Takeover interest in Allegro
Allegro Microsystems $ALGM (-0.39%) attracts takeover interest from ON Semiconductor, Bloomberg News reports. ON Semiconductor $ON (-1.18%), with a market value of $19.83 billion, has hired advisers in recent months to push ahead with a takeover of Allegro, which is valued at $4.11 billion. There is speculation that other potential buyers may also be interested in Allegro. Allegro has also appointed Mike Doogue as its new CEO, while ON Semiconductor has announced a restructuring plan that will affect 2,400 jobs worldwide.
Trump designates cryptocurrencies for strategic reserve
In the US, President Donald Trump has designated three cryptocurrencies, including $XRP (-0.15%) , $SOL (-1.1%) and $ADA (-0.02%), for a new strategic reserve. This news caused prices to rise by up to 55% on Sunday. Trump emphasized that his goal is to make the US the "crypto capital of the world". Despite a recent decline in cryptocurrency values, the industry is hoping for a clear regulatory direction under the Trump administration. It remains unclear how the new reserve will be set up in concrete terms and whether legislation is required for this.
Honor invests 10 billion in AI
Honor, the smartphone manufacturer from Shenzhen, is planning to invest USD 10 billion in the development of AI for its devices over the next five years. CEO James Li announced at the Mobile World Congress that the company plans to develop AI-powered PCs, tablets and wearable technologies in addition to smartphones. Honor recently completed a restructuring to prepare for an IPO. Despite a decline in the smartphone market, Honor aims to capitalize on the booming AI investment landscape in China and is receiving support from the local government for research and development.
Sources:
https://finance.yahoo.com/news/allegro-drawing-takeover-interest-semiconductor-154617062.html
https://finance.yahoo.com/news/trump-names-cryptocurrencies-strategic-prices-160454350.html
https://finance.yahoo.com/news/chinas-honor-announces-10-billion-163451037.html