The Department of Defense (DOD) announced that it is canceling the $10 billion Joint Enterprise Defense Infrastructure (JEDI) cloud contract that created a legal dispute between Microsoft and Amazon. Instead, the Pentagon will have a new contract up for grabs and will encourage both companies to submit proposals. The...
  Tesla reported that its second-quarter vehicle deliveries reached a record, although the number fell flat of analyst predictions. Vehicle deliveries were 201,250 for the period. It was the first such time that Elon Musk’s brainchild delivered over 200,000 vehicles in any quarter. Analysts had initially projected about 201,820 auto...
Tech stocks had a robust start on Monday, pushing the Nasdaq Composite to record high levels. The Nasdaq was up by 0.7 percent, while the Dow Jones Industrial Average struggled and plummeted 180 points due to anemic transport and energy stocks. Meanwhile, the S&P 500 remained flat. Shares of Apple...
Tesla shares were up by at least 2 percent Monday morning despite a recall of its Model Y and Model 3 vehicles in China. The State Administration for Market Regulation (SAMR), China’s vehicle safety authority, said that Tesla had recalled more than 285,000 of the vehicles. The recall is...
Warren Buffett is resigning from his trustee post at the Gates Foundation. In addition, the 90-year-old mogul fulfilled half of a 2006 pledge to donate 100 percent of his Berkshire shares. The Oracle of Omaha investor had said he would give his shares away via annual gifts towards five...
On Tuesday, Microsoft reached new heights when its market capitalization hit the $2 trillion mark for the first time. It now sits behind Apple as the most valuable company in the world.  Last August, Apple hit its $2 trillion mark and was the first publicly traded U.S. company to...
According to Bloomberg, Victoria’s Secret is looking for investors who might be interested in funding a $500 million loan. The lingerie and beauty retailer wants to use the monies to fund its separation from the bath shop chain, Bath & Body Works. Both Victoria’s Secret and Bath & Body...
Thirteen out of 18 Federal Open Market Committee (FOMC) members are forecasting Federal Reserve rate increases during 2023. However, only five of the members believe rates will stand where they are.   Previously in March, four of the committee members were expecting a hike in the rate next year, while seven...
Klarna, a fintech firm from Sweden, announced that it had raised $639 million in its latest funding round. The latest investments into the fintech were led by SoftBank. The cash infusion now places Karna’s value at $45.6 billion, making it the most valuable unicorn fintech firm in Europe. Globally,...
House lawmakers have introduced a new set of antitrust reforms on Friday, which could force some big tech companies, such as Google, Amazon, Apple, and Facebook, to overhaul the way they do business. The reforms are said to have gained bipartisan support. The reform package consists of five bills that...