By Stephen Nellis and Max A. Cherney (Reuters) -Intel said on Wednesday that Microsoft plans to use its services to manufacture a custom computing chip and that the company expects to beat an internal deadline of 2025 to overtake its biggest rival, Taiwan Semiconductor Manufacturing Co, in advanced chip manufacturing. The American chipmaker also gave…
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…
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…
(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,…
By Shariq Khan NEW YORK (Reuters) -Brent crude oil prices settled slightly higher in an abbreviated session on Monday, as lingering supply concerns from tensions in the Middle East were offset by signs of weakening demand. Oil markets’ saw thinner volumes than usual due to the Presidents’ Day holiday in the U.S., UBS analyst Giovanni…
By Nell Mackenzie LONDON (Reuters) -World shares struggled to climb on Monday after the chances of early interest rate cuts globally receded and Chinese markets recorded modest gains on their return from the lunar new year break. A holiday for U.S. markets made for thin trading, and results from AI star Nvidia on Wednesday could…
SHANGHAI/SINGAPORE (Reuters) -China’s central bank left a key policy rate unchanged as expected on Sunday when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing’s room to manoeuvre on monetary policy. Beijing is striking a delicate balancing act to support the economy at a time…
