Business

By Chris Prentice and Nupur Anand NEW YORK (Reuters) – The U.S. Commodity Futures Trading Commission is expected as soon as Wednesday to announce a $100 million settlement with JPMorgan Chase & Co over trade reporting lapses, a source with direct knowledge of the matter told Reuters. The bank is expected to admit that it broke the agency’s rules as part of that deal, the person said. A spokesperson for the CFTC declined to comment. … Read more…

(Reuters) -U.S. drugmaker Pfizer launched a new multi-year program to reduce its expenses by about $1.5 billion by the end of 2027, adding on to a $4 billion cost cutting plan it announced last year. The cost cuts are the latest move by the company to respond to slumping demand for its COVID-19 products after they powered it to report record revenues in 2021 and 2022. Pfizer’s shares were up 2.6% at $29.3 in afternoon … Read more…

By Siddharth Cavale and Ananya Mariam Rajesh (Reuters) -Target on Wednesday said it expects consumer caution to persist after it reported quarterly earnings that missed Wall Street estimates and issued a forecast for the current quarter that was also largely below expectations. Shares fell 10% in early trading after it posted adjusted earnings of $2.03 per share, 3 cents below analysts’ expectations, according to LSEG data. If these losses hold, the stock will be on … Read more…

(Reuters) – Google will start testing search and shopping ads in its AI-generated answers in the U.S., the Alphabet-owned company said on Tuesday, days after it rolled out the AI Overviews feature widely at its annual I/O conference. Ads will appear in a ‘sponsored’ section within AI Overview based on the query’s relevance and information, , the company said in a blog post. Google has been looking to extend its dominance beyond traditional search advertising … Read more…

By Niket Nishant (Reuters) – Trading app Robinhood Markets is lowering the rate of interest it charges on its margin loans, it said on Tuesday, to encourage more customers to avail this facility that allows them to borrow against securities they hold. WHY IT’S IMPORTANT The company has rolled out a series of features recently as it looks to grow into a full-fledged broker and meet the demands of retail investors for sophisticated products. The … Read more…

By David Shepardson WASHINGTON (Reuters) -Apple said on Tuesday it plans to ask a U.S. judge to dismiss a lawsuit filed by the Justice Department and 15 states in March that alleged the iPhone maker monopolized the smartphone market, hurt smaller rivals and drove up prices. In a letter to U.S. District Judge Julien X. Neals in New Jersey, Apple said “far from being a monopolist, Apple faces fierce competition from well-established rivals, and the … Read more…

(Reuters) – Amazon.com’s cloud services unit has paused orders of Nvidia’s most advanced “superchip” to wait for a more powerful new model, the Financial Times reported on Tuesday. The new model called Blackwell, the chip sector heavyweight’s new flagship AI processor, is expected to ship later this year, Nvidia said in March. Amazon Web Services, the world’s largest cloud services firm, had “fully transitioned” its previous orders for Nvidia’s Grace Hopper chip, the report said. … Read more…

By Arsheeya Bajwa (Reuters) – Wall Street is betting on a blowout quarterly report from Nvidia on Wednesday, with its stock near record highs as investors look for evidence that the AI chipmaker can maintain its explosive growth and stay ahead of rivals. The results will be the latest test for Wall Street’s picks-and-shovels trade that has turned Nvidia into the biggest winner of the generative AI boom, thanks to its chips that are essential … Read more…

By Jaspreet Singh and Arsheeya Bajwa (Reuters) -Dell Technologies unveiled a range of AI-enabled PCs powered by Qualcomm processors and said a new server which supports Nvidia’s latest chips will be available from the second half of 2024. Dell made the announcements at an event in Las Vegas on Monday, aiming to maintain momentum in the lucrative market for artificial intelligence servers and bracing for an expected recovery in the PC market this year after … Read more…

By Urvi Dugar, Akanksha Khushi and Yuka Obayashi , TOKYO (Reuters) -Japan’s Nippon Steel said on Saturday its vice chairman, Takahiro Mori, a key negotiator for its planned purchase of U.S. Steel, will travel to the United States next week to meet stakeholders as part of continued efforts to complete the deal. A spokesperson for Nippon Steel in Tokyo said Mori will visit the United States to continue dialogues with various stakeholders of the deal … Read more…