Nvidia rallied 9% on Thursday as its bumper revenue forecast reinforced investor confidence in the AI-driven boom in chip demand, lifting shares across the semiconductor sector.Expectations were high for Nvidia with its shares trading near record highs in the run-up to earnings. The results also capped a strong quarter for US technology giants, including Microsoft, with AI emerging as a major growth driver.“Companies are continuing to increase their capital expenditures, particularly Big Tech, to keep up wi ...

Boeing will burn rather than generate cash in 2024 and deliveries will not increase in the second quarter, the company’s finance chief said Thursday, as the planemaker grapples with a full-blown crisis that is pinching production of its strongest-selling aircraft.CFO Brian West told the Wolfe Research Global Transportation and Industrials Conference that he expects Boeing’s full-year free cash flow to be negative, compared with March’s outlook for positive cash generation in the low single-digit billions.Bo ...

Yet another fleet of Boeing airplanes was found to have a potentially disastrous flaw — one that could set the entire aircraft ablaze.The Federal Aviation Administration found that the company’s 777 liner has poor electrical insulation near its fuel tank, according to a proposed rule the federal regulator posted in March.“This condition, if not addressed, could result in an ignition source inside the fuel tank and subsequent fire or explosion,” the Airworthiness Directives note states.The fuel tanks of near ...

The Post’s owner News Corp agreed to a landmark content licensing deal with artificial intelligence giant OpenAI, the firms announced Wednesday.The agreement allows the ChatGPT creator to use current and archived content produced by News Corp-owned publications — which also include the Wall Street Journal, Barron’s, The Sun and The Times of London — to answer user questions and train its AI tools.The five-year deal could be worth more than $250 million, with compensation coming in the form of cash as well a ...

Nvidia forecast second-quarter revenue above estimates on Wednesday and announced a ten-for-one forward stock split, impressing investors who have already tripled the chipmaker's market value in the past year on AI optimism. The Santa Clara, Calif.-based company's shares climbed 4% after the bell to nearly $974. The AI poster child's shares have risen more than 90% so far this year. Nvidia reported first-quarter revenue of $26.04 billion, beating estimates of $24.65 billion. CEO Jensen Huang, above. AFP via ...

Goldman Sachs CEO David Solomon said Wednesday he does not expect the Federal Reserve to cut interest rates this year.“I’m still at zero cuts,” Solomon said at a Boston College event. “I think we’re set up for stickier inflation.”His comments came after Federal Reserve policymakers said on Tuesday the central bank should wait several more months to ensure that inflation really is back on track to its 2% target before cutting interest rates.“I’m still at zero cuts,” Goldman CEO David Solomon said at a Boston ...

UK regulators fined Citigroup 61.6 million pounds ($78.5 million) for controls failings in its trading operations, one of the biggest sanctions for systems breaches, which in one case saw the Wall Street firm cause a sudden fall in European stocks.The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the markets watchdog, both probed and fined Citigroup over the failings that spanned from April 2018 through May 2022, they said in a statement on Wednesday outlining the findings of ...

Amazon will introduce a more conversational artificial intelligence-powered version of its Alexa voice assistant later this year and plans to charge a monthly subscription fee to offset technology costs, CNBC reported Wednesday.While the e-commerce giant is yet to nail down the price of the new services, a subscription to Alexa will not be included in its popular $139 annual Prime offering, the report said, citing people with knowledge of the company’s plans.Amazon declined to comment on the report. 3 A s ...

Inflation is taking a bite out of Target’s bottom line as the “cheap chic” discount retailer revealed customers were buying fewer groceries and discretionary goods, sending its shares tumbling as much as 10%.The Minneapolis-based retailer fell short of Wall Street estimates for the quarter on Wednesday — another blow for the company that has seen its stock price decline by more than 40% since it reached an all-time high in November 2021.Earlier this week, Target announced a plan to gradually slash prices on ...

Google has taken the bizarre step of paying the US government’s proposed damages in full as it seeks to avoid a risky jury trial in the Justice Department’s case targeting its alleged monopoly over the digital advertising market.In a little-noticed court filing last week, Google revealed it cut a cashier’s check for a redacted amount of money — believed to be a paltry sum of less than $3 million — that the company claimed covered “full monetary damages” sought by the DOJ.It wasn’t immediately clear if the D ...