?? Weekly Market Highlights: TSMC's Revenue Drop, Citigroup's Portfolio Sale, Amazon's Deal Days, ExxonMobil's Acquisition, and more.

Hello, dear readers! ??We hope you had a great week.? Here's your weekly update on the latest news from finance and markets.

TSMC's September revenue dropped 13.4% year-over-year due to decreased smartphone and PC demand, with hopes for a rebound from AI and Apple orders. Meanwhile, Citigroup is selling its $3.6 billion consumer wealth portfolio in China to HSBC as part of its global consumer banking reduction strategy. Amazon's Prime Big Deal Days event aims to attract early holiday shoppers but is unlikely to surpass July's Prime Day. ExxonMobil is set to acquire Pioneer Natural Resources for $59.5 billion in a significant all-stock deal, while Microsoft faces a $28.9 billion IRS bill for unpaid back taxes due to its use of tax havens.

Stay tuned for more updates in the dynamic world of finance and markets! ??

TSMC's September revenue drops by 13.4% year-over-year; AI demand cushions smartphone and PC slump

TSMC reported a September revenue of NT$180.43 billion (around US$6 billion), a decline of 4.4% from August 2023 and 13.4% from September 2022. Despite generating a record US$70 billion in 2022, the company faces decreased demand for smartphones and PCs this year. Analysts from Wedbush Securities anticipate a revenue boost for TSMC from AI and Apple by the year's end. Meanwhile, Taiwan's government is probing potential U.S. sanctions breaches by local firms assisting Huawei, amidst ongoing U.S.-China trade tensions.

Citigroup sells $3.6 Billion consumer wealth portfolio in China to HSBC

Citigroup has agreed to sell its onshore consumer wealth portfolio in China, valued at about $3.6 billion, to the chinese bank HSBC. This move is part of Citi's ongoing strategy to reduce its global consumer banking footprint, having already exited eight out of 14 planned markets. Following the announcement, Citigroup shares went up by 0.4%, though they have declined by 11% this year.

Amazon's Prime Big Deal Days unlikely to surpass record-breaking July sales

Amazon has launched its Prime Big Deal Days, targeting early holiday spenders, but the event is not expected to exceed the record 375 million products sold during July's Prime Day. The October sales event, featuring brands like Peloton and LG, is one of many as retailers, including Walmart and Kohl's, introduce deals ahead of the anticipated 3.5% to 4.6% rise in holiday sales. This competitive push comes despite last year's Big Deal Days seeing 6% fewer participating households than Prime Day.

ExxonMobil acquires Pioneer Natural Resources for $59.5 Billion; Largest deal since 1990s

ExxonMobil (XOM) is set to buy Pioneer Natural Resources (PXD), the third-largest oil producer in the Permian Basin, in a landmark all-stock deal valued at $59.5 billion. This acquisition, Exxon's largest since its $81 billion purchase of Mobil in the 1990s, aims to solidify its lead in the region and potentially double its production volume to 1.3 million barrels daily. The merger is touted to yield higher returns and reduce environmental impacts, though ExxonMobil's stock dipped 4% following the announcement.

Microsoft faces a $28.9 Billion IRS bill over back taxes

The IRS claims Microsoft owes $28.9 billion in unpaid taxes, stemming from a long-standing dispute since 2004 over the use of tax havens. This accusation follows reports that Microsoft channeled nearly $39 billion in U.S. profits to Puerto Rico to avoid higher tax rates. While Microsoft plans to appeal within the IRS and possibly resort to legal proceedings, this development comes amid global efforts to implement a digital taxation policy that could see major tech firms, including Apple, Amazon, and Google, facing higher tax bills.