Walmart on Thursday forecast sales and profit for its latest fiscal year below Wall Street estimates, suggesting the world’s largest retailer expects inflation-weary consumers to pull back after several quarters of solid growth.Walmart shares, which had risen about 72% in 2024 and hit a record high of $105 last week, were down 6% in early trading. Shares of its rival retailer Target were down 1.6%, with Amazon 0.9% lower.The news dragged down stock markets with all the major US indices falling in morning tr ...

Quantum computers could be built within years rather than decades, according to Microsoft, which has unveiled a breakthrough that it said could pave the way for faster development.The tech firm has developed a chip which, it says, echoes the invention of the semiconductors that made today’s smartphones, computers and electronics possible by miniaturisation and increased processing power.The chip is powered by the world’s first topoconductor, which can create a new state of matter that is not a solid, liquid ...

Meta has announced plans to build the world’s longest underwater cable project, which aims to connect the US, India, South Africa, Brazil and other regions.The tech company said Project Waterworth involves a 50,000km (31,000 mile) sub-sea cable, which is longer than the Earth’s circumference.The cable would be the longest to date that uses a 24 fibre-pair system, giving it a higher capacity, and would help support its AI projects, according to Meta, which owns Facebook, Instagram and WhatsApp.Meta said in a ...

Core Viewpoint - Protests against Tesla highlight the potential risks associated with Elon Musk's close ties to the Trump administration, which may impact the company's sales, particularly in liberal markets [2][4][8]. Group 1: Protests and Public Sentiment - Demonstrators gathered outside Tesla dealerships across various US cities, with groups of up to 100 participants, in response to Musk's government spending cuts [1]. - Protesters carried placards comparing the Trump administration to Nazis, a characterization Musk has denied [2]. - American musician Sheryl Crow publicly sold her Tesla and donated the proceeds to NPR, criticizing Musk's political affiliations [5][6]. Group 2: Financial Implications - Some Tesla investors are concerned that Musk's political associations, including over $200 million spent on the presidential campaign, could negatively affect sales in liberal areas like California [4]. - Tesla's shares constitute about one-third of Musk's wealth, with significant financial ties to his other ventures, including SpaceX [7]. Group 3: Sales Performance - Tesla reported its first annual decline in sales in 2024, although the impact of Musk's political stance on this decline remains uncertain [8]. - A notable 60% year-on-year drop in Tesla sales in Germany has been linked to Musk's support for the far-right AfD party [9]. Group 4: Political Backlash - Tesla may face political repercussions in the UK, where calls have been made for tariffs on Tesla cars in response to US steel import levies [10].

Amazon outdid Wall Street’s expectations with its earnings from the fourth quarter of 2024 on Thursday but forecast a weak upcoming quarter.The retail giant ended the year on a strong note, reporting $187.79bn in revenue and $1.86 per share, beating analysts’ estimates of revenue of $187.3bn and share price at $1.49.The robust earnings take into account the strong holiday shopping season, which showed a 8.7% year-over-year surge of online spending in November and December, according to Adobe Analytics. In a ...

The Google owner, Alphabet, has dropped its pledge not to use artificial intelligence for purposes such as developing weapons and surveillance tools.The US technology company said on Tuesday, just before it reported lower than forecast earnings, that it had updated its ethical guidelines around AI, and they no longer refer to not pursuing technologies that could “cause or are likely to cause overall harm”.Google’s AI head, Demis Hassabis, said the guidelines were being overhauled in a changing world and tha ...

Shares of Google’s parent company Alphabet fell more than 6% after the company reported a slight miss in expected revenue on Tuesday. The company reported $96.5bn, compared with analyst expectations of $96.67 bn. The company surpassed investors’ expectations of $2.13 in earnings per share, however, with $2.15 in EPS.“Q4 was a strong quarter driven by our leadership in AI and momentum across the business,” Alphabet chief executive Sundar Pichai wrote in a statement. “We are building, testing, and launching p ...

Core Points - A potential strike involving 18,000 Costco workers was averted with a tentative agreement reached by the Teamsters union just before the deadline [1] - The Teamsters union had previously voted overwhelmingly to authorize a walkout due to stalled contract negotiations, citing Costco's significant profits of $7.4 billion last year [2][3] - The union has demanded substantial wage increases and better benefits, emphasizing that workers would not continue past January 31 without a favorable agreement [2][3] Company Actions - Costco announced pay increases for most store employees, with top scale employees receiving a $1 hourly increase to $30.20, and a commitment to annual $1 increases over the next two years [6] - Employees at the bottom of the wage scale will see a $0.50 increase to $20 an hour [6] - The company's CEO, Rich Vachris, received over $12 million in total compensation in 2024, which has drawn criticism from the union [4] Union Activities - The Teamsters union held practice pickets and rallies outside Costco's headquarters during the company's annual shareholder meeting, where their questions went unanswered [3][4] - Union representatives have accused Costco's negotiators of undercutting workers while corporate executives receive high salaries [4][5] Industry Context - Amidst a trend of large corporations rescinding diversity, equity, and inclusion policies, Costco has maintained its DEI policies despite threats from Republican state attorney generals [7]

Earnings and Revenue - Apple is set to report Q1 FY2025 earnings with estimated revenue of $124 39bn, a 4% YoY growth, and EPS of $2 35 [1] AI Developments and Challenges - Apple's AI initiatives, including Apple Intelligence, have faced criticism for inaccuracies and hallucinations, despite high anticipation [2] - Apple Intelligence has experienced glitches, such as generating fake news summaries, leading to complaints from the BBC [5][6] - The company suspended its news summary feature and introduced italicized AI notifications in the latest iOS update [7] Market and Stock Performance - Apple's stock fell roughly 8% at the start of 2025, driven by concerns over declining phone sales in China and competition from domestic rivals like Huawei [5] - Despite a broader tech sector downturn, Apple's stock remained relatively stable earlier in the week, partly due to its cost-effective AI integration strategy [4] Industry Context - The US tech sector faced significant losses, with over $1tn wiped from the leading tech index, including a record-breaking $600bn single-day loss for Nvidia [3] - Microsoft and Meta helped the tech sector recover after beating Wall Street earnings expectations [3] - DeepSeek's low-cost AI development contrasts with US AI companies' high spending, despite China's chip export controls [4]

Meta has agreed to pay $25m to settle a lawsuit with Donald Trump. The suit originated in 2021 when Trump sued the social media company for suspending his accounts after the January 6 attack on the US Capitol. The settlement was first reported by the Wall Street Journal and has been confirmed by a Meta spokesperson.The majority of the settlement, $22m, will go toward a fund to pay for Trump’s presidential library, according to the Wall Street Journal. The remainder will pay for legal fees and go to other pl ...