BUSINESS
Nvidia’s Huang is now richer than every member of Walmart’s founding family
Nvidia has been the primary beneficiary of the artificial intelligence boom with its so-called AI accelerator chips, sending its sales soaring and its market value above $2.5 trillion
BUSINESS
SpaceX weighs plan to sell shares at $200 billion valuation
SpaceX is discussing a tender offer — a transaction that enables employees and insiders like investors to sell shares — that may kick off in June, said some of the people, who asked not to be identified because the information is confidential.
BUSINESS
BuzzFeed shares soar as Vivek Ramaswamy takes stake
BuzzFeed, known for its online quizzes, lists of 'bests' and articles on pop culture, has struggled in recent years due to cutbacks in internet advertising
WORLD
US jobless claims post biggest back-to-back drop since September
Initial claims, before adjustment for seasonal influences, fell by about 5,700 to 192,000. California and Indiana saw the largest drops.
WORLD
Nvidia's forecast, data center revenue powers rally, 10-for-1 stock split declared
Second-quarter revenue will be about $28 billion, the company said Wednesday, topping the $26.8 billion predicted by analysts. Results in the fiscal first quarter, which ended April 28, also beat projections — lifted by growth in Nvidia’s data-center division.
WORLD
Fed minutes show officials rally around higher-for-longer rates
Minutes from the two-day Federal Open Market Committee gathering ending May 1 showed that, while participants assessed that policy was “well positioned,” various officials mentioned a willingness to tighten policy further if warranted.
BUSINESS
Nvidia clears the way for AI stocks to keep powering higher
Another estimate-thumping earnings report and forecast from the chipmaker sent its shares up more than 7% in postmarket trading, putting to rest lingering concerns that the spending spree on data-center gear over the past year might be due for a slowdown.
BUSINESS
Reliance’s new venture Tira bets on AI tools to push into sizzling Indian beauty market
Tira, which was launched by billionaire Mukesh Ambani’s conglomerate in April last year, also uses electronic vending machines in its stores to dispense free samples of skincare products, according to Tejas Kapadia, head of marketing of the year-old startup that has 12 stores across India and a website.
BUSINESS
Top forecaster says Indian rupee bulls wrong as record low looms
The currency may decline to 83.60 per dollar by December, said Allan von Mehren, chief analyst at Danske Bank, who had the most accurate estimates in Bloomberg’s quarterly rankings. That compares with a median forecast of 82.80 in a Bloomberg survey.
BUSINESS
High-speed traders pile into big short on volatility in India
The trade, or variations of it, revolves around a bet that Indian stock indices will move within relatively small ranges, according to five participants familiar with the strategy, who asked not to be identified discussing private information.
TECHNOLOGY
Zuckerberg creates council to advise on AI products
The Meta Advisory Group, as it will be called, will be made up of four executives.
BUSINESS
Disney said to sell stake in Tata Group's $1-billion Tata Play
Tata Group took full control of the TV platform after buying the 29.8% stake from Disney, said the people, who asked not to be identified as the information is private.
BUSINESS
Buy Now, Pay Later needs credit card-like oversight, CFPB says
The US Consumer Financial Protection Bureau published a new interpretation of existing laws and regulations on Wednesday to make clear that, like credit-card providers, BNPL firms must investigate disputes, refund returned products or voided services, and provide billing statements.
BUSINESS
Judge says Byju’s Manager ‘not truthful’ on missing $533 million
Riju Ravindran, the brother of company founder Byju Raveendran, not only failed to make a serious effort to find out what happened to the cash, but deceived the court, US Bankruptcy Judge John Dorsey said during a hearing Tuesday in Wilmington, Delaware.
WORLD
Iran's center of power shifts from ‘clerical slippers to combat boots’
Western officials and regime insiders said it’s unlikely Raisi’s death will change the Islamic Republic’s foreign and regional policy — a fact underscored by Khamenei himself when he told the public that there would be “no disruptions” to how the country is run.
WORLD
China hints at 25% levy on US, EU cars as probe deadline looms
The China Chamber of Commerce to the EU said it was informed about the potential move by “insiders,” in a statement posted on X. Such levies would affect European and US carmakers, and have a “significant” impact on Beijing’s relationship with Brussels, it added.
WORLD
Over 70% of Americans feel ‘at least OK’ financially in Fed poll
About 72% of adults were “doing at least OK financially” as of October 2023, little changed from 73% in 2022 but down from a 78% high in 2021, according to the central bank’s Survey of Household Economics and Decisionmaking, published Tuesday.
BUSINESS
Tesla shareholder group slams Elon Musk’s $56 billion pay package
“Tesla is suffering from a material governance failure which requires our urgent attention and action,” the group wrote in a letter to shareholders
BUSINESS
ASML and TSMC can disable chip machines if China invades Taiwan
Officials from the US government have privately expressed concerns to both their Dutch and Taiwanese counterparts about what happens if Chinese aggression escalates into an attack on the island responsible for producing the vast majority of the world’s advanced semiconductors, two of the people said, speaking on condition of anonymity
BUSINESS
Bluebay sees India bond inclusion spur outflow from South Africa, Colombia assets
The South Asian nation’s weighting will reach the maximum 10 percent by March 2025. South Africa’s weight in the gauge stood at 8.21 percent as of March 29, while Colombia’s was 4.8 percent.
BUSINESS
Equity investors bracing for return of volatility, says Goldman Sachs
The bank’s measure of risk appetite hit the highest since 2021 last week, driven by optimism around economic growth and monetary policy, but momentum has slowed, the team led by Andrea Ferrario wrote in a note dated May 20
WORLD
Samsung replaces chip chief after SK Hynix takes AI lead
Korea’s largest company named Jun Young Hyun the new leader of its most important business line. He replaces Kyung Kye-hyun, who will head up Samsung’s Advanced Institute of Technology and the future business team.
WORLD
India may cut bond sales on high cash balances: Officials
The government is looking at multiple options to utilize its surplus cash and if the response to bond buybacks doesn’t improve it may cut borrowings, they said, asking not to be identified as a final decision will be taken in the full budget after the national elections are over next month.
WORLD
Chinese tech stocks still have valuation appeal after rally
Analysts have raised the Hang Seng Tech Index’s forward-earnings estimates to a three-year high after Tencent Holdings Ltd. and others delivered better-than-expected profits.
