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Musk is now worth about $269 billion, according to Forbes, putting him more than $50 billion ahead of good friend and former Tesla board member Larry Ellison, who remains the largest shareholder in Oracle . Tesla shares soared 22% at the close, their second-biggest gain since the company's IPO in 2010. Prior to the earnings announcement, Tesla shares had been slumping and were headed for their worst month since January. But the stock erased its loss for the year and is now up 5% in 2024, compared to the Nasdaq's 23% gain. Tesla reported earnings per share of 72 cents, topping the average analyst estimate of 58 cents.

Persons: Elon Musk, Musk, Larry Ellison, Tesla's, Tesla Organizations: Forbes, Oracle, SpaceX, Twitter Locations: Los Angeles , California, U.S, FSD

☆ CNBC Sport: Adam Silver speaks exclusively, and TKO makes a big bet
▼ + stars: | 2024-10-24 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +21 min

The latter two are new partners (new-ish, at least – NBC is back after losing NBA rights in 2002 ). Warner Bros. Warner Bros. On the record With NBA Commissioner Adam Silver... Silver spoke to me about a lot of issues. Warner Bros.

Persons: Alex Sherman, Adam Silver, Mark Shapiro, we're, Silver, Max, David Zaslav, Luis Silberwasser, Zaslav, Silberwasser, Charles Barkley, Kenny Smith, Shaquille O'Neal, Ernie Johnson, divisiveness, we've, We're, David Stern, Chris Paul, CNBC's Jessica Golden, Gabrielle Fonrouge, Luis Suárez, Lionel Messi, CNBC's Lillian Rizzo, You've, Hurricane Milton, CNBC's Contessa Brewer, Jessica Golden, SeatGeek, Joe Biden Biden, Caitlin Clark, Goldin, LeBron James, Bronny James, Greg Rosenstein, Ari Emanuel, Brendan Mcdermid, Comcast's Organizations: CNBC, WWE, UFC, Endeavor Group, Endeavor, Professional Bull Riders, IMG, Ryder, FIFA, NFL, English Premier League, National Hockey League, Major League Soccer, PBR, NBA, Warner Bros, Disney, Comcast, NBC, Discovery, Big Tech, TNT Sports, Amazon, TNT, Turner Sports, Discovery Communications, Warner Brothers Discovery, Inside, Sony, Los Angeles Lakers, CNBC Sport, Nike, WNBA, MLS, New York Yankees, Los Angeles Dodgers, Twitter, New York Liberty, Indiana, Basketball Players, CBA, Hockey League, NHL, Lululemon, New York Stock Exchange, Reuters Locations: U.S, Hurricane, Tampa , Florida, underwhelmed, New York City

New York Magazine announced Monday that it is parting ways with star political reporter Olivia Nuzzi, whose previously undisclosed personal relationship with Robert F. Kennedy Jr. led to an investigation into her work during the 2024 campaign. This investigation, conducted by the law firm Davis Wright Tremaine, “reached the same conclusion as the magazine’s initial internal review of her published work, finding no inaccuracies nor evidence of bias,” New York Magazine said in a statement on its website. Kennedy’s spokesperson, meanwhile, wrote that the former presidential candidate “only met Olivia Nuzzi once in his life for an interview she requested, which yielded a hit piece.”Nuzzi wrote a profile on Kennedy in November 2023, headlined: “The Mind-Bending Politics of RFK Jr.’s Spoiler Campaign.” Its subheading read: “He’s a conservative. And he could turn the presidential race upside down.”Kennedy dropped out of the race in late August and endorsed Donald Trump. He is the son of the late Attorney General Robert F. Kennedy and is married to “Curb Your Enthusiasm” star actress Cheryl Hines.

Persons: Olivia Nuzzi, Robert F, Kennedy Jr, Davis Wright Tremaine, “, ”, Ari Wilkenfeld, ” Nuzzi, Kennedy, Nuzzi, Kennedy’s, He’s, ” Kennedy, Donald Trump, Cheryl Hines Organizations: New York Magazine, ” New York Magazine, Washington Correspondent, New York Times, RFK Jr

☆ Olivia Nuzzi is out at New York magazine over undisclosed relationship with RFK
▼ + stars: | 2024-10-21 | by ( Liam Reilly | Hadas Gold | ) edition.cnn.com time to read: +4 min

“Nevertheless, the magazine and Nuzzi agreed that the best course forward is to part ways.”“Nuzzi is a uniquely talented writer and we have been proud to publish her work over her nearly eight years as our Washington Correspondent,” the magazine added. Nuzzi said her relationship with Kennedy “turned personal” the following month and ended in August. “The relationship was never physical but should have been disclosed to prevent the appearance of a conflict. I deeply regret not doing so immediately and apologize to those I’ve disappointed, especially my colleagues at New York,” she said in a statement. In a court filing, Lizza said Nuzzi told him that Kennedy had manipulated her and that he wanted to “possess,” “control” and “impregnate” her.

Persons: Olivia Nuzzi, Robert F, Kennedy, Jr, Davis Wright Tremaine, ”, Nuzzi, Ari Wilkenfeld, “, ” Wilkenfeld, Oliver Darcy’s, “ Mr, Kennedy “, fiancé Ryan Lizza, Lizza, impregnate, Simon, Schuster, Brian Stelter, Katelyn Polantz Organizations: New, New York CNN, New York, Washington, Washington Correspondent, New York Magazine, CNN, Politico Locations: New York, New, ” New York, Washington

Valued at $4 billion in 2021, Cerebras is reportedly seeking to roughly double that in its IPO. The customer, G42, is backed by Microsoft , and it's entirely responsible for the $1.43 billion purchase commitment. G42 can pick up $500 million more in Cerebras shares if it commits to spend $5 billion on the company's computing clusters. The major Wall Street banks, for their part, are finding other ways to play in the burgeoning AI infrastructure market. Fitch, who said he sold out of his Nvidia stock years ago, told CNBC that the benefits outweigh the risks.

Persons: Andrew Feldman, Ramsey Cardy, Cerebras, —, David Golden, it's, prepayment, CFIUS, Mike Gallagher, Gina Raimondo, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Young, There's, Peter Thiel, Eva Marie Uzcategui, there's, Thiel, Jim Fitch, Fitch, Feldman Organizations: Cerebras Systems, Nvidia, Revolution Ventures, JPMorgan Chase, Microsoft, AstraZeneca, GlaxoSmithKline, Mayo Clinic, Treasury, Foreign Investment, Reuters, Chinese Communist Party, JPMorgan, Citigroup, Barclays, BDO, KPMG, Deloitte, Ernst, Riverstone Networks, CoreWeave, Clarium Capital Management LLC, Bloomberg, Getty, Mizuho Securities, Venture, CNBC, Devices Locations: Toronto, U.S, Sunnyvale , California, Abu Dhabi, China, Miami , Florida, Los Angeles, Florida

Grabango, a venture-backed startup that was vying to take on Amazon in cashierless checkout technology, is shutting down after it was unable to raise enough money to stay afloat. Based in Berkeley, California, Grabango was seen as one of the primary rivals to Amazon's cashierless checkout offering, called Just Walk Out. Amazon in April pulled its cashierless checkout technology from its U.S. Fresh stores and Whole Foods supermarkets. Glaser said Grabango eschewed shelf sensors in favor of computer vision which put it on a path for "widespread adoption." WATCH: Amazon is making a big bet on selling its cashierless tech to outsiders

Persons: Grabango, Will Glaser, Grabango's, Peter Thiel's, Glaser, Axios, CNBC's Ari Levy Organizations: CNBC, longtime, LinkedIn, Commerce Ventures, Fund, Unilever, Honeywell, Aldi, Amazon, Foods Locations: U.S, Berkeley , California

☆ Why WordPress founder Matt Mullenweg has gone 'nuclear' against tech investing giant Silver Lake
▼ + stars: | 2024-10-05 | by ( Ari Levy | ) www.cnbc.com time to read: +11 min

Automattic founder, Matt Mullenweg Source: AutomatticMatt Mullenweg, who turned 40 in January, has now spent more than half his life working on WordPress. Silicon Valley private equity firm Silver Lake bought a majority stake in WP Engine in 2018, investing $250 million and obtaining three board seats. WordPress took the drastic step of banning WP Engine from using the WordPress resources necessary to serve its customers, which preceded a lawsuit filed on Wednesday by WP Engine against Mullenweg and Automattic. In the post, Mullenweg criticized WP Engine for not contributing enough back to the WordPress ecosystem. A Silver Lake spokesperson said WP Engine was handling all inquiries.

Persons: Matt Mullenweg, He's, —, I've, Mullenweg, he'd, Neal Katyal, Tomasz Tunguz, Tunguz, Automattic, Lee Wittlinger, they're, didn't, Bob Perkowitz, Perkowitz, he's, They've, wouldn't Organizations: WordPress, WP, Silver Lake, CNBC, Theory Ventures, WordPress.org Locations: U.S, WordCamp, Portland , Oregon, Silver, Auotmattic

☆ Venture capitalist Ben Horowitz says he plans to donate to VP Kamala Harris' campaign
▼ + stars: | 2024-10-04 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

Less than three months after announcing plans to contribute to political action committees supporting Donald Trump's presidential campaign, venture capitalist Ben Horowitz says he's donating to Vice President Kamala Harris' election bid, CNBC has confirmed. In a letter to employees of venture firm Andreessen Horowitz, the tech investor said he and his wife, Felicia, have had a longtime friendship with Harris. Horowitz wrote. Their financial support of the Trump campaign was due to what they called a better "little tech agenda." "We do not engage in political fights outside of issues directly relevant to Little Tech."

Persons: Donald Trump's, Ben Horowitz, Kamala Harris, Andreessen Horowitz, Felicia, Harris, Axios, Horowitz, " Horowitz, Harris Walz, Andreessen, haven't, Trump, Biden, he's Organizations: CNBC, Little Tech

☆ Why stocks have a lot more room to rally before hitting a peak, according to a technical analyst
▼ + stars: | 2024-09-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Stock market highs are expected to continue into 2025, according to Oppenheimer's Ari Wald. AdvertisementWald's 6,000 price target for the S&P 500 is based on the median bull market cycle. "The S&P 500 is up 64% over the 23 months between October 2022 and September 2024. And if the current bull market follows the path of the average bull market, stocks could continue to rise through the end of 2025 with the S&P 500 rising to around the 7,000 level. "We view the cycle high for Industrials as confirmation of an intact bull market," Wall said.

Persons: Oppenheimer's Ari Wald, Wald, —, Oppenheimer, Ari Wald, it's, Wall, " Wald Organizations: Service, New York Stock Exchange, ISI Locations: That's

☆ Tesla, Nvidia lead tech-heavy Nasdaq to one of best days of 2024 after Fed rate cut
▼ + stars: | 2024-09-19 | by ( Ari Levy | ) www.cnbc.com time to read: +3 min

Nvidia CEO Jensen Huang presents the Nvidia Blackwell platform at an event ahead of the COMPUTEX Forum, in Taipei, Taiwan, on June 2, 2024. Led by a 7.4% gain in shares of Tesla and a 4% jump in Nvidia , the Nasdaq rose 2.5% on Thursday, its fourth-sharpest rally of 2024. Nvidia, whose processors are powering the generative AI boom and services like OpenAI's ChatGPT, gained 4% on Thursday to $117.87. Su said AI is going to make its way into "all aspects of our lives," including education and drug development. Among the other top tech companies, Apple and Meta also closed with big gains, each rising almost 4%.

Persons: Jensen Huang, Nvidia Blackwell, it's, they're, Lisa Su, Jim Cramer, Su, Tesla Organizations: Nvidia, COMPUTEX, Investors, Federal Reserve, Tesla, Nasdaq, Federal, Market, Microsoft, Oracle, Devices, Broadcom, AMD, Apple, Meta Locations: Taipei, Taiwan

☆ Miley Cyrus is sued for allegedly copying a Bruno Mars song: Explaining the lawsuit
▼ + stars: | 2024-09-18 | by ( Anna Kaplan | ) www.nbcnews.com time to read: +3 min

Lawrence co-wrote “When I Was Your Man” with Mars, Ari Levine, and Andrew Wyatt. Mars is not named as a plaintiff in the suit, and a representative for the singer did not immediately respond to a request for comment from NBC News. More than two dozen other companies accused of distributing the song were also named in the lawsuit. A representative for Cyrus did not immediately respond to a request for comment from NBC News. “It is undeniable based on the combination and number of similarities between the two recordings that ‘Flowers’ would not exist without ‘When I Was Your Man,’” the lawsuit said.

Persons: Miley Cyrus, “, ” Cyrus, Bruno Mars, Philip Lawrence, ’, Lawrence, Ari Levine, Andrew Wyatt, Mars, Cyrus, Bruno Mars ’, Miley Cyrus ’, ”, Cyrus ’, ” Tempo, “ Flowers ” Organizations: Central, Central District of, Investments, NBC News, NBC, Tempo Music Investments Locations: U.S, Central District, Central District of California

☆ Larry Ellison becomes world's second-richest man, dethroning Jeff Bezos as Oracle stock surges
▼ + stars: | 2024-09-16 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Larry Ellison, chairman and co-founder of Oracle Corp., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017. Oracle shares surged more than 6% on Monday, continuing their recently rally and propelling Chairman Larry Ellison to become the world's second-richest person, snatching the title from Amazon founder Jeff Bezos. Bezos, who had been the second-richest person on and off since 2016, is worth $202 billion. The stock surge caused Ellison to briefly pass Bezos as the world's second-richest person on Friday, before the Amazon founder reclaimed the title. Oracle said last week that it would partner with Amazon's cloud computing unit to enable its database services on dedicated hardware.

Persons: Larry Ellison, Jeff Bezos, Forbes, Elon Musk, Ellison, Bezos, Oracle, — CNBC's Jordan Novet, Ari Levy Organizations: Oracle Corp, Oracle, Amazon, Microsoft, Google Locations: San Francisco

☆ Oracle's Larry Ellison briefly tops Jeff Bezos to become world's second-richest person
▼ + stars: | 2024-09-13 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Oracle 's best week on the stock market since 2021 has bolstered Chairman Larry Ellison's net worth, briefly edging him past Amazon founder Jeff Bezos on Friday to become the world's second-richest person. Ellison's net worth reached $208.4 billion shortly after the market open, then fell to $199 billion, according to Forbes' real-time billionaires list. Bezos, who has claimed the title of world's second-richest person on and off over the years, is worth $205 billion. Bezos, 60, and Ellison, 80, are jockeying for the title of world's second-richest person three days after their companies forged a new partnership. "With Oracle Database to be able to run AWS, Microsoft and Google, is incredibly important," Ellison said on the call.

Persons: Larry Ellison's, Jeff Bezos, Forbes, Elon Musk, Ellison, Oracle, Jordan Novet, Ari Levy Organizations: Amazon, Oracle, Nvidia, Microsoft, Google Locations: Las Vegas

Larry Ellison, co-founder, chairman and chief technology officer of Oracle, speaks during the Oracle OpenWorld conference in San Francisco on Oct. 1, 2017. Following a better-than-expected earnings report after the close on Monday, the stock popped 11% on Tuesday. Oracle shares are now up 49% this year, trailing only AI chipmaker Nvidia — up 136% — among large-cap tech stocks. Both companies announced major layoffs in their earnings reports last month. By the standards of high-growth tech, Oracle remains fairly plodding.

Persons: Larry Ellison, It's, Ellison, Elon Musk, Jeff Bezos, Safra Catz Organizations: Oracle, Intel, Cisco, Guggenheim, Nvidia, Forbes, Amazon, Revenue Locations: San Francisco

☆ Palantir soars 14% on software vendor's inclusion in S&P 500
▼ + stars: | 2024-09-09 | by ( Jordan Novet | ) www.cnbc.com time to read: +1 min

Palantir shares popped 14% on Monday and are trading at their highest since early 2021 after the announcement late Friday that the stock is being added to the S&P 500. Palantir and Dell are replacing American Airlines and Etsy , respectively, S&P Global said in a press release. Dell shares rose almost 4% on Monday. To join the S&P 500, a company must have reported a profit in its latest quarter and have cumulative profit over the four most-recent quarters. Tech companies have been capturing a bigger share of the S&P 500, reflecting their growing significance to the broader economy.

Persons: Alex Karp, Palantir, — CNBC's Ari Levy Organizations: Palantir Technologies, Allen, Co . Media, Technology Conference, Dell, American Airlines, P Global, Tech, Micro Computer, New York Stock Exchange Locations: Sun Valley , Idaho

☆ Dell and Palantir to join S&P 500; shares of both jump
▼ + stars: | 2024-09-06 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Dell and Palantir both jumped about 7% in extended trading Friday after S&P Global announced that the companies would join the S&P 500 index. Software maker Palantir will take the place of American Airlines , and Dell is replacing Etsy , according to a statement. Dell told investors Aug. 29 that it saw $3.2 billion in AI server demand in the quarter ended Aug. 2, up 23% from the prior quarter. Palantir has a market cap of over $67 billion, while Dell is valued at over $72 billion. In an early Friday email, the Bank of America trading desk named Workday among its top candidates for S&P inclusion, alongside Palantir.

Persons: Dell, Palantir, Michael Dell, Lake, Alex Karp, it's, Karp, — CNBC's Ari Levy Organizations: P Global, American Airlines, Dell, Micro Computer, New York Stock Exchange, New York Times, Bank of America, & ' $

A little over three years ago, private equity investor Orlando Bravo called FTX the "most cutting-edge, sophisticated cryptocurrency exchange in the world," as his buyout firm helped lead a $900 million investment in the company at a valuation of $18 billion. Bravo now tells CNBC that he and his firm, Thoma Bravo, are permanently out of crypto after that disaster. FTX spiraled into bankruptcy in late 2022, and founder Sam Bankman-Fried is in the early days of serving a 25-year prison sentence for the massive fraud and conspiracy that doomed FTX and sister hedge fund Alameda Research. "Once you make a mistake and once you get burned on something, our philosophy and my philosophy is you never touch it again," Bravo said in an interview on CNBC's "Squawk on the Street" on Thursday. FTX marked a sideways turn for San Francisco-based Thoma Bravo, which has emerged as a giant investor in technology, orchestrating multibillion-dollar acquisitions in recent years of companies including cybersecurity software vendor Proofpoint, property management software company RealPage, finance and supply chain software developer Anaplan and spend management software company Coupa.

Persons: Orlando Bravo, Thoma, spiraled, Sam Bankman, Bravo Organizations: Bravo, CNBC, Thoma Bravo, Alameda Research, San Locations: Alameda, San Francisco

☆ This leaked 2007 DoubleClick pitch deck is set to play a central role in Google's blockbuster adtech antitrust trial
▼ + stars: | 2024-09-04 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +3 min

The deck was obtained by adtech veteran Ari Paparo, CEO of Marketecture Media, which is producing "The Monopoly Report" newsletter to accompany Google's adtech trial. This story is available exclusively to Business Insider subscribers. Business Insider could not confirm with certainty whether this was a final draft. The DOJ and the states are seeking a breakup of Google's adtech business, which could have big ramifications on the broader digital ad market. The case concerns the under-the-hood part of Google's advertising business: The technology that connects advertisers with publishers and that runs the advertising auctions that take place in the milliseconds it takes a webpage to load.

Persons: —, Ari Paparo, Google's, Paparo, DoubleClick Organizations: Service, adtech, Marketecture Media, Business, Yahoo, Microsoft, AOL, Google, US Department of Justice, DOJ, Reuters, Big Tech Locations: Virginia

☆ Why Slurs Are Back in Left-Leaning, Liberal Language
▼ + stars: | 2024-08-23 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +12 min

A few weeks ago, I started asking left-leaning people their thoughts on slurs being peppered into everyday conversations. An inclusive eraKayla Cash, a 31-year-old PR manager, grew up using words she now considers offensive. Some of the language felt ubiquitous; she remembers the 2004 release of "Let's Get It Started," the Grammy-winning Black Eyed Peas hit that was originally released as "Let's Get Retarded." It was billed as discussions between two "bohemian layabouts" who called out performative aspects of progressive politics — while using language more often associated with the right, such as that offensive term for someone with intellectual disabilities. Looser language and new rulesEveryone I talked to for this story had rules for which words they would and wouldn't say.

Persons: It's, I've, Kayla Cash, Cash, Obama, Ari Lightman, Lightman, Seth MacFarlane, Kevin Hart, Robbie Goodwin, would've, Donald Trump, Goodwin, Reagan, who've, Zach Beauchamp, Ezra Klein, Beauchamp, Joe Rogan, Elon Musk Organizations: University of Idaho, Rosa's Law, Twitter, Carnegie Mellon University, New York Times, Yorker, Vox, Democratic Locations: Vietnam, Brooklyn

☆ 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

As U.S. markets opened for trading on Monday, tech's mega-cap companies lost about $1 trillion in market cap, deepening a downturn that sent the Nasdaq into correction territory last week. Nvidia shed more than $300 billion in market cap at the opening bell, though it quickly recovered about half of its loss. The company surpassed $3 trillion in market cap and briefly passed Microsoft and Apple to become the world's most valuable company. Its market cap now sits below $2.5 trillion. A widely-read Goldman Sachs note from June warned that the biggest-spending companies had little to show for their AI expenditures.

Persons: Bitcoin, It's, Mark Zuckerberg, Sundar Pichai, Goldman Sachs Organizations: New York Stock Exchange, Nasdaq, Nvidia, Apple, Microsoft, Nikkei, Google, Elliott Management Locations: U.S, Meta, cryptocurrency

☆ Instead of Taylor Swift on her birthday, daughter of journalist held in Russia gets even better gift — her mom
▼ + stars: | 2024-08-02 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Caroline-Radnofsky-Circle-Byline-Template.Jpg | Caroline Radnofsky | ) www.nbcnews.com time to read: +2 min

Nearly one year ago, the family of Russian-American journalist Alsu Kurmasheva purchased tickets to Taylor Swift’s Eras Tour in Warsaw, Poland, on Friday as a birthday gift for her daughter Miriam. Now Miriam, who turns 13 on Friday, gets to celebrate a more special gift: her mother’s freedom and safe return. From left, Pavel Butorin, Bibi Butorin, Alsu Kurmasheva, and Miriam Butorin at Joint Base Andrews in Maryland on Aug. 1, 2024. “The Taylor Swift tickets were the original birthday gift for Miriam who turns 13 today. Her original birthday gift were these Taylor Swift tickets, but an even bigger present was her mom returning,” he said.

Persons: Alsu Kurmasheva, Taylor, Miriam, Evan Gershkovich, Paul Whelan —, Joe Biden, Kamala Harris, Pavel Butorin, Bibi Butorin, Miriam Butorin, Roberto Schmidt, ” Ari Goldberg, “, Alsu, ” Goldberg, Taylor Swift, ”, It's, Bibi, Kurmasheva Organizations: Radio Free, Radio Liberty, Wall Street, Marine, Joint Base Andrews, AFP, Getty, today’s, RFE, Inc, NBC Locations: American, Warsaw, Poland, Radio Free Europe, Russia, U.S, Maryland, today’s Warsaw

☆ Tech stocks wrap up steepest three-week slump in two years, led by plunge in Amazon and Intel
▼ + stars: | 2024-08-02 | by ( Ari Levy | ) www.cnbc.com time to read: +6 min

Amazon and Apple both reported earnings on Thursday, with Amazon missing on revenue and issuing a disappointing forecast and Apple showing top-line growth of just 5%. The one mega-cap tech company that's yet to release results is Nvidia, which has been the biggest winner in the AI boom. The stock is down 17% over the Nasdaq's three-week slump, though it's still up more than 110% for the year. Intel reported a big earnings miss and announced a mass restructuring that includes eliminating 15% of its staff. CEO Pat Gelsinger told CNBC on Friday that it's the "most substantial restructuring of Intel since the memory microprocessor transition four decades ago."

Persons: Stephanie Keith, Josh Koren, Koren, CNBC's, Brian Olsavsky, Meta, Mark Zuckerberg, Zuckerberg, it's, Pat Gelsinger, INTC, Bernstein Organizations: Nasdaq, Bloomberg, Getty, Labor Department, Musketeer Capital Partners, Apple, Amazon, Microsoft, Mizuho, Meta, Wall, Nvidia, Intel, CNBC, KeyBanc, Markets Locations: New York, freefall, U.S

Delta Air Lines has hired prominent attorney David Boies to seek damages from CrowdStrike and Microsoft following an outage this month that caused millions of computers to crash, leading to thousands of flight cancellations. CrowdStrike shares fell as much as 5% in extended trading on Monday after CNBC's Phil Lebeau reported on Delta's hiring of Boies, chairman of Boies Schiller Flexner. On July 19, a software update from CrowdStrike led to a historic outage of Microsoft systems, knocking numerous industries offline. While no suit has been filed, Delta plans to seek compensation from Microsoft and CrowdStrike, Lebeau reported. Insurance startup Parametrix estimated that the CrowdStrike incident resulted in a total loss of $5.4 billion for Fortune 500 companies, not including Microsoft.

Persons: David Boies, CNBC's Phil Lebeau, Boies Schiller, CrowdStrike, Lebeau, Delta hasn't, Harvey Weinstein, Elizabeth Holmes Organizations: Delta Air Lines, Microsoft, Airlines, Department of Transportation, Delta, U.S, Hollywood, Insurance, Fortune

☆ Earnings Exchange: Digital Realty, Deckers Outdoor, & Norfolk Southern
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings Exchange: Digital Realty, Deckers Outdoor, & Norfolk SouthernAri Wald, Oppenheimer’s head of technical analysis, joins CNBC's 'The Exchange' to discuss three stocks: Digital Realty, Deckers Outdoors, and Norfolk Southern.

Persons: Norfolk Southern Ari Wald, Oppenheimer’s Organizations: Digital Realty, Norfolk Southern, Norfolk Locations: Norfolk Southern

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