The recent reports of the U.S. considering tighter export restrictions have sent shockwaves through the chip stocks in Asia. This news has led to a tech selloff on Wall Street, resulting in a significant drop in the share prices of major chip companies in the region. Taiwan Semiconductor Manufacturing Company, the world’s largest chip supplier,
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Recently, it has been reported that GitLab, a cloud-based software development tools provider in the U.S., is considering a sale after receiving acquisition interest. This move has attracted attention from various industry peers, including Datadog, a cloud monitoring firm. This potential sale process, which is being handled by investment bankers, is still in its early
The World Trade Organization recently expressed concerns over China’s lack of financial transparency in providing support to key industrial sectors. This lack of transparency makes it difficult for the WTO to have a clear picture of the extent of financial support given to industries such as electric vehicles and aluminum and steel production. Without this
India’s film industry is buzzing with excitement as the sci-fi film Kalki 2898 AD has emerged as the highest-grossing film for the first half of 2024. Starring industry legends like Amitabh Bachchan, Kamal Haasan, and Prabhas, the movie raked in an impressive $92.3M at the local box office. This success has not only brought accolades
General Motors has recently announced its plans to increase production of the Cadillac Escalade V-Series performance model as part of updates to the flagship SUV for the 2025 model year. The new SUV will come equipped with a standard 55-inch diagonal display across the dash, including a passenger-only screen, an “executive package” for the second
Former U.S. President Donald Trump recently made headlines with his statement suggesting that Taiwan should pay the U.S. for defense, citing that the country “doesn’t give us anything.” This statement came amid ongoing tensions between Taiwan and China, with Beijing claiming Taiwan as part of its territory. Trump’s comparison of the U.S. to an insurance
In a move reminiscent of Apple’s approach, Anthropic, an artificial intelligence startup, and Menlo Ventures are teaming up to launch a $100 million fund aimed at supporting early-stage startups in the AI space. While Menlo Ventures will provide the cash for investing in these startups, Anthropic will offer founders $25,000 in credits to use its
The market saw a notable decline in chip stocks in premarket trading, with some of the largest semiconductor companies like Nvidia, Taiwan Semiconductor, and AMD all experiencing drops in their stock prices. This was attributed to a Bloomberg News report suggesting that the Biden Administration is considering imposing stricter trade restrictions due to concerns about
The International Monetary Fund (IMF) has issued a warning about the increasing risks of inflation, which may impact the Federal Reserve’s decision on interest rate cuts. In the latest World Economic Outlook update, the IMF noted that global disinflation is slowing down, indicating potential obstacles ahead. Despite the initial slow inflation growth in the U.S.
The price of gold has surged to a record high, reaching $2,465.30 on Tuesday. This increase in gold futures was driven by growing expectations of an interest rate cut in September, which has bolstered demand for the precious metal. The spot gold price hit an all-time high of $2,465.19 during the session, indicating a strong
The International Monetary Fund’s chief economist, Pierre-Olivier Gourinchas, recently spoke with Reuters about the Federal Reserve’s shift towards easing rates. He noted that the cooling inflation data is allowing the Fed to make a “very reasonable” decision in this regard. Gourinchas mentioned that while the U.S. labor market remains strong, there is no rush for
Morgan Stanley recently reported second-quarter earnings that exceeded analysts’ expectations. The company’s profit and revenue outperformed estimates, with earnings coming in at $1.82 per share compared to the estimated $1.65 per share. Revenue also surpassed expectations, reaching $15.02 billion as opposed to the projected $14.3 billion. The bank attributed its success to stronger-than-expected results in
Amazon Prime Day, a 48-hour event filled with discounts and deals, has been identified as a significant contributor to worker injuries, as per the findings of a Senate investigation. The Senate’s Health, Education, Labor and Pensions (HELP) Committee recently released the interim results of a year-long inquiry into Amazon’s warehouse working conditions. The investigation coincided
IMAX has recently announced a new partnership with Muvi Cinemas, Saudi Arabia’s largest exhibitor, to open four new IMAX With Laser locations in the country. These new locations will be strategically placed in some of the biggest commercial centers, with two in Riyadh, one in Jeddah’s Mall of Arabia, and the first IMAX system in