Micron Technology Exceeds Revenue Expectations Amid AI Chip Demand; Shares Fall
Micron Technology reported higher-than-expected third-quarter revenue on Wednesday, driven by strong demand for its memory chips amid the AI boom. However, its forecast for the current quarter did not meet investors’ elevated expectations, causing a 7.2% drop in its stock price during extended trading. Despite a 13% rise in Micron’s shares this month, fueled by…
Google to Require Disclosures for Digitally Altered Content in Election Ads
Google announced on Monday that it will require advertisers to disclose when their election ads contain digitally altered content depicting real or realistic-looking people or events. This measure aims to combat misinformation during elections. The updated policy mandates that advertisers check a box in the “altered or synthetic content” section of their campaign settings. With…
SoftBank to Invest in Search Startup Perplexity AI at $3 Billion Valuation
SoftBank Group Corp’s Vision Fund 2 is set to invest between $10 million and $20 million in U.S.-based search startup Perplexity AI, valuing the company at $3 billion. The investment from SoftBank is part of a larger $250 million funding round for Perplexity AI, as cited by individuals familiar with the matter. The terms of…
AI-Driven Stock Rally Raises Fears of Dotcom Bubble Repeat
NEW YORK – A surge in U.S. stock prices driven by excitement over artificial intelligence is drawing comparisons to the dotcom bubble of the late 1990s, sparking concerns that the market may be overinflated by enthusiasm for revolutionary technology. The rise of AI, combined with a resilient economy and stronger corporate earnings, has pushed the…
Bosch Considers Bid for Whirlpool, Sources Reveal
German engineering giant Robert Bosch is contemplating a bid for U.S. appliance manufacturer Whirlpool, aiming to enhance its presence in the household appliances market, according to three individuals familiar with the situation. Bosch has initiated discussions with potential advisors regarding a possible offer for Whirlpool, which currently holds a market capitalization of approximately $4.8 billion,…
Beryl, Earliest Category 4 Hurricane on Record, Threatens Caribbean with Dangerous Winds
BERYL – The “extremely dangerous” Category 4 storm, Hurricane Beryl, surged across the Atlantic Ocean on Sunday night, heading towards the Windward Islands in the Caribbean. The U.S. National Hurricane Center (NHC) warned that the hurricane is expected to bring life-threatening winds and flash flooding on Monday. Beryl, the first hurricane of the 2024 season,…
Israeli Tanks Push Further into Gaza Amid Intensified Conflict
CAIRO/GAZA – Israeli forces have intensified their operations, advancing deeper into the Shejaia neighborhood of northern Gaza and pushing further into western and central Rafah in the south. The latest offensive has resulted in the deaths of at least six Palestinians and the destruction of several homes, according to local residents. Israeli tanks, which re-entered…
Supreme Court to Decide on Trump’s Immunity Claim, Term’s End Announced
WASHINGTON – The U.S. Supreme Court is set to issue its ruling on Monday regarding former President Donald Trump’s claim of immunity from prosecution over actions taken to contest the results of the 2020 election, marking the conclusion of its current term. Chief Justice John Roberts announced July 1 as the final day of the…
Financial Industry Wrestles with Promise and Risks of AI, Executives Discuss
CHICAGO – Executives in the financial services sector are acknowledging both the vast opportunities and significant challenges posed by the proliferation of artificial intelligence-based systems. While AI holds promise for enhancing operations, particularly in explaining complex decisions like portfolio allocations or loan approvals to clients, it also introduces new risks, industry leaders emphasized. Speaking at…
EU Investigates AI Deals Between Microsoft and OpenAI, Google and Samsung
BRUSSELS – The European Union is considering an antitrust investigation into Microsoft’s partnership with OpenAI and Google’s artificial intelligence agreement with Samsung, citing concerns over exclusivity clauses. This scrutiny reflects global regulatory apprehension about Big Tech extending its market dominance into new technologies. EU competition chief Margrethe Vestager announced that additional third-party opinions would be…
