In addition, Apple has also been in open discussions with ChatGPT maker OpenAI about the potential use of its model. Still, it remains unlikely that a deal with either company will be reached before June when Apple will host its annual conference of developers.

Following the news of the Google Gemini discussions, Alphabet stocks rose by 3% in premarket US trading while Apple shares were up by 0.5%. Should a deal be reached between the two companies, Google’s platform will become accessible to two billion active Apple users.

The post Apple is in Talks With Google Over iPhone AI Features appeared first on financialreader.com.

Netflix reported revenue of $8.19 billion, which is 2.7% higher compared to the same period in 2023 but still fell short of analysts’ expectations of $8.30 billion. However, the streamer beat the estimates with $3.29 in adjusted earnings per share compared to the $2.90 expected while also adding 5.89 million new subscribers versus the 2.1 million net expected.

In an accompanying statement, Netflix said that it expects growth in revenue in the second part of 2023 with the continued adoption of its ad-supported plan and paid sharing. The company introduced the ad-supported plan in late 2022 while also cracking down on password sharing and making users pay extra if they want to share their accounts.

“While we’ve made steady progress this year, we have more work to do to reaccelerate our growth, “Netflix said in a statement. “We remain focused on: creating a steady drumbeat of must-watch shows and movies; improving monetization; growing the enjoyment of our games; and investing to improve our service for members.”

Netflix stock closed at $477.59 per share on Wednesday, marking a 61.92% year-to-date jump. The shares dropped down to $456.62 in after-hours trading after the mixed earnings report came to light.

The post Netflix Reports Mixed Q2 Earnings, Stock Plunges 4% in After-Hours Trading appeared first on financialreader.com.

While the stock market at large has largely been hampered by waning investor optimism, an increasing volume of investors has been pouring funds into tech stocks involved in artificial intelligence. These stocks, nicknamed the “Magnificent Seven” by Bank of America strategist Michael Hartnett, are Apple, Google parent company Alphabet, Amazon, Meta, Microsoft, Nvidia, and Tesla.

These top seven Nasdaq 100 stocks have gained $3.35 trillion so far this year, accounting for 84% of the index’s $4 trillion growth in market valuation over the course of 2023. Both Apple and Microsoft alone have gained more than all of the bottom 93 stocks in the index combined.

Several smaller AI-focused companies have made significant gains, with chipmaker Marvell Tech skyrocketing by 30% on Friday, thereby resulting in a 65% gain this month. Marvell expects its AI revenue to double in 2024. Cloud-based security companies Zscaler and American Micro Devices also made notable gains this month of 45% and 42% respectively.

The post Tech Stocks Drive Markets Upward Amid AI Boom appeared first on financialreader.com.

According to the statement on Novi’s official website, the service will stop taking payments on July 21 and shut down completely on September 1. In the meantime, the users have been advised on the steps they need to take in order to withdraw their account balance.

“It’s important that you withdraw any remaining balance in your Novi account before that date,” said the statement. “You can choose to transfer your Novi balance to your bank account or withdraw it as cash where applicable.”

Meta originally envisioned Novi, which launched back in October, as a wallet for their cryptocurrency project Diem. However, regulatory issues forced the company to switch course and instead reimagined Novi as a service that allows users to send and receive funds through Paxos stablecoin. The project was only available in the United States and Guatemala.

When approached for a comment by CoinDesk, Meta said it wouldn’t abandon Novi technology completely and instead plans to use it for future digital ventures.

“We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles,” said Meta spokesperson.

The post Meta Shuts Down Its Crypto Wallet Novi appeared first on financialreader.com.

The shift at the top of the world’s most valuable companies is a result of increased investment in energy stocks amid rising oil and gas prices. This caused Saudi Aramco stock to grow close to 30% in 2022. The investors are pulling out of the tech sector amid concerns that the momentum built by technology companies in the past two years is slowing down.

As a result, Apple has lost almost 17% of its value since January. It also didn’t help that the company faces problems with the supply chain and is set to lose more than $4 billion in sales because of the issue.

This represents a hard hit for Apple, considering it became the first company to reach $3 trillion in early 2022. It is hard to see them getting close to that anytime soon, although the investors might get interested again once the iPhone 14 launches later this year.

The post Saudi Aramco Surpasses Apple as the Most Valuable Company in the World appeared first on financialreader.com.

Twitter is Musk’s social media of choice and he frequently engages with his followers and shares his thoughts on current events there. On top of that, he already owns just over 9% of the company’s shares.

Musk made a bid for Twitter after recently rejecting to take a seat on its board. He was offered the seat under the condition that he doesn’t increase his stake in the company by more than 15% until at least 2024.

In his regulatory filing, Musk explained that he believes Twitter should be a private company for its potential to be unlocked. He added that he would “reconsider” his position as Twitter’s shareholder if his offer was not accepted.

“I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said.

In their response to the attempted takeover, Twitter adopted the “poison pill” measurement. This means that Twitter shareholders not named Musk will be able to acquire more shares at a modest price. The poison pill will become active if Musk or any other shareholder raises its stake above 15%.

The post Tesla CEO Elon Musk Offers to Buy Twitter for $40+ Billion appeared first on financialreader.com.

Nvidia previously agreed to purchase Arm for $40 billion in cash and stocks back in late 2020. The news caused Nvidia’s stocks to soar, bringing the cost up closer to $66 billion, according to multiple reports. However, the deal eventually couldn’t go through “because of significant regulatory challenges,” according to Softbank, who will get to keep the $1.25 billion deposit from the initial agreement. The objections of regulators due to concerns about the effect of the acquisitions on the competition reportedly also played a significant role.

Arm is best known for its ARM processors (CPUs) used in smartphones, tablets, and smart TVs. The company also works on software development tools, computing platforms, and SoC infrastructure.

Softbank’s next step will be the public offering of Arm. According to the company, the IPO will take place “within the fiscal year ending March 31, 2023.” In the meantime, the top of Arm will go through reshuffling with the company’s CEO Simon Segars leaving his post. Seagars will be replaced by Rene Haas, who previously served as Arm’s IP group president.

Haas is expected to continue the efforts of establishing Arm as a major player in the fields of CPU, GPU, and Artificial Intelligence. 

“Continuing what we’ve been doing and executing on that is going to be really important because we’ve demonstrated a recipe on how to grow the business and we definitely want to continue that,” Haas told Tech Crunch after the news was made public.

The post Nvidia’s $66 Billion Acquisition of Chip Designer Arm is Officially Off the Table appeared first on financialreader.com.

The “stock split” practice has been considered outdated in the past decade before making a big return in the wake of the COVID-19 outbreak. Several big tech companies, including Apple and Tesla, have already split their stocks in efforts to make their shares an affordable investment and more accessible for individual investors. Alphabet hopes to do the same once the action becomes official in July.

According to Alphabet’s statement, the company’s Board of Directors already approved the stock split for Class A, Class B, and Class C shares. However, the decision now is subject to stockholder approval. If stockholders give their consent, which is considered a pure formality, each one will receive a dividend of 19 additional shares of the same class of stock for every share they hold on July 1, 2022.

Even if the split will take several months to go into effect, Alphabet already experienced positives from the decision. Since the news was announced, the company’s stocks have already gone up 9 percent in extended trading.

The post Alphabet, Google’s Parent Company, Announces 20-for-1 Stock Split appeared first on financialreader.com.

The decision to enter the U.S. market is one stage of the company’s expansion plan, in which Revolut aims to become a one-stop-shop with which customers can manage every aspect of their finances, including savings accounts, investments such as cryptocurrencies and stocks, and online payments.

Gabe Vallejo, Revolut’s U.S. head of wealth and trading, commented in support of the company’s U.S. offering, explaining: “This to us was just the next logical step.”

Currently, Revolut offers zero-commission stock trading across the United Kingdom and Europe as well as banking services to United States customers – a service that commenced in March 2020. The company obtained its U.S. broker-dealer license in September 2021 in preparation for this move.

American-based Revolut customers will have the ability to buy and sell over 1,100 securities that are listed on the New York Stock Exchange; a number that includes over 200 exchange-traded funds.

The post British Digital Banking App Revolut Targets U.S. Customers With Latest Offer appeared first on financialreader.com.

Prior to its partnership with 7-Eleven, Nuro already began rolling out autonomous delivery for Domino’s Pizza in Houston, Texas. This was done using the company’s Prius and R2 vehicles.

“The Priuses are the first step in Nuro’s multi-phase approach to introducing commercial autonomous delivery to select service areas,” the company explained, further adding that 7-Eleven is working with Nuro to launch the automated delivery service as soon as possible.

While the service capacity will still be limited, Nuro and its competitors such as Waymo are in the process of seeking federal regulatory approval so that such systems can be rolled out across the United States.

The post 7-Eleven Launches Autonomous Driving Service in Partnership With Nuro appeared first on financialreader.com.

In addition, Apple has also been in open discussions with ChatGPT maker OpenAI about the potential use of its model. Still, it remains unlikely that a deal with either company will be reached before June when Apple will host its annual conference of developers.

Following the news of the Google Gemini discussions, Alphabet stocks rose by 3% in premarket US trading while Apple shares were up by 0.5%. Should a deal be reached between the two companies, Google’s platform will become accessible to two billion active Apple users.

The post Apple is in Talks With Google Over iPhone AI Features appeared first on financialreader.com.

Netflix reported revenue of $8.19 billion, which is 2.7% higher compared to the same period in 2023 but still fell short of analysts’ expectations of $8.30 billion. However, the streamer beat the estimates with $3.29 in adjusted earnings per share compared to the $2.90 expected while also adding 5.89 million new subscribers versus the 2.1 million net expected.

In an accompanying statement, Netflix said that it expects growth in revenue in the second part of 2023 with the continued adoption of its ad-supported plan and paid sharing. The company introduced the ad-supported plan in late 2022 while also cracking down on password sharing and making users pay extra if they want to share their accounts.

“While we’ve made steady progress this year, we have more work to do to reaccelerate our growth, “Netflix said in a statement. “We remain focused on: creating a steady drumbeat of must-watch shows and movies; improving monetization; growing the enjoyment of our games; and investing to improve our service for members.”

Netflix stock closed at $477.59 per share on Wednesday, marking a 61.92% year-to-date jump. The shares dropped down to $456.62 in after-hours trading after the mixed earnings report came to light.

The post Netflix Reports Mixed Q2 Earnings, Stock Plunges 4% in After-Hours Trading appeared first on financialreader.com.

While the stock market at large has largely been hampered by waning investor optimism, an increasing volume of investors has been pouring funds into tech stocks involved in artificial intelligence. These stocks, nicknamed the “Magnificent Seven” by Bank of America strategist Michael Hartnett, are Apple, Google parent company Alphabet, Amazon, Meta, Microsoft, Nvidia, and Tesla.

These top seven Nasdaq 100 stocks have gained $3.35 trillion so far this year, accounting for 84% of the index’s $4 trillion growth in market valuation over the course of 2023. Both Apple and Microsoft alone have gained more than all of the bottom 93 stocks in the index combined.

Several smaller AI-focused companies have made significant gains, with chipmaker Marvell Tech skyrocketing by 30% on Friday, thereby resulting in a 65% gain this month. Marvell expects its AI revenue to double in 2024. Cloud-based security companies Zscaler and American Micro Devices also made notable gains this month of 45% and 42% respectively.

The post Tech Stocks Drive Markets Upward Amid AI Boom appeared first on financialreader.com.

According to the statement on Novi’s official website, the service will stop taking payments on July 21 and shut down completely on September 1. In the meantime, the users have been advised on the steps they need to take in order to withdraw their account balance.

“It’s important that you withdraw any remaining balance in your Novi account before that date,” said the statement. “You can choose to transfer your Novi balance to your bank account or withdraw it as cash where applicable.”

Meta originally envisioned Novi, which launched back in October, as a wallet for their cryptocurrency project Diem. However, regulatory issues forced the company to switch course and instead reimagined Novi as a service that allows users to send and receive funds through Paxos stablecoin. The project was only available in the United States and Guatemala.

When approached for a comment by CoinDesk, Meta said it wouldn’t abandon Novi technology completely and instead plans to use it for future digital ventures.

“We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles,” said Meta spokesperson.

The post Meta Shuts Down Its Crypto Wallet Novi appeared first on financialreader.com.

The shift at the top of the world’s most valuable companies is a result of increased investment in energy stocks amid rising oil and gas prices. This caused Saudi Aramco stock to grow close to 30% in 2022. The investors are pulling out of the tech sector amid concerns that the momentum built by technology companies in the past two years is slowing down.

As a result, Apple has lost almost 17% of its value since January. It also didn’t help that the company faces problems with the supply chain and is set to lose more than $4 billion in sales because of the issue.

This represents a hard hit for Apple, considering it became the first company to reach $3 trillion in early 2022. It is hard to see them getting close to that anytime soon, although the investors might get interested again once the iPhone 14 launches later this year.

The post Saudi Aramco Surpasses Apple as the Most Valuable Company in the World appeared first on financialreader.com.

Twitter is Musk’s social media of choice and he frequently engages with his followers and shares his thoughts on current events there. On top of that, he already owns just over 9% of the company’s shares.

Musk made a bid for Twitter after recently rejecting to take a seat on its board. He was offered the seat under the condition that he doesn’t increase his stake in the company by more than 15% until at least 2024.

In his regulatory filing, Musk explained that he believes Twitter should be a private company for its potential to be unlocked. He added that he would “reconsider” his position as Twitter’s shareholder if his offer was not accepted.

“I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said.

In their response to the attempted takeover, Twitter adopted the “poison pill” measurement. This means that Twitter shareholders not named Musk will be able to acquire more shares at a modest price. The poison pill will become active if Musk or any other shareholder raises its stake above 15%.

The post Tesla CEO Elon Musk Offers to Buy Twitter for $40+ Billion appeared first on financialreader.com.

Nvidia previously agreed to purchase Arm for $40 billion in cash and stocks back in late 2020. The news caused Nvidia’s stocks to soar, bringing the cost up closer to $66 billion, according to multiple reports. However, the deal eventually couldn’t go through “because of significant regulatory challenges,” according to Softbank, who will get to keep the $1.25 billion deposit from the initial agreement. The objections of regulators due to concerns about the effect of the acquisitions on the competition reportedly also played a significant role.

Arm is best known for its ARM processors (CPUs) used in smartphones, tablets, and smart TVs. The company also works on software development tools, computing platforms, and SoC infrastructure.

Softbank’s next step will be the public offering of Arm. According to the company, the IPO will take place “within the fiscal year ending March 31, 2023.” In the meantime, the top of Arm will go through reshuffling with the company’s CEO Simon Segars leaving his post. Seagars will be replaced by Rene Haas, who previously served as Arm’s IP group president.

Haas is expected to continue the efforts of establishing Arm as a major player in the fields of CPU, GPU, and Artificial Intelligence. 

“Continuing what we’ve been doing and executing on that is going to be really important because we’ve demonstrated a recipe on how to grow the business and we definitely want to continue that,” Haas told Tech Crunch after the news was made public.

The post Nvidia’s $66 Billion Acquisition of Chip Designer Arm is Officially Off the Table appeared first on financialreader.com.

The “stock split” practice has been considered outdated in the past decade before making a big return in the wake of the COVID-19 outbreak. Several big tech companies, including Apple and Tesla, have already split their stocks in efforts to make their shares an affordable investment and more accessible for individual investors. Alphabet hopes to do the same once the action becomes official in July.

According to Alphabet’s statement, the company’s Board of Directors already approved the stock split for Class A, Class B, and Class C shares. However, the decision now is subject to stockholder approval. If stockholders give their consent, which is considered a pure formality, each one will receive a dividend of 19 additional shares of the same class of stock for every share they hold on July 1, 2022.

Even if the split will take several months to go into effect, Alphabet already experienced positives from the decision. Since the news was announced, the company’s stocks have already gone up 9 percent in extended trading.

The post Alphabet, Google’s Parent Company, Announces 20-for-1 Stock Split appeared first on financialreader.com.

The decision to enter the U.S. market is one stage of the company’s expansion plan, in which Revolut aims to become a one-stop-shop with which customers can manage every aspect of their finances, including savings accounts, investments such as cryptocurrencies and stocks, and online payments.

Gabe Vallejo, Revolut’s U.S. head of wealth and trading, commented in support of the company’s U.S. offering, explaining: “This to us was just the next logical step.”

Currently, Revolut offers zero-commission stock trading across the United Kingdom and Europe as well as banking services to United States customers – a service that commenced in March 2020. The company obtained its U.S. broker-dealer license in September 2021 in preparation for this move.

American-based Revolut customers will have the ability to buy and sell over 1,100 securities that are listed on the New York Stock Exchange; a number that includes over 200 exchange-traded funds.

The post British Digital Banking App Revolut Targets U.S. Customers With Latest Offer appeared first on financialreader.com.

Prior to its partnership with 7-Eleven, Nuro already began rolling out autonomous delivery for Domino’s Pizza in Houston, Texas. This was done using the company’s Prius and R2 vehicles.

“The Priuses are the first step in Nuro’s multi-phase approach to introducing commercial autonomous delivery to select service areas,” the company explained, further adding that 7-Eleven is working with Nuro to launch the automated delivery service as soon as possible.

While the service capacity will still be limited, Nuro and its competitors such as Waymo are in the process of seeking federal regulatory approval so that such systems can be rolled out across the United States.

The post 7-Eleven Launches Autonomous Driving Service in Partnership With Nuro appeared first on financialreader.com.