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☆ Trump’s Commerce secretary pick backas a crypto company that can’t seem to stay out of trouble
▼ + stars: | 2024-11-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

It is effectively an unregulated, offshore bank that’s become a tent pole of the $3 trillion crypto industry. The tether token is known as a stablecoin, a kind of crypto that was created to hold its value steady while others, like bitcoin and ether, swing wildly minute to minute. The company is now one of the biggest players in crypto, with a daily trading volume that eclipses even bitcoin, the world’s most popular token. Tether told the WSJ in a statement that any suggestion it was involved in criminal activity was “outrageous” and that the company works actively with law enforcement to combat illicit activity. But Lutnick, a Bitcoin enthusiast whose Wall Street firm manages Tether’s stockpile of Treasury bills, has eagerly defended the stablecoin issuer.

Persons: New York CNN — Howard Lutnick, Cantor Fitzgerald, who’s, they’re, Brock Pierce, “, Giancarlo Devasini, “ There’s, we’ve, ” Lutnick, Donald Trump’s, —, didn’t, Lutnick, Gary Gensler, ” Faryar Shirzad, “ It’s, ” Organizations: New, New York CNN, US Commerce Department, Ducks, Street, Manhattan US, Treasury Department, Bloomberg, Economic, Commerce Department —, Treasury, Securities and Exchange Locations: New York, Russian, Davos, United States, bitcoin

☆ Jeff Bezos, Sam Altman, Tim Cook and other tech leaders congratulate Trump on election win
▼ + stars: | 2024-11-06 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +7 min

Amazon founder and Executive Chairman Jeff Bezos celebrated Trump's win in a post on X, calling it an "extraordinary political comeback and decisive victory." Trump repeatedly took aim at Bezos' ownership of the Post, Amazon's tax record and its relationship with the Postal Service. Apple CEO Tim Cook congratulated Trump on his victory in a post on X. OpenAI CEO Sam Altman said in a post on X that he hopes Trump will see "huge success in the job." Meta CEO Mark Zuckerberg called Trump's election win a "decisive victory" and said he looks forward to working with the Trump administration.

Persons: Sam Altman, Jeff Bezos, Donald Trump, JD Vance, Trump, Bezos, Kamala Harris, Andy Jassy, Jassy, Tim Cook, Cook, Mark Zuckerberg, Zuckerberg, Elon, Musk, Trump's, Tesla, Sundar Pichai, he's, Satya Nadella, Reid Hoffman, Hoffman, Harris, Gelsinger, Arvind Krishna, Chuck Robbins, Uber, Dara Khosrowshahi, Aaron Levie, Michael Dell Organizations: Economic, Amazon, U.S, Washington Post, Postal Service, Trump, Post, Democratic, Apple, Facebook, SpaceX, White, America PAC, Google, Microsoft, Venture, LinkedIn, Intel, Biden, IBM, Cisco, Dell Technologies Locations: Davos, Switzerland, Glasgow, Scotland, Pennsylvania, Bezos, United States, U.S

☆ The world prepares for a fresh era of tariffs under Trump 2.0
▼ + stars: | 2024-11-06 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

During his first term, Trump imposed tariffs on key industries in both Europe and China. AdvertisementThis time around, analysts told BI that Trump's policies could have a particular impact on Europe. Related storiesEurope is particularly vulnerable to Trump's aggressive trade policies for two main reasons, said Nigel Green, CEO of financial advisory firm deVere Group. AdvertisementDonald Trump met European Commission President Ursula von der Leyen at the World Economic Forum in Davos in 2020. Steven Kennedy, the most senior civil servant in Australia's Treasury department, said Wednesday he expected Trump's tariffs to impact the country's economy.

Persons: Donald Trump's, Trump, —, Donald Trump, Bilal Hafeez, Nigel Green, Green, Morningstar, Trump's, Michael Brown, Ursula von der Leyen, JIM WATSON, Steven Kennedy, Kennedy, Fitch, Latinvex Organizations: Service, European Union, Macro, Economic, of Chicago, Street Journal, deVere, Pharmaceuticals, Morningstar DBRS, Trump, stoke, European, Getty, European Commission, Treasury, News.com.au Locations: Europe, China, Ukraine, Davos, Australasia, Latin America, America, Mexico

☆ Jeff Bezos and OpenAI invest in robot startup Physical Intelligence at $2.4 billion valuation
▼ + stars: | 2024-11-04 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Physical Intelligence, a robot startup based in San Francisco, has raised $400 million at a $2.4 billion post-money valuation, the company confirmed Monday to CNBC. Investors included Amazon founder Jeff Bezos, OpenAI, Thrive Capital and Lux Capital, a Physical Intelligence spokesperson said. Physical Intelligence's new valuation is about six times that of its March seed round, which reportedly came in at $70 million with a $400 million valuation. Physical Intelligence hopes that model will be the first step toward its ultimate goal of developing artificial general intelligence. In case studies, Physical Intelligence details how its tech could allow a robot to do laundry, bus tables or assemble a box.

Persons: Sam Altman, Jeff Bezos, OpenAI, Microsoft's Bing Organizations: Economic, Amazon, Change, Physical Intelligence, CNBC, Investors, Lux Capital, Khosla Ventures, Sequoia Capital, Tesla, Google, Intelligence Locations: Davos, Switzerland, Glasgow, Scotland, Britain, San Francisco, ChatGPT

☆ China's Premier Li Qiang to speak at import expo in Shanghai
▼ + stars: | 2024-11-03 | by ( ) www.cnbc.com time to read: +1 min

Li Qiang, China's premier, delivers a special address on the opening day of the World Economic Forum in Davos, Switzerland, on Jan. 16, 2024. China's Premier Li Qiang will deliver remarks at the opening ceremony of this week's China International Import Expo, the Chinese commerce ministry said on Sunday, as Beijing seeks to show the faltering economy is open for business. Leaders from Malaysia, Uzbekistan, Slovakia, Kazakhstan, Mongolia and Serbia are among those expected for the opening ceremony and other events at the seventh import expo, which runs from Tuesday to Saturday in Shanghai, the foreign ministry said. Launched by President Xi Jinping in 2018, the expo this year is an opportunity to showcase China's opening up and reform agenda, as the world's second-largest economy faces growing global trade barriers and domestic challenges. The European Union plans to send representatives to the country soon for more negotiations regarding price commitments in their ongoing EV tariff dispute.

Persons: Li Qiang, Xi Jinping Organizations: Economic, China, European Union Locations: Davos, Switzerland, China, Beijing, Malaysia, Uzbekistan, Slovakia, Kazakhstan, Mongolia, Serbia, Shanghai, United States, Europe

☆ Saudi Arabia is pulling back on a global spending spree to focus on its own projects
▼ + stars: | 2024-10-30 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

Now the Kingdom plans to cut its foreign investment to prioritize domestic spending. AI is the new focus of investment as Saudi Arabia looks to position itself as a global technology hub. AdvertisementSaudi Arabia is pulling back on its global spending spree to focus on domestic investments. In September, Saudi Arabia held the third Global AI Summit, attracting a host of high-profile leaders and dealmakers. The new focus on domestic investment comes as Saudi Arabia's spending on Neom, its futuristic megacity in the desert, hit $1 trillion.

Persons: —, Yasir Al Rumayyan, we've, Al Rumayyan, Yasir Al, Rumayyan, Hamad I Mohammed, Uber, Andreessen Horowitz Organizations: Service, Public Investment Fund, Future Investment, Economic, REUTERS, Investors, Saudi Press Agency, Financial Times, Saudi, AI, Bloomberg, Sindalah Locations: Saudi, Saudi Arabia, Riyadh, Davos, Switzerland, Neom

☆ Steve Schwarzman says Trump would be an 'efficient and effective' president this time — and Ken Griffin thinks he'll win
▼ + stars: | 2024-10-29 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Blackstone CEO Steve Schwarzman said he thinks Trump would make a better president the second time around. He's uncertain about the election result, though Citadel's Ken Griffin said he expects Trump to win. AdvertisementSteve Schwarzman said he thinks Donald Trump would be more "efficient and effective" if he wins next week's election. Citadel founder and CEO Ken Griffin, who was also on the panel, was more assured of the election's outcome. Citadel founder Ken Griffin expects Donald Trump to win the 2024 election.

Persons: Steve Schwarzman, Trump, Ken Griffin, —, Donald Trump, Schwarzman, Mike Blake, Griffin, Alan Murray Organizations: Saudi Arabia's Future Investment, Service, Blackstone, Future Investment Initiative, Saudi, Republican, Bloomberg, Citadel, White Locations: Davos

☆ Nestlé and L'Oréal are betting on a longevity supplement made from pomegranate juice
▼ + stars: | 2024-10-25 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +9 min

Urolithin A supplement company Timeline has investments from both Nestlé and L'Oréal. This year, the conversation quickly turned to the supplement du jour, the compound that has drawn investment from both Nestlé and L'Oréal: Urolithin A. Starting in 2008, Rinch's supplement company, Amazentis, funded over a dozen studies on urolithin A, including some relatively large, placebo-controlled trials in people — a rarity in supplement research. Urolithin A has also captured the attention of longevity researchers, who are typically more skeptical about products promising to make you young again. Timeline was on the agenda at this year's ARDD, an annual longevity research conference held in Copenhagen in August.

Persons: —, There's, Urolithin, Hilary Brueck, Chris Rinsch, Rinsch, Johan Auwerx, Amazentis, Auwerx, He's, Mark Hyman, Dave Asprey, Gwyneth Paltrow's, Will Cole, Dominic Denk, Denk, wouldn't, Timeline's, Andrea Maier, it's, Maier Organizations: Service, VC, Business, Frankfurt University Hospital, National University of Singapore Locations: Gstaad, Swiss, skincare, urolithin, Davos, Copenhagen, Germany, Switzerland, Nestlé

☆ Street note lifts cybersecurity stocks, supports our call to own two names in sector
▼ + stars: | 2024-10-21 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

The analyst raised its price target on Palo Alto Networks to $446 (a new Street high) from $421, Check Point Software to $183 from $170, and Fortinet to $105 from $69 while naming it a top pick. There was no action on recent portfolio addition CrowdStrike because the note's focus was on network security. The Morgan Stanley note reinforces our decision to own both Palo Alto Networks and CrowdStrike. With Palo Alto Networks, it's a couple of quarters away from the beginning of a product refresh cycle. Arora Nikesh, Palo Alto Networks CEO & Chairman at the WEF in Davos, Switzerland on May 23rd, 2022.

Persons: Jim Cramer, Bonds, Morgan, CrowdStrike, Morgan Stanley's, Morgan Stanley, Lockheed Martin, Jim Cramer's, Jim, Arora Nikesh, Adam Galica Organizations: CNBC, Federal Reserve, Palo Alto Networks, Alto, Security, Logitech, Zions Bancorp, GE Aerospace, Verizon, GM, Jim Cramer's Charitable Locations: Treasuries, Palo, Davos, Switzerland

☆ Idris Elba is building an entertainment industry in Africa
▼ + stars: | 2024-10-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

Elba, whose parents hail from Sierra Leone and Ghana, is on a mission to transform the entertainment industry in Africa. Elba aims to build film studios across Africa, starting in Zanzibar, the Tanzanian semi-autonomous island renowned for its white sand beaches. “Much of the imagery about Africa isn’t even generated from Africa,” Elba told CNN at the Stellar Development Foundation’s Meridian conference in London this week. Global players like Netflix and Disney have already made sizable investments in Kenya, South Africa and Nigeria. Still, many governments in emerging economies have yet to recognize the economic potential of the creative sector, Elba said.

Persons: New York CNN — Idris Elba, “ Luther, ”, Elba, Samia Suluhu Hassan, “ Idris Elba, Shariff Ali Shariff, ” Elba, Goldman Sachs Organizations: New, New York CNN, Economic, Investment, CNN, Development Foundation’s Meridian, UNESCO, Global, Netflix, Disney, Economic Research, South Locations: New York, Hollywood, London, Elba, Sierra Leone, Ghana, Africa, Zanzibar, Tanzanian, Davos, NIgeria, Kenya, South Africa, Nigeria, Tanzania, South Korea, Busan

☆ Morgan Stanley is about to report earnings — here's what to expect
▼ + stars: | 2024-10-16 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

In this articleTed Pick, CEO Morgan Stanley, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024. Morgan Stanley is set to report third-quarter earnings before the opening bell Wednesday. Here's what Wall Street expects:Earnings: $1.58 a share, according to LSEGRevenue: $14.41 billion, according to LSEGWealth management: $6.88 billion, according to StreetAccountTrading: Equities of $2.77 billion, Fixed Income of $1.85 billion, according to StreetAccountInvestment Banking: $1.36 billion, according to StreetAccountMorgan Stanley has several tailwinds in its favor. Finally, its Wall Street rivals have posted better-than-expected trading results, making it unlikely that the firm missed out on elevated activity. JPMorgan Chase , Goldman Sachs and Citigroup topped expectations, helped by better-than-expected revenue from trading or investment banking.

Persons: Ted Pick, Morgan Stanley, StreetAccount Morgan Stanley, JPMorgan Chase, Goldman Sachs Organizations: LSEG Revenue, Wealth, Investment, JPMorgan, Citigroup Locations: Davos, Switzerland

☆ Google is taking the nuclear option to power soaring demand for AI. Here's why it's such a big deal.
▼ + stars: | 2024-10-15 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

The search giant has struck a deal to bring new nuclear plants online to power its AI data centers. Google became the first tech giant to broker a deal for entirely new nuclear power plants after it unveiled a partnership with industry firm Kairos Power on Monday. AdvertisementGoogle CEO Sundar Pichai had previously hinted that his company was evaluating investment opportunities in nuclear power. That 86-page report didn't mention nuclear power, bar a single endnote. AdvertisementBy one estimate, a search request on OpenAI's buzzy chatbot demands around 10 times as much electricity as a general Google search.

Persons: —, Power, Sundar Pichai, Justin Sullivan, Getty, Michael Terrell, Ethan Mollick, FQtUsE0L9d, lChspwoZjC, OpenAI, Yann LeCun, Sam Altman, Altman Organizations: Google, Service, Big Tech, Wharton, Microsoft, Constellation, Amazon, Talen Energy, Susquehanna, Electric, Helion Energy Locations: East Tennessee, Baltimore, Pennsylvania, Davos, Big

☆ Goldman Sachs to report third-quarter earnings
▼ + stars: | 2024-10-15 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

David Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Goldman Sachs is scheduled to report third-quarter earnings before the opening bell Tuesday. Goldman's asset and wealth management division is also positioned to benefit from rising asset values across markets as rates decline. Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates. Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.

Persons: David Solomon, Goldman Sachs, Goldman, JPMorgan Chase, Wells Fargo Organizations: LSEG Revenue, Trading, Wealth Management, Goldman, JPMorgan, & $ Locations: Davos, Switzerland

☆ ServiceNow to invest $1.5 billion in the UK to localize AI data processing
▼ + stars: | 2024-10-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Beyond local business expansion, ServiceNow also said it would invest the cash into localizing the processing of data for its large language models (LLMs), AI models that rely on vast quantities of training data to be able to understand and generate text like a human. The firm said that it would bring Nvidia GPUs (graphics processing units) to its data centers based in London and the Welsh city of Newport to support processing of data on its LLMs within the U.K. This will help support "domain specific LLMs" for U.K. clients and governments, ServiceNow said. ServiceNow isn't the only tech giant betting big on the U.K. as a global destination for AI innovation. The AI center forms part of a $4 billion investment Salesforce committed to making in the U.K. over five years in June last year.

Persons: Bill McDermott, ServiceNow, Keir Starmer, hasn't, Salesforce Organizations: Nvidia, International Investment Summit Locations: Davos, Switzerland, Britain, London, Welsh, Newport, Europe, United Kingdom

Ian Read, chairman and chief executive officer of Pfizer Inc., gestures as he speaks during a panel session at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 17, 2017. Activist Starboard Value accused Pfizer of threatening litigation against the company's former CEO and CFO in order to get them to break ranks with the investor's nascent turnaround campaign at the pharmaceutical giant. Pfizer shares slipped overnight as news of the two executive's breakaway emerged, and opened down roughly 2.5% in Thursday morning trading. Starboard's Smith said that when the activist approached the two executives, both expressed "concerns" about Pfizer's direction under Bourla and offered to help Starboard in its turnaround campaign. Starboard's Smith and Bourla are slated to meet in person next week, Smith said, confirming earlier reports.

Persons: Ian Read, Pfizer, Jeff Smith, Frank D'Amelio's, Smith, Albert Bourla, Starboard's Smith Organizations: Pfizer Inc, Economic, Pfizer Locations: Davos, Switzerland

☆ OpenAI announces content deal with Hearst, including content from Cosmopolitan, Esquire and the San Francisco Chronicle
▼ + stars: | 2024-10-08 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

OpenAI announced a partnership with Hearst, the media conglomerate behind outlets like the Houston Chronicle, the San Francisco Chronicle, Esquire, Cosmopolitan, Elle and others. "Our partnership with OpenAI will help us evolve the future of magazine content," Hearst Magazines President Debi Chirichella said in a statement. The deal is the latest in a recent trend of media outlets entering into content partnerships with AI startups. OpenAI announced a similar partnership in August with Condé Nast, which owns media brands such as Vogue, The New Yorker, GQ, Vanity Fair and Wired. Reddit also announced a deal with OpenAI in May to allow the ChatGPT maker to train its AI models on the social media company's content.

Persons: Sam Altman, OpenAI, Elle, Debi Chirichella, Condé Nast, Der Spiegel, WordPress.com, Reddit Organizations: Economic, Hearst, Houston Chronicle, San Francisco Chronicle, Cosmopolitan, OpenAI, Vogue, Yorker, GQ, Wired, Media, The Texas Tribune, Time, News Corp, Wall Street, Barron's, New York Post, Center, Investigative, Microsoft, New York Times, Chicago Tribune, New York Daily News, The New York Times, Southern, of, Apple Locations: Davos, Switzerland, U.S, of New York

☆ What screams 'status' on Wall Street? Here's how the movers and shakers of finance are spending their money.
▼ + stars: | 2024-10-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

That said, everyone seemed to agree that the days of logo-forward purchases and other conspicuous signs of wealth are over — even on Wall Street. The industry's movers and shakers are still into name brands but are leaning into those that exude "quiet luxury." And where there are celebrities and influencers, there tend to be Wall Street dealmakers. It's not surprising that high-earners on Wall Street would have second homes (or, in many cases, multiple). The HamptonsThe beach towns of the Hamptons have long been a Wall Street favorite thanks to their proximity to Manhattan.

Persons: —, Ken Griffin, David Solomon, Goldman Sachs, Stephen Schwartzman, Blackstone, Jessica Cadmus, Cadmus, Marie Kondo —, I've, I'd, Zegna, Tom Ford, Claudio Lavenia, Van, Cartier, Jeremy Moeller, Hermes, Gucci, Jeremy Strong, Armani, Max Mara, Celine, Bottega, It's, it's, Sean Zanni, Wall Streeters Organizations: Service, Goldman, JPMorgan, Business, Paris Olympics, Bloomberg, Citadel, Anadolu, Getty, Wall Street, Street, BI, Wall, HBO, Hamptons Locations: Queens, New York, New York City, Africa, Costa Rica, Bottega Veneta, Manhattan, Montauk, Nantucket, Cape Cod, East Hampton , NY, Hudson

☆ OpenAI CEO Sam Altman shares his No. 1 strategy for living without regrets: You should 'put a huge premium' on it
▼ + stars: | 2024-09-17 | by ( Jennifer Liu | ) www.cnbc.com time to read: +2 min

Sam Altman, CEO of OpenAI, during a panel session at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. He may not have known it at the time, but in 2005 Sam Altman took a risk that changed the trajectory of his career. It "seemed like a really fun thing to try," Altman, 39, told students during an interview at his alma mater, the St. Louis-area John Burroughs School. On the other hand, a one-way door risk is harder to undo. The risky thing is to not go try the things that might really work out.

Persons: Sam Altman, That's, Altman, OpenAI Altman, Jeff Bezos, Lex, Bezos Organizations: Economic, John Burroughs School Locations: Davos, Switzerland, Stanford, Louis

☆ Inside $178 billion Man Group's Oxford gathering: Academic hotshots, internal rising stars, and $25 trillion in institutional capital
▼ + stars: | 2024-09-17 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewEven when compared to the impressive and lengthy history of the University of Oxford, this week's gathering at Trinity College is noteworthy. Academics, nerds, and rising starsThe speakers over the two-plus days are roughly half Man employees and half external invitees. The firm balances the external speakers — from finance and other disciplines — with a line-up of Man executives and internal rising stars who are working on something that ties into the overall theme. Oxford offers plenty of advantages for the firm's leadership to get to know the decision makers at these firms.

Persons: —, Tom Holland, Steven Desmyter, Milken, Desmyter, there's, Holland, Morgan Stanley, Clare Woodman, John Curtice, Jamie Dimon, Goldman Sachs, Lloyd Blankfein, Mike Lynch, Sumant Wahi, Vinayak Kumar, It's Organizations: Service, University of Oxford, Trinity College, Business, Ashmolean Museum, BBC, Morgan Stanley EMEA, Oxford, Oxford Man Institute, Union House Locations: British, Davos, Hawaii, Sydney, Sicilian, it's, Rhodes House, Trinity, New York, London, Dubai

☆ What is ‘founder mode?’ The meaning behind the latest Silicon Valley buzzword
▼ + stars: | 2024-09-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —The battle over “founder mode” versus “manager mode” is one of those manufactured dramas that only a small segment of the world cares about — like going to Davos or Cannes or the Vanity Fair Oscar Party. The idea is that a founder knows their company the way a parent knows their child. Graham doesn’t really define founder mode because every founder and every firm is different. I’ll offer another: Ray Dalio, the founder of Bridgewater, one of the world’s biggest hedge funds. The most successful “founder mode” guys (they’re almost all male, as far as I can tell) seemed to always have a trusted manager by their side.

Persons: CNN Business ’, Paul Graham, Graham, ” Graham, Brian Chesky, Chesky, Steve Jobs, It’s, Graham doesn’t, Jobs, Jeff Bezos, Elon Musk, Nvidia’s Jensen Huang, Ray Dalio, narc, Rob Copeland, ”, Rich Hagberg, Ashley Herd, Jessica Lessin, “, Tim Cook Organizations: CNN Business, New York CNN, Bridgewater, New York Times, LinkedIn Locations: New York, Davos, Cannes, Silicon Valley

☆ Stocks making the biggest moves midday: Palantir Technologies, Summit Therapeutics, JetBlue Airways and more
▼ + stars: | 2024-09-09 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading: Palantir Technologies , Dell Technologies — Palantir and Dell jumped 14% and nearly 4%, respectively, following the announcement after the bell Friday that both stocks would join the S & P 500 before the open on Sept. 23. Palantir is set to take American Airlines' spot, while Dell is going to replace Etsy. JetBlue Airways — The airline stock popped around 7% after Bank of America analyst Andrew Didora upgraded the firm to neutral from underperform. Cannabis stocks — Cannabis stocks moved higher after former President Donald Trump said in a Truth Social post that he will support legalizing adult marijuana use in Florida. A logo outside the Palantir Technologies pavilion ahead of the World Economic Forum in Davos, Switzerland, on Jan. 15, 2024.

Persons: Dell, Merck's, Andrew Didora, Didora, Arm's, Donald Trump, —, Alex Harring, Hakyung Kim, Yun Li, Jesse Pound, Michelle Fox, Stefan Wermuth Organizations: Palantir Technologies, Dell Technologies, American Airlines, Etsy, Therapeutics, Merck, JetBlue Airways —, Bank of America, JetBlue, Boeing, Citi, Federal Reserve, Arm Holdings, Financial, Apple, Monday, United States Steel, JPMorgan, Nippon Steel, Tilray Brands, Cannabis ETF, Economic, Bloomberg, Getty Locations: Florida, Davos, Switzerland

☆ Microsoft dodges in-depth UK probe into hiring of staff from AI firm Inflection
▼ + stars: | 2024-09-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Mustafa Suleyman, co-founder and chief executive officer of Inflection AI UK Ltd., speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. In March, Microsoft announced the hiring of Suleyman from Inflection, along with a number of other key employees at the firm. Suleyman was appointed Microsoft's executive vice president and CEO of Microsoft AI. The CMA had not previously spelled out exactly how the hiring of Inflection AI employees could undermine competition. The Inflection arrangement isn't the only pact with a Big Tech company and AI startup that regulators in the U.K. are assessing.

Persons: Mustafa Suleyman, DeepMind, Suleyman, Karen Simonyan, Simonyan Organizations: Ltd, Economic, LONDON, U.K, Markets Authority, Microsoft, Windows, DeepMind, Google, CMA, CNBC Wednesday, Reuters, Street Journal, Big Tech, Amazon, Federal Trade Commission Locations: Davos, Switzerland, U.S, Britain, Redmond, Washington

☆ Workday stock gains as software provider widens 2027 margin target
▼ + stars: | 2024-08-23 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Subscription revenue growth grew 17%. With respect to guidance, Workday is now looking for an adjusted operating margin of 25.25% in the 2025 fiscal year, compared with the 25% forecast it provided in May. In September 2023, Workday said it was targeting a 25% adjusted operating margin for fiscal year 2027 and subscription revenue growth between 17% and 19%. Deutsche Bank analysts led by Brad Zelnick increased their 12-month price target on Workday stock to $275 from $265. "The increased 30% operating margin target was the big upside surprise as it is now committed both sooner and greater than most were expecting," the analysts wrote.

Persons: Carl Eschenbach, Zane Rowe, Rowe, We're, Brad Zelnick, Piper Sandler, Jerome Powell, Carl Eschenbach didn't, Julie Biel Organizations: Deutsche Bank, Citi, Evercore ISI, Computing Fund Locations: Davos, Switzerland

☆ Cisco shares have best day since 2020 on earnings beat, plans to cut 7% of workforce
▼ + stars: | 2024-08-15 | by ( Todd Haselton | ) www.cnbc.com time to read: +3 min

Cisco CEO Chuck Robbins participates in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2023. Cisco shares jumped about 7% on Thursday for their best day since November 2020, after the computer networking company said it's cutting 7% of its workforce and reported quarterly results that beat analyst estimates. Cisco reported $13.64 billion in revenue for the quarter, ahead of Wall Street estimates of $13.54 billion. Revenue fell 10% from the year-ago quarter, marking the third straight quarter of sales declines. WATCH: Cisco CEO Chuck Robbins on Q4 results

Persons: Chuck Robbins, Morgan Stanley, CNBC's, Robbins, — CNBC's Michael Bloom, Ari Levy Organizations: Cisco, Bloomberg, Economic, Revenue, Bank of America Locations: Davos, Switzerland

☆ Uber reports better-than-expected results for second quarter
▼ + stars: | 2024-08-06 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

For the third quarter, Uber expects bookings of $40.25 billion to $41.75 billion. Uber's "monthly active platform consumers" (MAPCs) reached 156 million in the second quarter with 2.77 billion trips via the Uber platform. This compares to 137 million MAPCs and 2.28 billion trips during the same period a year ago. Uber also reported $1.02 billion in net income for the quarter, which included a $333 million pre-tax benefit from "revaluations of Uber's equity investments." The companies also plan "to collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform," Uber said on Tuesday.

Persons: Dara Khosrowshahi, Uber, Gross, Instacart, Tesla Organizations: Uber, LSEG Revenue, Bank of America Locations: Davos, Switzerland, Europe, Latin America, U.S

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