BEIJING/SHANGHAI (Reuters) -Baidu ordered artificial intelligence chips from Huawei this year, two people familiar with the matter said, adding to signs that U.S. pressure is prompting Chinese acceptance of the firm’s products as an alternative to Nvidia’s. One of the people said Baidu, one of China’s leading AI firms, which operates the Ernie large language…
(Reuters) – WeWork, the SoftBank Group-backed startup, sought U.S. bankruptcy protection on Monday after its bets on companies using more of its office-sharing space soured. Below is a timeline of WeWork developments since mid-2019: Aug 2019 WeWork filed for an IPO and published detailed financial statements that showed it lost almost $700 million in the…
By Blake Brittain (Reuters) -Footwear giant Nike filed federal lawsuits on Monday against rivals New Balance and Skechers, accusing them of infringing patents related to Nike’s technology for making upper portions of sneakers. The lawsuits said that several New Balance athletic shoes and Skechers sneakers misuse Nike’s patented “Flyknit” technology for running, soccer and basketball…
By Jonathan Stempel (Reuters) -Warren Buffett’s Berkshire Hathaway Inc on Saturday posted its first quarterly loss in a year as the prices of Apple and other stocks it owns fell, but said improved results from insurance helped boost operating profit to a record. Rising interest rates boosted yields in the third quarter on Berkshire’s vast…
(Reuters) -Elon Musk’s artificial intelligence startup xAI will release its first AI model to a select group on Saturday, the billionaire and Tesla CEO said on Friday. This comes nearly a year after OpenAI’s ChatGPT caught the imagination of businesses and users around the world, spurring a surge in adoption of generative AI technology. Musk…
By Mike Stone and Susan Heavey WASHINGTON (Reuters) -The United States will provide $425 million worth of additional arms and equipment to Ukraine for its ongoing fight against Russia’s invasion, the Biden administration announced on Friday. The package uses the last of the funds in the Ukraine Security Assistance Initiative (USAI), a more than $18…
WASHINGTON (Reuters) – The U.S. House of Representatives easily passed a bill on Friday to bolster sanctions on Iranian oil in a strong bipartisan vote. The Stop Harboring Iranian Petroleum (SHIP) bill, which passed 342-69, would impose measures on foreign ports and refineries that process petroleum exported from Iran in violation of U.S. sanctions. U.S….
By Jody Godoy (Reuters) – FTX founder Sam Bankman-Fried was convicted on Thursday of orchestrating a multibillion dollar fraud on the cryptocurrency exchange’s customers. Here’s what comes next for Bankman-Fried: When will Bankman-Fried be sentenced? U.S. District Judge Lewis Kaplan set Bankman-Fried’s sentencing for March 28, 2024. Bankman-Fried could face decades in prison. Kaplan will…
By Matt Tracy (Reuters) -The restoration of Ford Motor Co’s investment-grade credit rating this week after almost four years as a “junk”-rated company sent some positive ripple effects through the U.S. corporate bond markets, analysts said. S&P Global Ratings on Monday upgraded the automaker’s credit rating to BBB-, returning the company to investment-grade for the…
By Stephen Nellis and Yuvraj Malik (Reuters) -Apple on Thursday gave a sales forecast for the holiday quarter that missed Wall Street expectations, hurt by weak demand for iPads and wearables, sending its shares down about 3% in after-hours trading. Chief Executive Tim Cook insisted that the company’s new iPhone 15 models were doing well…
