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Amid a lackluster earnings call, Tesla CEO Elon Musk said he plans to make Dojo compete with Nvidia. It's not the first time Musk has made an extremely optimistic promise about what his tech can do. AdvertisementElon Musk made another big promise this week during a lackluster earnings report that sent Tesla stock tumbling more than 7% before he logged off the call and didn't recover all week. The Tesla CEO said the company will "double down" on developing its Dojo supercomputer, in hopes of competing with the chip-producing giant Nvidia. "We do see a path to being competitive with Nvidia with Dojo," Musk told investors and analysts during Tuesday's call.
Persons: Elon Musk, , Musk Organizations: Nvidia, Service, Dojo, Business
Big Tech appears to be tipping into troubled territory again. Read previewIn 2022, US tech companies grappled with falling demand after aggressive expansions during the pandemic, prompting a rout in tech stocks. This concentration makes the effect of any major decline in Big Tech stocks even more pronounced. All eyes on the rest of Big TechOther Big Tech companies, including Amazon, Apple, Microsoft, and Meta, report quarterly earnings next week. As for Big Tech, it appears to be a case of being safe rather than being sorry — because they can afford to.
Persons: , Michael Strobaek, Lombard Odier, Strobaek, Katherine Tangalakis, Jim Reid, Reid, Anthropic, Lombard Odier's Strobaek, Sundar Pichai Organizations: Tech, Service, Nasdaq, Business, Lombard, Big, Bloomberg, Google, Big Tech, Apple, Microsoft, Meta, Deutsche Bank, Amazon Locations: Swiss, Big Tech
pic.twitter.com/0licQGfphn — Mustafa Suleyman (@mustafasuleyman) October 20, 2023Expectations for the AI boom to generate serious money are absurdly high, then, which helps explain why the hype train for the technology is still running at full tilt. AdvertisementThat was probably hard for investors to hear given AI has pushed Google to spend more. Similar questions around the gap between returns and hype have shown themselves this week in startup land, too. Toronto-based AI startup Cohere, founded by ex-Googlers in 2019, announced a fresh funding round of $500 million on Monday, putting its valuation at about $5.5 billion. Last year, veteran venture capitalist Vinod Khosla suggested most startups were overvalued and that most investments in AI "will lose money."
Persons: , Mustafa Suleyman, — Mustafa Suleyman, Sundar Pichai, Philipp Schindler, Katherine Tangalakis, Lippert, Pichai, Cohere, It's, Harvey —, Winston Weinberg, Gabriel Pereyra —, Harvey, Vinod Khosla Organizations: Service, Business, Google, Microsoft, BI, Google Ventures Locations: California, Toronto, Cohere
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewTesla on Tuesday had a lackluster earnings report that revealed the electric vehicle maker once again missed investor expectations. And Elon Musk is probably a little nervous. Advertisement"I want to be clear that was in Tesla's interest, not contrary to Tesla's interest," Musk said. In Q2 earnings, Tesla reported a 7% decrease in year-over-year automotive revenue, which contributed to the company's diminished profits.
Persons: , Tesla, Elon Musk, Musk, xAI, Gene Munster, Dan Coatsworth, AJ Bell, Musk's, doesn't, Coatsworth Organizations: Service, Business, Deepwater Asset Management, CNBC, Tesla, Reuters
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewIn Tuesday's earnings call, investors repeatedly pressed Alphabet's leadership team for more information about how its AI initiatives are performing and how they would generate revenue, but executives remained tight-lipped. In April the CEO of Google DeepMind, Demis Hassabis, said that Google plans to invest more than $100 billion over time to develop AI technology. Advertisement"On the cloud and AI stuff, you know, it's obviously, you know, you know, something which I think will end up being a big driver over time," Pichai said. The company's cloud business crossed $10 billion in revenue for the first time, reaching $10.3 billion — fueled in part by AI demand, Pichai said.
Persons: , Sundar Pichai, Philipp Schindler chimed, Pichai, Schindler, Demis Hassabis Organizations: Service, Business, Google, AIs, YouTube
In today's big story, we're looking at another Tesla earnings report that was light on details about big future plans . The approach worked well last quarter when Tesla's earnings report was even worse than expected . However, big-picture plans without concrete details fell flat for investors this time around. It's Tesla's silver lining amid the EV market slowdown. But as beneficial as competitors were to Tesla this quarter, others seem to be gearing up for battle.
Persons: Jordan Strauss, Chelsea Jia Feng, Elon, Katherine Tangalakis, Hannah Getahun, that's, , Musk, Toby Melville, BI's Nora Naughton, It's, BI's Jordan Hart, Sundar Pichai, Waymo, Jenny Chang, Rodriguez, Wall, Keith Lerner, Ed Yardeni, Michael M, Tyler Le, Jensen Huang, Rebecca Zisser, Biden, Benjamin Netanyahu, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Business, Chelsea, AP, Tesla, Getty, BI Supply, Nvidia, Big Tech, Hollywood, AWS, Microsoft, Paramount, Digital, Google, IBM, Ford Motors, Samsung, Galaxy, The Locations: Waymo, San Francisco, Phoenix, New York, Paris, London
Kamala Harris has secured enough delegates to win the Democratic nomination for president. It took just over 24 hours for the party to rally behind Harris after Joe Biden dropped out of the race. Since Biden's announcement and endorsement of Harris, the vice president has broken fundraising records. AdvertisementVice President Kamala Harris has secured enough delegates to win the Democratic nomination for president. The news comes the day after President Joe Biden announced his plan to drop out of the race and his endorsement of Harris as his pick to replace him.
Persons: Kamala Harris, Harris, Joe Biden, Organizations: Democratic, Service, CNN, Bloomberg, Business
Republican legal experts and think tanks such as the Heritage Foundation are questioning Harris's ability to access the Biden-Harris campaign coffers. Others, including Congressman Steve Scalise, say it's wrong for Harris to assume the top line of the ticket after 14 million state primary voters cast ballots for Biden. There's no general election candidate being replaced, so those rules and regulations about replacement don't don't apply to the situation." AdvertisementNoti of the Campaign Legal Center said a meritless claim like this would be tossed from court immediately, leaving the GOP challengers' lawyers subject to possible sanctions for filing a frivolous suit. "I suspect it would be disposed of very quickly," Becker agreed of any legal challenge to Harris headlining Democratic ballots.
Persons: , Kamala Harris, Joe Biden, Harris, Steve Scalise, Biden, Dan Weiner, Charles Spies, Weiner, David Becker, Noti, — Weiner, Becker Organizations: Service, White, Republican, Heritage Foundation, Biden, Business, Brennan Center for Justice, Republican National Committee, Wall Street, Democratic, The Center, Election Innovation, Research, Brennan, Center, GOP, Republican Party, Democratic Party Locations: Washington ,, North Carolina
Still, other Democratic megadonors, including Netflix cofounder Reed Hastings and Abigail Disney, pledged to withhold funds from the party until Biden dropped out. Where Biden's money goes nowCampaign finance experts disagree on the specifics of what the Biden campaign will be able to do with its money. The Biden campaign can either refund its donors, Ghosh told Reuters, or, they agreed, the campaign can pass the money back to the Democratic National Committee. Advertisement"It's really a nonargument because that money is not going to go to waste," McMillan told BI. Whoever ends up as the Democratic nominee, McMillan noted, they'll have no shortage of financial support.
Persons: , Joe Biden, Donald Trump, Biden rambled, Biden, Reed Hastings, Abigail Disney, Charles Spies, Kamala Harris, Spies, Harris, Saurav Ghosh, Ghosh, Dan McMillan, — Biden didn't, McMillan Organizations: Service, Sunday, Business, Democratic, Trump, Associated Press, Netflix, Republican, Street Journal, Federal, Reuters, Democratic National Committee, Save Democracy Locations: America
But while some pundits have argued his speech showed he is more subdued and humble in the wake of last week's failed assassination attempt against him, others aren't so sure he's changed at all. And some political scientists and experts on authoritarianism warn Trump could become even more radical after his near-death experience. We are one nation under God, indivisible, with liberty and justice for all," Trump told the RNC crowd as he briefly read messages promoting unity from a teleprompter. Not everyone is certain Trump will change much in the wake of his assassination attempt — for better or for worse. If the assassination attempt does change Trump, the effects may not be immediately apparent — though they are worth being on the lookout for.
Persons: Donald Trump, week's, Trump, Joe Biden, Elizabeth Bennion, Hulk Hogan, Eric Trump's, haven't, Bennion, Timothy Snyder, Snyder, Ruth Ben, Ghiat, Ben, Recep Tayyip Erdogan, Benito Mussolini's, , Michael Green, didn't, Green, they've, it's Organizations: Service, Republican National Convention, Business, RNC, Indiana University, GOP, Trump, Yale University, New York University, of Democracy and, Defense, University of Nevada Locations: Indiana University South Bend, Turkey
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRep. Sheila Jackson Lee, a long-serving Democratic congresswoman from Texas, died at the age of 74, her family announced Friday. This story is available exclusively to Business Insider subscribers. AdvertisementIn a statement last month, Lee announced in a post on social media that she had been fighting a pancreatic cancer diagnosis. Representatives for Lee's office did not immediately respond to a request for comment from Business Insider.
Persons: , Sheila Jackson Lee, Lee, Bebe, Jamie Raskin, New York Sen, Chuck Schumer, Schumer Organizations: Service, Democratic, Business, New Locations: Texas, United States of America, America, New York
Elon Musk endorsed Donald Trump after Saturday's assassination attempt. The Wall Street Journal reported that Musk plans to donate $45 million monthly to a pro-Trump PAC. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Journal, citing people familiar with the matter, reported that Musk plans to pledge $45 million each month to America PAC, a pro-Trump super PAC, in the run-up to the election.
Persons: Elon Musk, Donald Trump, Organizations: Street Journal, Trump PAC, Service, Wall Street, America PAC, Trump, PAC, Business
ET — Trump began his remarks and eyewitnesses spotted the shooterFormer President Donald Trump speaks during a campaign rally at the Butler Farm Show in Butler, Pennsylvania. Brendan McDermid/ReutersTrump began his remarks at the rally shortly after 6 p.m. Eyewitness accounts revealed that the would-be assassin was spotted on a nearby roof as Trump took the stage. The man told the BBC he and his friends attempted to warn the Secret Service of the shooter's presence and tried to alert local police. I'm pointing at the roof… for two to three minutes, and the Secret Service is just looking at us."
Persons: Trump, Donald Trump, Brendan McDermid, Reuters Trump Organizations: Reuters, BBC, Service, Trump, Washington Post, Associated Press Locations: Butler , Pennsylvania
The US is still coming to grips with the assassination attempt on former President Donald Trump. In today's big story, we examine the scrutiny the Secret Service is facing and what former special agents are saying about the tragedy . But that's not to say the Secret Service has avoided controversy over the last 40-plus years since the Reagan shooting. Secret Service agents converge on former President Donald Trump onstage at his Pennsylvania campaign rally. AdvertisementUltimately, another former Secret Service agent said the entire event represents a failure for Trump's security detail , BI's Matthew Loh and Cameron Manley report.
Persons: , Donald Trump, Jenny Chang, Rodriguez, Joe Biden, Insider's Brent D, Griffiths, Katherine Tangalakis, Lauren Edmonds, Saturday, Ronald Reagan, that's, Reagan, Brent, Jabin, Thomas Matthew Crooks, BI's Rebecca Rommen, Crooks, BI's Laura Italiano, Kenneth Niemeyer, Matthew Loh, Cameron Manley, Trump, Corey Comperatore, Kirill Kudryavtsev, Yuriy Gorodnichenko, Goldman Sachs, Michael M, Tyler Le, Jensen Huang, Elon Musk, Sam Altman's, Altman, Rebecca Zisser, Mickey Mouse, Hannah Montana, David, Nvidia's Goliath, Dan DeFrancesco, Jordan Parker Erb, Lisa Ryan, Jack Sommers, Annie Smith, Amanda Yen Organizations: Service, Business, Secret Service, Washington, Getty, FBI, UC Berkeley, NDR, Nvidia, Elon, European, Swedish, Disney, YouTube, GOP, Convention Locations: Colombia, Pennsylvania, Trump, Russia, New York, London
Advertisement"So that is, in theory, taking power away from unelected officials," Justin Crowe, a professor of political science at Williams University who researches the Supreme Court, told Business Insider. With Corner Post, Entin said, the Supreme Court created a statute of limitations that, from the standpoint of federal agencies, never really expires. But the Court didn't stop at giving itself the reins to interpret regulations that federal agencies are beholden to. In the Trump case, the Supreme Court offered Trump broad immunity for some of his acts concerning his January 6 election interference case. In the July 6 episode of Slate's Supreme Court analysis podcast "Amicus with Dahlia Lithwick," Senior Court Reporter Mark Joseph Stern said the Court spent this term expanding its power and "restructuring representative democracy to make it less representative and less democratic."
Persons: , Raimondo, Reagan, presidentially, Justin Crowe, wouldn't, Loper, Jonathan Entin, Entin, Ruth Bader Ginsburg, Ketanji Brown Jackson, Trump, Tanya Chutkan, Dahlia Lithwick, Mark Joseph Stern Organizations: Service, Loper Bright Enterprises, Inc, Governors, Federal Reserve System, Business, Chevron, Environmental Protection Agency, Congress, Williams University, EPA, Securities Exchange Commission, of Health, Human Service, Case Western Reserve University, Federal Reserve Board, Supreme, DC Circuit, Federal, Trump v ., Trump, DC Locations: Chevron, Trump v, Trump v . United States
Read previewThe US Secret Service has come under intense scrutiny following a fatal shooting that left former President Donald Trump wounded at his rally Saturday night. As news of the shooting was still breaking, notable figures were quick to question the Secret Service and its leadership following the shooting. Matt Shoemaker, a former intelligence officer at the Defense Intelligence Agency, went as far as calling the shooting a "major failure" of the Secret Service. Representatives for the Secret Service were not present at the press conference to respond to questions about the incident. Trump's campaign, as well as the Republican National Committee, have indicated the party's planned convention in Milwaukee this week will proceed following the rally shooting.
Persons: , Donald Trump, Matt Shoemaker, I've, Shoemaker, Yasin Demirci, Getty Images Trump, Anthony Guglielmi, Trump's, Kevin Rojek, Trump, Shoemaker wasn't, Ken Gray, Gray, Elon Musk, Kimberly Cheatle, Cheatle, Musk, Mike Johnson, Johnson Organizations: Service, Business, Defense Intelligence Agency, Trump, Getty Images, Secret, FBI, Secret Service, Representatives, BBC, University of New, Pepsi, Republican National Committee, DHS Locations: Pennsylvania, Anadolu, University of New Haven, Milwaukee
Trump in a post on Truth Social spoke out about the shooting at his Pennsylvania rally. He thanked law enforcement, the Secret Service, and sent condolences to the victim's family. Trump wrote that he was shot, saying he "immediately felt the bullet ripping through the skin." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "I want to thank The United States Secret Service, and all of Law Enforcement, for their rapid response on the shooting that just took place in Butler, Pennsylvania," Trump wrote in a post on Truth Social.
Persons: Trump, , Donald Trump Organizations: Trump, Service, United States Secret Service, Business Locations: Pennsylvania, Butler , Pennsylvania
The Associated Press reported one attendee was killed during a shooting at a Trump rally. AP reported a suspected shooter, in addition to the rally attendee, was killed. AdvertisementThe Associated Press reported one person was killed during an incident at a Trump rally in Pennsylvania, during which the former president was whisked offstage following what sounded like gunshots from the crowd. AP, citing the Butler County District attorney, reported a suspected shooter was also killed following the incident. CNN also reported the suspected shooter, as well as a rally attendee, were killed.
Persons: Organizations: Associated Press, Trump, AP, Service, CNN, Business Locations: Pennsylvania, Butler County
President Donald Trump was escorted offstage after loud pops rang out during his rally. Video of the incident shows Trump with blood on his face, clutching his ear, in front of a screaming crowd. The former president was escorted off the stage by Secret Service. AdvertisementSecret Service agents escorted former President Donald Trump off the stage of his Saturday campaign rally after loud pops that sounded like gunshots rang out from the crowd. Video of the rally, held in Pennsylvania, shows Trump ducking and appearing to move his hand near his face.
Persons: Donald Trump, Trump, Organizations: Secret Service, Service, Business Locations: Pennsylvania
Fitness guru Richard Simmons died on Saturday, one day after his 76th birthday. TMZ first reported that law enforcement said he passed naturally, with no foul play suspected. AdvertisementRichard Simmons, the iconic fitness personality, has died at the age of 76. Law enforcement sources told the outlet his passing was being investigated as a natural death. Simmons found fame in the 1980s for his energetic aerobic videos like "Sweatin' to the Oldies" and his Emmy-winning daytime show, "The Richard Simmons Show."
Persons: Richard Simmons, TMZ, Simmons, Organizations: Service, TMZ, ABC News
Read previewThis as-told-to essay is based on a conversation with Ivette Cuevas, a café owner living in Costa Rica, and her 16-year-old son, Vincent Alcampo. Ivette: I didn't choose Costa Rica — it chose me. By the time I sold the restaurant, I'd put down roots in Costa Rica. My son, Vincent, traveled back and forth between California with his father and Costa Rica to visit me until, a little over a year ago, he decided to move here permanently. Vincent: Life in Costa Rica is different from back home.
Persons: , Ivette Cuevas, Vincent Alcampo, I'd, Costa, Vincent, I've, He's, I'm, he's Organizations: Service, Business, pats, Embassy Locations: Costa Rica, California, Uvita, Costa, Pacific, San Jose, Costa Rica's, Canada, Guanacaste, Barcelona,
Read previewDonald Trump's social media accounts have returned to pre-Capitol riot status. Meta appears to be the final major social media platform to roll back the last of its January 6-era restrictions on Trump's accounts. AdvertisementAfter Elon Musk purchased Twitter, he reinstated Trump's account in November 2022. Though his old social media accounts are now unrestricted and boasting tens of millions of followers, Trump is still primarily sticking with his own company, Truth Social. AdvertisementRepresentatives for the Trump campaign did not immediately respond to a request for comment from Business Insider.
Persons: , Donald, Meta, Trump, Mark Zuckerberg, he's, Elon Musk Organizations: Service, Capitol, Meta, Business, Facebook, Republican, Trump, Google, Twitter, YouTube, Truth, Truth Social, SEC Locations: United States
Read previewTwo Democratic senators have called on Attorney General Merrick Garland to open a special counsel investigation into Clarence Thomas. This story is available exclusively to Business Insider subscribers. Presented with opportunities to resolve questions about his conduct, Justice Thomas has maintained a suspicious silence." AdvertisementA spokesperson for the Justice Department declined to comment on the letter when reached by Business Insider. Thomas has previously denied any wrongdoing, arguing gifts from Crow and others fall under a "personal hospitality exemption," meaning they don't require disclosure.
Persons: , General Merrick Garland, Clarence Thomas, Sheldon Whitehouse, Ron Wyden, Thomas, Harlan Crow, Mark Martin, Whitehouse, Thomas's, he'd, Crow Organizations: Service, Oregon, Supreme, Business, Judicial Conference, Wyden, Finance, Justice Department, Business Insider Locations: Sens, Rhode Island, Crow
The New York Times reported that an expert on Parkinson's disease regularly visited the White House. In a Monday letter, Joe Biden's physician said the expert's visits weren't for the president. Dr. Kevin Cannard hosted neurology clinics for active-duty White House staff, per Biden's doctor. AdvertisementIn a letter released late Monday, Joe Biden's physician said the reason a Parkinson's expert visited the White House monthly was to host routine neurology clinics for active-duty staff. Kevin O'Connor, Biden's physician, wrote the letter to address reporting by The New York Times about the repeated visits by Dr. Kevin Cannard, a neurologist specializing in movement disorders.
Persons: Joe Biden's, weren't, Kevin Cannard, , Kevin O'Connor, Biden's Organizations: New York Times, White, White House, Service, The New York Times, Business
Sicily, Italy, is in a state of emergency over the worst drought the country has seen in 20 years. As a tourism-driven economy, the drought is threatening the financial stability of the region. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAn extreme drought in Sicily is the worst the Italian island has seen in 20 years, and it's so bad it's threatening the region's economy.
Persons: Organizations: Service, Sky News, Business Locations: Sicily, Italy, Ethiopia
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