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☆ Outperforming fund manager says this software stock is set to be a 'serious player' in a corner of AI, gives it nearly 60% upside
▼ + stars: | 2024-03-19 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

One stock is a "promising AI investment" and set to be a "serious player" in a corner of the space, according to Brian Stutland of Equity Armor Investments. They are really starting to become very creative in the AI world," Stutland, a portfolio manager at the firm, told CNBC's "Street Signs Asia " last week. Palantir has been scaling its Artificial Intelligence Platform, or AIP, and Karp said the company carried out nearly 600 pilots with the technology last year. Shares of Palantir jumped nearly 10% on March 6 after Palantir announced its Tactical Intelligence Targeting Access Node was selected by the U.S. Army . TITAN uses artificial intelligence to provide targeting information for missiles.

Persons: Brian Stutland, That's Palantir, CNBC's, Alex Karp, Palantir, Karp, Stutland, Morningstar, Dan Ives, Ives, — CNBC's Ashley Capoot, Keris Lahiff Organizations: Equity, Investments, AIP, Intelligence, U.S . Army, Fund, Wedbush, Securities, Global TAM Locations: U.S

☆ Russia's Putin praises Elon Musk as an 'outstanding person' and 'talented businessman'
▼ + stars: | 2023-09-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Elon Musk, chief executive officer of SpaceX and Tesla, and owner of X. formerly known as Twitter. Russian President Vladimir Putin on Tuesday praised Elon Musk, calling the Tesla and SpaceX founder a "talented businessman." Putin made the comments at the Eastern Economic Forum in Vladivostok as he spoke about Russia's space program. "Elon Musk ... is undoubtedly an outstanding person. The flop was seen as a major setback for Russia's space program just days before India successfully landed its first spacecraft on the moon.

Persons: Elon Musk, Vladimir Putin, Putin, Elon, Luna, Musk, — CNBC's Ashley Capoot Organizations: SpaceX, Tesla, Twitter, Eastern Economic Locations: Vladivostok, U.S ., Russia, India, Ukrainian, Sevastopol, Crimea, Ukraine, Western

☆ Tesla reported 466,140 deliveries for the second quarter, and production of 479,700 vehicles
▼ + stars: | 2023-07-02 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

The second quarter of 2023 marked the fifth period in a row when Tesla reported a higher level of vehicles produced compared to deliveries. During the second quarter of last year, Tesla reported 254,695 deliveries, and in the first quarter of 2023, Tesla reported 422,875 deliveries. During the second quarter of 2022, Tesla produced 258,580 vehicles and last quarter it produced 440,808 vehicles. About 96% of the deliveries Tesla reported in the second quarter of 2023 were of its Model Y crossover, and Model 3 entry-level sedan in this quarter. The company said, in a statement, it will post financial results for the second quarter after the market close on Wednesday, July 19, 2023.

Persons: Tesla, TroyTeslike, Elon, Piper Sandler, Alexander E, Potter, Price, Musk, Narendra Modi, — CNBC's Ashley Capoot Organizations: Tesla, Elon, FactSet, Semi, India, Twitter, SpaceX Locations: Austin , Texas, U.S, China, Fremont , California, Shanghai, Brandenburg, Germany, Berlin, Sparks , Nevada, Monterrey, Mexico, New York, India, North America

☆ Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva
▼ + stars: | 2023-05-24 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

The bulk of Snowflake sales come from product revenue, which expanded 50% year over year. Product revenue accounts for use of Snowflake's software for storing and running queries on data stored in its system. Snowflake said it anticipates product revenue will be between $620 million and $625 million in the fiscal second quarter. For the 2024 fiscal year, Snowflake called for product revenue of $2.6 billion. Snowflake also announced it plans to acquire Neeva, the privacy-focused search company co-founded by former Google executive Sridhar Ramaswamy.

Persons: Snowflake, Sridhar Ramaswamy, Benoit Dageville, Snowflake's, Dageville, CNBC's Ashley Capoot Organizations: New York Stock Exchange, Refinitiv Revenue Locations: Tues, Snowflake

Meta will lay off 10,000 more workers and incur restructuring costs ranging from three to five billion dollars, the company announced Tuesday, with CEO Mark Zuckerberg warning that economic instability could continue for "many years." He added that the company plans to close 5,000 additional open roles that it hasn't yet filled. The new round of layoffs follow a previous round of cuts, announced in November, that affected over 11,000 workers, which equated to roughly 13% of Meta's overall staff. Zuckerberg told analysts in February that the Meta plans "on cutting projects that aren't performing or may no longer be crucial" while simultaneously "removing layers of middle management to make decisions faster." In January, Google revealed plans to lay off more than 12,000 workers, Microsoft announced plans to cut 10,000 employees and Salesforce said it planned to cut 7,000 jobs.

☆ Spotify cuts 6% of its workforce, content chief departs
▼ + stars: | 2023-01-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Spotify has a total workforce of around 9,800 people, which means the cuts impact about 600 employees. Dawn Ostroff, Spotify's head of content, is also leaving the firm. Ostroff, a former president of Conde Nast Entertainment, joined Spotify in 2018 to help the company grow its fledgling advertising and podcasting businesses. In her time at Spotify, Ostroff signed Barack and Michelle Obama's production company Higher Ground Productions to have the former U.S. president and first lady work on exclusive podcasts for Spotify. She also led the deal to get exclusive rights to The Joe Rogan show and was responsible for negotiating exclusive podcasting deals with Kim Kardashian, Prince Harry and Meghan Markle.

☆ Meta shares up on report it's set to begin mass layoffs
▼ + stars: | 2022-11-07 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

The Meta Platforms Inc. pavilion on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Monday, May 23, 2022. Shares of Facebook owner Meta were up about 5% Monday following a Wall Street Journal report over the weekend saying the company could start mass layoffs as soon as Wednesday. In the first major reduction in headcount in the company's history, the layoffs could impact thousands of employees, according to the Journal. A Meta spokesperson did not comment on the report but pointed to CEO Mark Zuckerberg's comments Meta's earnings call last month. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today."

☆ Qualcomm shares fall on weak first-quarter outlook
▼ + stars: | 2022-11-03 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

Shares of chipmaker Qualcomm fell more than 8% Thursday, a day after the company reported weak first-quarter guidance and said it started a hiring freeze in the current quarter. But the company called for fiscal first-quarter adjusted earnings of $2.25 to $2.45 per share on $9.2 billion to $10 billion in revenue. Analysts polled by Refinitiv had expected earnings per share of $3.42 and revenue of $12.02 billion. CEO Cristiano Amon stressed on the company's earnings call that the company is looking at a "temporary cyclical inventory drawdown." Piper Sandler analysts maintained an overweight rating but cut their price target from $185 to $145, saying they "see the drawdowns as limited to the December and March quarters."

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