As the U.S. markets began trading this Monday, the tech industry’s megacap companies experienced a massive loss of approximately $1 trillion in market capitalization. This significant downturn further exacerbated the Nasdaq’s correction territory, which began last week. Particularly noteworthy was Nvidia’s loss of over $300 billion in market cap at the opening bell, although the
Enterprise
Elon Musk has once again brought a lawsuit against Sam Altman, claiming that he was manipulated into co-founding OpenAI. According to Musk, Altman and the current OpenAI President Greg Brockman deceived him into believing that the artificial intelligence firm was a non-profit organization. Musk accuses Altman and his associates of establishing a network of for-profit
The U.K. government has recently made a controversial decision to cancel £1.3 billion worth of computing infrastructure projects, dealing a significant blow to the country’s aspirations of becoming a global leader in artificial intelligence. This move has sparked debate and drawn criticism from various sectors, raising questions about the government’s priorities and long-term vision for
The U.S. Department of Justice has launched an investigation into complaints regarding Nvidia’s alleged abuse of its market dominance in artificial intelligence chips. According to a report by The Information, the DOJ has been in touch with Nvidia’s competitors, including AMD, to gather information related to the allegations. One of the key areas of focus
Meta, previously known as Facebook, experienced a significant surge in its stock price by 6% following the announcement of its second-quarter earnings report. The company’s revenue for the period increased by an impressive 22%, reaching $39.07 billion, surpassing analysts’ expectations of $38.31 billion. Additionally, net income saw a substantial spike of 73%, totaling $13.47 billion,
The relationship between Microsoft and OpenAI has taken a complicated turn recently. In Microsoft’s latest annual report, OpenAI has been added to the list of competitors, which includes other major tech companies like Amazon, Apple, Google, and Meta. Despite Microsoft being the biggest investor in OpenAI and serving as its exclusive cloud provider, the new
In a groundbreaking move, Uber and BYD have joined forces to revolutionize the ride-hailing industry. The partnership, which kicks off in Europe and Latin America, aims to provide drivers on the Uber platform with exclusive pricing and financing deals for BYD’s electric cars. This strategic collaboration marks a significant step towards a cleaner and greener
In response to ongoing financial pressure from Western sanctions, Russia is considering legalizing the use of cryptocurrency for international payments. The State Duma, the lower house of the Russian Parliament, is set to evaluate a law that would allow for settlements in cryptocurrencies as part of an experimental regime. This potential move highlights Russia’s efforts
Apple made a recent announcement stating that its AI system, Apple Intelligence, utilizes artificial intelligence models that were pretrained on Google’s Tensor Processing Units (TPUs). This move signifies a shift in the industry, as Big Tech companies are exploring alternatives to Nvidia for cutting-edge AI training. In a technical paper released by Apple, it was
The cryptocurrency market has seen a rise at the beginning of the final week of July, with Bitcoin increasing by 2% to $69,640.00 and Ether rising by 3% to $3,382.15. This uptrend comes after Bitcoin ended the previous week with a 1% gain and Ether experienced a 7% drop. Investors are cautious yet optimistic as
