Jeff Bezos’ recent $2 billion stock sale came with a notable advantage: he avoided state taxes altogether. Bezos, who announced his move from Seattle to Miami last year, cited reasons such as being closer to family and his space company Blue Origin. However, the timing also coincided with Washington state’s introduction of a 7% capital… Continue reading Jeff Bezos will save over $600 million in taxes by moving to Miami

Amazon Web Services (AWS) remains the dominant force in cloud computing, but Microsoft’s Azure platform is swiftly narrowing the gap, with recent momentum attributed in part to advancements in artificial intelligence (AI). Although Microsoft does not disclose Azure’s revenue figures, analysts estimate that it has grown to about three-quarters the size of AWS, compared to… Continue reading Microsoft’s AI growth is helping its cloud business weaken Amazon’s lead

Nvidia is strategically venturing into designing bespoke chips tailored for cloud computing firms and other entities, including advanced artificial intelligence processors, aiming to capitalize on the burgeoning market for custom AI chips and safeguard its position amidst growing competition. With its dominant control over 80% of the high-end AI chip market, Nvidia seeks to leverage… Continue reading Nvidia chases $30 billion custom chip market with new unit: Reuters

OpenAI CEO Sam Altman is reportedly seeking trillions of dollars in investments to address the global semiconductor industry’s limitations, particularly concerning AI chips. Facing a supply-and-demand imbalance in AI chip production, Altman aims to expand chip-building capacity worldwide to support OpenAI’s growth and meet the demand from various AI giants. He’s in talks with potential… Continue reading OpenAI CEO Sam Altman seeks as much as $7 trillion for new AI chip project: Report

Google introduced a significant rebranding of its artificial intelligence chatbot and assistant, Bard, now named Gemini, aligning with the suite of AI models empowering the chatbot. This move signifies Google’s commitment to advancing AI assistants, offering consumers new ways to access Gemini through a dedicated Android app for Android users and integration within the Google… Continue reading Google rebrands Bard AI to Gemini and launches a new app and subscription

Arm, a leading chip designer whose technology is pervasive in smartphones and PCs, experienced a significant surge in its stock value, soaring over 30% on Thursday morning following the announcement of robust earnings and a bullish profit outlook for the ongoing quarter. The surge continued into after-hours trading on Wednesday, with shares spiking as much… Continue reading Arm shares soar after reporting strong earnings and forecast

Snap Inc. faced a significant setback as its shares plummeted by 30% in Wednesday morning trading following its fiscal fourth-quarter earnings report, which missed revenue estimates and provided cautious guidance. The company’s struggles in rebounding from a challenging 2022 advertising market have set it apart from competitors like Meta. This decline marks one of Snap’s… Continue reading Snap shares drop 30% after company’s revenue miss and weak guidance

Uber reported fourth-quarter results that surpassed analysts’ expectations both in terms of revenue and earnings per share. Despite this positive performance, Uber’s shares declined by over 2% on Wednesday morning. The company’s earnings per share stood at 66 cents, significantly higher than the 17 cents anticipated by LSEG. Similarly, Uber’s revenue of $9.94 billion exceeded… Continue reading Uber beats estimates as revenue and bookings see double-digit growth

Shares of Palantir surged over 25% following the release of its fourth-quarter earnings, which exceeded analysts’ revenue expectations and demonstrated robust demand for its artificial intelligence (AI) offerings. Palantir, renowned for its defense and intelligence work with the U.S. government, reported a 20% increase in revenue to $608.4 million for the quarter, surpassing the anticipated… Continue reading Palantir shares rocket 25% after revenue beat, strong demand for AI

Adam Neumann, ousted co-founder of WeWork, seeks to reclaim the company by bidding to buy it out of bankruptcy, with purported support from notable capital sources including Third Point, led by Dan Loeb. However, Third Point clarified that discussions with Neumann were preliminary and no financing commitment had been made. Neumann, alongside his startup Flow,… Continue reading Adam Neumann is trying to buy WeWork, but Third Point says financing not committed

A year ago, Meta’s finance chief, Susan Li, painted a bleak picture of the digital ad market, anticipating a prolonged slump due to weak advertising demand and a volatile macroeconomic landscape. However, recent results from Meta, Alphabet, and Amazon, the leading players in U.S. digital advertising, reveal a significant market rebound. Meta’s fourth-quarter ad sales… Continue reading Digital ad market shows signs of sharp rebound as Meta, Amazon point to growth

Social media company Snap has announced plans to lay off approximately 10% of its global workforce, equivalent to around 500 employees, with the aim of promoting in-person collaboration. This move is part of Snap’s ongoing efforts to streamline its operations and reduce hierarchy within the company. The Snapchat-maker’s shares experienced a slight decline of around… Continue reading Snap to lay off 10% of global workforce, around 500 employees