Nvidia Is in a ‘Bubble,’ AI Is ‘Overhyped,’ Elliott Management Says
The hedge fund is doubtful that Big Tech will continue purchasing large quantities of Nvidia’s GPUs, it said in a letter to clients.
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Trump Says Zuckerberg Apologized Over Meta AI
At the same time, Donald Trump suggested the Meta CEO had thrown his political allegiance to the GOP.
Justice Department Sues TikTok Over Child Privacy Violations
The Justice Department sued TikTok and ByteDance on Friday for violating children’s privacy
Apple Pressures Tencent, ByteDance to Close App Store Payment Loophole
The move comes as Apple looks to shore up its revenue in China, but it could draw more regulatory scrutiny from Beijing.
Intel Revenue Shrinks, Announces Layoffs and Suspends Dividend
The announcements came after Intel reported revenue for the second quarter that missed analysts' expectations.
U.S. Antitrust Officials Begin Talks With AMD, Others As Part of Nvidia Probe
The investigation comes as Nvidia’s power and market capitalization have soared.
DoorDash grows revenue 23%, narrows losses
Delivery service DoorDash reported that it grew its revenue by 23% year-over-year and saw a record number of orders placed in the latest quarter.
Amazon Web Services Revenue Growth Ticks Up As Ads Slow
Amazon’s CFO said capital expenditures were $30.5 billion in the first half of 2024 and would rise in the second half of the year, driven largely by AWS.
Coinbase Posts Third Straight Quarterly Profit as Revenue Doubles
Results driven by higher crypto trading activity as well as subscription and services revenue from a year ago
Apple Revenue Rises 5% Despite Weak iPhone Results
Growth in the company’s services and iPad businesses were strong points in the quarter.
Russia Frees Detained WSJ Journalist Evan Gershkovich
The reporter was convicted in an espionage trial last month viewed as a kangaroo court.
OpenAI Invests in AI App for Kids
Heeyo is developing an iOS and Android app to help children learn using AI.
Nvidia Challenger Cerebras Files Confidentially for IPO
The company has previously raised $720 million from investors including Coatue Management, Benchmark and G42, an Abu Dhabi tech conglomerate.
Robotics Startup Covariant Receives Amazon Takeover Interest
Covariant was valued at $625 million in an April 2023 fundraising round and is backed by Temasek and Bill Gates' Cascade Asset Management.
Andreessen Horowitz General Partner Endorses Kamala Harris
The support comes two weeks after Marc Andressen and Ben Horowitz, founders of their self-named firm, came out publicly in support of former president Donald J. Trump.
SEC Charges IRL Founder Abraham Shafi With Fraud
Shafi resigned in April 2023; the company shut down soon after.
More Than 100 Venture Investors Throw Support Behind Harris
The pledge further underscored a divide of among tech investors, a portion of which have loudly supported a second Trump presidency.
Meta’s Revenue Rises 22% in the Second Quarter
The company forecast higher revenue in the third quarter than analysts expected and once again increased its estimate for capital expenditures for 2024.
Cyberattack Prompts Azure Outage, Microsoft Says
Azure’s defense response may have magnified the attack’s impact, said a company status update.
Weekday mornings
The Information AM by The Information Staff
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