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☆ Here are Tuesday's biggest analyst calls: Nvidia, Tesla, Apple, Meta, Alphabet, Amazon, RH, Netflix & more
▼ + stars: | 2024-07-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Tuesday's biggest calls on Wall Street: Goldman Sachs reiterates Alphabet and Meta as buy Goldman said it's sticking with its buy rating on shares of Alphabet and Meta. Bank of America reiterates Apple as buy Bank of America said its checks show App Store revenue increasing for Apple. KeyBanc reiterates Nvidia as overweight KeyBanc said it's sticking with its overweight rating on Nvidia shares. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating on Tesla shares. " "We initiate coverage on JMIA with a Buy rating and a PT of $14."

Persons: Goldman Sachs, Goldman, Stifel, Jefferies, TD Cowen, it's, Piper Sandler, Piper, KeyBanc, Raymond James, Exscientia, Cowen, Morgan Stanley, Wolfe, Markel, it's bullish, Robinson, Tesla Organizations: Amazon, Netflix, YouTube, Mobile, Bank of America, " Bank of America, Apple, Nvidia, UBS, Group, Citizens, Investment, Ventures, Mizuho, First Bancorp, of America, JPMorgan, Technologies, Pan Locations: destocking, UW, F3Q, SensorTower, BRX, Puerto Rico, Pan -

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMeet the AI-powered robots Big Tech is betting can solve the global labor crisisHumanoid robots are catching the attention, and billions of investment dollars, from Big Tech companies like Amazon, Google, Nvidia, Tesla and Microsoft. Powered by AI, these bots have seen quantum leaps in what they're capable of in just the past few years. CNBC's Kate Rooney speaks with Agility Robotics, Apptronik, Sanctuary AI and others to explore the rise of these AI-driven humanoids, if they're a cure-all for our global workforce problems, or if this is yet another tech bubble.

Persons: CNBC's Kate Rooney Organizations: Big Tech, Google, Nvidia, Tesla, Microsoft, Robotics

☆ 5 hot spots where San Francisco's startup founders, VCs, and tech workers hang out
▼ + stars: | 2024-07-08 | by ( Sri Muppidi | ) www.businessinsider.com time to read: +8 min

Here are five "third places" where San Francisco's founders, VCs, and tech workers are gathering. GroundfloorGroundfloor Sri MuppidiFounded in 2021, Groundfloor is a brightly lit community space located in the heart of San Francisco's Mission neighborhood. The space also doubles as a social space. AdvertisementThe Center SFThe Center SF The Center SFThe Center SF is a community hub located in a large Victorian house. The community space is funded entirely by donations.

Persons: —, Francisco, Ray Oldenburg, Sean Ang, Ang, Elizabeth Young, Max Wolff, they've, Zack Wexler, San Francisco Baybay Organizations: Service, Tech, San Francisco, Business, Groundfloor, Club, San, San Francisco Standard, Visitors Locations: San, Hayes Valley, Muppidi, Francisco's, Groundfloor, San Francisco

Artificial intelligence has been a big boon for San Francisco real estate. The vacancy rate for San Francisco office space reached a fresh record of 34.5% in the second quarter, according to a report Monday from commercial real estate firm Cushman & Wakefield. "San Francisco is certainly the center of AI, but AI is not going to save the San Francisco commercial real estate market," Sammons said. Vacant office space across San Francisco for the quarter totaled 29.6 million square feet, Cushman & Wakefield said. WATCH: Commercial real estate vacancies in San Francisco are at an all-time high

Persons: OpenAI, Robert Sammons, Anthropic, Sammons, That's, Cushman & Wakefield Organizations: San, Tech, Microsoft, Cushman &, San Francisco, Wells Locations: San Francisco, Wakefield, Mission, Cushman & Wakefield, Francisco, Wells Fargo, Cushman

☆ We're trimming two tech stocks to lock in massive gains of 150% and 94%
▼ + stars: | 2024-07-08 | by ( Jeff Marks | ) www.cnbc.com time to read: +2 min

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer's, Palo, Jim Cramer, Jim Organizations: Palo Alto Networks, Meta, CNBC Locations: billings

☆ Paramount's new owner says he's building a tech company. Come again?
▼ + stars: | 2024-07-08 | by ( Peter Kafka | ) www.businessinsider.com time to read: +6 min

But he is definitely leaning on the idea that he's building a media company that is also a tech company. That's partly because David Ellison isn't a tech mogul. But this reminds me a bit of the 2015 era when digital publishers like BuzzFeed and Vox Media told investors they weren't media companies but tech companies that made media. The bigger problem with the tech + media pitch isn't that tech and media aren't intertwined. AdvertisementThe real problem that Paramount — and just about every other big media company — has these days isn't that its tech isn't good enough.

Persons: —, David Ellison, Ellison, he's, David Ellison's, Larry Ellison —, We've, David Ellison isn't, Steve Jobs, Jobs, John Lasseter, it's, He's, Lasseter, That's, Rich Greenfield, It's Organizations: Service, Hollywood, Paramount, Media, Technology Enterprise, Business, Oracle, Apple, Pixar, Disney, Vox Media, Netflix, YouTube, Lightshed

☆ ‘We don’t want to leave people behind’: AI is helping disabled people in surprising new ways
▼ + stars: | 2024-07-08 | by ( Clare Duffy | ) edition.cnn.com time to read: +7 min

But advancements in AI technology are already beginning to remove the need for volunteer helpers on the other end. Applications for blind users are just one area where AI is helping to advance what’s known as “assistive technology,” tools designed to help people who are disabled or elderly. New generative AI tools are especially promising for accessibility applications because they’re designed to understand and produce information in various formats, including text, audio, photos and videos. The effort, called the Speech Accessibility Project, involves collecting recordings from volunteers with conditions such as Parkinsons, Down Syndrome, ALS and other disabilities that can affect speech. “We don’t want to leave people behind … technology in general has the ability to level the playing field,” Andersson said.

Persons: Matthew Sherwood, Sherwood, Chris, OpenAI, ” Sherwood, Eve Andersson, Google’s, ” Andersson, ”, Clarion Mendes, ” Mendes Organizations: New, New York CNN, Google, Apple, Tech, CNN, Big Tech, Microsoft, University of Illinois, Clarion Locations: New York, University of Illinois Urbana, Champaign

☆ Media, tech titans head for Sun Valley with streaming alliances top of mind
▼ + stars: | 2024-07-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +8 min

In past years, media companies chased high subscriber numbers in an attempt to best each other. Nathaniel S. Butler | National Basketball Association | Getty ImagesWith the NBA's media rights negotiations still ongoing, sports will remain a topic of conversation at this year's gathering. League commissioners, especially the NFL's Roger Goodell, are often attendees of the Sun Valley conference. Discovery has been weighing whether to match a competing offer for the media rights as the league looks to finalize smaller package deals. Sports remain the glue holding the traditional pay-TV bundle together, and has proven invaluable for streaming services, too.

Persons: Drew Angerer, Discovery's David Zaslav, Bob Iger, Dana Walden, Alan Bergman, Josh D'Amaro, Hugh Johnston, Ted Sarandos, Greg Peters, Andy Jassy, Jeff Bezos, Tim Cook, it's, Shari Redstone, Neil Begley, Redstone, David A, Barry Diller —, Paramount —, Jeff Shell, Max, Jonathan Miller, Begley, Sun, Mark Boidman, Dwyane Wade, Nathaniel S, Butler, Roger Goodell, Miller, Donald Trump, Joe Biden, Andrew Harnik Organizations: Getty Images Media, titans, Allen, Co, Warner Bros, Netflix, Apple, Amusements, Paramount Global, Paramount, Moody's Investors Services, Co . Media, Technology Conference, Grogan, CNBC, Media, Shell, Disney, Hulu, ESPN, Fox Corp, Integrated Media, Hollywood, Solomon Partners, Sports, NBA, National Basketball Association, Getty, League, Sun, NFL, YouTube, Amazon Locations: Sun Valley , Idaho, Sun, Idaho, Atlanta

☆ America must love Little Tech too if it wants to stay on top, say Marc Andreessen and Ben Horowitz
▼ + stars: | 2024-07-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +1 min

Marc Andreessen and Ben Horowitz would like to think startups can play a key role in that process. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMarc Andreessen and Ben Horowitz have been fretting about 21st-century America. Simply, the agenda is about "Little Tech" startups, as opposed to Big Tech companies such as Apple, Google, and Meta. The opportunities that Little Tech presents — and the threats it faces — must be fully understood if America wants to stay on top, the investors argue.

Persons: Marc Andreessen, Ben Horowitz, —, A16z Organizations: Service, Tech, Big Tech, Apple, Google, Meta, Little Tech, Business

☆ How CEOs like Bernard Arnault and Tim Cook decorate their offices
▼ + stars: | 2024-07-07 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

Read previewFrom priceless artwork to "Star Wars" memorabilia, you can tell a lot about a chief executive by how they decorate their office. Their high salaries, and even higher net worths, mean CEOs have the power to deck their workspaces out with more than everyday knickknacks. Here's how they decorate the spaces where they run their companies,AdvertisementBernard ArnaultLVMH CEO Bernard Arnault's office design matches the luxury empire her runs. ERIC PIERMONT/AFP/Getty ImagesWith a net worth of $201 billion, according to Bloomberg, LVMH top boss Bernard Arnault has very expensive taste. Tim CookApple CEO Tim Cook pays homage to Robert F. Kennedy with his office decor.

Persons: —, Mark Zuckerberg, Salesforce's Marc Benioff, Bernard Arnault, Bernard Arnault's, ERIC PIERMONT, Louis Vuitton, Dom Pérignon, Dior, Andy Warhol, Tim Cook, Robert F, Kennedy, Justin Sullivan, Jenny Chang, Rodriguez, Cook, Marc Benioff, Kevin Dietsch, Forbes, Benioff, Princess Leia, Darth Maul, Sully, Mark Zuckerberg Mark Zuckerberg, Jeff Bottari, Zuckerberg, didn't, We've, it's Organizations: Service, Business, Getty, Bloomberg, Eiffel, Apple, Auburn University, UFC, Facebook Locations: AFP, Paris, Alabama, Cupertino, mater, Hawaii, San Francisco, Las Vegas

☆ Paramount Agrees to Merge With Skydance
▼ + stars: | 2024-07-07 | by ( Benjamin Mullin | Lauren Hirsch | ) www.nytimes.com time to read: +1 min

Paramount’s board on Sunday signed off on a deal to merge with Skydance, according to two people familiar with the negotiations, ushering in a new era for CBS, Nickelodeon and the film studio behind the “Top Gun” and “Mission: Impossible” franchises. Ms. Redstone, Paramount’s board chair, is cashing in much of her ownership in the company she fought to preserve and control. David Ellison, the tech scion behind Skydance, will become the top power broker at Paramount. The Ellisons’ considerable resources was a major selling point for the Redstones, who were seeking to fortify Paramount for the long-term. Paramount has tried to replace its fading cable TV enterprise with streaming businesses like Paramount+, but those efforts are still nowhere near as profitable as traditional TV operations.

Persons: David Ellison, Ellison, Larry Ellison Organizations: Sunday, CBS, Nickelodeon, Paramount, Oracle, Netflix Locations: Hollywood

☆ Tech workers look like the real winners of the AI talent war
▼ + stars: | 2024-07-07 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

Big Tech firms such as Google and Microsoft are competing for top AI talent. But workers may be the real winners of the battle as they're securing bigger compensation packages. AdvertisementTech companies are embroiled in an intense war for top AI talent. "AI talent is in high demand, with companies offering impressive compensation. This competitive market is pushing up salaries and providing attractive financial incentives for tech workers," Srinivasan said.

Persons: —, Ram Srinivasan, JLL, Srinivasan Organizations: Big Tech, Google, Microsoft, Service, Tech, Meta, Business Locations: Levels.fyi

☆ This Gen Xer thought he was too old to work at Google. Then he landed a $320,000 job at the tech giant without applying.
▼ + stars: | 2024-07-07 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

But a few months ago, Boardman was working at Boston Consulting Group and had taken the tech giant on as a client. But he was also surprised by the offer, as he thought he was too old to be taken on by a company like Google. Related storiesBut it's still possible to get a Big Tech job at a later stage, as Boardman proves. Boardman suggests networking throughout your career and attending professional events to make connections and get to know the people at companies you're applying to. AdvertisementDon't get complacentBoardman didn't stumble into a job at Google — he's been working for this moment his whole career.

Persons: —, Mark Boardman, Boardman, he'd, it's, pigeonhole, who's, he's, That's Organizations: Service, Google, Business, Boston Consulting Group, —, Big Tech, US, Labour, Companies Locations: London

☆ Bank of America's global 'Best of Breed' portfolio is trouncing the market. Here's what's in it
▼ + stars: | 2024-07-05 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Investors looking for outperformance in the third quarter may want to check Bank of America's global "Best of Breed" portfolio. Its third-quarter Best of Breed list is heavily exposed to tech, with the sector netting a 64% portfolio weighting. Here are some of the stocks in the portfolio: Nvidia made the list after a monstrous run this year, surging about 159%. The firm reiterated its overweight rating and raised its price target to $144 from $116 in a Monday note. The firm sees revenue growth accelerating in the second half of this year and operating income growth inflecting in 2025.

Persons: Morgan Stanley, Shopify, BofA, Tyler Radke, NetEase Organizations: America's, Nvidia, Apple, Microsoft, Citi, U.S, Palantir Technologies Locations: U.S, China

☆ I'm a tech CEO who moved from California to Nevada after my home was burglarized. I feel safer in Las Vegas, which has nearly everything San Francisco had and more.
▼ + stars: | 2024-07-04 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +5 min

Liaw founded the Vegas Tech Summit, a multi-day tech conference promoting Vegas as a burgeoning tech center. It's not the same San Francisco as before. AdvertisementI had been living in San Francisco for about 15 years before I moved. The Bay Area had so much to offer, including a thriving entrepreneurial and tech ecosystem that made very smart people smarter. I don't appreciate it when people turn it into a homelessness issue because San Francisco has had homeless people before and found ways to provide services.

Persons: —, Teddy Liaw, Liaw, San, It's, it's, San Francisco, I've, Vegas Organizations: Service, Vegas Tech Summit, Business, Vegas, Mount, Area, Vegas Tech Locations: San Francisco, Summerlin , Nevada, Las Vegas, Bay, Vegas, It's, Angeles , Washington State, Texas, California, Mount Charleston

☆ SoftBank stock hits its first record high in 24 years — Arm and AI helped it get there
▼ + stars: | 2024-07-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +7 min

The rise of the internet and of Yahoo pushed SoftBank's stock to a peak closing price of 10,111.1 yen on Feb. 18, 2000. After lingering near then-record highs in March 2021, SoftBank's stock fell sharply, alongside other global tech stocks. "Softbank Vision Fund had to write down various investments due to a combination of equity values declining and a tougher private financing environment. Dan Baker, senior equity analyst at Morningstar, said a lot of SoftBank's price appreciation comes down to Arm. Baker said the SOTP valuation remains just under 50% this year, meaning SoftBank's stock does not truly reflect the value of its various businesses and investments.

Persons: Kosuke Okahara, Masayoshi Son, Softbank, SoftBank, Son, Oliver Matthew, Paul Golding, Golding, Dan Baker, I'm, Baker, " Baker, . Organizations: ARM, SoftBank, Bloomberg, Getty, Yahoo, Vision, Vision Fund, Beijing, CNBC, Macquarie U.S, Morningstar, Nikkei Locations: Tokyo, British, Japan, U.S, Alibaba

☆ Apple and Microsoft seem to be playing very different games with their OpenAI deals
▼ + stars: | 2024-07-04 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

In the 1990s, Apple watched as Bill Gates took Windows global, giving Microsoft absolute dominance over the nascent PC market. Apple's OpenAI dealWhen Apple revealed a partnership with OpenAI at its Worldwide Developers Conference (WWDC) in June, questions swirled about the terms of the long-rumored tie-up. AdvertisementApple's new suite of AI features revealed at WWDC, dubbed Apple Intelligence, hardly relies on OpenAI's technology. ChatGPT is more of an add-on that Apple users can choose to give, or refuse, permission to respond to queries. The success of Apple's OpenAI tie-up could come down to how many people are willing to buy new iPhones.

Persons: —, Apple, Bill Gates, Steve Ballmer, Steve Jobs, Gates, Phil Schiller, Sam Altman's, Apple's, Apple isn't, OpenAI, Satya Nadella, Nadella, Yann LeCun, it's Organizations: Service, Microsoft, Business, Bloomberg, Apple, Big Tech, OpenAI, Worldwide Developers, Google . Apple Intelligence, Google, Apple Intelligence Locations: OpenAI

☆ Germany blocks sale of VW gas turbine business to China
▼ + stars: | 2024-07-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London/Berlin CNN —Germany has blocked the sale of a Volkswagen subsidiary to China on national security grounds, delivering a fresh blow to the already tense relationship with its biggest trading partner. MAN Energy Solutions, part of the Volkswagen Group, said in June 2023 that it planned to sell its gas turbines business to Chinese state-owned CSIC Longjiang GH Gas Turbine Co (GHGT). But a German government review, initiated in September, raised concerns that China might use the gas turbines to power warships, according to Reuters. In November 2022, Germany blocked the sale of one of its semiconductor factories to a Chinese-owned tech company, also citing security concerns. “(We) will now initiate a structured process to close-down the gas turbine division, which will take place over the coming months,” the company added in a statement shared with CNN.

Persons: Robert Habeck, ”, Nancy Faeser Organizations: Berlin CNN —, Volkswagen, MAN Energy Solutions, Volkswagen Group, GH Gas Turbine Co, Reuters, European Union, Ukraine —, China’s Ministry of Foreign Affairs, CNN Locations: Berlin, Berlin CNN — Germany, China, Beijing, Germany, Russia, Ukraine

☆ The AI boom will push America's shaky power grid to its limit
▼ + stars: | 2024-07-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

The artificial intelligence boom is straining America's power grid. All three trends have sparked ongoing concerns about the power-hungry nature of new technologies as they push America's shaky power grid to the limit. And with hundreds of millions of users already interacting with AI tools like ChatGPT, the power demand for AI technologies is only set to rise. Bank of America put into perspective the challenges faced by the power grid as it grapples with surging demand from AI data centers. AdvertisementSome eye-opening stats about the US power grid cited by Bank of America include:"The US grid produces 1,250 gigawatts (GW) of electricity from 9,200 generating units.

Persons: Baird, Ted Mortonson, —, Mortonson, Goldman Sachs Organizations: Service, Bank of America, Oracle, Wall Street Journal, Constellation Energy, Xcel Energy, NextEra, Southern Co Locations: Michigan, Pennsylvania, East, NextEra Energy

☆ AI is amplifying social media disinformation — and making Big Tech civilly liable may be the key to stemming it
▼ + stars: | 2024-07-04 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +11 min

AI-generated so-called deepfakes are only exacerbating the problem and making it easier than ever to spread disinformation and misinformation via social media. Social media companies are protected from civil liability under a US lawSocial media has largely gone unregulated since its birth nearly three decades ago. So what's been the struggle for the government to address the issue of disinformation and misinformation on social media head-on? Related storiesMcQuade proposed amending Section 230 in order to hold social media companies accountable under certain circumstances. Major social media companies have their own misinformation policiesMany major social media companies, including Meta, TikTok and X, have their own policies when it comes to tackling misinformation and disinformation.

Persons: —, Barbara McQuade, McQuade, we've, what's, Gautaum Hans, Hans, there's, Donald Trump, Joe Biden, Biden, We've, abetted, Meta, Taylor Swift, Elon Musk Organizations: Service, United, Business, University of Michigan, US Department of Homeland Security, ABC News, Social, Communications, Big Tech, Cornell University, Republican, Democratic, US, Twitter, Google, Meta, Elon

☆ McGhee: AI isn't a bubble because today's tech companies are actually profitable
▼ + stars: | 2024-07-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMcGhee: AI isn't a bubble because today's tech companies are actually profitableTiffany McGhee, CEO and CIO of Pivotal Advisors, discusses what's driving markets to record highs.

Persons: McGhee, Tiffany McGhee

☆ A new twist in Apple's deal with OpenAI
▼ + stars: | 2024-07-03 | by ( Erin Snodgrass | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +1 min

Apple gets an observer role on OpenAI's board as part of the companies' partnership, per Bloomberg. The arrangement raises Apple to Microsoft's level within the AI startup, according to the outlet. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Users who prefer not to use ChatGT will be able to opt-out of the features, Business Insider previously reported. This story is available exclusively to Business Insider subscribers.

Persons: Phil Schiller, —, Apple Organizations: Apple, Bloomberg, Service, Microsoft, Business

☆ There are 3 new types of fintech consumers. Here's who they are and what they want from their banking experience.
▼ + stars: | 2024-07-03 | by ( Sponsor Post | Sponsored Visa | ) www.businessinsider.com time to read: +6 min

Relevance to this demographic starts with understanding the subtle nuances among these three different groups of fintech consumers. Fintech Pioneers: the big spendersYoung affluent consumers are embracing a variety of payment methods, from cryptocurrency accounts to cross-border payment accounts. The technology revolution in banking lets these "Fintech Pioneers" accrue benefits and manage their finances in an efficient way that doesn't disrupt their lifestyles. They don't want to constantly vet new fintech solutions, or risk encountering technical glitches that can jeopardize their finances. The combination indicates their embrace of age-old exchange methods while still being open to fintech and new payment methods.

Persons: Fintech isn't, it's, aren't, They're Organizations: Fintech, Tech, Visa's, Insider Studios, Visa

☆ Elon Musk and Tesla are on the rise after a brutal start to the year
▼ + stars: | 2024-07-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, a tough sales report for Tesla can't slow the EV maker's turnaround . After a dreadful start to the year, the EV maker has been running on all cylinders on a full charge. Tesla's polarizing CEO also notched a massive victory when investors approved Elon Musk's $55 billion pay plan . But what is new at Tesla, and what sparked the company's recent market rally, are big promises from its CEO. As automakers reconsider their EV strategy , Tesla has figured out how to build cars cheaper than anyone else .

Persons: —, I'm, Tesla, Jordan Strauss, Chelsea Jia Feng, Insider's Nora Naughton, BI's Filip De Mott, hasn't, Karol Serewis, Musk's, Nora, it's, he's, Musk, Apu Gomes, Steve Cohen's Point72, Ken Griffin's, Mark O'Hare, Larry Fink, execs, Marc Benioff, trouncing, It's, Jenny Chang, Rodriguez, they've, Morgan Stanley, Beryl, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Business, Chelsea, Wall, Elon Musk's, Getty Images, Getty, Ken Griffin's Citadel, BlackRock, EU, Google, YouTube Locations: Wick, Jamaica, New York, London

☆ A global tax war is looming. It could hit Big Tech hard
▼ + stars: | 2024-07-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —A stalemate in Washington could destroy a landmark tax deal that was painstakingly hammered out among 140 countries over the better part of a decade. Some analysts say that the United States’ inability to ratify the deal could lead to a tax war among the richest nations that would hit tech behemoths like Google, Apple, Meta and Amazon particularly hard. Canada recently implemented a local tax on the world’s largest tech companies, something the OECD treaty had sought to avoid. New Zealand has also said it will implement its own digital services tax on large multinational companies beginning in 2025. The FTC also said that documents showed that competing mattress suppliers would lose access to its most important retail channel.

Persons: Donald Trump, he’s, Manal Corwin, ”, Megan Funkhouser, won’t, Alicia Wallace, Economists, Ramishah Maruf, Tempur Sealy, —, Foster Organizations: CNN Business, Bell, New York CNN, Apple, Meta, Economic Co, Development, OECD, Biden, Republicans, Finance, OECD’s, Tax, Administration, Information Technology Industry Council, CNN, Bureau of Labor Statistics ’, Labor, Labor Statistics, Federal Trade Commission, United, FTC, Pedic, Sealy Locations: New York, Washington, United States, Canada, Zealand, New Zealand, Stearns

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