Category: Business

  • Stocks bask in Nvidia glow, dollar steady

    Stocks bask in Nvidia glow, dollar steady

    By Amanda Cooper LONDON (Reuters) -Global stocks hit record highs on Wednesday, driven by a rally in tech shares that has made AI chipmaker Nvidia the world’s most valuable company, while the dollar stalled as soft U.S. retail sales data suggested rates could fall this year. MSCI’s All-World index was up 0.15% at 805.12, having…

  • AI fever drives Nvidia’s rise to world’s most valuable company

    AI fever drives Nvidia’s rise to world’s most valuable company

    By Lewis Krauskopf NEW YORK (Reuters) -Nvidia has become the world’s most valuable company following a staggering rally in its shares, underlining the outsized role investors expect artificial intelligence to play in the global economy over coming years. Nvidia shares rose 3.5% on Tuesday, giving it a market value of about $3.34 trillion. That pushed…

  • Factbox-What are EV startups doing to ride out weak demand?

    Factbox-What are EV startups doing to ride out weak demand?

    (Reuters) -Fisker filed for bankruptcy protection on Monday, the latest electric-vehicle startup to succumb to fundraising difficulties, slow sales, as well as supply chain and distribution challenges. Demand has been weak for Fisker’s flagship Ocean electric SUV. The company cut jobs and paused investments to slow cash burn, partnered with dealerships to boost sales and…

  • Nvidia eclipses Microsoft as world’s most valuable company

    Nvidia eclipses Microsoft as world’s most valuable company

    By Noel Randewich and Ankika Biswas (Reuters) – Nvidia became the world’s most valuable company on Tuesday, dethroning tech heavyweight Microsoft as its high-end processors play a central role in a scramble to dominate artificial intelligence technology. Shares of the chipmaker climbed 3.5% to $135.58, lifting its market capitalization to $3.335 trillion, just days after…

  • Amazon Pharmacy expands $5 monthly subscription to Medicare patients

    Amazon Pharmacy expands $5 monthly subscription to Medicare patients

    (Reuters) – Amazon.com’s pharmacy unit said on Tuesday it is expanding eligibility for its monthly subscription service, which covers a range of generic drugs, to those enrolled in government-backed Medicare insurance plans. Amazon has worked to lure customers away from more established pharmacies like CVS and Walgreens since launching its pharmacy unit in 2020. With…

  • Fed officials steer cautiously toward potential rate cuts

    Fed officials steer cautiously toward potential rate cuts

    By Ann Saphir and Lindsay Dunsmuir (Reuters) -Federal Reserve officials, heartened by recent data, are looking for further confirmation that inflation is cooling and for any warning signs from a still-strong labor market as they steer cautiously toward what most expect to be an interest rate cut or two by the end of this year.…

  • Snap launches AI tools for advanced augmented reality

    Snap launches AI tools for advanced augmented reality

    By Sheila Dang (Reuters) – Snapchat owner Snap on Tuesday launched its latest iteration of generative AI technology that will allow users to see more realistic special effects when using phone cameras to film themselves, as it seeks to stay ahead of social media rivals. Snap has been a pioneer in the field of augmented…

  • Decagon raises $35 million for AI-powered customer service

    Decagon raises $35 million for AI-powered customer service

    By Anna Tong SAN FRANCISCO (Reuters) – – Decagon, a startup that sells artificial intelligence-powered customer support solutions, said on Tuesday it had raised $35 million in Series A and seed funding. Accel led the series A round with participation from Andreessen Horowitz.  Decagon uses generative AI to replace or augment a company’s customer support…

  • GameStop shares tumble after CEO says store network will shrink

    GameStop shares tumble after CEO says store network will shrink

    By Suzanne McGee and Priyanka G (Reuters) – Shares of GameStop tumbled on Monday after CEO Ryan Cohen told investors that the videogame retailer plans to operate a smaller network of stores, but did not provide details on what it intends to do with its cash pile. GameStop shares were down 11.6% at $25.38 on…

  • Retail stocks search for direction as rates stay high

    Retail stocks search for direction as rates stay high

    By David Randall and Lewis Krauskopf NEW YORK (Reuters) – Elevated U.S. interest rates are pressuring the U.S. retail sector, where shares of many companies have been dented by months of tight monetary policy while a select few have soared. The S&P 500 Consumer Discretionary Distribution & Retail index is up nearly 14% this year,…