Technology
KLA Corporation Reports Fiscal 2025 Third Quarter Results; Announces an Increase in the Dividend Level to $1.90 Per Share and a $5 billion Increase in Share Repurchase Authorization
Published
1 year agoon
By
Total revenues were $3.06 billion, above the midpoint of the guidance range of $3.0 billion +/- $150 million;GAAP diluted EPS was $8.16 and non-GAAP diluted EPS was $8.41, both above the midpoints of the respective guidance ranges;Cash flow from operating activities for the quarter and last nine months were $1.07 billion and $2.92 billion, respectively, and free cash flow was $990.0 million and $2.68 billion, respectively;Capital returns for the quarter and last nine months were $732.5 million and $2.37 billion, respectively; andThe Board of Directors approved an increase to the quarterly dividend level to $1.90 per share beginning with the dividend expected to be declared in May 2025 and an additional $5 billion for repurchases of our common stock.
MILPITAS, Calif., April 30, 2025 /PRNewswire/ — KLA Corporation (NASDAQ: KLAC) today announced financial and operating results for its third quarter of fiscal year 2025, which ended on March 31, 2025, and reported GAAP net income of $1.09 billion and GAAP net income per diluted share of $8.16 on revenues of $3.06 billion.
“KLA’s March quarter results were above the midpoint of our guidance ranges and established a strong start to the calendar year. Though global trade dynamics are driving uncertainty across the global economy, to date, we have received no indications of demand changes from our customers for calendar year 2025,” said Rick Wallace, president and CEO, KLA Corporation. “We remain encouraged by KLA’s growing relevancy in semiconductor manufacturing. Our leadership in process control is a key enabler of today’s leading-edge AI investments by our customers and continues to be affirmed through recently published market share results. Our capital return announcements today reflect this confidence in the long-term value of KLA. As always, the KLA Operating Model continues to be fundamental as we make critical investments to drive differentiation across our product portfolio, and it guides our execution against long-term strategic objectives.”
GAAP Results
Q3 FY 2025
Q2 FY 2025
Q3 FY 2024
Total Revenues
$3,063 million
$3,077 million
$2,360 million
Net Income
$1,088 million
$825 million
$602 million
Net Income per Diluted Share
$8.16
$6.16
$4.43
Non-GAAP Results
Q3 FY 2025
Q2 FY 2025
Q3 FY 2024
Net Income
$1,121 million
$1,098 million
$715 million
Net Income per Diluted Share
$8.41
$8.20
$5.26
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. KLA will discuss the results for its fiscal year 2025 third quarter, along with its outlook, on a conference call today beginning at 2 p.m. PT. A webcast of the call will be available at: www.kla.com.
Fourth Quarter Fiscal 2025 Guidance
The following details our guidance for the fourth quarter of fiscal 2025 ending in June:
Total revenues is expected to be in a range of $3.075 billion +/- $150 millionGAAP gross margin is expected to be in a range of 61.7% +/- 1.0%Non-GAAP gross margin is expected to be in a range of 63.0% +/- 1.0%GAAP diluted EPS is expected to be in a range of $8.28 +/- $0.78Non-GAAP diluted EPS is expected to be in a range of $8.53 +/- $0.78
For additional details and assumptions underlying our guidance metrics, please see the company’s published Letter to Shareholders, Earnings Slide Presentation and Earnings Infographic on the KLA investor relations website (ir.kla.com). Such Letter to Shareholders, Earnings Slide Presentation and Earnings Infographic are not incorporated by reference into this earnings release.
Dividend Level Increase and Additional Share Repurchase Authorization
KLA Corporation is also announcing an increase in the quarterly dividend level to $1.90 per share from $1.70 per share, the sixteenth consecutive annual increase in the quarterly dividend level for KLA beginning with the dividend anticipated to be declared in May 2025. The declaration and payment of future dividends is subject to the Board’s discretion and will depend on financial and legal requirements and other considerations. The Company is also announcing authorization from the Board of Directors to repurchase up to $5 billion of the Company’s common stock. This is in addition to the existing share repurchase authorization, which had approximately $457 million remaining as of March 31, 2025.
Repurchases can be made using a variety of methods, which may include open market purchases, privately negotiated transactions, accelerated share repurchase programs, or otherwise, all in accordance with the requirements of the Securities and Exchange Commission and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchase programs do not obligate the Company to acquire any particular amount of its common stock, and the repurchase programs may be suspended or discontinued at any time at the Company’s discretion.
“Today’s announcement is consistent with KLA’s long-standing confidence in our business model focused on KLA market relevance, product differentiation, free cash flow generation and assertive capital allocation,” commented Wallace.
About KLA:
KLA Corporation (“KLA”) develops industry-leading equipment and services that enable innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers and reticles, integrated circuits, packaging and printed circuit boards. In close collaboration with leading customers across the globe, our expert teams of physicists, engineers, data scientists and problem-solvers design solutions that move the world forward. Investors and others should note that KLA announces material financial information including SEC filings, press releases, public earnings calls and conference webcasts using an investor relations website (ir.kla.com). Additional information may be found at: www.kla.com.
Note Regarding Forward-Looking Statements:
Statements in this press release other than historical facts, such as statements pertaining to the amount and timing of dividends, the amount and timing of share repurchases, total revenues, GAAP and non-GAAP gross margin and GAAP and non-GAAP diluted EPS for the quarter ending June 30, 2025, are forward-looking statements and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current information and expectations and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including, but not limited to: the effect of tariffs on our business; our vulnerability to a weakening in the condition of the financial markets and the global economy; risks related to our international operations; evolving Bureau of Industry and Security of the U.S. Department of Commerce rules and regulations and their impact on our ability to sell products to and provide services to certain customers in China; costly intellectual property disputes that could result in our inability to sell or use the challenged technology; risks related to the legal, regulatory and tax environments in which we conduct our business; increasing attention to environment, social and governance (“ESG”) matters and the resulting costs, risks and impact on our business; unexpected delays, difficulties and expenses in executing against our environmental, climate, diversity and inclusion or other ESG targets, goals and commitments; our ability to attract, retain and motivate key personnel; our vulnerability to disruptions and delays at our third party service providers; cybersecurity threats and cyber incidents affecting our and our business partners’ systems and networks; our inability to access critical information in a timely manner due to system failures; risks related to acquisitions, integrations, strategic alliances or collaborative arrangements; climate change, earthquake, flood or other natural catastrophic events, public health crises such as the COVID-19 pandemic or terrorism and the adverse impact on our business operations; the war between Ukraine and Russia, escalation of hostilities in the Middle East, and the significant military activity in that region; lack of insurance for losses and interruptions caused by terrorists and acts of war, and our self-insurance of certain risks including earthquake risk; risks related to fluctuations in foreign currency exchange rates; risks related to fluctuations in interest rates and the market values of our portfolio investments; risks related to tax and regulatory compliance audits; any change in taxation rules or practices and our effective tax rate; compliance costs with federal securities laws, rules, regulations, NASDAQ requirements, and evolving accounting standards and practices; ongoing changes in the technology industry, and the semiconductor industry in particular, including future growth rates, pricing trends in end-markets, or changes in customer capital spending patterns; our vulnerability to a highly concentrated customer base; the cyclicality of the industries in which we operate; our ability to timely develop new technologies and products that successfully address changes in the industry; risks related to artificial intelligence; our ability to maintain our technology advantage and protect proprietary rights; our ability to compete in the industry; availability and cost of the materials and parts used in the production of our products; our ability to operate our business in accordance with our business plan; risks related to our debt and leveraged capital structure; we may not be able to declare cash dividends at all or in any particular amount; liability to our customers under indemnification provisions if our products fail to operate properly or contain defects or our customers are sued by third parties due to our products; our government funding for research and development is subject to audit, and potential termination or penalties; we may incur significant restructuring charges or other asset impairment charges or inventory write offs; risks related to receivables factoring arrangements and compliance risk of certain settlement agreements with the government; and risks related to the Court of Chancery of the State of Delaware being the sole and exclusive forum for certain actions and proceedings. For other factors that may cause actual results to differ materially from those projected and anticipated in forward-looking statements in this press release, please refer to KLA’s Annual Report on Form 10-K for the year ended June 30, 2024, and other subsequent filings with the Securities and Exchange Commission (including, but not limited to, the risk factors described therein). KLA assumes no obligation to, and does not currently intend to, update these forward-looking statements.
KLA Corporation
Condensed Consolidated Unaudited Balance Sheets
(In thousands)
March 31, 2025
June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 1,858,022
$ 1,977,129
Marketable securities
2,170,600
2,526,866
Accounts receivable, net
2,159,897
1,833,041
Inventories
3,155,777
3,034,781
Other current assets
600,723
659,327
Total current assets
9,945,019
10,031,144
Land, property and equipment, net
1,198,302
1,109,968
Goodwill, net
1,787,532
2,015,726
Deferred income taxes
1,023,292
915,241
Purchased intangible assets, net
495,572
668,764
Other non-current assets
738,590
692,723
Total assets
$ 15,188,307
$ 15,433,566
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 429,318
$ 359,487
Deferred system revenue
868,345
985,856
Deferred service revenue
509,075
501,926
Current portion of long-term debt
—
749,936
Other current liabilities
2,103,191
2,063,569
Total current liabilities
3,909,929
4,660,774
Long-term debt
5,883,322
5,880,199
Deferred tax liabilities
405,912
486,690
Deferred service revenue
351,931
294,460
Other non-current liabilities
632,474
743,115
Total liabilities
11,183,568
12,065,238
Stockholders’ equity:
Common stock and capital in excess of par value
2,401,317
2,280,133
Retained earnings
1,646,055
1,137,270
Accumulated other comprehensive loss
(42,633)
(49,075)
Total stockholders’ equity
4,004,739
3,368,328
Total liabilities and stockholders’ equity
$ 15,188,307
$ 15,433,566
KLA Corporation
Condensed Consolidated Unaudited Statements of Operations
Three Months Ended March 31,
Nine Months Ended March 31,
(In thousands, except per share amounts)
2025
2024
2025
2024
Revenues:
Product
$ 2,393,821
$ 1,769,369
$ 7,000,672
$ 5,527,842
Service
669,208
590,461
1,980,749
1,715,670
Total revenues
3,063,029
2,359,830
8,981,421
7,243,512
Costs and expenses:
Costs of revenues
1,175,689
993,885
3,544,581
2,917,522
Research and development
338,043
321,590
1,007,345
953,222
Selling, general and administrative
248,905
237,514
767,028
714,403
Impairment of goodwill and purchased intangible assets
—
70,474
239,100
289,474
Interest expense
71,889
79,981
229,041
228,417
Other expense (income), net
(35,930)
(45,622)
(121,323)
(104,515)
Income before income taxes
1,264,433
702,008
3,315,649
2,244,989
Provision for income taxes
176,017
100,467
456,855
319,539
Net income
$ 1,088,416
$ 601,541
$ 2,858,794
$ 1,925,450
Net income per share
Basic
$ 8.21
$ 4.46
$ 21.44
$ 14.20
Diluted
$ 8.16
$ 4.43
$ 21.32
$ 14.11
Weighted-average number of shares:
Basic
132,607
134,954
133,361
135,638
Diluted
133,303
135,856
134,066
136,428
KLA Corporation
Condensed Consolidated Unaudited Statements of Cash Flows
Three Months Ended March 31,
(In thousands)
2025
2024
Cash flows from operating activities:
Net income
$ 1,088,416
$ 601,541
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment of goodwill
—
70,474
Depreciation and amortization
98,091
99,263
Unrealized foreign exchange gain and other
4,558
7,629
Stock-based compensation expense
70,201
56,682
Deferred income taxes
(35,437)
11,886
Settlement of treasury lock agreement
—
415
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:
Accounts receivable
185,975
194,311
Inventories
(112,283)
28,359
Other assets
14,309
(111,233)
Accounts payable
(12,227)
(10,238)
Deferred system revenue
(204,221)
110,442
Deferred service revenue
5,820
54,288
Other liabilities
(31,043)
(203,841)
Net cash provided by operating activities
1,072,159
909,978
Cash flows from investing activities:
Business acquisitions, net of cash acquired
—
(3,682)
Acquisition of intellectual property
(2,850)
—
Capital expenditures
(82,135)
(71,793)
Proceeds from capital-related government assistance
315
—
Purchases of available-for-sale and equity securities
(697,596)
(1,172,264)
Proceeds from sale of available-for-sale securities
93,085
55,722
Proceeds from maturity of available-for-sale securities
378,471
342,808
Purchases of trading securities
(53,418)
(46,456)
Proceeds from sale of trading securities
43,341
37,619
Proceeds from other investments
984
—
Net cash used in investing activities
(319,803)
(858,046)
Cash flows from financing activities:
Proceeds from issuance of debt, net of issuance costs
—
735,043
Common stock repurchases
(506,745)
(372,251)
Payment of dividends to stockholders
(225,774)
(197,154)
Tax withholding payments related to vested and released restricted stock units
(2,680)
(24,274)
Contingent consideration payable and other, net
—
(2,440)
Net cash provided by (used in) financing activities
(735,199)
138,924
Effect of exchange rate changes on cash and cash equivalents
2,587
(7,743)
Net increase in cash and cash equivalents
19,744
183,113
Cash and cash equivalents at beginning of period
1,838,278
1,665,054
Cash and cash equivalents at end of period
$ 1,858,022
$ 1,848,167
Supplemental cash flow disclosures:
Income taxes paid, net
$ 197,594
$ 159,848
Interest paid, net of capitalized interest
$ 128,814
$ 113,372
Non-cash activities:
Dividends payable – financing activities
$ 2,247
$ 2,105
Unsettled common stock repurchase – financing activities
$ 5,499
$ 10,999
Accrued purchase of land, property and equipment – investing activities
$ 24,322
$ 15,378
KLA Corporation
Segment Information (Unaudited)
The following is a summary of results for each of our three reportable segments and reconciliations to total revenues for the indicated periods:
Three Months Ended March 31,
Nine Months Ended March 31,
(In thousands)
2025
2024
2025
2024
Revenues:
Semiconductor Process Control
$ 2,738,817
$ 2,096,005
$ 8,069,711
$ 6,425,562
Specialty Semiconductor Process
156,500
130,649
445,241
407,433
PCB and Component Inspection
168,552
133,399
467,615
412,474
Total revenues for reportable segments
3,063,869
2,360,053
8,982,567
7,245,469
Corporate allocations and effects of changes in foreign
currency exchange rates
(840)
(223)
(1,146)
(1,957)
Total revenues
$ 3,063,029
$ 2,359,830
$ 8,981,421
$ 7,243,512
KLA Corporation
Condensed Consolidated Unaudited Supplemental Information
Reconciliation of GAAP Net Income to Non-GAAP Net Income
Three Months Ended
Nine Months Ended
(In thousands, except per share amounts)
March 31,
2025
Dec. 31,
2024
March 31,
2024
March 31,
2025
March 31,
2024
GAAP net income
$ 1,088,416
$ 824,527
$ 601,541
$ 2,858,794
$ 1,925,450
Adjustments to reconcile GAAP net income to
non-GAAP net income:
Acquisition-related charges
a
53,663
58,656
58,573
169,013
181,124
Restructuring, severance and other charges
b
—
2,133
2,042
4,995
3,312
Impairment of goodwill and purchased
intangible assets
c
—
239,100
70,474
239,100
289,474
Income tax effect of non-GAAP adjustments
d
(18,306)
(23,160)
(19,879)
(60,952)
(63,084)
Discrete tax items
e
(3,113)
(2,812)
2,386
(3,692)
4,538
Non-GAAP net income
$ 1,120,660
$ 1,098,444
$ 715,137
$ 3,207,258
$ 2,340,814
GAAP net income per diluted share
$ 8.16
$ 6.16
$ 4.43
$ 21.32
$ 14.11
Non-GAAP net income per diluted share
$ 8.41
$ 8.20
$ 5.26
$ 23.92
$ 17.16
Shares used in diluted net income per share
calculation
133,303
133,926
135,856
134,066
136,428
Pre-tax Impact of GAAP to Non-GAAP Adjustments Included in Condensed Consolidated Unaudited Statements of
Operations
(In thousands)
Acquisition –
Related Charges
Restructuring,
Severance and
Other Charges
Goodwill and
Purchased
Intangible
Asset
Impairment
Total Pre-tax GAAP
to Non-GAAP
Adjustments
Three Months Ended March 31, 2025
Costs of revenues
$ 41,838
$ —
$ —
$ 41,838
Research and development
—
—
—
—
Selling, general and administrative
11,825
—
—
11,825
Total in three months ended March 31, 2025
$ 53,663
$ —
$ —
$ 53,663
Three Months Ended Dec. 31, 2024
Costs of revenues
$ 43,348
$ 429
$ —
$ 43,777
Research and development
2,994
1,166
—
4,160
Selling, general and administrative
12,314
538
—
12,852
Impairment of goodwill and purchased intangible assets
—
—
239,100
239,100
Total in three months ended Dec. 31, 2024
$ 58,656
$ 2,133
$ 239,100
$ 299,889
Three Months Ended March 31, 2024
Costs of revenues
$ 44,839
$ 805
$ —
$ 45,644
Research and development
867
922
—
1,789
Selling, general and administrative
12,867
315
—
13,182
Impairment of goodwill
—
—
70,474
70,474
Total in three months ended March 31, 2024
$ 58,573
$ 2,042
$ 70,474
$ 131,089
Free Cash Flow Reconciliation
Three Months Ended March 31,
Nine Months Ended March 31,
(In thousands)
2025
2024
2025
2024
Net cash provided by operating activities
$ 1,072,159
$ 909,978
$ 2,916,912
$ 2,415,960
Capital expenditures
(82,135)
(71,793)
(234,851)
(216,639)
Free cash flow
$ 990,024
$ 838,185
$ 2,682,061
$ 2,199,321
Capital Returns Calculation
Three Months Ended March 31,
Nine Months Ended March 31,
(In thousands)
2025
2024
2025
2024
Payments of dividends to stockholders
$ 225,774
$ 197,154
$ 650,629
$ 575,520
Common stock repurchases
506,745
372,251
1,724,249
1,265,480
Capital returns
$ 732,519
$ 569,405
$ 2,374,878
$ 1,841,000
Fourth Quarter Fiscal 2025 Guidance
Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS
Three Months Ending June 30, 2025
(In millions, except per share amounts)
Low
High
GAAP net income per diluted share
$7.50
$9.06
Acquisition-related charges
a
0.38
0.38
Restructuring, severance and other charges
b
0.01
0.01
Income tax effect of non-GAAP adjustments
d
(0.14)
(0.14)
Non-GAAP net income per diluted share
$7.75
$9.31
Shares used in net income per diluted share calculation
132.5
132.5
Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
Three Months Ending June 30, 2025
Low
High
GAAP gross margin
60.7 %
62.7 %
Acquisition-related charges
a
1.3 %
1.3 %
Non-GAAP gross margin
62.0 %
64.0 %
The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for, KLA’s financial results presented in accordance with United States GAAP.
To supplement our Condensed Consolidated Financial Statements presented in accordance with GAAP, we provide certain non-GAAP financial information, which is adjusted from results based on GAAP to exclude certain gains, costs and expenses, as well as other supplemental information. The non-GAAP and supplemental information is provided to enhance the user’s overall understanding of our operating performance and our prospects in the future. Specifically, we believe that the non-GAAP information, including non-GAAP net income, non-GAAP net income per diluted share, non-GAAP gross margin and free cash flow, provides useful measures to both management and investors regarding financial and business trends relating to our financial performance by excluding certain costs and expenses that we believe are not indicative of our core operating results to help investors compare our operating performances with our results in prior periods as well as with the performance of other companies. The non-GAAP information is among the budgeting and planning tools that management uses for future forecasting. However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics are inherently subject to significant discretion (for example, determining which costs and expenses to exclude when calculating such a metric). As a result, non-GAAP financial metrics may be defined very differently from company to company, or even from period to period within the same company, which can potentially limit the usefulness of such information to an investor. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP. The following are descriptions of the adjustments made to reconcile GAAP net income to non-GAAP net income:
a.
Acquisition-related charges primarily include amortization of intangible assets and write-offs due to abandonment of in-process research and development projects. Although we exclude the effect of amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and such amortization of intangible assets related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of these intangible assets contributed to our revenues earned during the periods presented and are expected to contribute to our future period revenues as well.
b.
Restructuring, severance and other charges primarily include costs associated with employee severance.
c.
Impairment of goodwill and purchased intangible assets in the nine months ended March 31, 2025, the three and nine months ended March 31, 2024, and the three months ended Dec. 31, 2024 include non-cash expense recognized as a result of the company’s testing for goodwill impairment and long-lived assets impairment. The impairment charge in fiscal 2024 resulted from the downward revision of financial outlook for our PCB and Display reporting units, and the subsequent decision to exit the Company’s Display business that was based on many factors, including the cancellation of a significant new technology project by a major customer in the third quarter of fiscal 2024. The impairment charge in fiscal 2025 resulted from the continued deterioration of the long-term forecast for our PCB business. Management believes that it is appropriate to exclude these impairment charges as they are not indicative of ongoing operating results and therefore limit comparability. Management also believes excluding this item helps investors compare our operating performance with our results in prior periods as well as with the performance of other companies.
d.
Income tax effect of non-GAAP adjustments includes the income tax effects of the excluded items noted above.
e.
Discrete tax items in the three months ended March 31, 2025 include a deferred tax impact relating to the amortization of certain intellectual property as a result of an internal restructuring of ownership rights to better align with how our business operates. Discrete tax items in the nine months ended March 31, 2025 also include the recognition of a deferred tax asset on foreign currency gains/losses resulting from new tax legislation. Discrete tax items in the nine months ended March 31, 2024 include a one-time tax benefit resulting from changes made to our international structure to better align ownership of certain intellectual property rights with how our business operates. Discrete tax items in all periods presented include a tax impact relating to the amortization of the aforementioned tax benefits or similar tax benefits recorded in other periods.
SOURCE KLA Corporation
You may like
Technology
Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus
Published
4 hours agoon
July 18, 2026By
BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.
Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.
Strategic guidance
According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.
Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.
He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.
During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.
Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.
WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”
Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.
The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.
The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”
Firm support for UN
In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.
Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.
Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.
Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.
Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.
Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.
At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.
He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.
Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.
According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.
President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.
However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.
In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.
Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.
This article first appeared on Global Times
View original content:https://www.prnewswire.com/news-releases/global-times-head-of-state-diplomacy-shines-at-waic-fostering-ties-and-advancing-global-governance-consensus-302828946.html
SOURCE Global Times
Technology
Global Times: China sends fresh signal on global AI cooperation at WAIC
Published
4 hours agoon
July 18, 2026By
BEIJING, July 17, 2026 /PRNewswire/ — “AI development should not be a solo performance by a single country, but a symphony of international cooperation,” Chinese President Xi Jinping said on Friday while addressing the opening ceremony of the 2026 World AI Conference (WAIC) and High-Level Meeting on Global AI Governance, stressing that China is ready to be more open, take more practical actions, and assume a more visionary perspective.
We are ready to work with all parties to seize the opportunities of AI development and meet the challenges, and join hands to create a brighter future for humanity, he added.
Xi’s remarks received positive responses from domestic and foreign enterprises and experts, as they spoke highly of China’s scientific and technological achievements in recent years while noting that China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity and Chinese solutions in AI governance enable other countries to better tackle the common challenges brought about by AI development.
Openness and win-win cooperation
Xi presented four observations on AI development and governance in the speech. The Chinese leader called for adhering to the principle of openness and win-win cooperation while boosting innovation-driven development. He highlighted the importance of encouraging open-source, openness, collaboration and sharing to facilitate technological innovation, industrial development and scenario-based application of AI.
He also called for strengthening risk-awareness and ensuring that AI is secure and controllable. Stressing the need to ensure that AI is always under human control, Xi urged all sides to jointly oppose overstretching the national security concept in the field of AI or placing one country’s security over that of others.
Third, he called for encouraging inclusiveness and promoting mutual learning among civilizations.
Fourth, he called for advocating solidarity and improving global governance. The important role of the United Nations should be recognized, Xi said, calling for further alignment and coordination on AI development strategies, governance rules and technical standards.
“We must carry out extensive international cooperation and help Global South countries with capacity building to bridge the AI and digital divides, promote sustainable development and prevent creating new historical injustice in AI,” he said.
In the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs, Xi said. He said China will develop international AI application cooperation centers with the Association of Southeast Asian Nations, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS. China will enable 30 countries to use the AI-powered meteorological warning system, or MAZU, to safeguard homes around the world.
“President Xi’s remarks underscore China’s commitment to advancing global AI governance and technological innovation through opening-up and win-win cooperation, bringing new opportunities for sharing AI dividends and achieving shared prosperity to countries worldwide, especially developing countries,” Song Yang, professor of School of Economics and research fellow at the National Academy of Development and Strategy at Renmin University of China, told the Global Times on Friday.
China is sending a clear and important message: AI should become a bridge between countries, not a new dividing line, Luigi Gambardella, president of the Brussels-based international digital association ChinaEU, told the Global Times on Friday on the sidelines of the forum.
“No country, however technologically advanced, can develop and govern AI alone. China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity. It can help prevent the fragmentation of technologies, standards and markets, while ensuring that the opportunities created by AI are shared more widely,” Gambardella said.
“President Xi proposed ‘adhering to the principle of openness and win-win cooperation’ and ‘advocating solidarity’, and announced a series of pragmatic measures to support global AI development. These remarks have deeply inspired me and further strengthened my confidence in promoting the inclusive development of AI through opening-up and cooperation,” Xu Li, chairman and CEO of Shanghai-based AI software company SenseTime, told the Global Times on Friday.
Looking ahead, SenseTime aims to bring more field-tested technologies, products, and talent cultivation expertise to more countries and regions, and boost “China innovation” to deliver sustained value across a wider spectrum of industrial scenarios, thereby enabling AI to better benefit all of humanity, Xu said.
China actively supports strengthening global cooperation on AI governance, advocates multilateralism, and promotes the establishment of a global governance framework, which has received positive responses from many Global South countries.
Twenty-nine countries on Thursday signed an agreement in Shanghai on establishing the World Artificial Intelligence Cooperation Organization (WAICO). As an independent intergovernmental international organization headquartered in Shanghai, WAICO will uphold the purposes of the UN Charter, be committed to extensive consultation and joint contribution for shared benefit and adhere to a people-centered approach, according to the agreement, per Xinhua.
Global spotlight on WAIC
Since its inception in 2018, the WAIC has successfully convened for eight consecutive editions, becoming an important window for showcasing cutting-edge AI technologies from China and around the world while deepening international opening-up and cooperation.
Themed “AI Partnership for a Brighter Future”, the exhibition area exceeds 100,000 square meters for the first time this year, attracting the participation of over 1,100 enterprises. The exhibitors are showcasing more than 3,000 products and technologies, with over 300 products making their global debuts.
Among the exhibition highlights are Huawei’s latest AI computing super node system Atlas 950, MiniMax M3 multimodal foundation model, and the world’s first agentic AI phone, alongside a range of humanoid robots and AI-powered dexterous hands.
A German BMW representative, who attended WAIC for the first time, expressed enthusiasm about the event, highlighting the humanoid robotics showcased in the exhibition area – technologies he said he has never encountered before.
The representative told the Global Times that his company has adopted Chinese AI-powered large language models such as Qwen and DeepSeek. “The new updated versions of these models emerge weekly, which is very impressive,” the representative said, speaking highly of the cost efficiency of Chinese models.
However, some Western media outlets keep smearing China’s AI advancements and international cooperation. The Economist even claims that China’s open-source AI is a “trap” and that embracing China is “risky.”
Debunking this groundless smearing, Song said that China’s AI development has consistently adhered to the philosophy of a people-centered approach and AI for good, accumulating a wealth of vivid, replicable, and scalable experiences.
At the opening ceremony of the WAIC, the China Meteorological Administration unveiled the MAZU-FengYun Satellite AI Box. The launch marks a new stage in MAZU’s intelligent early-warning initiative, which was unveiled last year, shifting from providing shared meteorological products to delivering AI-enabled forecasting capabilities, according to the administration.
“Over the past year, meteorological and disaster reduction agencies from more than 40 countries have accessed the MAZU early warning technologies and products via cloud platforms. Customized versions of the tool have been deployed in Nigeria, Djibouti, Pakistan, and other nations, earning widespread recognition from users,” You Yang, a staff member with the Shanghai Meteorological Bureau, told the Global Times on Friday.
“From base models to industry-specific applications, China is opening up its low-cost, replicable technological pathways to the world, thereby lowering the threshold for underdeveloped nations to enter the AI era. Meanwhile, China actively helps developing countries address gaps in technology, talent, and governance capabilities to bridge the digital divide in the age of intelligence,” Song said.
According to a March report from Hugging Face, one of the world’s largest AI open-source communities, China has surpassed the US in monthly downloads and overall downloads. In the past year, Chinese models quickly accounted for the plurality or 41 percent of downloads.
“China possesses three unique institutional advantages in promoting AI for good and inclusive development: First, the new system for nationwide mobilization of resources coordinates development and security, achieving synergistic progress in key technological breakthroughs and rule-making. Second, a people-centered approach ensures that technological advancement benefits the people. Third, a multi-stakeholder agile and collaborative governance model links governments, universities, research institutions, enterprises, and social organizations to explore the synergy between rules and technology, providing China’s experience to the world,” Zeng Yi, a member of the UN Advisory Body on AI, told the Global Times on Friday.
View original content:https://www.prnewswire.com/news-releases/global-times-china-sends-fresh-signal-on-global-ai-cooperation-at-waic-302828951.html
SOURCE Global Times
BOGOTA, Colombia, July 17, 2026 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the “Company”) announced that it has identified an unauthorized access to certain digital resources owned by the Company and its subsidiaries by an external actor who has not been identified, as well as an attempted ransomware attack that was blocked by the cybersecurity controls implemented across the Company and its subsidiaries. The unauthorized access affected cloud-based file storage environments of approximately 15 subsidiaries (including the Company), resulting in the unauthorized download of data associated with approximately 3,300 user accounts. The external actor communicated extortion demands, threatening to publicly disclose the information that had been unlawfully extracted.
In response to this incident, the Company initiated an investigation and activated its incident response and management protocols. In addition, the Company deployed the following measures aimed at preventing the public disclosure of the unlawfully extracted information, addressing supervisory actions and/or potential financial costs associated with investigation, remediation, and regulatory compliance, as follows:
a. Immediate revocation of unauthorized access to the compromised digital assets.
b. Blocking of mechanisms associated with the mass download of information.
c. Identification, analysis, and containment of the tactics, techniques, and procedures (TTPs) used by the malicious actor.
d. Filing of a criminal complaint before the Office of the Attorney General of Colombia and deployment of cooperation activities with specialized national authorities.
e. Identification of external infrastructures used for the storage or download of information to pursue restriction or blocking actions.
f. Activation of support mechanisms with insurers and specialized capital markets teams to ensure the proper management of the event.
g. Detailed assessment of the downloaded information and determination of its criticality.
h. Enhanced monitoring of the technology infrastructure under critical alert protocols and continuous validation of preventive and detective controls.
As of the date of this report, the Company has not identified any material disruption to its critical operations, production capacity, or essential services; any direct financial impact that would prevent it from continuing to conduct its business activities; or any disclosure of the information subject to the unauthorized access. However, the Company continues to assess the potential exposure of corporate information, which could include confidential, restricted, proprietary, or personal data, as it cannot guarantee that this incident will not have a material adverse effect on the Company’s business, reputation, operating results, or financial condition.
Ecopetrol S.A. will continue to monitor developments related to this matter and, should any material facts or information requiring disclosure to the market be identified, will promptly disclose such information in accordance with applicable laws and regulations.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla – Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.
This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.
For more information, please contact:
Investor Relations Office
Email: investors@ecopetrol.com.co
Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-reports-cybersecurity-incident-302828952.html
SOURCE Ecopetrol S.A.
Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus
Global Times: China sends fresh signal on global AI cooperation at WAIC
Ecopetrol Reports Cybersecurity Incident
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days agoChina’s Hit Variety Show “Wonderland Season Ⅵ” Is Currently Airing – How Does This Long-Running Franchise Win the Battle for Critical Acclaim?
-
Technology5 days agoTomocube Launches HT-T1 Desktop for 3D Glass Substrate Defect Analysis in Advanced Packaging
-
Coin Market2 days agoRevolut receives in-principle approval from UAE authorities for crypto services
-
Near Videos4 days agoConfidential Intents is now generally available
-
Technology2 days agoGPU.ai Named Official Title Sponsor of AGI Summit SF 2026
-
Technology5 days agoShare buybacks in Ericsson during the period July 6 – July 10, 2026
-
Technology3 days agoInventHelp Inventor Develops Improved Food Delivery Bag (LBT-9719)
-
Coin Market3 days agoOstium pauses trading as security firms report multimillion-dollar oracle exploit
