Three Things (May 17th)
May 17, 2021
1) Cisco continues week-long buying streak with acquisition of machine learning threat assessment company Kenna Security
After announcing its intent to acquire Sedona Systems on Tuesday and Socio Labs on Wednesday, Cisco has announced a third acquisition, Kenna Security. Cisco will integrate Kenna’s tools, which use machine learning to analyze and prioritize threat data, in its SecureX program. We view this acquisition as noteworthy in its own right — indicative of the trending interest in threat protection for pandemic and post-pandemic hybrid offices — but find the overall pacing of deals to be more interesting, and likely indicative of internal optimism on the pace of business reopenings.
2) Leading chip manufacturer TSMC considers ramping up the stakes (and the investment) for its upcoming Arizona plants
Just weeks after expanding its plans for US-based semiconductor manufacturing, TSMC is considering upping the stakes further by establishing a more advanced facility at one of its forthcoming cutting-edge Arizona chip factories. If the plan moves forward, TSMC would put $23 to $25B into establishing a plant that supports leading-edge 3 nanometer process technology (as opposed to the 5nm process that was previously contemplated). As the global chip shortage continues to drive up US urgency around securing semiconductor independence, we expect this trend towards bigger and bolder capital investments to continue.
3) Fisker and Foxconn agree to electric vehicle partnership, potentially alienating Foxconn’s most influential customer
Electric car startup Fisker is teaming up with Apple supplier Foxconn to co-develop and manufacture a “breakthrough” electric vehicle. The joint venture is called Project PEAR, and while details are scarce, the project could result in up to $1 billion in capital investment into US-based facilities. With Apple also reportedly working on an electric vehicle, we wonder if this news will accelerate the already fraying relationship between Foxconn and one of its largest customers.
Cash Management
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