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☆ UBS says these software stocks can maximize AI, have 30% upside
▼ + stars: | 2023-11-07 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

The price target on three of those names implies upside of 30% or more. "Rate-fueled multiple compression offers investors opportunistic entry into high-quality, mission critical software businesses with TAMs [total addressable markets] growing low double-digits," analyst Kevin McVeigh wrote. Cloud-based software provider Intapp could also have more than 30% upside despite rallying 43% year to date, according to McVeigh. "We see a well-positioned, predictable model, coupled with constructive fundamentals positioned for core consistent 4-7% organic revenue growth," the analyst wrote. McVeigh also included Thomson Reuters on his list of buy-rated names, although he only sees 18% upside for the stock.

Persons: Kevin McVeigh, McVeigh, — CNBC's Michael Bloom Organizations: UBS, Clearwater Analytics, C Technologies, Thomson Reuters, Nvidia

☆ Tencent, Alibaba and more: These firms are primed for buybacks and present opportunities, says Jefferies
▼ + stars: | 2023-11-02 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Announcements of big buyback programs in the region have been rising since 2021, "with a long runway ahead" given the trend's nascence, the firm's analysts wrote in an Oct. 25 research note. Here are some names from Jefferies' screen of companies that are set to "initiate or continue significant buybacks." Other Asian stocks that made Jefferies' list included Singapore's transport operator ComfortDelGro and Indonesian mining player United Tractors. Australian stocks featured on Jefferies list included gaming content and tech firm Aristocrat Leisure and steel manufacturer BlueScope Steel . Financial companies Jefferies' screen also included financial companies in Asia Pacific that are potentially buying back their shares.

Persons: Jefferies, Baidu, PE Reilly, Thailand's, — CNBC's Michael Bloom Organizations: Jefferies, MSCI, Companies, PE, China United Network Communications, Yunnan Baiyao Group, Energy, Vipshop Holdings, Foxconn Technology, South Korea, Kia, Samsung, LG Corp, United Tractors, BlueScope Steel, Financial, Thai Bank, Chartered Locations: Asia, MSCI Asia, Japan, China, Pacific, Yunnan, South Korea, Australia, South, Asia Pacific, Thai, Philippines

☆ Larry Fink’s next M&A may go in surprise direction
▼ + stars: | 2023-11-01 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +8 min

Reuters GraphicsTIPPING THE SCALESThe shift to low-fee products helped BlackRock’s assets under management swell to more than $9 trillion at the end of September. BlackRock’s history with Blackstone means a reunion with Stephen Schwarzman’s $110 billion firm is a persistent Wall Street rumor. BlackRock’s funds operate under a single name, so uniting with Carlyle (CG.O) or Apollo Global Management (APO.N) would pose a branding challenge. Fink might covet MSCI (MSCI.N), the $38 billion firm which aggregates many of the benchmarks tracked by BlackRock’s ETFs. Given Fink’s long record of pulling off opportunistic and transformational deals, it would be foolish to bet against him springing one last surprise.

Persons: Larry Fink, Fink, Merrill, Rowe Price, Janus Henderson, Blackstone, Stephen Schwarzman’s, Carlyle, covet, MSCI, Michael Bloomberg, doesn’t, LSEG –, Peter Thal Larsen, Thomas Shum, Streisand Neto Organizations: CNBC, New York Stock Exchange, Reuters, BlackRock, Blackstone, Barclays Global Investors, Credit Suisse, UBS, nab, Graphics, Apollo Global Management, London Stock Exchange, Thomson Reuters, New, Bloomberg, Wall Street, New York Times, LSEG – Bloomberg, Thomson Locations: New York City, U.S, BlackRock, Boston, Swiss, New York, United States

☆ Cognizant forecasts quarterly revenue below estimates on weak corporate spending
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

The Teaneck, New Jersey-based company expects current-quarter revenue between $4.69 billion and $4.82 billion, compared with market estimates of $4.86 billion, according to LSEG data. Indian IT services giants Infosys (INFY.NS) cut the upper end of its annual revenue forecast earlier in Oct, raising concerns about near-term demand, while Tata Consultancy Services (TCS.NS) reported weaker-than-expected quarterly revenue. The company expects annual adjusted profit per share in the range of $4.39 to $4.42, from its prior estimate of between $4.25 and $4.48. Revenue for the third quarter stood at $4.90 billion, slightly below estimates of $4.91 billion. The company reported a profit of $1.04 per share, compared with $1.22 per share a year earlier.

Persons: Dado Ruvic, Cognizant, Jan Siegmund, Jaspreet Singh, Anil D'Silva Organizations: REUTERS, Technology Solutions, Wall, Infosys, Tata Consultancy Services, Accenture, Thomson Locations: Teaneck , New Jersey, Bengaluru

☆ India's Tata Elxsi posts rise in Q2 profit on uptick in transportation business
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - Indian design and technology services company Tata Elxsi (TTEX.NS) on Tuesday posted a rise in quarterly profit, helped by growth in its transportation segment. The company's net profit rose 14.8% year-on-year to 2 billion rupees ($24.03 million), while revenue from operations climbed to 8.82 billion rupees. For further results highlights, click [Full Story]WHY IT MATTERSTata Elxsi's results come after larger peers Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) posted an 8.7% and 3.2% rise in profit for the quarter, respectively, while flagging weak client spending amid inflationary pressures and high interest rates. The company's transportation business grew 26.1% year-on-year, helped by large deals and strong traction in Software Defined Vehicle engagements. JULY-SEPTEMBER STOCK PERFORMANCEPEER COMPARISON* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT-- All data from Refinitiv($1 = 83.2207 Indian rupees)Reporting by Aleef Jahan in Bengaluru; Editing by Varun H K and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aleef Jahan, Varun, Sohini Organizations: Tata, Tata Consultancy Services, Infosys, Thomson Locations: Bengaluru

The firm's results "underscore continued pressure on industry organic growth that may last longer than currently reflected in investors’ expectations amid higher-for-longer short-term rates," analysts at Goldman Sachs wrote in a report Friday. "While we are encouraged by the firm’s sharper focus on expenses, we expect (BlackRock's) near-term organic base fee growth to remain muted." Investors are likely waiting for yields to peak before making any significant changes in their asset allocation, BlackRock said. "The long-term trend of clients consolidating more of their portfolios with BlackRock is only accelerating, and underlying business momentum remains strong," Fink said. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM.

Persons: Brendan McDermid, Larry Fink, Fink, Kyle Sanders, Edward Jones, Larry, Goldman Sachs, . Fink, Cathy Seifert, Jaiveer Singh, Devika Syamnath, Jonathan Oatis Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Goldman, CNBC, Revenue, The, Thomson Locations: New York City, U.S, BlackRock, The New York, Bengaluru

☆ BlackRock posts surprise rise in profit, inflows drop
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 13 (Reuters) - BlackRock (BLK.N) handily beat third-quarter profit estimates on Friday but posted a sharp drop in net inflows, sending shares of the world's largest asset manager down 1% in premarket trade. A rise in investment advisory fees and BlackRock's assets under management (AUM) helped the company's adjusted profit of $10.91 per share breeze past analysts' estimates of $8.26, according to LSEG data. BlackRock ended the third quarter with $9.10 trillion in assets under management (AUM), up from $7.96 trillion a year earlier, but lower than $9.4 trillion in the second quarter this year. "The long-term trend of clients consolidating more of their portfolios with BlackRock is only accelerating, and underlying business momentum remains strong," Fink said. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM.

Persons: Brendan McDermid, BLK.N, Larry Fink, Fink, Jaiveer Singh, Devika Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Revenue, The, Securities and Exchange Commission, Thomson Locations: New York City, U.S, BlackRock, The New York, Bengaluru

☆ BlackRock's third-quarter profit rises as investors flock to its funds
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 13 (Reuters) - BlackRock (BLK.N), the world's largest asset manager, on Friday reported a 13% rise in third-quarter profit as a rebound in markets attracted investors to its funds. On an adjusted basis, BlackRock earned $1.64 billion, or $10.91 per share, for the three months ended Sept. 30, from $1.45 billion, or $9.55 per share, a year earlier. Analysts on average had expected a profit of $8.26 per share, according to LSEG data. The New York-based company's chief source of revenue is the management fees it earns as a percentage of the total AUM. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Jaiveer Singh, Devika Organizations: BlackRock, New York Stock Exchange, REUTERS, Federal Reserve, Revenue, The, Thomson Locations: New York City, U.S, BlackRock, The New York, Bengaluru

☆ We have the lowest attrition in the information technology services industry, says tech firm
▼ + stars: | 2023-10-13 | 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 EmailWe have the lowest attrition in the information technology services industry, says tech firmC Vijayakumar, CEO and managing director at HCL Technologies, tells CNBC about how the company's new operating model helps lower the attrition rate.

Organizations: HCL Technologies, CNBC

☆ Infosys campus pullback signals hard jobs reboot
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Oct 13 (Reuters Breakingviews) - Clients are cutting back on IT spending as the global economy slows. India’s second biggest technology services firm by market capitalisation Infosys (INFY.NS) has twice cut its revenue growth forecast this year. IT firms provide well-paying jobs in urban India where less than half of workers have regular wages or salaries. As a result, Infosys revenue grew 16% annually between financial year 2021 and 2023, twice the rate during the prior three years.

Persons: Vivek Prakash, That’s, Pranav Kiran, Una Galani, Thomas Shum Organizations: Indian, Infosys, REUTERS, Rights, Reuters, U.S, Tata Consultancy Services, X, Ericsson, Qantas, Thomson Locations: Electronic, Bangalore, India

☆ How to cash in on India: Citi says this sector is a better bet than tech — and names its top stock picks
▼ + stars: | 2023-10-04 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

IT Services" on Sept. 28, Citi analysts said banks are poised to outperform the information technology services sector over the next 12 months. "We thus believe Indian banks will not be directly impacted by an uncertain global growth or global higher-for-longer policy rate cycles." The bank's analysts expect private sector banks to continue gaining market share from public sector banks. However, Citi noted increasing competitive pressures from smaller firms vying for deals in the IT services sector. The Citi analysts also said that banks are trading close to historical averages on a price-to-book basis.

Persons: Surendra Goyal, —, Joanna Tan Organizations: Citi, ICICI Bank, IndusInd Bank, IT, New York Stock Exchange, IT Services Locations: India

☆ Stocks making the biggest moves midday: CarMax, Accenture, Peloton, Jefferies and more
▼ + stars: | 2023-09-28 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

DigitalBridge — Shares of the digital infrastructure company jumped 5.8% after JPMorgan upgraded the company to overweight from neutral. After the market closed Wednesday, Jefferies posted earnings of 22 cents per share on revenue of $1.18 billion. Accenture — Shares of the IT and consulting firm fell nearly 5% Thursday after Accenture reported mixed results for its fiscal fourth quarter. The used-car retailer's fiscal second-quarter earnings and revenue slipped from a year ago on weakening demand for used cars. Concentrix — Shares gained 10% a day after Concentrix said it would hike its quarterly dividend 10% to about 30 cents a share.

Persons: Trimble —, DigitalBridge, Jefferies, Duolingo, Wolfe, Lululemon, CarMax, Concentrix, FactSet, —, Jesse Pound, Christina Cheddar, Berk Organizations: Corporation, JPMorgan, Jefferies, UBS, Resorts, Wolfe Research, Accenture —, Accenture, StreetAccount, Micron, LSEG

☆ Look beyond the 'Magnificent Seven' tech stocks, analyst says — and names 5 top picks
▼ + stars: | 2023-08-31 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

When it comes to picking stocks, Hannah Gooch-Peters of asset management firm Sanlam Investments UK avoids chasing trends. She said she believes investors need to look beyond the "Magnificent Seven," referring to Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — tech stocks that have made massive gains this year. Sanlam's $5 billion-plus Global High Quality Fund invests in global stocks with a "high quality bias." The companies her firm picks have rather low capital expenditure as a percentage of their sales, she said. It also has a "mortgage-signing technology service which is "really, really exciting," she said.

Persons: Hannah Gooch, Peters, Gooch, We're, it's, you've, That's Organizations: Sanlam Investments, Apple, Microsoft, Nvidia, Tesla, CNBC, Quality Fund, Peters . Services, Yum Brands, KFC, Taco Bell, Intuit, SAP, Intercontinental Exchange, Samsung Electronics

☆ Amazon VP who was previously Uber's CTO has taken a sudden leave of absence less than 2 years into the job
▼ + stars: | 2023-08-29 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

The VP in charge of Amazon's ecommerce technology services has taken a sudden leave of absence. Sukumar Rathnam, an Amazon VP who was formerly Uber's chief technology officer, is taking a sudden leave of absence, Insider has learned. Rathnam was most recently VP of eCommerce services at Amazon, overseeing the retail giant's backend technology. It was his second stint at Amazon, after having spent almost 10 years in a retail VP role previously. Many Amazon employees voiced their opposition to RTO over the past 6 months, both publicly and privately, sparking an internal petition and a public walkout.

Persons: Sukumar Rathnam, Rathnam, Dave Treadwell, Ramesh Manne, Treadwell, Sukumar, Sundeep Jain, Rathnam's, Dave Clark, Jay Carney, Andy Jassy, Jeff Bezos, Brad Glasser, Glasser, Jassy Organizations: Amazon, Amazon's Locations: Amazon's

☆ IBM sells weather business to private equity firm Francisco Partners
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 22 (Reuters) - International Business Machines (IBM.N) has agreed to sell its weather business to private equity firm Francisco Partners for an undisclosed sum, the technology services giant said on Tuesday. IBM will retain its sustainability software business. The Big Blue said Tuesday it plans to continue using The Weather Company's weather data for its software offerings focused on environmental insights. Francisco Partners did not immediately respond to a request for comment. The deal with Francisco Partners is expected to close in the first quarter of 2024 and is subject to regulatory approval.

Persons: Brendan McDermid, Rob Thomas, Arsheeya, Pooja Desai Organizations: IBM, New York Stock Exchange, REUTERS, Business Machines, Francisco Partners, Storm, NASA, Street Journal, Thomson Locations: New York, U.S, Watsonx, Bengaluru

☆ Bank of America says this Chinese EV stock can rally nearly 50% thanks to a partnership with Volkswagen
▼ + stars: | 2023-08-21 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Bank of America thinks XPeng's partnership with Volkswagen is enough to significantly improve the company's outlook. The firm upgraded the Chinese electric vehicle maker to buy from neutral on Monday with a $22 per share price target. The analyst added that she also expects XPeng to turn a profit 2025, compared to a previous forecast which called for a loss. XPEV YTD mountain XPeng has climbed more than 50% from the start of the year. To be sure, the stock dropped more than 4% after XPeng reported a larger-than-expected net loss for the second quarter .

Persons: Ming Hsun Lee, XPeng, Lee, — CNBC's Michael Bloom Organizations: of America, Volkswagen, VW

☆ ICE cuts tortuous path through frosty trustbusters
▼ + stars: | 2023-08-07 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. The U.S. Federal Trade Commission agreed on Monday to drop a lawsuit against Intercontinental Exchange’s (ICE.N) $11.7 billion acquisition of mortgage technology provider Black Knight (BKI.N). ICE, as the New York Stock Exchange operator is known, said in May 2022 that it would snap up Black Knight for $13.1 billion. ICE’s Encompass processes nearly half of originations in the United States, with Black Knight’s Empower in second place, according to the FTC. ICE originally said on May 4, 2022, that it had agreed to buy Black Knight for $13.1 billion.

Persons: Knight, Brendan McDermid, Black, Lina Khan, Khan, litigate, Black Knight, Jeffrey Goldfarb, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, U.S . Federal Trade Commission, Intercontinental, Black, FTC, ICE, UnitedHealth, Change Healthcare, Exchange, Constellation Software, Thomson Locations: New York City, U.S, United States

☆ The robots are coming — and the companies building them are looking for workers
▼ + stars: | 2023-08-06 | by ( Kate Rogers | ) www.cnbc.com time to read: +4 min

But as companies adopt robots on manufacturing floors, in kitchens and on delivery routes, workers have a growing opportunity to join the ranks in helping to build and implement the technology. On the other hand, 60% of companies operating in information and technology services expect jobs to be created due to robots in the next five years. Jose A. Iglesias | Tribune News Service | Getty ImagesRobotics company Zipline is among the companies looking for employees, as it aims to add at least 100 workers. The use of automation at companies large and small has two advantages, the Association for Advancing Automation argues. It reduces challenges for workers in taking away monotonous or dangerous tasks in their day-to-day roles and it keeps companies competitive and speedy in the production process.

Persons: Jose A, Keller Rinaudo Cliffton, Rinaudo Cliffton, Jeff Burnstein, Avocados Organizations: Jobs, Iglesias, Tribune, Service, Getty, Robotics, Walmart, GNC, Toyota, Association for, Automation, Vebu Labs Locations: Miami, San Francisco , California, Rwanda, China

☆ VW-Xpeng EV models to use Xpeng platform in boost for Chinese startup
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - Volkswagen (VOWG_p.DE) and Xpeng's (9868.HK) jointly developed electric vehicles (EV) will use Xpeng's G9 'Edward' platform, in a filip for the Chinese startup that analysts said could boost its sales and profitability. The Edward platform is an older generation of Xpeng's platform technology, forming the basis for the startup's G9 and P7 models. Its latest models, like the G6, are being built on a newer platform, the Smart Electric Platform Architecture (SEPA) 2.0. Still, news that Volkswagen and Xpeng will use the Edward platform could help boost the sales of models still using it, said an analyst who declined to be named. The partnership could also help lower Xpeng's EV production costs by leveraging Volkswagen's scale and bargaining power in supply.

Persons: Edward, filip, Oliver Blume, Xpeng, Blume, Victoria Waldersee, Zhang Yan, Matthias Williams, Mark Potter Organizations: HK, Volkswagen, Smart, EV, Deutsche Bank, Thomson Locations: China

☆ Nasdaq beats profit estimates on steady demand for investment products
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Exchange operator Nasdaq (NDAQ.O) beat estimates for second-quarter profit on Wednesday on the back of consistent demand for its investment-related products and capital markets solutions such as anti-financial crime software. The diversification helped the transatlantic exchange operator blunt the effects of a drought in the U.S. market for IPOs that had soured last year due to rising interest rates and heavy volatility. A total of 23 companies listed on its Nasdaq Stock Market through IPOs in the quarter. In line with CEO Adena Friedman's diversification strategy, Nasdaq inked its biggest-ever deal of $10.5 billion for Thoma Bravo-owned software firm Adenza in the quarter. Reporting by Manya Saini in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Thoma, Manya Saini, Maju Samuel Organizations: Nasdaq, Thoma Bravo, Thomson Locations: U.S, IPOs, Bengaluru

☆ Controversial Chinese scientist He Jiankui proposes new gene editing research
▼ + stars: | 2023-07-03 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Authorities in China took multiple steps to tighten rules and ethical standards affecting human gene editing in the wake of the revelations about his previous research. But the scientist’s release of a new proposal involving gene editing of embryos has scientists and medical ethics experts concerned – and confused. Genetic manipulation of human embryos – both viable and nonviable ones – is typically tightly controlled globally and some countries ban all such research, experts say. But there is robust global debate around allowing genome editing of human embryos to treat serious genetic conditions or expanding research. Chinese law does not allow gene-edited human embryos used in research to be implanted into humans, or developed for more than 14 days.

Persons: ”, It’s, Peter Dröge, “, “ I’m, ” Joy Zhang, bioethicists, There’s, He’s, He’s “, Françoise Baylis, ” Baylis Organizations: Hong Kong CNN, Authorities, Nanyang Technological University, Centre for Global Science, University of Kent, CNN, bioethicists, Twitter, China’s Ministry of Science, Technology, National Health Commission, Southern University of Science, China’s biosciences, Dalhousie University Locations: Hong Kong, China, Beijing, Singapore, Britain, USA, Europe, Shenzhen

Some billionaires rocketed into space as Branson and Amazon founder Jeff Bezos have. Other rich travelers journeyed on a submersible to explore the wreckage of the ocean liner Titanic. For $250,000 to $300,000 a trip, Kent sometimes fields unusual requests including helping a Saudi prince fulfill his dream of flying a plane onto and off of an aircraft carrier. The experience was so demanding that Ackman's father expressed concern about the intended trip, not for his son but for another fund manager who had signed up to go. One person familiar with that excursion said it probably wouldn't happen again, in part because it was such a potentially risky undertaking.

Persons: Eric Gaillard, Richard Branson, Branson, Jeff Bezos, ”, Alexandre Cymbalista, Geoffrey Kent, Kent, Goldman Sachs, Monica Heslington, Goldman, Melissa Biggs Bradley, Massimo Bottura, Bill Ackman, Whitney Tilson, Tilson, Ackman, Svea Herbst, Bayliss, Tatiana Bautzer, Julia Harte, Nupur Anand, Paritosh Bansal, Anna Driver Organizations: REUTERS, Twitter, Virgin Galactic, Virgin Group, Amazon, Wall Street, Abercrombie, Kent, Credit Suisse, SPECIAL, Goldman, Art Basel, Rubell Museum, Bank of America, Indagare, Ferrari, Navy, Svea, Thomson Locations: Nice, France, New York City, Branson, safaris, Botswana, Kent, Saudi, Africa, Miami, Art Basel, Modena, Italian, Mongolia, California

☆ Bets on A.I. and innovation help this tech-focused T. Rowe Price fund outperform the market
▼ + stars: | 2023-06-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Since joining investment management firm in 2000, Allen's worked his way up the corporate ladder, taking the helm as portfolio manager of the T. Rowe Price Science & Technology (PRSCX) fund in 2009. In the wake of the latest artificial intelligence boom that's driven up last year's beaten-up technology stocks, it's skyrocketed nearly 38% in 2023. Longer-term, the fund, with a 0.84% expense ratio, offers 10- and 15-year trailing returns of more than 16% and about 13%, respectively. This year, Allen has benefited from a spectacular run-up in technology stocks, fueled by a mania for all things tied to artificial intelligence. "It's really important to learn over time when things go well and especially when things don't go well," Allen said.

Persons: Ken Allen, Rowe Price, Allen's, Allen, Salesforce, it's, Morningstar, I've Organizations: Colby College, Rowe Price Science & Technology, PRSCX, Apple, Netflix, Nvidia, Devices, Microsoft, Zalando, Amazon, Meta, Accenture, Mastercard, Texas, Texas Instruments Locations: Maine, Baltimore, Salesforce, Zalando, buybacks

☆ Morgan Stanley: These 5 stocks are well-positioned to reap the rewards of rising artificial intelligence adoption
▼ + stars: | 2023-06-25 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +4 min

Information technology firms should benefit as the adoption of artificial intelligence increases. For instance, another subset of technology firms that could capitalize on the rise of automation enabled by AI, especially in the near term, includes information technology services vendors. Although this may be true, the analysts also noted that information technology firms have traditionally been quick to adapt to and adjust for technological advancements. 5 stocks poised to benefit from the rise of AIEven within the information technology industry, it's clear that not all firms are created equally. In the report, the analysts identified five information technology companies that are uniquely positioned to become key beneficiaries of rising artificial intelligence adoption.

Persons: Morgan Stanley Organizations: Nvidia, IT Services, Services

☆ Google may be forced to break up its ad business after EU charges
▼ + stars: | 2023-06-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

The EU might force Google to break up its ad business. Google could be forced to break up parts of its empire after the EU accused it of abusing its dominance in digital ads and "distorting" the competition. As yet, Google is not being fined nor is it being immediately instructed to break up its business. The company will be able to argue its case, and a final outcome to the Commission's investigation is still pending. "The Commission's investigation focuses on a narrow aspect of our advertising business and is not new.

Persons: Margrethe Vestager, Google's, Dan Taylor Organizations: Google, Morning, European Commission, YouTube, Microsoft Locations: adtech

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