By Akash Sriram and Abhirup Roy (Reuters) -Rivian said on Wednesday it would cut its workforce by 10% and forecast EV production for this year that widely missed estimates, hurt by downtime for factory upgrades and slowing demand for electric vehicles due to high interest rates. Shares of the company tumbled about 16% in extended…
(Reuters) – Google said on Wednesday that some of its artificial intelligence tools that it offers to businesses will be powered by the company’s “Gemini” AI models and available at a lower-priced plan as it looks to compete with Microsoft-backed OpenAI. The Alphabet unit in August last year introduced “Duet AI in Workspace”, a set…
By Howard Schneider WASHINGTON (Reuters) – Inflation data in January, with consumer and wholesale prices rising faster than anticipated, complicate upcoming U.S. central bank interest rate decisions, Richmond Federal Reserve President Thomas Barkin said on Wednesday. The reports released last week “underline the challenge we have had in the recent data,” with a slowdown of…
(Reuters) – U.S. miner Piedmont Lithium said on Wednesday it would sell its remaining shares in Australian miner Sayona Mining for about A$59.9 million ($39.28 million). Weakness in lithium prices due to global supply outweighing demand led to Piedmont cutting 27% of its workforce earlier this month as part of a broader cost cutting plan….
By Tom Wilson LONDON (Reuters) -Major U.S. crypto firm Circle will end support for its USDC token on the Tron blockchain network, a decision the company said on Wednesday “aligned with its efforts to ensure that USDC remained trusted, transparent and safe”. Boston-based Circle said in a blog that, effective immediately, it would no longer…
By Noel Randewich (Reuters) -Chipmaker Nvidia is replacing Tesla as Wall Street’s most traded stock by value, adding to its prominence after becoming the third-most valuable U.S. company and showing more evidence of how central AI-related bets have become to investors. Nvidia’s outsized representation in day-to-day stock trading could leave investors more vulnerable should the…
By Siddharth Cavale and Ananya Mariam Rajesh (Reuters) -Walmart kicked off U.S. retailers’ reporting season on Tuesday with robust fourth quarter results after inflation-squeezed shoppers flocked to its stores, and said it would buy smart-TV maker Vizio for $2.3 billion. Shares of the retail giant rose as much as 6.5% to an all-time high of…
By Fabio Teixeira RIO DE JANEIRO (Reuters) – Mining giant Vale is looking at expanding the use of industrial batteries to power ports and mining sites, said the firm’s Energy and Decarbonization director Ludmila Nascimento, in a move that would boost an industry still in early stages in Brazil. Since last year the firm has…
(Repeats Feb 16 story with no changes to text) By Medha Singh and Manas Mishra (Reuters) – U.S.-based Eli Lilly and Denmark’s Novo Nordisk have struck gold with their weight-loss drugs, sending their shares to stratospheric levels and putting them on par with some high-growth tech stocks. Retail and institutional investors alike have flocked to…
By Anirban Sen and Michelle Price NEW YORK/WASHINGTON (Reuters) -Warren Buffett-backed U.S. consumer bank Capital One plans to acquire U.S. credit card issuer Discover Financial Services in an all-stock transaction valued at $35.3 billion to create a global payments giant, the companies said on Monday. The deal, which is expected to receive intense antitrust scrutiny,…
