Chevron closed its $55bn acquisition of Hess on Friday after winning a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.Chevron CEO Mike Wirth’s strategy to turn around his company’s lagging performance hinged on the acquisition, one of the largest energy deals in the past decade. The prize is a stake in the prolific Stabroek Block off the coast of Guyana that holds more than 11 billion barrels of oil and is one of the fastest growing oil province ...

Mark Zuckerberg and current and former directors and officers of Meta Platforms agreed on Thursday to settle claims seeking $8bn for the damage they allegedly caused the company by allowing repeated violations of Facebook users’ privacy, a lawyer for the shareholders told a Delaware judge on Thursday.The parties did not disclose details of the settlement and defense lawyers did not address the judge, Kathaleen McCormick of the Delaware court of chancery. McCormick adjourned the trial just as it was to enter ...

An $8bn trial brought by Meta Platforms shareholders against Mark Zuckerberg and other current and former company leaders kicked off on Wednesday over claims they illegally harvested the data of Facebook users in violation of a 2012 agreement with the US Federal Trade Commission (FTC).The trial started with a privacy expert for the plaintiffs, Neil Richards of Washington University School of Law, who testified about Facebook’s data policies.“Facebook’s privacy disclosures were misleading,” he told the court ...

Core Insights - Nvidia has become the first public company to reach a $4 trillion market value, driven by a significant rise in demand for artificial intelligence technologies [1] - The company's market value has more than tripled in about a year, surpassing both Apple and Microsoft in growth rate [2] - Nvidia's market value represents approximately 7.3% of the S&P 500 index, highlighting its substantial impact on the market [3] Company Performance - Nvidia's stock price increased by approximately 2.4% to $164, reflecting ongoing investor confidence [1] - The company rebounded about 74% from its April lows, indicating a strong recovery despite challenges such as US export controls on advanced chips to China [3] Market Context - The S&P 500 has reached an all-time high, influenced by optimism around trade agreements and the performance of tech stocks [4] - Analysts predict that other tech giants, including Microsoft, will soon join Nvidia in the $4 trillion market valuation club, emphasizing the ongoing AI revolution [4][5]

Tesla posted another big drop in quarterly deliveries on Wednesday, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk’s political stance and an aging vehicle lineup.Tesla said it delivered 384,122 vehicles in the second quarter, down 13.5% from 443,956 units a year ago. Analysts had expected it to report deliveries of about 394,378 vehicles, according to an average of 23 estimates from financial research firm Visible Alpha, though projecti ...

Core Viewpoint - Google has significantly increased its carbon emissions since setting a goal for net-zero emissions by 2030, contradicting its sustainability claims [1][2][3] Emission Data - Google's carbon emissions reportedly increased by 65% from 2019 to 2024, contrary to the company's claim of a 51% increase [2] - Total greenhouse gas emissions rose by 1,515% from 2010 to 2024, with a notable 26% increase from 2023 to 2024 [2][8] - The increase in emissions from data centers alone was 121% between 2019 and 2024, with total energy consumption rising by 1,282% since 2010 [6][16] Methodology Discrepancies - The report highlights discrepancies in emission calculations, with Google using market-based emissions while researchers used location-based emissions, which reflect actual grid emissions [5][6] - The report criticizes Google's presentation of data, arguing that focusing on energy efficiency metrics obscures the total emissions figures [16] Water Usage - Google's water withdrawal increased by 27% from 2023 to 2024, amounting to 11 billion gallons, enough to supply 2.5 million people for 55 days [10][11] Industry Pressure - Tech companies, including Google, face increasing pressure to utilize clean energy for their data centers, with public calls for commitments to avoid new gas and delayed coal plant retirements [12] Future Projections - The Kairos report suggests that Google is unlikely to meet its 2030 emissions reduction goal without significant public pressure, as it has only reduced Scope 1 emissions, which account for a mere 0.31% of total emissions [8][14] - The report expresses concern over Google's reliance on speculative technologies, particularly nuclear power, to achieve its sustainability goals [14][15]

Core Viewpoint - Meta has received a favorable ruling in a copyright lawsuit regarding the use of authors' works to train its AI system, marking a significant legal victory for the US AI industry this week [1][2]. Group 1: Legal Rulings and Implications - The US district judge Vince Chhabria ruled that the authors did not provide sufficient evidence to prove that Meta's AI usage would harm the market for their works, thus not violating US copyright law [2][4]. - Chhabria noted that while the ruling does not imply that Meta's use of copyrighted materials is lawful, it indicates that the plaintiffs failed to present a strong case [4]. - The ruling contrasts with a separate case involving Anthropic, where another judge found that its AI training constituted "fair use" of copyrighted materials [3][9]. Group 2: Industry Context and Reactions - The lawsuit is part of a broader trend where writers and copyright owners are challenging AI companies like OpenAI and Microsoft over copyright issues related to AI training [9]. - AI companies argue that their systems utilize copyrighted material in a transformative manner, which they claim is protected under fair use, while copyright owners contend that this practice threatens their livelihoods [10][11]. - Chhabria expressed concerns that generative AI could inundate the market with content, undermining the incentive for traditional creative processes [10][11].

Core Viewpoint - The UK Competition and Market Authority (CMA) is proposing to impose stricter regulations on Google, potentially requiring the company to offer users options for alternative search services and enhance transparency in its operations [1][2][3]. Group 1: Regulatory Actions - The CMA is considering designating Google with "strategic market status," which would grant the authority additional powers to regulate the company due to its significant market presence [1][2]. - Proposed regulatory measures include implementing "choice screens" for users to switch between search services, ensuring fair ranking of search results, and providing publishers with more control over their content, especially in AI-generated responses [2][4]. Group 2: Implications and Timeline - If confirmed in October, Google will be the first company to receive this designation since the CMA acquired new regulatory powers earlier this year [3]. - The CMA plans to address more complex issues related to Google's operations starting in 2026, focusing on the treatment of rival specialized search firms and enhancing transparency in search advertising [4]. Group 3: Company Response - Google has expressed concerns regarding the CMA's broad and unfocused scope of considerations, indicating that the proposed interventions may have significant implications for UK businesses and consumers [6].

Core Viewpoint - Compass has filed a lawsuit against Zillow, claiming that Zillow's policy to ban private home listings is anticompetitive and violates antitrust laws [1][2]. Group 1: Lawsuit Details - Compass alleges that Zillow's exclusionary policy prevents home sellers from marketing their properties off Zillow for more than one day, leading to a ban on those homes from being listed on Zillow and its allies' platforms [1]. - The lawsuit seeks an injunction to prohibit Zillow from enforcing its "Zillow ban" and similar policies, along with a jury trial and unspecified damages [3]. Group 2: Zillow's Response - A Zillow spokesperson stated that the claims in the lawsuit are unfounded and that the company will vigorously defend against them [3]. - The spokesperson emphasized Zillow's focus on creating a level playing field in the home buying and selling process [4]. Group 3: Market Context - The housing market has become increasingly competitive, with the National Association of Realtors reporting a decline in sales of previously occupied US homes in April due to elevated mortgage rates and rising prices [4]. - Existing home sales fell by 0.5% in April from March, reaching a seasonally adjusted annual rate of 4 million units, marking the slowest sales pace for April since 2009 [5].

Core Viewpoint - Warner Bros Discovery plans to split into two public companies by next year, separating its cable operations from its streaming service [1][4]. Group 1: Company Structure - The new Streaming & Studios company will encompass Warner Bros Television, Warner Bros Motion Picture Group, DC Studios, HBO, HBO Max, and their respective film and television libraries [1]. - The Global Networks company will include CNN, TNT Sports in the US, Discovery, major free-to-air channels in Europe, and digital products like Discovery+ and Bleacher Report [2]. Group 2: Leadership and Market Reaction - Shares of Warner Bros Discovery increased by over 9% before the market opened following the announcement [3]. - David Zaslav, the current CEO, will lead the Streaming & Studios division, while Gunnar Wiedenfels will head the Global Networks division, both retaining their roles until the separation is finalized [3]. Group 3: Strategic Intent - The split aims to provide both companies with sharper focus and strategic flexibility to compete effectively in the evolving media landscape, as stated by CEO David Zaslav [4]. - The separation is anticipated to be completed by mid-next year, pending final approval from the Warner Bros Discovery board [4].