Category: Business
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S&P 500, Dow close slightly up; Nvidia gains after the bell
By Chuck Mikolajczak NEW YORK (Reuters) – The S&P 500 and Dow Jones industrials eked out small gains on Wednesday, while the Nasdaq closed lower for a third straight session as investors awaited the release of Nvidia’s earnings that could determine near-term momentum for equities. After the closing bell, Nvidia shares surged 6% after it…
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Texas crypto company sues SEC for ‘overreach’ on digital assets
By Jody Godoy (Reuters) -A Texas cryptocurrency company and an industry group sued the U.S. Securities and Exchange Commission on Wednesday, saying the regulator has overstepped its authority and asking a judge to rule that digital assets traded on exchanges are not securities. Fort Worth-based crypto company Lejilex and lobbying group Crypto Freedom Alliance of…
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Morgan Stanley forced Frasers off books with $1 billion margin call, court told
By Kirstin Ridley LONDON (Reuters) -Morgan Stanley used an “unrealistic” and “inappropriate” near $1.0 billion margin call to force trades held by retail tycoon Mike Ashley’s Frasers group off its books partly out of snobbery, London’s High Court was told on Wednesday. Ashley, whose fortune is estimated by Forbes to be worth $5.2 billion, told…
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Getty-backed AI image generator BRIA snags fresh funding
By Katie Paul NEW YORK (Reuters) – A “responsible” AI image generation startup backed by stock photo provider Getty Images has raised $24 million in a Series A funding round, including from top ad agency Publicis Groupe, it said on Wednesday. Israel-based BRIA, which licenses more than a billion images from stock providers for its…
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New Arm offering to speed creation of custom data center chips
By Stephen Nellis (Reuters) – Arm Holdings on Wednesday released a new set of blueprints for making chips that it says could cut the time required to develop data center processors to less than a year. Arm, whose underlying technology is widely used in the semiconductor industry and powers virtually every smartphone in the world,…
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Bumble rejigs top brass under new chief executive
(Reuters) – Bumble on Wednesday rejigged its senior leadership at the dating apps operator with four new appointments including the head of product and technology, more than a month after its new chief executive took charge. The company named Sonos’ vice president of software, Antoine Leblond, as its chief technology officer, replacing Yoav Flam. Ali…
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Exclusive-US targets China’s top chipmaking plant after Huawei Mate 60 Pro, sources say
By Alexandra Alper and Karen Freifeld WASHINGTON (Reuters) -The Biden administration is turning up the heat on China’s top sanctioned chipmaker by cutting off its most advanced factory from more American imports after it produced a sophisticated chip for Huawei’s Mate 60 Pro phone, three people familiar with the matter said. Late last year, the…
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LatAm’s Simetrik raises $55 million in Goldman Sachs-led funding round
By Valentine Hilaire (Reuters) – Colombian-founded Simetrik, a startup offering business-to-business services to streamline complex financial tasks, raised $55 million in a funding round led by Goldman Sachs, which two executives said will be mainly used to boost activity beyond the region. Simetrik’s financial and accounting services are aimed at companies that make more than…
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Applied Materials hits record high on strong forecast from AI boost
(Reuters) -Applied Materials shares jumped 8% to hit an all-time high on Friday after the semiconductor equipment supplier forecast a better-than-expected second quarter on strong demand from customers looking to make AI-enabled chips. The outlook was also supported by improvement in certain electronics end-markets like smartphones and personal computers, and analysts highlighted a diversified portfolio…
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Bitcoin market cap crosses $1 trillion as buyers flood in
WASHINGTON/LONDON (Reuters) -The total value invested in bitcoin surpassed $1 trillion on Wednesday for the first time since November 2021 as inflows to U.S. spot bitcoin exchange-traded funds continued to support cryptocurrency prices. Bitcoin’s price reached as high as $52,079 on Wednesday, its latest 25-month high. It was last up 4.29% at $51,690, taking the…