Xiaomi's costly EV pivot

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Tech Across the Globe

Data center deal: Microsoft will buy close to $10 billion in computing capacity for artificial intelligence workloads from Australia’s IREN over the next five years. 

Cargo hacks: Cyber criminals are infiltrating trucking and freight companies in a scheme to steal and resell cargo shipments.

Amazon aggrieved: In a complaint filed last week in Oregon, Amazon alleged a Berkshire Hathaway-owned utility is failing to provide sufficient power for four new data center facilities, highlighting the strains of rapid tech expansion around AI.

Revalued

Nvidia’s market capitalization has crossed $5 billion, the first company to do so, but the leading AI chipmaker won’t slow down in the opinion of a variety of analysts. Loop Capital Markets on Monday raised its price target on the company’s stock to a Street-high view of $350, up from $250. The new target implies a market cap of more than $8.5 trillion. Separately, Rosenblatt Securities raised its price target to $240 from $215. The shares gained 2.2% Monday to close at $206.88.

Must Read

Xiaomi’s rise as a serious EV maker over the past year has been remarkable for its speed and success, but it has come at a significant cost, Bloomberg’s Gao Yuan writes in today’s Tech In Depth essay. He spoke with the widow of Wang Peizhi, a senior manager at the company who bore responsibility for rolling out showrooms across China, and revisits the chronic issue of overwork culture in China’s tech sector.

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This Week in Power On

Apple’s revenue outlook means the company will kick off its 50th anniversary year with a holiday quarter that is expected to generate almost $140 billion in sales, Mark Gurman reports in this week’s Power On.

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