Meta to shut Workplace app to focus on AI, metaverse
(Reuters) - Meta Platforms will discontinue its work-focused Workplace app as the company shifts its focus on building artificial intelligence and metaverse technologies, the Facebook parent said on Tuesday. Workplace will be shuttered starting Jun...
22h ago
Elon Musk's xAI nears $10 billion deal to rent Oracle's AI servers, The Information reports
(Reuters) -Elon Musk's artificial intelligence startup xAI has been talking to Oracle executives about spending $10 billion to rent cloud servers from the company over a period of years, The Information reported on Tuesday, citing a person involved in ...
23h ago
Amazon's cloud unit CEO Adam Selipsky to step down, Matt Garman to take his place
(Reuters) -The chief executive of Amazon.com's cloud unit Amazon Web Services, Adam Selipsky, is stepping down, the company said on Tuesday. Amazon.com's shares fell 1% in early trading. Senior Vice President Matt Garman will take on Selipsky's role at...
May 14, 2024
Glass Lewis backs two dissident candidates in board fight with Crown Castle
By Svea Herbst-Bayliss NEW YORK (Reuters) - Proxy advisory firm Glass Lewis on Tuesday recommended Crown Castle investors elect two activist director candidates, including the wireless tower owner's co-founder and former chief executive officer, Te...
May 14, 2024
Shopee-owner Sea tops quarterly revenue estimates on e-commerce strength
(Reuters) - Southeast Asian technology firm Sea Ltd beat estimates for first-quarter revenue on Tuesday, driven by strong performance of e-commerce unit Shopee, sending U.S.-listed shares of the company up 7% in premarket trading. Analysts have sai...
May 14, 2024
TSMC says it could design its A16 chip-making technology without ASML's new machine
AMSTERDAM (Reuters) -Taiwanese chipmaker TSMC does not necessarily need to use ASML's next generation "High NA EUV" machines for its new chip manufacturing technology called A16, which is under development for 2027, an executive said on Tuesday. The Hi...
May 14, 2024
China's Alibaba beats quarterly revenue estimates, profit drops
(Reuters) -China's Alibaba Group Holding beat analysts' estimates for fourth-quarter revenue on Tuesday, as a focus on low-cost goods in response to cautious consumer spending helped boost domestic e-commerce sales in the three-month period. Its U.S.-...
May 14, 2024
GameStop and AMC surge evokes 2021 meme stocks saga
(Reuters) - Shares of GameStop and AMC jumped nearly 40% each in premarket trading on Tuesday, and are on track to extend gains from a day earlier when a series of posts from "Roaring Kitty" rekindled a rally reminiscent of the meme stocks trading ...
May 14, 2024
US opens probe into Alphabet's Waymo over performance of self-driving vehicles
WASHINGTON (Reuters) - U.S. auto safety regulators said Tuesday they have opened an investigation into the performance of Alphabet's Waymo self-driving vehicles after reports of its robotaxis exhibiting driving behavior that potentially violated tr...
May 14, 2024
China's Tencent posts strong revenue growth as ad sales, business services shine
By Josh Ye HONG KONG (Reuters) -China's Tencent Holdings posted a 6% rise in first-quarter revenue on Tuesday, beating analyst expectations, as business services and advertising sales deliver strong revenue growth. The world's largest video gam...
May 14, 2024
TSMC says work on European plant on track to start in fourth quarter
AMSTERDAM (Reuters) - Taiwanese chipmaker TSMC is planning to start construction of its European facility in the fourth quarter of 2024, it said on Tuesday. At a conference in the Netherlands, TSMC's head of European operations Paul de Bot said wor...
May 14, 2024
Rakuten logs $213 million quarterly loss as mobile losses negate fintech growth
TOKYO (Reuters) - Japan's Rakuten Group on Tuesday logged an operating loss of 33.3 billion yen ($213 million) in the January-March quarter, its 15th straight quarter in the red as losses in its mobile unit weighed on robust growth in its fintech b...
May 14, 2024
Apple supplier Foxconn's first-quarter profit jumps 72% but misses forecasts
TAIPEI (Reuters) -Apple supplier Foxconn reported a 72% rise in first-quarter profit, boosted by strong demand for AI servers and coming off a low base from the period a year earlier, but the growth was lower than expected. The Taiwanese company, the w...
May 14, 2024
Japan sees need for sharp hike in power output by 2050 to meet demand from AI, chip plants
TOKYO (Reuters) - Japan envisages the need for electricity output to rise 35% to 50% by 2050 due to growing demand from semiconductor plants and data centres backing artificial intelligence (AI), the government has forecast. Power output should gro...
May 14, 2024
Sony restructures leadership of key games business
By Sam Nussey TOKYO (Reuters) - Sony announced two company executives would take new leadership roles at its games unit with responsibility for the technology and content sides of the business. Hideaki Nishino will become CEO of Sony Interactive En...
May 14, 2024
Rumble sues Google over digital advertising practices
WASHINGTON (Reuters) - Video sharing platform Rumble said on Monday it has sued Google, arguing the tech giant has engaged in anticompetitive practices across its range of digital advertising products and sought damages in excess of $1 billion. Th...
May 14, 2024
VC firm Accel raises $650 million to invest in AI, cybersecurity startups
By Supantha Mukherjee STOCKHOLM (Reuters) - Venture capital firm Accel said on Tuesday it has raised a $650 million fund to invest in early-stage companies in Europe and Israel with a focus on artificial intelligence and cybersecurity. The new fund...
May 13, 2024
Games Global Ltd withdraws US IPO plan
(Reuters) - Games Global, the UK-based maker of online casino-styled games, withdrew its plan for an initial public offering in the United States on Monday. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shounak Dasgupta)
May 13, 2024
Artificial intelligence hitting labour forces like a "tsunami" - IMF Chief
ZURICH (Reuters) - Artificial intelligence is hitting the global labour market "like a tsunami" International Monetary Fund Managing Director Kristalina Georgieva said on Monday. Artificial intelligence is likely to impact 60% of jobs in advanced e...
May 13, 2024
OpenAI to announce ChatGPT product improvements Monday
By Anna Tong (Reuters) - ChatGPT-maker OpenAI plans to announce on Monday updates to its flagship chatbot as its most advanced AI model GPT-4, which "feels like magic," CEO Sam Altman said on X on Friday. The company said on X that it will hold a l...
May 13, 2024
SoftBank's $184 billion portfolio key to beating AI rivals, says Vision Fund CFO
By Anton Bridge TOKYO (Reuters) - Japanese technology investor Softbank Group believes it has an advantage over smaller rivals because it can leverage its entire $183.6 billion portfolio to help it build an ecosystem of firms that can employ artifi...
May 13, 2024
Yellen to tout broadband investments in trip to rural Virginia
By Andrea Shalal WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen will travel to Stafford County, Virginia on Monday to tour a broadband infrastructure project funded by the $1.9 trillion COVID-era American Rescue Plan and underscore the...
May 13, 2024
Intel appoints industry veteran Kevin O'Buckley to lead foundry unit
(Reuters) -Chipmaker Intel said on Monday it has appointed industry veteran Kevin O'Buckley to lead its manufacturing unit. O'Buckley, who will succeed Stuart Pann and report to CEO Pat Gelsinger, has been appointed as senior vice president and general...
May 13, 2024
Apple defeats union campaign at New Jersey retail store
By Daniel Wiessner (Reuters) - Apple employees at a New Jersey retail store have voted against joining a union, potentially stifling momentum for a push to organize the tech giant's workforce nationwide. Workers at the store in Short Hills, New Jer...
May 13, 2024
Tim Draper leads $3.5 million fundraise for six-employee startup behind bitcoin lending
By Niket Nishant (Reuters) - Zest Protocol, a bitcoin lending startup with just six employees, has secured $3.5 million in a funding round led by billionaire investor Tim Draper. Besides venture capital firm Draper Associates, nearly a dozen inves...
May 13, 2024