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The Facebook and Instagram parent company reported strong results which justifies its AI splurge, calming broader market fears of excessive spending on the new technology
AMD exceeded expectations with strong Q2 results and a bullish forecast for AI GPU revenue, boosting its shares. Microsoft reported better-than-expected earnings and revenue but saw a slight shortfall in Azure growth. Both companies are investing heavily in AI to capture emerging market opportunities.
On Tuesday, Nvidia's stock dropped significantly, ending the day 7% lower at $103.73, marking its lowest point since late May. The company's stock has struggled in July, declining 16% and potentially marking its worst monthly performance since September 2022. This decline is partly attributed to a shift in market sentiment, with investors moving away from high-performing tech stocks and reallocating capital into smaller-cap stocks, which might benefit from potential interest…
Jensen Huang and Mark Zuckerberg shared their enthusiasm for AI advancements during a discussion at SIGGRAPH 2024. They highlighted the rapid progress in generative AI and anticipated significant innovation over the next five years. Zuckerberg mentioned the potential of AI agents to interact with customers and carry out complex tasks. Meta's latest release, Llama 3.1, and the upcoming 4.0 version demonstrate their commitment to AI development. Huang acknowledged Meta's contributions…
The stock posted its worst day in more than two years after the Q2 results showed a drop in profits and automotive revenues, as investors appear cautious around the AI push
Microsoft stated it will relinquish its observer seat on the OpenAI board amidst regulatory concerns over generative AI in Europe and the U.S. Keith Dolliver, Microsoft's Deputy General Counsel, conveyed in a letter to OpenAI that the seat had been beneficial for insights without affecting board independence but was no longer needed due to the board's progress.
The S&P 500 and Nasdaq Composite are reaching record highs, but the market's future depends on second-quarter earnings and upcoming inflation data. Earnings season kicks off this week, with PepsiCo and Delta Airlines reporting on 11 July and banks reporting the day after. Analysts predict an 8.8% earnings growth for the S&P 500 but only 4.3% for financials in Q2.
Tesla's recent delivery announcement caused a significant surge in its shares, recovering nearly all 2024 losses. The company delivered about 444,000 cars in the second quarter, beating forecasts and lower estimates, which led to a 10% jump in stock price. By Wednesday, shares reached $248.35, just below the end-of-2023 level, marking a rebound from $140 in April. This rally added almost $30 billion to CEO Elon Musk's wealth.
Rivian Automotive reported strong Q2 deliveries of 13,790 vehicles, a 9% year-over-year increase, surpassing Wall Street’s expectation of 12,000 units. However, production dropped to approximately 9,600 vehicles from nearly 14,000 in Q1 2024. Rivian aims to produce about 57,000 vehicles in 2024, needing around 17,000 per quarter in the second half of the year. Rivian's stock rose 6.97% to $14.89 on Tuesday, though it fell slightly post-delivery report. The stock…
The entertainment giant returned to box office hits with Inside Out 2 and its $1 trillion gross, in another indication that the turnaround efforts are making an impact, but the stock remains in a precarious position
The sportswear giant’s hardships continue as it posted revenue contraction of 2% in Q4 FY24, expects deeper drop in the current quarter and downgraded its full year guidance
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