Tata Electronics has lined up American chip designer Intel as a prospective customer as the division of Mumbai-based conglomerate Tata Group works to expand India’s domestic electronics and semiconductor supply chain. 

Under a Memorandum of Understanding, the companies will explore the manufacturing and packaging of Intel products for local markets at Tata Electronics’ upcoming plants.

Intel and Tata also plan to assess ways to rapidly scale tailored artificial intelligence PC solutions for consumers and businesses in India. 

In a press release on Monday, Tata said that the collaboration marks a pivotal step towards developing a resilient, India-based electronics and semiconductor supply chain.

“Together [with Intel], we will drive an expanded technology ecosystem and deliver leading semiconductors and systems solutions, positioning us well to capture the large and growing AI opportunity,” said N Chandrasekaran, Chairman of Tata Sons, the principal investment holding company of Tata companies. 

Tata Electronics, established in 2020, has been investing billions to build India’s first pure-play foundry. The facility will manufacture semiconductor products for the AI, automotive, computing and data storage industries, according to Tata Electronics. 

The firm is also building new facilities for assembly and testing. 

India, despite being one of the world’s largest consumers of electronics, lacks chip design or fabrication capabilities. 

However, the Indian government has been working to change that as part of efforts to reduce dependence on chip imports and capture a bigger share of the global electronics market, which is shifting away from China.

Under New Delhi’s “India Semiconductor Mission,” at least 10 semiconductor projects have been approved with a cumulative investment of over $18 billion.

Intel CEO Lip-Bu Tan said the partnership with Intel was a “tremendous opportunity” to rapidly grow in one of the world’s fastest-growing computer markets, fueled by rising PC demand and rapid AI adoption across India.

Paramount Skydance on Monday launched a hostile takeover bid for Warner Bros. Discovery, following Netflix’s announcement last week that it had reached a deal to buy the HBO owner.

The company is “here to finish what we started,” CEO David Ellison told CNBC, upping the ante with a $30-per-share, all-cash offer compared to Netflix’s $27.75-per-share, cash-and-stock offer for WBD’s streaming and studio assets.

Investors were certainly pleased, sending Paramount shares 9% higher and WBD’s stock up 4.4%.

Another development that traders cheered was U.S. President Donald Trump permitting Nvidia to export its more advanced H200 artificial intelligence chips to “approved customers” in China and other countries — so long as some of that money flows back to the U.S. Nvidia shares rose about 2% in extended trading.

Major U.S. indexes, however, fell overnight, as investors awaited the Federal Reserve’s final rate-setting meeting of the year on Wednesday stateside. Markets are expecting a nearly 90% chance of a quarter-point cut, according to the CME FedWatch tool.

Rate-cut hopes have buoyed stocks. “The market action you’ve seen the last one or two weeks is kind of essentially baking in the very high likelihood of a 25 basis point cut,” said Stephen Kolano, chief investment officer at Integrated Partners.

But that means a potential downside is deeper if things don’t go as expected.

“For some very unlikely reason, if they don’t cut, forget it. I think markets are down 2% to 3%,” Kolano added.

In that case, investors will be waiting, impatiently, for the Fed meeting next year — hoping for a more satisfying conclusion.

U.S. stocks slid on Monday. Major indexes closed lower, even though technology stocks, such as Broadcom, Confluent and Oracle, had a good showing. The pan-European Stoxx 600 closed flat, but defense stocks broadly rose.

Paramount Skydance makes hostile bid for Warner Bros. Discovery. The company made a $30-per-share, all cash, tender offer to WBD shareholders, following Netflix’s acquisition deal. Here’s what to expect from Paramount and Netflix as competition intensifies.  

Trump allows Nvidia to sell H200 chip to China. But that’s only if the U.S. gets a 25% sales cut, the White House leader said in a Truth Social post on Monday. Trump added that Chinese President Xi Jinping had “responded positively” to the proposal.

Berkshire Hathaway leadership shuffle. Todd Combs, investment manager and Geico CEO, will be leaving for JPMorgan Chase, while Berkshire will be adding a general counsel and a president overseeing consumer, service and retail units.

[PRO] Ray Dalio’s views on the market. The Bridgewater Associates founder told CNBC that he would bet on AI — but in different way.

China’s trade surplus tops $1 trillion despite Trump’s attempt to contain it. Here’s what that means

China’s trade surplus roared above $1 trillion in November for the first time ever, despite the ongoing global trade war that has resulted in a steep drop in exports to the U.S. In the first 11 months this year, China’s overall exports grew 5.4% compared to the same period in 2024 while imports fell 0.6%.

The rebound in export growth would help mitigate the drag from weak domestic demand, putting the economy on track to deliver the “around 5%” growth target this year, said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.

— Anniek Bao and Jeff Cox

The developer of ICEBlock, an app used to track local sightings of ICE agents and other law enforcement authorities, sued the U.S. government on Monday for allegedly infringing his free speech rights.

After Apple removed the app from its store in October, creator Joshua Aaron criticized the Trump administration for pressuring the iPhone maker to ban ICEBlock over fears it could be used to harm U.S. Immigration and Customs Enforcement agents.

Attorneys for Aaron wrote in the complaint that U.S. Attorney General Pam Bondi made clear that the government “used its regulatory power to coerce a private platform to suppress First Amendment-protected expression,” when she said the Department of Justice demanded that Apple remove the app, which was only available on iOS.

The suit claimed Apple cited one of its review guidelines that says apps can’t allow objectionable content that can be used to harm a targeted group. Apple said ICEBlock targets law enforcement officers, according to the suit.

Aaron told CNBC on Monday that his complaint was inspired by the U.S. founding fathers, who held the view that, “The survival of our democratic republic isn’t guaranteed.”

“It requires constant vigilance, active and informed participation of its citizens,” Aaron said. “When we see or think our government is doing something wrong, it’s our duty to hold them accountable. And that is the heart of this lawsuit.”

Aaron said attorneys with law firm Sher Tremonte in New York are representing him on a pro bono basis.

It’s not the first time Apple has made such a move.

In 2019, the company removed an app that Hong Kong protesters used to track police movements during a public dispute over the city’s relationship with China. Apple said at the time that the app was removed because criminals used it to target and ambush police.

Aaron had developed an Android version of his app, but said he couldn’t release it. After Apple’s move to remove ICE Block, Google parent Alphabet also agreed to ban apps that help people track the whereabouts of law enforcement from its app store, he said.

Representatives for Apple and Google didn’t immediately respond to requests for comment. The DOJ didn’t also didn’t immediately provide a comment.

Aaron launched ICEBlock in April in response to the aggressive crackdown on immigrants by the Trump administration. According to new data obtained by the University of California at Berkeley via the school’s Deportation Data Project, “more than a third of the roughly 220,000 people arrested by ICE officers in the first nine months of the Trump administration had no criminal histories.” Gallup’s polling data released on Nov. 28 found only 37% of US voters approved of the way Trump is handling immigration.

Read the full complaint here: