresponded with an increase in open interest for Bitcoin futures, which hit a new record high of US$40.43 billion on Monday (October 21).
Augustine Fan, head of insights at the DeFi infrastructure firm SOFA, told CoinDesk in a Telegram note that day that the current pattern points to growing bullish sentiment in the market.
Meanwhile, the estimated leverage ratio — an open interest-based ratio tracked by CryptoQuant — was showing increased leverage, indicating that traders were starting the week with an appetite for risk.
Bitcoin performance, October 19 to 25, 2024.
Chart via CoinGecko.
However, the upward trend had reversed by Tuesday (October 22), with the weekend's gains disappearing.
As mentioned, rising Treasury yields drove crypto prices down, erasing 2 percent from the sector's total market cap. According to data tracked by CoinGlass, over US$165 million in long positions were liquidated.
Bitcoin exchange-traded funds also recorded their first net outflows in two weeks.
Bitcoin’s price continued to tumble on Wednesday, dropping to US$66,444 following the release of the Fed’s Beige Book data, which shows slow growth in the employment sector and slightly high prices for necessities like food and housing. The data fueled lingering inflation concerns and supported the argument for a smaller rate cut in November.
2. Tesla leaps after quarterly results release
Elon Musk's Tesla showed off its strongest quarterly report in a year after Wednesday's close.
The company produced about 70,000 vehicles and delivered 463,000, exceeding Q2 figures. Its GAAP net income reached US$2.2 billion, surpassing the previous quarter's US$1.5 billion. While total revenue of US$25.18 million saw a slight decrease from Q2, automotive revenue showed year-on-year and quarterly growth, reaching US$20.12 million.
Operating cashflow increased substantially, reaching US$6.3 billion compared to Q2's US$3.6 billion. GAAP earnings per share for Q3 were US$0.62, significantly higher than last quarter and the previous year.
Tesla’s share price has experienced significant swings this year as the company has adjusted timelines for several of its key products, including Full Self-Driving, new vehicle models, its robotaxi program and its humanoid robot Optimus. The National Highway Traffic Safety Administration has also launched several probes into the company’s self-driving technology following a series of traffic accidents involving Teslas.
Tesla performance, October 21 to 25, 2024.
Chart via Google Finance.
Shares ended Wednesday at US$213.65 ahead of the report’s release, down 2.45 percent from the week's start.
However, Tesla jumped by 12 percent in after-hours trading, boosted by the significant difference in cashflow and Musk’s confident forecast of a rise in vehicle deliveries by year's end. The company also confirmed that its timeline for new, affordable models remains on track, with production set to begin in the first half of 2025.
The report sparked a rebound in tech stocks after troubling Beige Book data and a rise in 10 year Treasury yields. For its part, Tesla finished the week up more than 22 percent.
3. IBM's quarterly results fail to impress
Also on Wednesday, IBM (NYSE:IBM) released its Q3 earnings report.
Its performance was driven by a 9.7 percent year-on-year increase in software revenues, with a notable 14 percent contribution coming from Red Hat, a subsidiary acquired by IBM in 2019.
Overall, the tech giant's Q3 revenue saw a modest 1 percent increase year-on-year, reaching US$15 billion, slightly below projected estimates of US$15.07 billion. Adjusted earnings per share showed stronger year-on-year growth of 5 percent, reaching US$2.30. IBM also highlighted its generative artificial intelligence (AI) segment.
"Our generative AI book of business now stands at more than $3 billion, up more than $1 billion quarter to quarter," said Arvind Krishna, the company's chairman, president and CEO.
"Heading into the final quarter of 2024, we expect fourth-quarter constant currency revenue growth to be consistent with the third quarter, with continued strength in Software. We are confident in our ability to deliver more than US$12 billion in free cash flow for the year, driven by continued expansion of our operating margins," he added.
IBM performance, October 21 to 25, 2024.
Chart via Google Finance.
Shares of IBM fell 5.87 percent to US$219.05 at the opening bell on Thursday. The company finished the week 7.77 percent below its peak price of US$233.01, which came on Wednesday.
4. NVIDIA and TSMC resolve chip design issue
On Wednesday, NVIDIA (NASDAQ:NVDA) announced the resolution of a design problem that delayed the production of its newest Blackwell chips, which were revealed in March and expected to be released sometime in Q2.
CEO Jensen Huang said the flaw was “100 percent NVIDIA's fault” and credited its collaborative partner, Taiwan Semiconductor Manufacturing Corporation (TSMC) (NYSE:TSM), for its assistance resolving the issue.
"What TSMC did, was to help us recover from that yield difficulty and resume the manufacturing of Blackwell at an incredible pace," Huang told an audience in Denmark, where he was launching a new supercomputer built by NVIDIA in collaboration with the Novo Nordisk Foundation and Denmark’s Export and Investment Fund.
The market responded by sending the company’s share price up over 2 percent in the final hours of trading on Wednesday. Shares of NVIDIA are up 2.66 percent for the week, and the company even briefly dethroned Apple (NASDAQ:APPL) as the world’s most valuable company on Friday (October 25) afternoon.
Analysts at Morgan Stanley (NYSE:MS) have projected that NVIDIA could produce up to 450,000 Blackwell GPUs in the fourth quarter. TSMC is NVIDIA's primary chip manufacturer, and its advanced manufacturing technology is crucial when it comes to meeting demand from NVIDIA's long list of customers, which includes tech mega corporations Alphabet (NASDAQ:GOOGL), Meta (NASDAQ:META) and Amazon (NASDAQ:AMZN).
TSMC and NVIDIA performance, October 21 to 25, 2024.
Chart via Google Finance.
TSMC’s strong Q3 results, released last week, were largely driven by demand for its manufacturing process, which uses EUV lithography to fabricate chips with higher precision. During a recent presentation for the Potomac Institute for Policy Studies, Rick Cassidy, president of TSMC’s California-based US division, reportedly told listeners that chip yield at an Arizona plant has exceeded that of similar factories in Taiwan by 4 percent.
TSMC is in line to receive US$11.5 billion in US government grants and loans, and it qualifies for a 25 percent tax credit under the CHIPS Act, which will better position it to capitalize on the growing demand for advanced AI chips.
5. Apple exec teases announcement next week
Apple is preparing to drop major news next week, according to Greg Joswiak, the company’s senior vice president of worldwide marketing, who teased a “week of announcement” on X, formerly Twitter, on Thursday morning.
Although no details have been released, Bloomberg reported that the company will likely roll out a line of new AI Macbooks and a newly redesigned Mac mini powered by Apple’s newest M4 chip.
Also next week, Apple is set to update its iOS system with Apple Intelligence, the company's homegrown AI platform. The update will be available for: all Macs with Apple silicon M1 and M2 chips; iPad Pro and iPad Air models with M1 chips or later; and the iPhone 15 Pro, iPhone 15 Pro Max and newly released iPhone 16 series.
The market gave a muted response to the news, which came a day after tech stocks declined on the back of rising 10 year Treasury yields. Some of Apple’s product rollouts earlier this year failed to generate significant consumer enthusiasm, and Apple is lagging behind its competitors in on-device AI capabilities.
By the end of the trading week, Apple's share price had decreased by 1.38 percent, closing at US$231.41.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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