Micron, the semiconductor manufacturer, saw its shares soar by 16.5% in premarket trading following the release of its fiscal second-quarter earnings report. The company reported earnings of 42 cents per share on $5.82 billion of revenue, surpassing the expectations of analysts. Micron also provided a positive outlook for its third-quarter earnings and revenue, leading to
On Thursday, JPMorgan shocked investors by lowering its price target for Pinduoduo Inc. (NASDAQ:PDD) from $195 to $190. Despite maintaining an Overweight rating, this move raised concerns among stakeholders about the future performance of the leading Chinese e-commerce platform. The adjustment came on the heels of Pinduoduo’s fourth-quarter earnings report, which showed solid growth but
Elon Musk’s brain-chip startup, Neuralink, made headlines with its livestream of the first patient successfully implanted with a chip that allows him to play online chess using only his mind. The patient, Noland Arbaugh, who was paralyzed below the shoulder after a diving accident, was able to control a computer cursor and keyboard using the
A bipartisan group of U.S. lawmakers recently sent a letter to the Biden administration, urging them to impose higher tariffs on Chinese drones, as well as drones shipped from other countries. The lawmakers, including Representative Mike Gallagher and Democrat Raja Krishnamoorthi, expressed concerns about the national and economic security threats posed by Chinese drone manufacturers
Euro zone banks are currently facing a variety of challenges that require them to adjust how they manage risk. With the end of ultra low interest rates and the emergence of non-traditional competitors, banks need to be prepared for potential disruptions in the market. The European Central Bank’s top supervisor, Claudia Buch, emphasized the need
Elon Musk’s startup, Neuralink, made headlines once again with a groundbreaking live demonstration showcasing the potential of brain-computer interfaces (BCI) in the field of healthcare. The video released by the company featured Noland Arbaugh, a 29-year-old quadriplegic patient who became the first human to be implanted with Neuralink’s device. This innovative technology aims to provide
The deputy governor of China’s central bank recently emphasized that there is still ample monetary policy room to deliver further cuts to banks’ reserve requirement ratio (RRR). This highlights the ongoing market expectations for more easing measures to support and strengthen the economy. The PBOC announced a significant 50-basis points cut in RRR in January,
Saudi Arabia’s sovereign wealth fund is reportedly in talks with American venture capital firm Andreessen Horowitz to create a massive $40 billion fund dedicated to investing in artificial intelligence. This potential partnership marks a significant move towards diversifying Saudi Arabia’s economy, reducing its dependency on oil revenues. The Public Investment Fund (PIF) of Saudi Arabia,
Equinix, a prominent $80 billion data center provider, has recently come under fire from Hindenburg Research for allegedly misleading investors through questionable financial practices. According to the report, Equinix’s management has been accused of presenting an “AI pipe dream” to shareholders while manipulating key metrics to inflate profitability. This has raised concerns about the company’s
Sotheby’s, the renowned auction house, is strategically increasing its sports offerings to cater to the growing demand for sports memorabilia and to attract a younger demographic. In an effort to engage with collecting communities and introduce creative sale formats, Sotheby’s recently announced its first “Sports Week,” which will feature six live and online auctions showcasing
In a move to bolster semiconductor manufacturing within the United States, the White House has announced that Intel has been awarded up to $8.5 billion in CHIPS Act funding. This funding is part of a broader effort by the Biden administration to bring chip production back to U.S. soil and reduce reliance on foreign manufacturers.
Apple CEO Tim Cook recently posted on his official Weibo account that he is currently in Shanghai. The post included a video of Cook taking a stroll in one of the city’s popular tourist districts and having breakfast with Chinese actor Zheng Kai. This visit comes just before the opening of a new retail store