How is everybody
I have been down with severe flu and was like 50% productive than my usual self.
There have been however a few noticeable events happening all across the globe in the past one week
We have been talking about
China and Chinese chip giants.
Elon Musk and twitter
How tech giants are on a mass layoff.
What happened in the world that interests us?
Biden Meets with Xi Jingping
President Biden is holding his first face-to-face meeting with Chinese President Xi Jinping today at the G-20 summit in Indonesia. Jeff Bezos would not be happy with how this casual meeting is being run, because there are no “specific deliverables,” according to National Security Advisor Jake Sullivan.
In a statement, the Chinese foreign ministry said that Xi had cautioned Biden that Taiwan was "the first red line that must not be crossed in China-US ties" and that it was at the "very core of China's core interests."
According to Biden, he was "not looking for conflict" and wanted to manage US-China rivalry in a responsible manner.
The president declared, "I firmly believe that a new Cold War is not necessary."
Why is this meeting important?
China is trying to annex Taiwan and if that happens the USA is likely to support Taiwan and other powers like North and South Korea of the region is also likely to join in.
Furthermore, strategic decisions between China and USA will not make India happy as there exists tensions between India and China at borders. It has also to be added that companies like Apple are moving their production from China to India
FTX files for Bankruptcy
FTX’s failure came after Bankman-Fried desperately sought billions of dollars to save the exchange this week after it was unable to meet a torrent of customer withdrawals in a run prompted by concerns over its financial health and links to Alameda.
Apple soaring profit in China
Apple made 31Bn of operating profit in China. They did incredible well in COVID19, in 24 months apples profit nearly doubled. Beijing has been clamping on its own tech companies, making life difficult for Apple’s Chinese counterparts.
95% iPhones are built in China. there are upwards of 3 million people working for apple. Apple has never had any top tier competitors. Huawei is the only notable competitor that even comes close to Apple in China . The sanctions by Donald trump of Huawei hit them hard and benefitted Apple giving them a soaring proffit.