The stock market selloff this week has been painful for investors but spare a thought for Elon Musk. The SpaceX and Tesla CEO has already lost his trillionaire status following a sharp drop in the share price of both companies. Tesla’s 5.8% drop Tuesday took Musk’s net worth to $957 billion, according to the Bloomberg Billionaires Index.
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YouTube's owner, Google, has settled a lawsuit brought by a teenager suing the world's biggest social media companies over their role in the youth mental health crisis. The 16-year-old's lawyers said the terms of the settlement were confidential, but that TikTok, Snapchat, and Instagram are still set to face trial in July. Google spokesperson Jose Castaneda said the lawsuit had been amicably resolved.
Global memory and AI infrastructure stocks, including Western Digital (NasdaqGS:WDC), saw a sharp selloff after a downturn in Korean memory companies. The pullback followed a period of record highs tied to AI driven demand, supply tightness, and strong risk appetite for chipmakers. The move reflects wider technology sector concerns, including valuation questions, regulatory changes, and market liquidations in South Korea. Western Digital shares were caught in the broader shift in sentiment...
Supermicro and Odine have formed a partnership to deploy and manage AI infrastructure operations in Türkiye.
In recent days, Arm Holdings has been caught in a global pullback in high-growth semiconductor and technology names, as investors shifted away from richly valued AI beneficiaries amid worries about tighter monetary policy and profit-taking after a very large year-to-date rally. At the same time, Arm’s role at the center of AI compute, from its AGI CPU traction with hyperscalers to its partnership with Meta’s Stargate project, highlights an ongoing tension between a strong business narrative...
U. S. equity futures moved modestly higher on Wednesday, with investors attempting to regain confidence after a sharp decline in technology and semiconductor stocks.
Investing.com - Micron Technology reports results after the close today, just one day after a brutal 13.2% plunge. Ahead of the open, MU is indicated roughly 4.6% higher in pre-market trading, a partial recovery that does little to settle the core question investors face tonight: is the analyst community's revenue bar of up to $35.4B simply too high?
June 24 (Reuters) - S&P 500 and Nasdaq futures inched higher on Wednesday after two straight sessions of declines, as investors returned to technology shares following a sharp selloff that saw the
The company exceeded savings goals and completed its freight spin-off.
Investing.com - S&P and Nasdaq futures edged higher on Wednesday after a sharp selloff in technology shares rattled Wall Street, with investors looking to earnings from memory-chip maker Micron for clues about the health of the artificial intelligence trade.
While Norwegian Cruise Line Holdings has lagged behind the S&P 500 Index over the past year, analysts are moderately optimistic about the stock’s prospects.
Eli Lilly and Astellas will be the lead bidders at an auction for Sangamo assets. Elsewhere, an investor syndicate committed $230 million to a gene editing startup and Merck KGaA struck a “build-to-buy” deal.
Jazz Pharmaceuticals (NasdaqGS:JAZZ) expanded its collaboration with AbCellera Biologics to develop next-generation T-cell multispecific antibodies for gastrointestinal and other solid tumors. The company reported top-line results from the Phase 3 LAGOON trial of Zepzelca in second-line small cell lung cancer, which did not meet its primary endpoint. Zepzelca continues to have its first-line approval based on prior studies, and Jazz Pharmaceuticals is in discussions with the FDA about future...
The tech-heavy Nasdaq composite has slid for four of the past five trading sessions and moved at least 1% on six consecutive trading days. Read more on how recent rallies have left tech stocks vulnerable to reversals.
Tech stocks looked set to claw back some losses on Wednesday as investors bought the dip following a global selloff that dragged down shares in chip makers including Intel and Micron. Nasdaq 100 futures rose 0.5%. Dow Jones Industrial Average futures slid 95 points, or 0.2%.
While CrowdStrike has lagged behind the technology sector over the past year, Wall Street analysts maintain a moderately optimistic outlook on the stock’s prospects.
Trump said crude prices are “dropping like a rock.”
Lucid Group (NasdaqGS:LCID) is cutting about 18% of its U.S. workforce and eliminating certain production shifts. The company is removing the chief operating officer role as part of a broader restructuring of its leadership structure. These changes come alongside class action lawsuits from shareholders alleging issues with supply chain quality and disclosure of delivery capabilities. Lucid Group is making sweeping changes at a time when its stock has fallen sharply over longer periods, with...
A federal judge denied Fiserv's motion to dismiss a lawsuit challenging its cybersecurity practices. The decision keeps the case active and puts additional focus on Fiserv's data protection controls and client obligations. At the same time, Fiserv appointed Takis Georgakopoulos as CEO following the abrupt departure of Mike Lyons. For investors tracking Fiserv, ticker NasdaqGS:FISV, the combination of an ongoing cybersecurity lawsuit and a sudden CEO change is front and center. The stock...
SpaceX sold $25 billion of investment-grade bonds on Tuesday, marking the final step to replace the costly debt that had helped finance Elon Musk's acquisition of X, then known as Twitter, as well as the expensive loans and bonds issued by xAI to bridge its rapid cash drain. Bloomberg's Manuel Baigorri reports.
The company has priced a $25-billion bond sale, and refinancing could lower annual interest costs to $1.5 billion, compared with $1.8 billion on prior X and xAI debt.
Asian stocks were mixed on Wednesday following a sell-off in big technology stocks from Asia to Wall Street. U.S. stock futures were also trading mixed, as global investors monitor market movements in Japan and South Korea, which have seen big gains in recent months on the global AI boom but both fell sharply on Tuesday. Samsung Electronics was up 3.7% after Tuesday’s 12.3% plummet.
Alibaba Group is seeking to be removed from a list of companies with alleged ties to China’s military.
Analysts and investors remain concerned that Cerebras’ business relies heavily on a small group of customers, mostly in the Middle East.
Although it wasn't until early 2023 that AI in general would become part of the global conversation, the current artificial intelligence revolution can be traced back to the release of ChatGPT 3.5 in November 2022. Ever since then, other than the technology's energy consumption, the most ...
Leading cryptocurrencies cracked alongside stocks on Tuesday, after a sharp decline in chip-related stocks cast doubts on the sustainability of the AI rally. Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:25 p.m. EDT)Bitcoin (CRYPTO: BTC)-2.01%$62,818.32Ethereum (CRYPTO: ETH) -3.58%$1,668.90XRP (CRYPTO: XRP) -1.98%$1.10Solana (CRYPTO: SOL) -2.83%$69.91Dogecoin (CRYPTO: DOGE) -4.24%$0.07900 Crypto Market Sinks Deeper Bitcoin dropped below $62,000 amid heavy selling, while Ethereum bulls fail
Sandisk (NasdaqGS:SNDK) and other major memory chip stocks saw a sharp sell-off after a year of strong gains tied to AI infrastructure demand. The correction followed a historic drop in South Korea's Kospi and concerns about how sustainable AI related spending on memory will be. The pullback is the first broad test of the AI memory trade since Sandisk's spinoff, raising fresh questions about institutional positioning and sector risk. The reversal comes after Sandisk emerged as a high...
Moody’s Analytics chief economist Mark Zandi has warned that America’s stark economic divergence remains “firmly intact,” as newly updated data reveal a bruising financial reality in which the bottom 80% of earners are losing the battle against inflation, while top earners dominate national consumption. The Spending Divide Deepens According to Zandi’s updated estimates, households in the top 20% of the income distribution—defined as those earning over $175k annually—now account for an “astoundin
Shares of data storage manufacturer Seagate (NASDAQ:STX) fell 6% in the afternoon session after a report that South Korea's SK Hynix is slowing its high-bandwidth memory (HBM) expansion rattled the AI-chip complex.