The opening of the U.S. markets on Monday was a disaster for tech’s megacap companies as they collectively lost about $1 trillion in market cap. Nvidia alone shed more than $300 billion in market cap at the opening bell, although it did manage to recover about half of its loss. Other tech giants like Apple
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Elon Musk has reignited a legal battle against Sam Altman in federal court, claiming that he was misled into co-founding OpenAI. Musk alleges that Altman, along with current OpenAI President Greg Brockman, deceived him into believing the artificial intelligence firm was a non-profit organization. After investing millions of dollars, Musk asserts that he was ultimately
The U.K. government recently made the decision to cancel £1.3 billion worth of computing infrastructure projects, a move that has raised concerns about the country’s ambitions to become a world leader in artificial intelligence. This decision includes the cancellation of two major taxpayer-funded spending commitments, one worth £500 million and the other £800 million. These
The U.S. Department of Justice has launched an investigation into allegations of Nvidia abusing its market dominance in artificial intelligence chips. This investigation stems from complaints which claim that Nvidia may be engaging in anti-competitive behavior in the AI chip sector. According to reports, the DOJ has been in touch with Nvidia’s competitors, such as
Following Meta’s second-quarter earnings report, the company’s shares experienced a significant 6% increase on Thursday. This surge was driven by their impressive financial results which surpassed the expectations of Wall Street analysts. Meta revealed that their revenue for the period had surged by 22% to $39.07 billion, exceeding the previous year’s figure of $32 billion.
In a surprising turn of events, Microsoft has listed OpenAI as a competitor in its latest annual report, adding the artificial intelligence startup to its roster of competitors which includes tech giants like Amazon, Apple, Google, and Meta. Despite being the biggest investor in OpenAI with a significant partnership as the exclusive cloud provider, Microsoft’s
In a groundbreaking announcement, Uber and BYD have joined forces to offer ride-hailing drivers special pricing and financing options for BYD’s electric cars. This strategic partnership is set to revolutionize the ride-hailing industry, starting in Europe and Latin America. Despite recent tariffs on Chinese-made electric cars, this collaboration aims to introduce “autonomous-capable vehicles” to Uber’s
In response to ongoing financial pressures from Western sanctions, Russia is contemplating legalizing the use of cryptocurrency for international payments. The State Duma, the lower house of the Russian Parliament, is set to deliberate on a law that would allow for international settlements through cryptocurrencies, as announced by Elvira Nabiullina, the governor of Russia’s central
In a recent announcement, Apple revealed that it has opted to utilize Google’s Tensor Processing Units (TPUs) for the training of its artificial intelligence models, shifting away from the dominance of Nvidia in the high-end AI training chip market. This move signifies a growing trend among tech giants to explore alternative options for AI training,
The cryptocurrency market saw a positive start to the final week of July, with Bitcoin rising by 2% to $69,640.00 and Ether increasing by 3% to $3,382.15, according to Coin Metrics. This boost in prices comes as investors are returning to the market following a week where Bitcoin gained 1% and Ether dropped 7%. Traders