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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

☆ 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

As Tesla CEO Elon Musk continues to make lofty promises about his company's future in autonomous driving and robotics, investors keep watching profit margins deteriorate. It's the fourth straight quarter of shrinkage. The company reported just $1.48 billion in net income on revenue of $25.5 billion, which included $890 million in regulatory credits. "Affordability remains top of mind for customers," said Vaibhav Taneja, Tesla's chief accounting officer, on the company's earnings call. Tesla began offering a five-year, zero interest loan offer to spur sales of its EVs in China in April.

Persons: Elon Musk, Tesla, Vaibhav Taneja Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Nasdaq Locations: Beverly Hills , California, China, CnEVPost, Shanghai, Germany

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

☆ Peter Thiel says, 'If you hold a gun to my head I'll vote for Trump' though he isn't backing campaign
▼ + stars: | 2024-06-27 | by ( Ari Levy | ) www.cnbc.com time to read: +1 min

Then-president-elect Donald Trump shakes the hand of Peter Thiel during a meeting with technology executives at Trump Tower, December 14, 2016 in New York City. "If you hold a gun to my head, I'll vote for Trump," Thiel said in an interview on stage at the Aspen Ideas Festival. Thiel donated $1.25 million to Trump's campaign in 2016 at a time when the vast majority of tech money was going to Democratic rival Hillary Clinton. However, Thiel later soured on Trump and said last year that he wouldn't be funding any politician in the 2024 presidential campaign. That's after he spent $32 million on Republican candidates in the 2022 midterm elections with mixed results.

Persons: Donald Trump, Peter Thiel, Donald Trump's, he's, nominee's, Joe Biden, Thiel, I'm, Hillary Clinton, That's, Republican J.D, Vance, Tim Ryan, Republican Blake Masters, Democratic Sen, Mark Kelly Organizations: Trump Tower, Republican, Trump, Aspen Ideas, Democratic, Facebook, Republican National Convention, Apple, Google, GOP, Democratic Rep, Tech Locations: New York City, Ohio, Arizona

Tesla CEO Elon Musk claimed on Thursday that his company's Optimus humanoid robots could eventually make the automaker worth more than half of that. As for shareholder value, Musk said Optimus could be the catalyst for lifting Tesla's market cap to $25 trillion someday. The company, he predicted, will have "over 1,000, or a few thousand, Optimus robots working at Tesla" in 2025. Getting to a $25 trillion market cap would mean that Tesla would be worth about eight times Apple's value today. He did say that autonomous vehicles could get the company to a market cap of $5 trillion to $7 trillion.

Persons: SeongJoon Cho, Elon Musk, Tesla, Optimus, Musk Organizations: Tesla Inc, Seoul Mobility, Bloomberg, Getty, Optimus, Star Wars, EV, world's, Microsoft Locations: Goyang, South Korea, Austin , Texas, Thursday's

☆ Software stocks got pummeled this week after a cluster of troubling earnings reports
▼ + stars: | 2024-06-01 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

And Veeva's CEO said on his company's earnings call that generative artificial intelligence has been "a competing priority" for customers. Add it all up and it was a brutal week for software and enterprise tech. "Every enterprise software company kind of has adjusted" since after the pandemic, Benioff said on his company's earnings call. "Macroeconomic headwinds are still out there," Okta finance chief Brett Tighe said on the company's earnings call. Veeva CEO Peter Gassner cited "disruption in large enterprises as they work through their plans for AI."

Persons: Marc Benioff, Dell, Salesforce, Benioff, Brett Tighe, Daniel Dines, Dines, Rob Enslin, Tomer Weingarten, Peter Gassner, Gassner, Zscaler, Jay Chaudhry, — CNBC's Ari Levy, FBB, Mike Bailey Organizations: Salesforce, Economic, Computing Fund, Dell, Barclays, CNBC Locations: Davos, Switzerland, Paycom, U.S, UiPath, reprioritize

☆ UiPath shares tank 30% after company announces CEO shakeup
▼ + stars: | 2024-05-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Daniel Dines, billionaire and co-founder of UiPath Inc., at the automation software company's offices in Bucharest, Romania, on Thursday, May 20, 2021. UiPath shares plunged more than 30% on Wednesday after the software company said CEO Rob Enslin is resigning effective June 1, and being replaced by co-founder Daniel Dines, who stepped down as co-CEO on Jan. 31. Dines co-founded UiPath in 2005 with Marius Tirca. The company makes software which automates repetitive and "menial" tasks, but its stock has suffered under Enslin's sole leadership. Shares are down 26% year-to-date, after the company debuted in one of the largest U.S. software IPOs ever in 2021.

Persons: Daniel Dines, Rob Enslin, UiPath, Enslin, Dines, Marius Tirca, — CNBC's Ari Levy Organizations: UiPath Inc Locations: Bucharest, Romania, U.S

For most of its 27 years as a public company, Amazon investors have been asked to sacrifice profit for growth. In its first-quarter earnings report on Tuesday, Amazon's operating margin reached double digits for the first time on record. Operating income more than tripled in the quarter to $15.3 billion, while net income also jumped more than 200% to $10.4 billion. Almost two-thirds of operating income for all of Amazon came from AWS, which is now generating over $100 billion in annualized revenue. Operating income will be $10 billion to $14 billion, up from $7.7 billion a year earlier.

Persons: Andy Jassy, Andy, Andy Jassy's, Tom Forte, CNBC's, Brian Olsavsky, Olsavsky, That's, Jassy, he's Organizations: Amazon, Seattle, Maxim Group, Revenue, Amazon Web Services, AWS, Technology, Microsoft, Google Locations: Seattle

Snap shares surged 28% on Friday after the company surprised Wall Street by showing a profit and reported sales and user numbers that exceeded analysts' estimates. The company reported adjusted earnings per share of 3 cents, while analysts were expecting a 5-cent loss. Snap said adjusted EBITDA "exceeded our expectations" and was primarily driven by operating expense discipline, as well as accelerating revenue growth. Snap reported more than 9 million Snapchat+ subscribers for the period. For the second quarter, Snap expects to report revenue between $1.23 billion and $1.26 billion, up from the $1.22 billion expected by analysts, according to StreetAccount.

Persons: Derek Andersen, Evan Spiegel Organizations: Barker, Revenue, Snapchat, Meta Locations: Santa Monica , California

☆ Bitcoin evangelist Michael Saylor has made $370 million from MicroStrategy stock sales this year
▼ + stars: | 2024-04-19 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

Michael Saylor, chairman and chief executive officer at MicroStrategy, during an interview at the Bitcoin 2023 conference in Miami Beach, Florida, US, on Thursday, May 18, 2023. MicroStrategy founder and bitcoin evangelist Michael Saylor entered into a stock-sale plan with his company last summer that allowed him to unload up to 400,000 shares in the first four months of 2024. With the plan more than 90% of the way to completion, Saylor has netted about $370 million from this year's stock sales, thanks to the stratospheric rise in value of MicroStrategy, which is effectively a bitcoin holding company. Saylor is the largest MicroStrategy shareholder, with Class B holdings worth about $2.3 billion. At the end of 2023, Saylor owned another 400,000 Class A shares due to an option he received in 2014.

Persons: Michael Saylor, Saylor, MicroStrategy, unexercised Organizations: CNBC Locations: Miami Beach , Florida

While occupying very different corners of the technology market, Reddit and Astera were the first notable venture-backed tech companies to go public in the U.S. since Instacart and Klaviyo in September. Morgan Stanley was the big winner among banks, having captured the coveted lead left spot on both IPOs. Goldman Sachs led last year's only two big venture-backed offerings, meaning it had been a long dry spell for Morgan Stanley. In the past two years, there have only been 15 tech IPOs total, according to research provided by University of Florida finance professor Jay Ritter. That came after a booming market in 2021, when 121 tech companies went public, the most since the dot-com bubble in 2000.

Persons: hadn't, Morgan Stanley, Goldman Sachs, Jay Ritter, Eric Juergens, Debevoise, Plimpton, Lynn Martin Organizations: New York Stock Exchange, Inc, Astera Labs, University of Florida, Investment, . New York Stock Exchange, CNBC Locations: U.S, Klaviyo, IPOs, .

☆ MicroStrategy shares up 180% this year after debt sale to buy more bitcoin spurs latest rally
▼ + stars: | 2024-03-13 | by ( Ari Levy | ) www.cnbc.com time to read: +3 min

Michael Saylor, chairman and CEO of MicroStrategy, speaks during the Bitcoin 2022 conference in Miami on April 7, 2022. Saylor told CNBC's "Squawk Box" on Monday that bitcoin is going to "eat gold." "The price of bitcoin is going to have to adjust up in order to meet that investor demand," Saylor said. MicroStrategy said in the release that it "used the net proceeds from the sale of the notes to acquire additional bitcoin." As of Monday, Canaccord's analysis showed that MicroStrategy's equity value premium over its bitcoin holdings was 86%.

Persons: Michael Saylor, Saylor, CNBC's, bitcoin, MicroStrategy, Canaccord, MicroStategy Organizations: MicroStrategy, BTC, CNBC Locations: Miami, bitcoin

☆ Larry Ellison is $15 billion richer after Oracle's best day on stock market since 2021
▼ + stars: | 2024-03-12 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

Oracle founder Larry Ellison notched a $15 billion gain on Tuesday after shares of his software company had their best day in over two years and closed at a record. Oracle shares soared 12% to close at $127.54, after the software vendor reported fiscal third-quarter earnings that beat analysts' expectations. "We are building large numbers of data centers and some of those data centers are smallish, but some of those data centers are the largest AI data centers in the world." Over the past year, Oracle shares have now spiked 52%, lifting Ellison's worth by about $50 billion. Unlike Amazon's Jeff Bezos, Larry Ellison has been hanging onto all his stock rather than selling off chunks.

Persons: Larry Ellison, Ellison, Mark Zuckerberg, Warren Buffett, Jeff Bezos, FactSet, hasn't, Bezos Organizations: Oracle Inc, Oracle, Forbes, Boeing Locations: Hamilton , Bermuda, United States

Michael Saylor, chairman and CEO of MicroStrategy, speaks during the Bitcoin 2022 conference in Miami on April 7, 2022. While the long-term safety of bitcoin may still be up for debate, Saylor's strategy has been a hugely lucrative one, particularly this week. Add it up and Saylor is about $700 million richer than he was on Sunday. Between Saylor's MicroStrategy control and his bitcoin, his holdings climbed to $2.96 billion in value on Wednesday from $2.27 billion at the start of the week. The company said on Monday that it acquired an additional 3,000 bitcoins for a total of $155 million between Feb. 15 and Feb. 25.

Persons: Michael Saylor, MicroStrategy's Michael Saylor, Saylor, MicroStrategy, Andrew Kang, bitcoin Organizations: MicroStrategy Locations: Miami, bitcoin

☆ Bitcoin firm MicroStrategy pops 27% in two days as company's crypto stake hits $11 billion
▼ + stars: | 2024-02-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

In this article MSTR Follow your favorite stocks CREATE FREE ACCOUNTMicroStrategy CEO Michael Saylor speaks at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. MicroStrategy, along with its subsidiaries, now owns about 193,000 bitcoins worth $11 billion. watch nowInvestors have been increasingly bullish on the bitcoin trade following the SEC's approval of multiple spot bitcoin exchange-traded funds last month. "Institutional capital is still getting up to speed with bitcoin ETFs. For example, MicroStrategy has the ability to acquire bitcoin using proceeds from debt and equity issuances, the firm said.

Persons: Michael Saylor, Joe Raedle, MicroStategy, Andrew King, bitcoin, Bitcoin, Ryan Rasmussen, —, MicroStrategy, Cowen, CNBC's Dylan Butts, Ari Levy Organizations: Mana Convention, Getty, Bitwise Asset Management, Research, Benchmark Locations: Wynwood, Miami , Florida, bitcoin, Bitcoin

☆ Cisco says it's cutting 5% of global workforce, amounting to over 4,000 jobs
▼ + stars: | 2024-02-14 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Cisco announced plans to cut 5% of its workforce on Wednesday, a decision that will result in the elimination of about 4,250 jobs. Net income declined to $2.63 billion, or 65 cents per share, from $2.77 billion, or 67 cents per share, in the year-ago quarter. With respect to guidance, Cisco called for 84 to 86 cents per share on $12.1 billion to $12.3 billion. For the full year, Cisco sees $3.68 to $3.74 in adjusted earnings per share and $51.5 billion to $52.5 billion in revenue. Cisco said it was increasing its dividend by a penny to 40 cents per share.

Persons: Chuck Robbins, LSEG, Robbins, it's, — CNBC's Ari Levy Organizations: Cisco, Microsoft, SAP, eBay, StreetAccount

☆ Lyft CEO takes blame for 'extra zero that slipped' into earnings release
▼ + stars: | 2024-02-14 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Lyft CEO David Risher took responsibility for the major error that appeared in the company's fourth-quarter earnings release late Tuesday, telling CNBC's "Squawk Box" that it's "super frustrating" for everyone on the team. It is an extra zero that slipped into a press release." Lyft reported $1.22 billion in revenue for the quarter, an increase of 4% from $1.175 billion a year earlier. In a note titled, "Lyft: We all make mistakes," analysts at MoffettNathanson raised their rating on the shares to neutral from sell. "Typos aside, we too are guilty of a mistake," the analysts wrote, citing their downgrade on the stock in October.

Persons: David Risher, CNBC's, Lyft, Erin Brewer, Risher, we've, Gross, MoffettNathanson, — CNBC's Ari Levy

☆ Lyft shares jump on earnings beat, guidance
▼ + stars: | 2024-02-13 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

Lyft shares rose in extended trading on Tuesday after the ride-hailing company reported better-than-expected earnings and gave guidance that topped estimates. Revenue: $1.22 billion, vs. $1.22 billion expected by analysts, according to LSEG. Gross bookings for the first quarter will be $3.5 billion to $3.6 billion, topping analyst estimates of $3.46 billion, according to StreetAccount. Gross bookings for the year increased 14% to $13.8 billion, while bookings for the quarter rose 17% to $3.7 billion. Prior to Tuesday's report, Lyft shares were down 19% to start 2024.

Persons: Lyft, Gross, Uber, David Risher Organizations: Los Angeles International Airport, Revenue, Tuesday's Locations: Los Angeles, LSEG

☆ Tech's longtime highfliers are growing up by getting smaller
▼ + stars: | 2024-02-02 | by ( Ari Levy | ) www.cnbc.com time to read: +7 min

They're still out hunting for the best technical talent, particularly in areas like artificial intelligence, but headcount growth is measured. Last year, tech companies were responding to dramatically changing market conditions — soaring inflation, rising interest rates, rotation out of risk — after an extended bull market. Meta slashed over 20,000 jobs in 2023, Amazon laid off more than 27,000 people, And Alphabet cut over 12,000 positions. Other than Nvidia , which had a banner 2023 due to soaring demand for its AI chips, none of the other mega-cap tech companies have been growing at their historic averages. By late this year, analysts are projecting growth at Meta will be back down to the low teens at best.

Persons: Tayfun, There's, Daniel Flax, Neuberger Berman, CNBC's, Morgan Stanley, Brian Nowak, Brian Olsavsky, They're, Mark Zuckerberg, Zuckerberg, Olsavsky, Phil Spencer, Justin Sullivan, Okta, Zuora, Evan Sohn, Recruiter.com, " Sohn, Susan Li, Ben Barringer, Cheviot, Barringer, —, Annie Palmer Organizations: Anadolu Agency, Getty Images Technology, Amazon, Meta, hasn't, Microsoft, Activision Blizzard, SAN FRANCISCO, Activision, FTC, Getty, Federal, Labor Department's Bureau of Labor Statistics, Tech, Nvidia, Finance, CNBC Locations: Menlo Park , California, Silicon Valley, CALIFORNIA, San Francisco , California

That's Wall Street's reaction to quarterly results on Tuesday from Alphabet and Microsoft . Both companies reported revenue and earnings that exceeded estimates, yet the stocks sold off in extended trading. Alphabet on Tuesday reported 13% revenue growth, the fastest rate of expansion since early 2022. Revenue at Microsoft increased 18% to $62.02 billion, topping the $61.12 billion average analyst estimate. Both companies also beat expectations in their cloud businesses, with Google Cloud reporting 25% growth and Microsoft's larger Azure and other cloud services expanding by 30%.

Persons: Sundar Pichai Organizations: Americas, U.S . Chamber, Commerce, Microsoft, Apple, Google Locations: Los Angeles , California

☆ Alphabet set to report fourth-quarter earnings after the bell
▼ + stars: | 2024-01-30 | by ( Ari Levy | ) www.cnbc.com time to read: +4 min

Alphabet is scheduled to report fourth-quarter earnings Tuesday after the market closes. Revenue: $85.33 billion, according to LSEG. $85.33 billion, according to LSEG. $8.94 billion, according to StreetAccount. Between 2015 and the end of 2021, revenue growth reached at least 15% in all but three quarters.

Persons: Sundar Pichai, Pichai, — CNBC's Jennifer Elias Organizations: Allen, Co . Media, Technology Conference, Google, Microsoft, Meta, YouTube, Amazon Web Services, KeyBanc, Markets, Tech, Apple Locations: Sun Valley , Idaho

Uber shares rose 5% in extended trading on Friday after the ride-hailing company was added to the S&P 500 Index, replacing Sealed Air Corp. A company's stock price often rises on news that it's joining the S&P 500 because fund managers who track the benchmark, which gets updated each quarter, have to acquire the shares. Uber shares debuted on the New York Stock Exchange in 2019, but the company was burning cash as it had to pay drivers enough money to stay competitive in a low-margin business. Uber has a market cap of about $118 billion, while the median market cap of companies in the S&P 500 is just over $31 billion. WATCH: Uber into the S&P 500

Persons: Dara Khosrowshahi, it's, Nelson, Chai, Uber, Lloyd Walmsley, You've Organizations: Uber, Sealed Air Corp, Companies, New York Stock Exchange, UBS Locations: Davos, Switzerland

Coinbase has the added benefit of having survived the so-called crypto winter, while so many of its rivals disappeared or downsized. Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. With assets of more than $65 billion on the platform, Binance remains the world's largest crypto exchange globally. watch nowBoth Coinbase and Binance still face legal battles with the Securities and Exchange Commission, which was noticeably absent from the Binance settlement. Regulatory approval would open up many more avenues for people to buy bitcoin.

Persons: Brian Armstrong, Carlos Jasso, Coinbase, Sam Bankman, FTX, Changpeng Zhao, Zhao Changpeng, Binance, Zhao, CoinGecko, Mizuho, it's, CNBC's Joumanna, Armstrong, Bittrex, JPMorgan Chase, Franklin Templeton Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Tech, Reuters, Justice Department, CNBC, Mizuho, Securities and Exchange Commission, U.S, SEC, JPMorgan, WisdomTree Locations: U.S, Binance, Needham, BlackRock, WisdomTree

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