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Intel plans to spinoff its Programmable Solutions Group (PSG). The new standalone business will be pursued via an initial public offering. Intel CEO Pat Gelsinger said that the spinoff will potentially unlock “more value for our stakeholders” by helping “Intel product teams focus on our core business and long-term strategy.”
Starting in 2024, Amazon is looking to include limited advertisements on its Prime Video service. Regions include the US, Canada, Germany, and the UK, with US subscribers able to pay an extra $2.99 per month for an ad-free service.
The Chinese EV startups impressed with a surge in their deliveries in the third quarter of the year, whereas EV king Tesla disappointed with a sequential decline
The Wall Street Journal has reported that Meta Platforms may charge its European users for ad-free social media platforms. According to the article, the company is looking to charge about $14 per month for Instagram on phones, and $17 per month for Facebook and Instagram on desktops.
Tesla has delivered fewer cars than expected over Q3. Wall Street estimates were at 455,000 units, but the company only delivered 435,059 units. Analysts have been progressively lowering their expectations due to slowing demand in China. However, part of the issue also revolved around production, with the company producing only 430.488 units.
Rivian shares are gaining after the company was upgraded from hold to buy.
Yesterday, Nike reported better than expected profit for the 3 months ended 31 August (the company’s fiscal first quarter). However, it just missed on Wall Street’s revenue expectations. EPS came in at 94 cents vs. 75 cents estimated, with revenue at $12.94 billion against a forecast of $12.98 billion.
GameStop (GME.us) has gapped up on the market’s cash open, and is trading over 3.5% higher, after Ryan Cohen was appointed as president and chief executive officer. The appointment will take place with immediate effect.
Watch this video for commentary on some of the companies that are at the forefront of the Artificial Intelligence (AI) revolution, as the fourth quarter gets underway
The United Auto Workers may extend strike action.
Hollywood writers have agreed to end their strike action. The strike ended in the early hours of Wednesday morning.
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