Business

(Reuters) -Tesla will likely spend between $3 billion and $4 billion on its purchases of chip company Nvidia’s hardware this year, CEO Elon Musk said in a post on X on Tuesday. Musk also said that out of the $10 billion in artificial intelligence-related capital expenditure this year, around half would be internal spend. “For building the AI training superclusters, NVidia (sic) hardware is about 2/3 of the cost,” he said on X. Earlier on … Read more…

(Reuters) – GameStop is back in the limelight after a hiatus of three years with the return of social media influencer “Roaring Kitty” Keith Gill, a key figure in the Reddit-driven “meme stock” rally of 2021. Here is a timeline of the key developments for the struggling video game retailer: July 27, 2020- “Roaring Kitty” starts posting YouTube videos and posts on the Reddit forum, WallStreetBets, under “DeepF***ingValue” on GameStop. Gill noted he sees value … Read more…

By David Shepardson WASHINGTON (Reuters) – American Airlines told an appeals court Monday would consider a new arrangement with JetBlue Airways if it wins a ruling reversing a May 2023 decision requiring it to end an alliance. U.S. District Judge Leo Sorokin ruled in the airlines’ “Northeast Alliance” (NEA) that allowed the two carriers to coordinate flights and pool revenue violated antitrust law. Sorokin said American and JetBlue cannot enter into any agreement that provides … Read more…

By Arsheeya Bajwa TAIPEI (Reuters) – Advanced Micro Devices unveiled its latest artificial intelligence processors on Monday and detailed its plan to develop AI chips over the next two years in a bid to challenge industry leader Nvidia. At the Computex technology trade show in Taipei, AMD CEO Lisa Su introduced the MI325X accelerator, which is set to be made available in the fourth quarter of 2024. The race to develop generative artificial intelligence programs … Read more…

By Dawn Chmielewski (Reuters) – Skydance Media on Monday was awaiting a response to its enhanced bid for entertainment conglomerate Paramount Global, in which it offered to buy nearly half of the nonvoting Paramount shares at $15 each, according to a source familiar with the matter. CNBC reported a deal could be announced in the coming days, though another knowledgeable person said no decision has been reached. Both sources spoke on condition of anonymity. “We … Read more…

(Reuters) – Dell Technologies shares tumbled about 14% in premarket trading on Friday, as the PC and server maker expects sizeable AI investments to dent its quarterly profit. Dell is on track to lose more than $17 billion in market value, if premarket losses hold. The stock has more than doubled this year. Companies, including Dell, have been investing heavily in pricey hardware to build-out advanced servers with the ability to process complex artificial intelligence … Read more…

By Yousef Saba, Hadeel Al Sayegh and Maha El Dahan DUBAI (Reuters) -Saudi Arabia’s sale of shares in oil giant Aramco drew more demand than the stock on offer within hours of kicking off on Sunday, a landmark deal that could raise up to $13.1 billion in a major test of international appetite for the kingdom’s assets. The banks on the deal will take institutional orders through Thursday and will price the shares the following … Read more…

By Stephen Nellis (Reuters) – Trend Micro on Sunday said it is working with Nvidia to create new cybersecurity tools that use artificial intelligence and are designed to protect the data centers where AI work happens. The tools, which Trend Micro planned to show at the Computex conference in Taiwan beginning on Sunday, will be capable of running on Nvidia’s chips and are designed to detect intruders and make sure that data is only seen … Read more…

(Reuters) – A Tesla shareholder filed a lawsuit on Thursday accusing CEO Elon Musk of insider trading when he sold over $7.5 billion of shares of the electric car maker in late 2022, saying the billionaire entrepreneur sold the shares before potentially disappointing production and delivery numbers were made public. Shareholder Michael Perry, in the lawsuit filed in Delaware Chancery Court, said that Tesla’s share price plummeted after the company’s fourth-quarter numbers were made public … Read more…

By Lisa Barrington DUBAI (Reuters) – Delta Air Lines is still committed to the Boeing 737 MAX 10 model that it has on order for deliveries beginning next year, even though it does not anticipate receiving the aircraft for some time, CEO Ed Bastian said on Saturday. Delta, one of the largest U.S. airlines, operates a large mixed fleet including planes from Airbus and Boeing, which is engulfed in a quality and corporate crisis. Bastian … Read more…