Business

By Arsheeya Bajwa (Reuters) – Broadcom surged more than 13% on Thursday as its upbeat annual forecast highlighted an insatiable demand for chips used in powering AI-focused technology, while its announcement of a stock split added to the euphoria. The rising adoption of generative AI has been driving demand for companies such as Broadcom that provide chips and networking tools to support these intensive applications. Broadcom, whose shares have risen 76% in the past 12 … Read more…

COPENHAGEN (Reuters) – U.S. electric vehicle manufacturer Tesla has been reported to police in Sweden accused of performing electrical installation work without the necessary registration, the Swedish Electricians’ Union said on Wednesday. There are already tense relations between Tesla and unions in Sweden, where the company has faced prolonged industrial action and its mechanics have been on strike since Oct. 27. Tesla was not immediately available for comment when contacted by Reuters. “There is evidence … Read more…

By Pranav Kashyap and Medha Singh (Reuters) – Citron Research no longer has a short position in retail traders’ favorite GameStop, the short seller said on X.com on Wednesday, days after taking a bearish position in the company. “It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $4 billion in the bank, they have enough runway to appease their cult like shareholders,” Citron said in the tweet. … Read more…

(Reuters) -Apple once again became the world’s most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology. Its shares rose more than 2% to $211.75, giving it a market valuation of $3.25 trillion. Microsoft’s market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months. Apple shares had surged to an all-time high in the … Read more…

(Reuters) -A special committee of the board of Paramount Global is meeting on Tuesday to vote on whether to accept a proposal to merge with David Ellison’s Skydance Media, Bloomberg News reported, citing two people familiar with the matter. The offer would see Shari Redstone sell her family’s controlling stake in Paramount to Ellison for $2.25 billion, according to the report. One of the five special committee members had been objecting to the proposed offer, … Read more…

By Allison Lampert (Reuters) – Boeing said on Tuesday it delivered 24 commercial planes in May, about half of the 50 jets it handed over to customers during the same month a year earlier, as it continued operating a slower assembly line to complete outstanding work. Boeing has said it is producing fewer MAX single-aisle jets to improve manufacturing quality, after the Jan. 5 mid-air blowout of a door plug on a 737 MAX 9 … Read more…

(Reuters) -General Motors on Tuesday announced a new $6 billion share buyback plan, just over a month after the automaker raised its dividend on upbeat annual forecast, citing stable prices and demand for gasoline-engine vehicles. The company had in November outlined a $10 billion stock buyback on the heels of reaching a costly new labor agreement with the United Auto Workers union. GM completed the first tranche in the first quarter and is on track … Read more…

(Reuters) – Shares of GameStop tumbled for a second consecutive session on Monday, extending deep losses after stock influencer Keith Gill’s return to YouTube last week failed to spark fresh investor enthusiasm for the struggling shopping mall retailer. Gill, known on YouTube as “Roaring Kitty,” held his first livestream in three years on Friday, the same day that GameStop unveiled its second share sale in days. A key figure behind an eye-popping rally in GameStop … Read more…

(Reuters) – Nvidia’s 10-for-1 stock split aimed at luring retail investors has taken effect, sparking speculation over chances of the artificial intelligence bellwether’s inclusion in the blue-chip Dow index. The split, aimed at lowering per-share value to make it more affordable for employees and investors, increases the company’s outstanding shares without changing the stock’s valuation. “A side-effect of Nvidia’s stock split will be to put it in the running to follow Amazon and Apple into … Read more…

JERUSALEM (Reuters) – Intel Corp is halting plans for a $25-billion factory in Israel, Israeli financial news website Calcalist said on Monday, in a report that the chipmaker did not confirm or deny. The U.S. company, asked about the report, cited the need to adapt big projects to changing timelines, without directly referring to the project. “Israel continues to be one of our key global manufacturing and R&D sites and we remain fully committed to … Read more…