Business

AI likely to weigh on oil prices over the next decade, Goldman says

(Reuters) – Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Tuesday. WHY IT’S IMPORTANT The impact of AI on energy and metals has mostly focused on the demand side given the expected boost to power demand. Negative impact on oil prices could decrease incomes of producers like the members of Organization … Read more…

World stocks tiptoe, dollar holds as investors await US data

By Yoruk Bahceli and Tom Westbrook (Reuters) – World stocks steadied on Tuesday and the dollar remained near a two-week high as investors turned cautious awaiting a raft of economic data that may determine how deeply the U.S. will cut interest rates. Focus was on the U.S. ISM manufacturing activity survey due later in the day, setting the scene ahead of jobs data due on Friday that will be crucial for whether the Federal Reserve … Read more…

Nvidia and chip index tumble as investors pause AI rally

By Noel Randewich (Reuters) – Shares of AI heavyweight Nvidia tumbled on Tuesday, with Wall Street’s chip index slumping 7% as investors softened their optimism about AI in a broad market sell-off following tepid economic data. Nvidia, viewed as Wall Street’s biggest winner in a race to dominate emerging AI technology, dropped over 8%, while the PHLX chip index was on track for its deepest one-day percentage drop in a month. With Tuesday’s decline, Nvidia’s … Read more…

US gasoline slumps to near 3-year low on end of driving season, oil slump

By Shariq Khan NEW YORK (Reuters) – U.S. gasoline futures fell nearly 6% on Tuesday to their lowest since December 2021, as the end of the driving season weighed on demand for the motor fuel amid a sell-off in the broader oil market. Gasoline futures for October deliveries settled 5.5% lower at $1.98 per gallon, their biggest losses in a single session since July 2022. The motor fuel was the biggest decliner amid a broader … Read more…

ByteDance taps banks for $9.5 billion Asia dollar corporate loan, sources say

(Reuters) – TikTok-owner ByteDance is tapping banks for a $9.5 billion loan that would be the biggest dollar-denominated corporate facility in Asia ex-Japan, two sources with knowledge of the matter said on Monday. Citigroup, Goldman Sachs and JPMorgan are the coordinators of the financing, which carries a tenor of three years and can be extended to up to five years, the sources, who did not want to be named because the discussions are confidential, said. … Read more…

Tesla’s China-made EV sales rise 3% y/y in Aug

BEIJING (Reuters) – Sales of U.S. automaker Tesla’s China-made electric vehicles grew 3% in August from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday. Deliveries of China-made Model 3 and Model Y vehicles rose 17% from the previous month. Chinese rival BYD, with its Dynasty and Ocean series of EVs and plug-in hybrids, was again on a roll in August, with passenger vehicle sales up 35.3% year-on-year in August … Read more…

Tech market values fall on AI costs and recession fears; Eli Lilly, Berkshire gain

(Reuters) – Market values of major tech firms declined in August amid concerns over escalating artificial intelligence infrastructure costs and rising recession risks that would make the stocks particularly vulnerable during a market correction. Last month, Alphabet Inc’s lost 4.7% of its market value as a slowdown in YouTube’s advertising sales fuelled concerns about its earnings. A U.S. judge’s ruling that Google had violated antitrust laws and the emergence of new competition from OpenAI, which … Read more…

GM delays additional $330 million investment in Thacker Pass, Lithium Americas says

(Reuters) – Lithium Americas said on Friday automaker General Motors has delayed the second tranche of investment, worth $330 million, in the miner until the end of the year. GM had announced an investment of $650 million, in two tranches, in Lithium Americas last year to help it develop the Thacker Pass lithium mining project in Nevada, which holds enough of the battery metal to build 1 million electric vehicles annually. The lithium miner said … Read more…

Intel rises as report of chipmaker exploring options stokes investor enthusiasm

(Reuters) – Intel’s shares rose more than 3% before the bell on Friday, as a report of the struggling chipmaker exploring options that could include a merger or a split induced some investor enthusiasm after one of the stock’s worst slumps in decades. The company is working with investment bankers and considering various options such as separating its flagship product business from its money-losing manufacturing unit, Bloomberg News reported on Thursday. Intel is also discussing … Read more…

OpenAI says ChatGPT’s weekly users have grown to 200 million

(Reuters) – AI startup OpenAI said on Thursday its chatbot ChatGPT now has more than 200 million weekly active users, double the number it had in the last fall season. ChatGPT, launched in 2022, can generate human-like responses based on user prompts and had 100 million weekly active users, OpenAI CEO Sam Altman had said in November. OpenAI said 92% of Fortune 500 companies are using its products and the use of its automated Application … Read more…