By Nick Carey and Paul Lienert LONDON/DETROIT (Reuters) – The rise of inexpensive Chinese electric vehicles has upped the pressure on legacy automakers who have turned to suppliers, from battery materials makers to chipmakers, to squeeze out costs and develop affordable EVs quicker than previously planned. “Automakers are really now only turning to affordable vehicles,…
By Noel Randewich and Shristi Achar A (Reuters) – The Nasdaq ended sharply higher on Thursday after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence. Shares of Alphabet jumped 5.3% as analysts cheered the launch of the Google-parent’s newest AI model, while AMD soared nearly 10% after the…
By Humeyra Pamuk WASHINGTON (Reuters) – There is still willingness among the key players of the U.S.-led talks to normalize ties between Saudi Arabia and Israel to restart the process even after the devastating Oct. 7 attack by Hamas, U.S. Deputy Secretary of State nominee Kurt Campbell said on Thursday. “I think we can be…
By David Brunnstrom and Michael Martina WASHINGTON (Reuters) -It is essential the U.S. Congress approves new agreements with three Pacific island states, the U.S. Indo-Pacific coordinator Kurt Campbell said on Thursday, stressing that China is waiting to take advantage if the U.S. fails to fulfill its commitments. Campbell made the comments about new 20-year funding…
By Nate Raymond BOSTON (Reuters) – American Airlines has asked a U.S. appeals court to reverse a judge’s decision that sided with the U.S. Department of Justice and declared that its now-scrapped U.S. Northeast partnership with JetBlue Airways was anticompetitive. American Airlines in a brief filed late on Wednesday told the Boston-based 1st U.S. Circuit…
By Arsheeya Bajwa (Reuters) -GameStop missed quarterly revenue estimates on Wednesday as competition grew and consumers dialed back spending in an uncertain economy, hampering the videogame retailer’s pivot to a more online-focused model. Sticky inflation and high borrowing costs have led to uneven spending in the gaming industry. Recently, two major players, including Take-Two Interactive…
By Max A. Cherney (Reuters) -AMD estimated there was a $45 billion market for its data center artificial intelligence processors this year as it launched a new generation of AI chips on Wednesday. The total addressable market forecast is up from AMD’s $30 billion estimate in June. Advanced Micro Devices announced two new AI data…
By Sabrina Valle HOUSTON (Reuters) -Exxon Mobil will target annual project spending of between $22 billion and $27 billion through 2027, the oil major said in an update on Wednesday that largely continues existing spending and production goals. The largest U.S. oil producer laid out plans to boost spending on nascent lithium and low carbon…
By Dawn Chmielewski (Reuters) – Walt Disney began offering Hulu as part of its namesake streaming service on Wednesday, bolstering Disney+’s family-friendly content with more general entertainment fare, such as FX’s intense kitchen drama “The Bear” and the popular reality show “The Kardashians.” The combined offering, known as “Hulu on Disney+”, will be available in…
(Reuters) -Elon Musk’s artificial intelligence startup xAI has filed with the U.S. securities regulator to raise up to $1 billion in an equity offering, according to a filing on Tuesday. The company has raised $134.7 million in equity financing from a total offering amount of $1 billion, the filing with the Securities and Exchange Commission…
