SAN FRANCISCO/JERUSALEM - Tech companies operating in Israel are expected to fortify security as they could face disruptions, said investors and analysts, after Hamas gunmen from Gaza killed hundreds of Israelis and abducted an unknown number of others.
"It is a huge disruption to business as usual," said Jack Ablin, chief investment officer and founding partner at Cresset Wealth Advisors. He said in the short-term resources could be diverted if the conflict expands, such as staff at tech companies being called up as military reservists. Nvidia, the world's largest maker of chips used for artificial intelligence and computer graphics, said it had canceled an AI summit scheduled for Tel Aviv next week, where its CEO Jensen Huang was due to speak.
Israel's technology sector had already been facing a slowdown in 2023, exacerbated by internal political conflict and protests. A growing number of Israel's tech startups have been incorporating in the United States.
Due to open in 2027, he called it the largest-ever international investment in the country that could employ thousands of people and would add to its chip plants and design centers there.
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