|Bid||59.98 x 1300|
|Ask||59.99 x 1800|
|Day's range||59.67 - 60.62|
|52-week range||43.63 - 69.29|
|Beta (5Y monthly)||0.79|
|PE ratio (TTM)||11.62|
|Earnings date||23 Jul 2020|
|Forward dividend & yield||1.32 (2.22%)|
|Ex-dividend date||06 May 2020|
|1y target est||63.19|
(Bloomberg) -- Google said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in India.Sundar Pichai, who was born in the country and is now chief executive officer of parent Alphabet Inc., made the announcement at the annual Google for India event via video conference. He said the outbreak of the coronavirus has made clear the importance of technology for conducting business and for connecting with friends and family.“This is a reflection of our confidence in the future of India and its digital economy,” he said of the India Digitization Fund.The $10 billion will be invested in partnerships, operations, infrastructure, the digital ecosystem and equity investments. Google said the effort will focus on several key areas:Enabling affordable access and information for every Indian in their own language, including Hindi, Tamil and PunjabiBuilding new products and services that are relevant to India’s unique needsEmpowering businesses as they continue or embark on their digital transformationLeveraging technology and artificial intelligence for social good, in areas like health, education, and agricultureGoogle, founded in 1998 in Silicon Valley, entered India six years later with offices in Bangalore and Hyderabad. Its focus at the time was search services to help people find relevant information on everything from Bollywood news to cricket scores, Pichai said.The India business has since grown into one of the company’s most important. The country now has more than 500 million internet users, second only to China, with growth that has drawn all the American technology giants.The U.S. search giant has show signs of struggling in other markets in recent months. In April, Pichai told employees in an email that Alphabet would slow hiring for the remainder of the year as it battled an advertising slowdown from the coronavirus.“The entire global economy is hurting, and Google and Alphabet are not immune to the effects of this global pandemic,” he wrote.This month, Google abandoned plans to offer a new cloud service in China and other politically sensitive countries due in part due to concerns over geopolitical tensions and the pandemic, Bloomberg News reported.Meanwhile, India has seen a surge of foreign interest in its digital economy. In the past few months, investors including Facebook Inc., Qualcomm Inc. and Intel Corp. have put about $16 billion in the digital services unit of India’s largest conglomerate, the retail-to-telecom giant Reliance Industries Ltd.Google, Facebook, Amazon.com Inc. and others are plowing billions into the market to gain users and set the foundation for future revenue growth. The country is fertile ground as the companies vie to become the gateway for first-time internet users going online to buy products, stream content, find information and make payments.In the last decade, Google has successfully launched several products in India, including a Google internet Saathi service to bring women in rural areas online and its popular Google Pay service.“This mission is deeply personal to me,” Pichai said. “When I was young, every new piece of technology brought new opportunities to learn and grow. But I always had to wait for it to arrive from someplace else. Today, people in India no longer have to wait for technology.”(Updates with additional detail from the fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
FedEx (NYSE: FDX), Lululemon (NASDAQ: LULU), and Intel (NASDAQ: INTC) are all quietly making moves that set them up nicely for the future. Interestingly, FedEx and Lululemon have been able to adapt to COVID-19 realities and increase business, while Intel works behind the scenes to deliver advanced technology today. In 2019, FedEx cut ties with Amazon (NASDAQ: AMZN), causing many on Wall Street to shake their heads.
Apple (AAPL) set to support Intel's Thunderbolt USB-C connectivity standard on new Apple silicon computers, despite the lack of Intel processors.
Solid demand for graphics chips in data centers, Mellanox deal, presence in the video gaming as well as automotive car industries should boost Nvidia-heavy ETFs.
The shadow of the relentless Andy Grove, who ran Intel for more than a decade at the end of the last century, still looms large at the US chipmaker. The title of one of his books — “Only the paranoid survive” — became a watchword for how to avoid the tech industry’s frequent upheavals. First Apple dropped Intel as the supplier of processors for its Mac computers, switching to an in-house chip based on technology from ARM.
(Bloomberg) -- Nvidia Corp.’s market valuation topped Intel Corp.’s for the first time, powered by soaring demand for graphics chips in data centers and other fast-growing technology fields.Nvidia gained 2.4% on Wednesday, giving it a market value of more than $248 billion. Shares of the graphics chipmaker are up 72% so far this year as investors bet the coronavirus pandemic has accelerated a shift to cloud-based digital services that use its technology. Intel shares have fallen 2% in 2020.Nvidia was co-founded in 1993 by Jensen Huang, who’s still running the company. At the time, it was one of about two dozen graphics chip companies. It’s now the only independent maker of these components, after all of its rivals have been bought, folded or become part of larger companies.Nvidia was more successful than its peers at developing chips that turn computer code into the realistic images computer gamers love. Under Huang, the company has pushed that technology into new markets, such as data center servers and artificial intelligence processing.In just five years, Nvidia’s data center business has grown from $300 million in annual revenue to almost $3 billion. The chipmaker has won orders to equip the giant computing factories owned by companies such as Facebook Inc. and Google by successfully arguing that graphics chips can handle AI workloads better than more standard processors.Nvidia is the only company to have made sizable inroads into a server chip market that Intel has mostly dominated. While Intel’s data center business still generates more than $20 billion in annual sales, Nvidia is growing much quicker.Investors have rewarded this fast expansion with a rich valuation. Since debuting on the Nasdaq in 1999, the stock has averaged an annual return of 33%. In the past five years, it has soared more than eightfold and trades at 75 times earnings, according to data compiled by Bloomberg. Intel shares trade at 12 times earnings.Nvidia is now the third-largest chipmaker by market capitalization, behind Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co.Intel is responding to Nvidia’s success by introducing similar graphics chips. The two companies are also targeting the market for processors that help run self-driving vehicles.Intel has weathered similar challenges before. In 2016, Qualcomm Inc.’s market value topped Intel’s as investors bet that smartphones would eclipse traditional computing in popularity. That happened, but Intel benefited indirectly through its server chips powering the cloud services relied on by handsets.Intel also lost the title of the world’s largest chipmaker by revenue to Samsung Electronics Co. in 2017. It regained the title a year later, thanks to its resilient server chip business.(Updates shares in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- It’s official. TikTok has become a political football.The surging social media app, owned by Beijing-based ByteDance Ltd., is ensnared in the escalating tensions between China and its global rivals. Last week, India banned TikTok along with dozens of other Chinese apps, citing national security concerns. And on Monday during a Fox News interview, Secretary of State Mike Pompeo mentioned for the first time that the Trump administration is “certainly looking at” banning TikTok and other Chinese apps, warning of data-privacy issues. Trump echoed those statements on Tuesday.TikTok has said it keeps user data securely in the U.S. with backups in Singapore, and that it has never provided data to the Chinese government. In a further effort to calm stateside angst, TikTok hired former Walt Disney Co. executive Kevin Mayer this year as its chief executive officer.Still, there may be real national security implications stemming from a Chinese company owning a major American social network. ByteDance has been under review by the Committee on Foreign Investment in the U.S. for its 2017 purchase of lip-synching startup Musical.ly, which was popular in the U.S. And it's now said to be facing scrutiny from the Federal Trade Commission and the Justice Department over whether it has met its commitments to protect children's privacy in a previous settlement. But before the country takes the dramatic step of banning a Chinese competitor (particularly one whose users helped prank the U.S. president earlier this year), the White House should spell out its reasoning. Otherwise, the move looks like political bluster.Some have argued that TikTok should be banned in the U.S. because Facebook Inc.’s social media site is not allowed in China. But such tit-for-tat protectionism would be short-sighted policy. American companies should win in the marketplace through better innovation, not by government assistance. Over the long run, the domestic technology industry is far better served having vigorous competition—and TikTok is certainly that—which pushes U.S. companies to create better products. Plus, a TikTok ban risks Chinese retaliation against American companies inside its borders. The list of potential targets that generate a significant portion of their sales in China is long—including Apple Inc., Starbucks Corp. and Intel Corp.On a relative basis, TikTok isn’t an obvious target in terms of data collection. Its focus is sharing creative short-form videos, like dancing and lip-syncing. The app’s algorithm surfaces relevant content, using metrics like how many similar videos you watched. And compared to an app like Facebook, TikTok doesn’t require a large amount of data entry (at least not manually).There’s also the value of the app itself, which has become a global cultural institution. From my experience, TikTok tends to be less filled with hate and disinformation, and genuinely funnier than most other platforms. (Though its avoidance of controversial topics isn’t always beneficial.) The app is also surfacing new stars: For example, a relatively unknown chef in Philadelphia was able to attract millions of viewers to his cooking videos in a matter of days. And this McFarland family’s viral Dad dancing video landed the family ad deals with Taco Bell and Gillette.A ban might not make sense on a purely political level either. TikTok is regularly on top of the Apple App Store’s most downloaded rankings. According to Sensor Tower, it has been downloaded 165 million times in the U.S. EMarketer estimates there will be 45 million regular TikTok users in the country by year-end. Restricting access could enrage millions of voters (or future voters, anyway). To avoid that, the U.S. government needs to show the evidence it has for being concerned about TikTok. Otherwise, given what we know today, the flood of teen outrage that’s sure to follow any TikTok ban would be justified.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Intel (NASDAQ: INTC) was recently caught in the trade war crossfire as the U.S. Department of Defense added Chinese tech giant Inspur to its "entity list" of companies with close ties to the Chinese government. Inspur controlled nearly 37.6% of China's server market in the first quarter of 2020, according to Gartner, and spent 17.9 billion yuan ($2.5 billion) on Intel's components last year. Intel suspended its shipments to Inspur, and it seemed like another big setback for the chipmaker -- which is still struggling with an ongoing chip shortage, intense competition from AMD (NASDAQ: AMD), and the loss of Apple (NASDAQ: AAPL) as a top customer.
Mobileye and WILLER announce a strategic collaboration to launch an autonomous robotaxi service in Japan and markets across Southeast Asia.
The Zacks Analyst Blog Highlights: Nvidia, Intel, Dollar General, Pernod Ricard and Fastenal
FREMONT, Calif., July 06, 2020 -- Penguin Computing Inc., a subsidiary of SMART Global Holdings, Inc. (NASDAQ: SGH), and leader in high-performance computing (HPC), artificial.
The 737 Max could be carrying passengers again this year, and Intel faces competition in the PC and server chip markets.
(Bloomberg) -- Semiconductor Manufacturing International Corp. is preparing to raise as much as $7.5 billion via mainland China’s largest stock sale in a decade, a big cash infusion for a chipmaker Beijing’s counting on to reduce reliance on American technology.China’s top homegrown chipmaker could sell as much as 53.2 billion yuan of shares, according to a Sunday filing with the Shanghai Stock Exchange. In May, analysts estimated a Shanghai listing could fetch somewhere in the $3 billion range. The offering would be the largest since Agricultural Bank of China Ltd.’s 68.5 billion yuan initial public offering in 2010. SMIC’s Hong Kong stock jumped 21% to a record Monday, racking up its biggest gain since 2009 after mainland bourses surged.China’s biggest contract manufacturer of chipsets represents a major piece of Beijing’s vision to create a self-reliant and world-class semiconductor industry, particularly as Washington tightens restrictions on sales of silicon and software to the nation. SMIC plans to use the stock-sale proceeds to develop next-generation chipmaking to try and compete with Intel Corp. and Taiwan Semiconductor Manufacturing Co. Like TSMC, SMIC is a so-called foundry that helps fabricate chips based on other companies’ designs, and could prove key to Huawei Technologies Co. if Washington follows through on threats to choke off its pivotal semiconductor business.What Bloomberg Intelligence SaysSMIC benefits the most from China’s push for self sufficiency in semiconductor supply. Rising research expenses to develop next-generation production technology may be the biggest drag on profitability growth. Sales gains could be constrained by delays in acquiring fabrication tools from foreign manufacturers.\- Charles Shum, analystClick here for the research.SMIC’s shares have more than tripled in Hong Kong since March’s bottom, while the Hang Seng Index is up just 21%, on bets that trade friction with the U.S. will force Beijing to focus more on homegrown tech and products that replace imports. China’s state-backed funds pumped $2.25 billion into a SMIC wafer plant in May.The effort comes at a time the Trump administration is threatening to deny domestic companies like SMIC or Huawei access to crucial components and circuitry. SMIC’s listing is also a boost for the STAR market, which has struggled to attract major technology companies since its launch last year.The initial institutional offer for the shares was 165 times oversubscribed. China Integrated Circuit Industry Investment Fund will subscribe to 3.52 billion yuan of the offering as a strategic investor while Singapore’s sovereign fund, GIC Pte., will invest 3.32 billion yuan.(Updates with biggest gain since 2009 in the second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Buying a dividend stock that's cheap can be a great way to maximize the returns you'll make from owning it. Not only will you earn dividend income, but you can also benefit if the stock rises in value. Walgreens Boots Alliance (NASDAQ: WBA) hasn't gotten a whole lot of love this year as its share price is down 29% year to date, which is much worse than the S&P 500 (down 3%) has done thus far.
(Bloomberg Opinion) -- The internet, once a freewheeling global network, is becoming balkanized into national spheres of influence. This could be bad for both cross-cultural communication and U.S. tech companies.China has long protected its local internet, censoring speech behind what has become known as the Great Firewall. The government blocks U.S.-based services such as Google, Facebook and Twitter, and closely monitors the local Chinese versions. Other authoritarian and quasi-authoritarian countries -- Iran, Turkey, Pakistan, Vietnam, Ethiopia – do the same. And Russia recently passed a so-called sovereign internet law that makes it much easier for the government to monitor and control online content.Now democracies may be joining in. India just banned 59 of China’s largest internet apps, including social video sharing service TikTok, reflecting rising tensions between the two giant Asian countries. It has also shut off internet to regions experiencing government crackdowns or unrest, such as Jammu and Kashmir in 2019. In Europe, major rules such as the General Data Protection Regulation are forcing internet companies to operate differently in different regions. Though this doesn’t officially ban or censor U.S.-based sites like Facebook, it does present an obstacle that could end up inhibiting the flow of information.This was probably inevitable. Different cultures perceive concepts such as privacy differently. And as U.S. global hegemony gives way to a more multipolar world, countries are going to assert their sovereignty by refusing to play by U.S. rules. Further unrest, like the protests that rocked the world in 2019 or tensions between countries such as China and India, are likely to accelerate the trend towards digital division.This could be tough on U.S. tech companies. Facebook, Twitter, Instagram and YouTube don’t owe their profitability to superior technology, other than some techniques for managing large amounts of user data. They make money because they have a lot of eyeballs to which they can deliver advertisements.And they have those eyeballs because of network effects. It’s easy to make a Twitter clone -- Gab tried it a while ago, and a new entrant called Parler is trying it now. But it’s incredibly hard to get people to switch, because the first people who make the jump will find themselves mostly alone, with everyone they know and want to read still back on Twitter. Similarly, people use Facebook, Instagram, Snapchat, and other social media services because everyone else does.Captive advertising targets translate into enormous profits. Facebook, Inc., which dominates the social media landscape, has a profit margin that typically ranges between 20% and 40%. Its market cap as of early July was about $647 billion, or 2.6% of the entire S&P 500.Regional balkanization, though, slices through network effects. If services like Facebook are banned in some countries and heavily restricted in others, users will have less company. Most people’s contacts and friends will tend to be in the same country, but not all. And outright bans will cut some services off entirely from huge markets like China, while restrictions like GDPR will force them to invest in expensive localization.This is an unfortunate side effect of nationalism and unrest. But it’s also reason to worry about a technology industry whose profitability stems mostly from network effects, not know-how. Actual innovations, like Intel Corporation’s semiconductor manufacturing processes, Amazon.com, Inc.’s cloud computing systems, or Google LLC’s machine learning algorithms give these companies some clout: if a country decides it doesn’t want to buy Intel’s chips, it will suffer a real economic penalty. But if a country decides to create its own Facebook clone, it will lose little, while Facebook’s American owners and workers will lose a lot.A free and open global internet may one day reemerge. In the meantime, U.S. companies and policy makers should think about how to invest in products whose value isn’t so subject to the whims of foreign authorities.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Noah Smith is a Bloomberg Opinion columnist. He was an assistant professor of finance at Stony Brook University, and he blogs at Noahpinion.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Zoom, one of the few success stories of the Covid-19 pandemic, now faces a new competitor in an app backed by Asia’s wealthiest person Mukesh Ambani.Ambani’s Reliance Industries Ltd., which has scored billions of dollars of investments from Facebook Inc. to Intel Corp. for its digital businesses, has launched the JioMeet video conferencing app after beta testing. The app has already garnered more than 100,000 downloads on the Google Play Store after becoming available Thursday evening.Like Google Meet, Microsoft Teams and other services, JioMeet offers unlimited high-definition calls -- but unlike Zoom, it doesn’t impose a 40-minute time limit. Calls can go on as long as 24 hours, and all meetings are encrypted and password-protected, the company said on the JioMeet website.The launch coincided with a nationwide ban on dozens of popular apps from Chinese technology giants including ByteDance Ltd.’s TikTok and Alibaba Group Holding Ltd.’s UC Web, on grounds they threatened security and data privacy. JioMeet went viral Friday on social media alongside the hashtag MadeinIndia.The app is one facet of Ambani’s rapidly expanding digital empire, which includes India’s largest telecom operator with nearly 400 million users. On Friday, Reliance announced Intel Capital has invested $253 million into Jio Platforms Ltd., a unit of Ambani’s oil-to-retail conglomerate. The U.S. chipmaker’s arm is the 11th investor in about as many weeks to announce its backing for the digital services platform, which has now raised about 1.2 trillion rupees ($15.7 billion).“JioMeet will be a very credible disruptor in the space,” said Utkarsh Sinha, managing director of boutique consultancy Bexley Advisors. “Just the fact that it has no time limits on calls makes it a serious challenger to Zoom, despite its entrenchment.”Jio Platforms is amassing a wide range of services from music streaming to online retail and payments, fast turning into an ecommerce juggernaut that can take on Alphabet Inc.’s Google and Amazon.com Inc on its own home turf. Like elsewhere, video conferencing apps have become lifelines for millions of Indians working in cramped homes during Covid-19 lockdowns.JioMeet is also debuting at a time Zoom users have accused the service of security flaws. It’s been accused of siding with China after deactivating accounts of pro-democracy activists in the U.S and Hong Kong, which it said was intended to comply with Chinese law.(Adds total investment in Jio in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
How far off is Intel Corporation (NASDAQ:INTC) from its intrinsic value? Using the most recent financial data, we'll...
(Bloomberg) -- The technology venture of billionaire Mukesh Ambani secured 18.95 billion rupees ($253 million) from Intel Capital, adding to a slew of investments since April that have reached more than $15 billion.The investment arm of computer chip giant Intel Corp. agreed to buy a 0.39% stake in Jio Platforms Ltd., giving the business an equity value of $65 billion, Ambani’s conglomerate Reliance Industries Ltd. said in a statement Friday.Intel Capital joins global names including Facebook Inc., KKR & Co. and Silver Lake Partners in backing Ambani’s bid to transform Reliance into a digital services giant and reduce its dependence on revenue from oil refining and petrochemicals.Read more: Reliance Says It’s Net-Debt Free After $15 Billion Jio Deals“Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence,” Wendell Brooks, Intel Capital president, said in the statement.Morgan Stanley acted as financial adviser to Reliance Industries.Ambani’s digital unit has sold about 25% in stakes and has said it reached its goal of reducing net debt to zero earlier than its March 2021 target. Jio is expected to use its roughly 400 million wireless phone subscribers as the cornerstone of an e-commerce and digital services business.Read more: Saudi Stake Purchase Takes New Investments in Jio to $15 BillionThe slew of stake sales and progress in cutting debt have helped Reliance Industries shares double since late March. On Friday, the stock gained as much as 1.9% to a record 1,793 rupees.(Updates share price in final paragraph. A previous version of this story corrected the amount of PIF’s investment in the table.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
It's been over a decade since AMD (NASDAQ: AMD) spun off its semiconductor manufacturing segment, the company now known as GlobalFoundries. During the depths of the Great Recession, the deal was deemed necessary to help AMD survive, although AMD maintained the long-term vision was to refocus on technology, chip design, and better investment returns.
(Bloomberg) -- Imagination Technologies Group sees a chance for more engagement with its most high-profile customer, Apple Inc., this year as the British chip designer works to move on from a controversy over its ties to China.The company’s new licensing agreement with Apple “certainly opens the door for more engagement with that company,” interim Chief Executive Officer Ray Bingham said in an interview. They announced in January they’d signed a multi-year license deal giving the Silicon Valley company access to a wide-range of Imagination’s designs.Imagination isn’t allowed to discuss its relationship with Apple beyond saying the Cupertino, California-based company is a licensee, but news that the computer maker is planning to start making more of its own chips doesn’t affect “our relationship with Apple in any negative way,” Bingham said.Apple has split from chipmaker Intel Corp., deciding to make more of its chips in-house for the next generation of Mac computers. That could open the door for companies that license designs for semiconductors to win new business with Apple.Imagination’s January agreement marked a turnaround from April 2017, when it warned that the U.S. giant would no longer use its technology within 15 months to two years. At the time, Apple accounted for more than half of Imagination’s sales, and the announcement lead to a plunge in the U.K. company’s stock.China RowImagination was acquired by private equity firm Canyon Bridge Capital Partners for more than 500 million pounds ($616 million) later that year. State-backed China Reform is the firm’s primary investor, accounting for 99% of its fund.Bingham, a partner at Canyon Bridge, is trying to push the company forward after a brief plan to put representatives from China Reform on the board resulted in a backlash and the resignation of Ron Black as CEO of Imagination.After the proposal was withdrawn, the U.K. Parliament’s cross-party Foreign Affairs Committee asked Bingham to appear in May to reassure lawmakers that the move wasn’t part of a plan to shift sensitive British technology to China. He said the appointments were meant to help the company increase its customer base in the country.Imagination is in talks for a new CEO, who will be based in the U.K., and has narrowed the field to three or four candidates, Bingham said. The firm is also in the process of appointing new independent board members, which Bingham promised during his parliamentary appearance, he said.Chief Technology Officer John Rayfield, who had also resigned during the board nominee row, is still serving out a six-month notice period. But Bingham said he expects Rayfield’s resignation to be withdrawn.Read more: U.K. Chipmaker Said Chinese Investor Pushed for Board NomineesImagination still plans to go ahead with expansion plans in China, announcing a deal with Chinese semiconductor company Rockchip this month, and is using its connections at China Reform to open doors with other potential customers, Bingham said.Licenses for the company’s new technology, announced at the end of last year, are driving growth in 2020. The GPUs are attracting customers including carmakers, which use them in entertainment and dashboard systems, as well as those involved in the internet of things. The firm also has a number of licensees for its technology used in laptops and desktop computers.“Certainly every technology company in the world is trying to penetrate China,” Bingham said. “It’s a vast and growing market.” Imagination isn’t working on any projects that might touch on national security, he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Natasha Bhat learned in late February that her father-in-law had suddenly died. Bhat, 35, recently recalled how she grabbed a backpack and hustled her U.S.-born 4-year-old son to the San Francisco airport to catch a midnight flight to India, her home country. She didn’t anticipate being stuck there indefinitely. Bhat works at a tech company in Silicon Valley on an H-1B visa, and her documents were due for renewal. So she threw them in the bag, knowing she’d have to get the chore taken care of before flying back to the U.S. in a few weeks. But she said her mid-March appointment at the U.S. consulate in Kolkata was canceled when it shut down due to Covid-19 concerns. Her return home was delayed further when President Donald Trump signed an executive order last week barring many people on several types of visas, including H-1Bs, from entering the country until 2021.Trump’s executive order is the latest step in his years-long tightening of U.S. immigration policy. The president has argued since taking office the visa programs allow employers to undercut native-born workers on wages, over the objections of companies that say they need highly skilled workers to fill crucial job openings. The latest restrictions, said Greg Siskind, an immigration lawyer in Memphis, “use the pandemic as an excuse to achieve anti-immigration goals the administration has wanted to do for years.”H-1B holders, about three-quarters of whom work in the tech sector, have felt a creeping sense of unease since Trump took office. Still, thousands of them continued to fly back and forth between the U.S. and their home countries, for weddings or funerals—or for work assignments or to get mundane paperwork taken care of. (Some visas require people to leave the country briefly after approval to get their passports stamped.) Many of those who left the U.S. this spring, as Bhat did, found the world as they knew it changed mid-trip.About 375,000 temporary visaholders and green card applicants will now be banned from entering the U.S. until next year, according to Julia Gelatt, a senior policy analyst with the Migration Policy Institute, a nonpartisan research group. A significant number of those are now stuck in India, which has long had a close connection to Silicon Valley. The technology industry has consistently objected to the administration’s immigration restrictions, and Amazon.com Inc., Alphabet Inc. and Twitter Inc. immediately condemned the latest executive order, along with trade groups representing hundreds of other technology firms. Indian tech companies have also urged the administration to reconsider its latest move. A major trade group from the country called it " misguided and harmful to the U.S. economy." Some Indian IT companies are considering alternatives to placing people on-site with U.S. clients, such as creating clusters of workers in countries like Mexico or Canada.The objections haven’t spared people like Bhat and her husband, who have worked in Silicon Valley for the last nine years, she as a manager for a software firm and he as an engineer at a bank. Her husband flew back to the U.S. in early March for work and has spent the past four months of lockdown alone. Bhat is now working overnight to support her U.S.-based clients, and trying to convince their son Adhrit to eat Indian food like chapati for breakfast over his complaints that he misses his standard Californian breakfast of avocado toast.The prospect of a wave of people stranded abroad began worrying Siskind several weeks ago when he first caught wind of the planned order. On Twitter, he warned workers on non-immigrant visas not to leave the U.S. He urged those abroad to come back as soon as possible.Once the order took effect, Siskind set up an online form for people to share their stories, and asked his followers on social media to fill it out. Within 24 hours, he had over 500 responses. There was the scientist researching coronavirus-testing products who flew to India to get married, the Atlanta-based IT consultant who may miss the birth of his child, the 2-year-old girl who was born in the U.S. and has developed severe allergic skin reactions to mosquito bites in India, the Intel Corp. employee who is now running critical projects from afar. Siskind fielded calls from husbands separated from wives, parents from children. People told him they were worried about keeping up with mortgage payments on houses, car loans and jobs. Some had U.S.-born children who are American citizens enrolled in U.S. schools. Many have valid visas and assumed all they would need to get back in the country was a routine stamp in their passport.Narendra Singh, an Indian-born software architect who has lived in Dallas for nine years, took his family back to Kolkata, India, in February. Their return was delayed when the consulates closed and they were advised to wait out the worst of the pandemic. Now Singh is working remotely. His wife, a software engineer, lost her job in April. Their daughter, a U.S. citizen, was slated to start preschool in the fall, but they’ve been preparing her for the possibility that won’t happen. Singh, 36, said he knew there was always a chance of his visa not being extended, but assumed he was secure until his current visa was set to expire in 2022. “We took specialized jobs, we followed the rules, we got the visas,” he said. “I just feel betrayed.”Mili Widhani Khatter, 39, who has lived in the U.S. with her husband and two U.S.-born children for the past 12 years, flew back to Delhi, India, without her family to say goodbye to her dying mother. She hasn’t seen her children in nearly four months, and said her 2-year-old son has forgotten how to say “mama” since they’ve been apart. “This is the worst punishment you can give to a mom,” Khatter said. “It’s not humane.”Now families worry what another six months of uncertainty will do to their kids—and to the futures they thought they were charting. “I have a valid visa. I’ve been living in the Bay Area for eight years. I have a life there and a home there, and my husband is there,” Bhat said. “Will I ever be able to go back?”(Updates sixth paragraph with reaction from Indian companies. A previous version of this story corrected the people who were impacted by the order.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
With the International Olympic Committee, Intel will extend life-coaching, mentoring, and learning and development services to over 50,000 athletes.
The Zacks Analyst Blog Highlights: Berkshire Hathaway, Intel, American Tower, NextEra Energy and Booking Holdings