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☆ 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

☆ Goldman Sachs: Cash in on the $7 trillion AI explosion by making these 15 trades now
▼ + stars: | 2023-06-01 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Artificial intelligence is rapidly gaining momentum this year as it gets more advanced. Here are 15 buy-rated stocks from Goldman Sachs that investors can get exposure to now. Once a niche technology, artificial intelligence (AI) has moved firmly into the mainstream in 2023 and become too big to ignore, according to Goldman Sachs. Goldman Sachs15 AI stocks to add exposure to nowInvestors who are interested in profiting from the AI wave should consider the 15 stocks that were highlighted in Phani's note that have a buy rating from Goldman Sachs and are either directly advancing AI or are indirectly enabling it. Below are the 15 stocks tied to AI that Goldman Sachs is bullish on right now.

Persons: Goldman Sachs, Phani Organizations: Nvidia, Microsoft, Google, Companies, Investors

☆ These are the top stocks to play the A.I. theme, Goldman Sachs tells clients
▼ + stars: | 2023-05-31 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Given the growth potential, Goldman looked to recent earnings call transcripts to identify the companies that are actively discussing the potential opportunities, and risks, from AI. Goldman found a basket of 24 companies that are pursuing AI or can help enable new technologies across software, semiconductors, tech hardware, media, internet and information technology services. Alphabet has been a popular AI play among high-profile investors such as Bill Ackman and Stanley Druckenmiller. Meanwhile, Meta Platforms has touted AI computer chips, which will eventually power more advanced metaverse-related tasks, including virtual reality and augmented reality, as well as generative AI. Goldman also highlighted software names that are either pursuing AI or would act as enablers of AI, including Datadog , CrowdStrike , Snowflake and Salesforce.

Persons: Goldman Sachs, Goldman, Bill Ackman, Stanley Druckenmiller, — CNBC's Michael Bloom Organizations: Goldman, Big Tech, Microsoft, Meta, Apple, Google, Nvidia, AMD, Micron Technology, Marvell Technology, Palo Alto Networks Locations: CrowdStrike, Snowflake

☆ Stocks making the biggest moves after hours: Ambarella, Box, HP and more
▼ + stars: | 2023-05-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Box — Shares of Box rose 3% in extended trading after the cloud company beat estimates in its fiscal first quarter. Box reported 32 cents in adjusted earnings per share on $252 million of revenue. Analysts surveyed by Refinitiv had penciled in 27 cents in earnings per share on $249 million of revenue. The company reported 52 cents in adjusted earnings per share on $6.97 billion of revenue. HP reported 80 cents in adjusted earnings per share, 4 cents above estimates.

Persons: Ambarella, Refinitiv Organizations: Hewlett, Packard, Hewlett Packard Enterprise, HP Enterprise, HP Inc, HP Locations: New York

NEW YORK, May 16 (Reuters) - Ed Wehle, a senior Barclays Plc (BARC.L) technology banker, has resigned to join U.S. rival Citigroup Inc (C.N) in New York, according to an internal memo seen by Reuters, adding to an exodus of top investment bankers from the London-based bank. An investment banking veteran of nearly three decades, Wehle will join Citigroup as its global head of technology services, Mark Keene, Citigroup's global head of technology investment banking, wrote in the memo to employees on Tuesday. "Technology services complements Citi’s unparalleled global client position, and Ed will work closely with partners in Asia, EMEA and Latin America," said Philip Drury, global head of technology & communications banking, capital markets & advisory at Citi. He was previously head of global technology services banking at Barclays, which he had joined in 2018 from Deutsche Bank AG (DBKGn.DE). Reuters reported on Monday that at least seven top Barclays technology, media and telecommunications (TMT) bankers have resigned to join UBS Group AG (UBSG.S) in the U.S. in the last few days.

☆ India's Tech Mahindra Q4 profit drops 26% as clients cut spending
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, April 27 (Reuters) - India's Tech Mahindra (TEML.NS) reported a drop in fourth-quarter profit on Thursday as challenging macro-economic conditions prompted clients to tighten spending. Consolidated net profit for the information technology services firm fell 25.8% to 11.18 billion rupees ($136.66 million)for the quarter ended March 31, from 15.06 billion rupees a year earlier. ($1 = 81.8100 Indian rupees)Reporting by Nishit Navin in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ RESTRICT Act explained: proposed TikTok ban is 'a PATRIOT Act for the digital age,' some lawmakers say
▼ + stars: | 2023-04-23 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +11 min

The RESTRICT Act, a bill that could ban TikTok nationwide, was introduced in the Senate last month. GOP Senator JD Vance of Ohio called the bill proposal "a PATRIOT Act for the digital age." But the RESTRICT Act — touted as a way ban TikTok nationwide — would do far more than prevent users from accessing an app known for its viral dance routines and conspiracy theory videos. "This will directly improve our national security as well as safeguard Americans' personal information and our nation's vital intellectual property." Even those who support a TikTok ban, such as Senator JD Vance of Ohio, don't see the RESTRICT Act as an appropriate solution.

☆ Stocks making the biggest moves after hours: Tesla, Las Vegas Sands, IBM and more
▼ + stars: | 2023-04-19 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Las Vegas Sands — The stock rose 4.3% after the casino and resort company issued quarterly results. The company reported adjusted earnings per share of $1.36, beating the consensus estimate of analysts polled by Refinitiv by 10 cents. For its fiscal fourth quarter, the company anticipates adjusted earnings of $5 per share and $3.1 billion in revenue. Zions reported earnings per share of $1.33, falling short of analysts' expectations of $1.53, according to Refinitiv. Alphabet preliminarily reported between $108 million and $109.5 million in first-quarter revenue, while analysts polled by FactSet estimated $101.6 million.

☆ Germany, Poland and others are pushing for new sanctions on Russia's nuclear energy
▼ + stars: | 2023-04-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Germany, Poland and a few other EU nations are pushing for sanctions on Russian nuclear energy, as the bloc looks at new ways to hurt the Kremlin's revenues amid Moscow's invasion of Ukraine. The 27 European nations have sanctioned Russian seaborne oil, coal and significantly cut purchases of natural gas from Moscow in the wake of its war with Ukraine. "The nuclear sector is still outstanding. Nuclear technology is an extremely sensitive area, and Russia can no longer be seen as reliable partner within it," he said. "Between March and December 2022, Russia exported just over $1 billion-worth of materials and technology of relevance to the nuclear energy sector," the Royal United Services Institute, a think tank, said in a report in February.

Even before Tuesday's settlement, Staple Street's investment in Dominion had paid off handsomely. Yaghoobzadeh told reporters on Tuesday that Staple Street backed Dominion in its mission to shoot down lies against it. Staple Street investor Mark Hauser, managing partner of Hauser Private Equity, also welcomed the settlement news. "We are very pleased with the outcome and think that Staple Street has handled the situation very well on behalf of their investors. We’ve had a relationship with Staple Street since 2014 and think highly of their management team," he said.

☆ Influencers could get their own White House briefing room as part of Biden's strategy to reach younger voters for 2024, Axios reports
▼ + stars: | 2023-04-10 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Influencers may get a briefing room apart from the White House Press Briefing Room, per Axios. It's part of the Biden Admin's strategy to reach young voters who may not rely on mainstream news. Relying on an influencer's reach could also be part of President Joe Biden's strategy to reach younger voters ahead of the 2024 campaign. The Biden Administration has four staffers — not part of the Biden campaign — who will connect with influencers and independent content creators, Axios reported. A White House spokesperson did not immediately respond to a request for comment.

☆ Dangers from Hacks Stretch Beyond Broken Computer Systems
▼ + stars: | 2023-03-15 | by ( James Rundle | Kim S. Nash | ) www.wsj.com time to read: +6 min

Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. Part of the delay, he said, was in getting details from the cloud company, which he declined to name. Cybersecurity companies should be held to a higher standard than others in relaying information about hacks quickly and thoroughly, Mr. Toubba said. The lessons learned from cyberattacks can be just as important as how a company responds to a breach, security chiefs say. LastPass has also rolled out several security tools in its infrastructure, data center and cloud systems, Mr. Toubba said.

☆ India's Tech Mahindra soars 10% as Infosys veteran to join as CEO
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 13 (Reuters) - Shares of Tech Mahindra Ltd (TEML.NS) surged nearly 10% on Monday after the Indian information technology services firm appointed Infosys Ltd (INFY.NS) veteran Mohit Joshi as its new managing director and chief executive officer. Joshi has been with rival Infosys for 22 years, and is currently the president at the company. Shares of Tech Mahindra (TEML.NS) were up 8.2% at 1,148.80 rupees, Infosys (INFY.NS) fell 1.1% to 1,455.05 rupees. At least three brokerages indicated it is a welcome move for Tech Mahindra. The current average rating of 39 analysts covering Tech Mahindra is "buy" and the median price target is 1,143 rupees, according to data from Refinitiv.

☆ The Biden administration is shifting its approach to TikTok
▼ + stars: | 2023-03-08 | by ( Jeremy Diamond | ) edition.cnn.com time to read: +3 min

CNN —The White House’s endorsement of a bill that would give the Biden administration new powers to restrict or ban TikTok in the United States marks a significant shift in the White House’s approach to the Chinese-owned social media app. It’s also a move that the White House has been actively mulling for several weeks while working with lawmakers on Capitol Hill to draft the legislation, Democratic and Republican aides said. The bill does not target TikTok specifically for a ban. The bill was drafted in close consultation with the White House’s National Security Council as well as the Commerce, Treasury and Justice Departments, according to aides familiar with the process. “A U.S. ban on TikTok is a ban on the export of American culture and values to the billion-plus people who use our service worldwide.”– CNN’s Brian Fung contributed to this report.

☆ US senators unveil bipartisan bill empowering Biden to ban TikTok and other services
▼ + stars: | 2023-03-07 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

Washington CNN —A dozen US senators unveiled bipartisan legislation Tuesday expanding President Joe Biden’s legal authority to ban TikTok nationwide, marking the latest in a string of congressional proposals threatening the social media platform’s future in the United States. The legislation, called the Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT) Act, does not target TikTok specifically for a ban. In the case of TikTok, lawmakers have said China’s national security laws could force TikTok’s Chinese parent, ByteDance, to provide access to TikTok’s US user data. The bill specifically directs the Secretary of Commerce to “identify, deter, disrupt, prevent, prohibit, investigate, or otherwise mitigate” national security risks associated with technology linked to those countries. But those have expanded to include makers of surveillance cameras and, more recently, apps and software makers such as TikTok.

☆ Big tech was a major target at CPAC, but conservatives building alternatives are facing challenges
▼ + stars: | 2023-03-05 | by ( Ben Goggin | ) www.cnbc.com time to read: +5 min

Eric Schmitt, R-Mo., and Marsha Blackburn, R-Tenn., targeted big tech and the legal immunity companies enjoy under Section 230, which is currently being considered by the Supreme Court. Rep. Lauren Boebert, R-Co., said in her speech Saturday: "I have called for 230 protections to be removed from these big tech companies who are hiding behind section 230, and they are acting like editors rather than publishers." "The key was, could we build something that big tech couldn't tear down and couldn't stop?" But not all Big Tech was a target. LibsofTikTok creator Chaya Raichik criticized how big tech has treated her accounts while also boasting about her follower count on those platforms and promoting her book sold on Amazon.

☆ Technology Chiefs Seek Help Wrangling Cloud Costs
▼ + stars: | 2023-03-03 | by ( Belle Lin | ) www.wsj.com time to read: +6 min

Some chief information officers have turned to cloud management tools and established internal teams to oversee their cloud spending. Mr. Nimboorkar said the company has since built a dedicated team to manage its Amazon Web Services spending and invested in a third-party cloud spending management tool. Executives from all three cloud giants have said customers are optimizing or reining in their cloud spending, citing economic factors. Many of the best practices in cloud spending management have been codified by the nonprofit FinOps Foundation, which promotes cloud financial literacy and accountability, she said. That model allows Mr. Kanchi to wholly manage cloud spending, he said, but was only possible after UST figured out how to tag cloud usage by its various business units.

U.S. District Judge Paul Diamond's order in Philadelphia federal court granted a request by Unisys to depose Leon Gilbert and Michael McGarvey, former leaders of Unisys' "digital workplace solutions" business unit. Representatives for France-based Atos and lawyers for Gilbert and McGarvey did not immediately respond to messages on Wednesday seeking comment. Unisys in a court filing said that "this case involves the theft of huge quantities of Unisys trade secrets," including technologies and business strategies for digital workplaces. Attorneys for Gilbert and McGarvey disputed the allegation and said "Unisys has not identified a single trade secret." The case is Unisys Corp v. Leon Gilbert and Michael McGarvey, U.S. District Court for the Eastern District of Pennsylvania.

☆ Here are David Einhorn's top holdings that helped propel one of Greenlight's best years
▼ + stars: | 2023-02-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Greenlight Capital's David Einhorn just scored one of his best years ever as the value investor took advantage of the extreme market volatility. At the end of 2022, Green Brick Partners and Brighthouse Financial — two inflation plays he's held for a few years — remained Einhorn's top two holdings. CONSOL Energy and Teck Resources were also among Einhorn's biggest stakes at the end of 2022. Einhorn previously revealed that he established a new medium-sized long position in hospitals and ambulatory surgery centers operator Tenet Healthcare during the fourth quarter. Einhorn revealed previously that his stellar performance last year was partly driven by his short position in a slew of innovative technology stocks like those touted by growth investor Cathie Wood.

☆ IPG Posts 3.8% Organic-Revenue Growth, Flags Tech-Sector Challenges
▼ + stars: | 2023-02-09 | by ( Megan Graham | ) www.wsj.com time to read: +3 min

Interpublic Group of Cos. reported organic-net-revenue growth of 3.8% for the fourth quarter, saying that growth continued—albeit at a slower pace—despite a more cautious marketing and media environment due to macroeconomic and geopolitical factors worldwide. Net revenue in the fourth quarter of 2022 was $2.55 billion, relatively flat when compared with the fourth quarter of 2021. For all of 2022, IPG reported organic-net-revenue growth of 7%. “As expected, growth slowed in the fourth quarter, consistent with global macroeconomic and geopolitical crosswinds which we are all aware of,” Chief Executive Philippe Krakowsky said on the company’s earnings call Thursday. Earlier this week, IPG competitor Omnicom Group Inc. reported organic-revenue growth of 7.2% for the fourth quarter.

☆ Omnicom CEO Wants to Embrace Generative AI as Quickly as Possible
▼ + stars: | 2023-02-07 | by ( Megan Graham | ) www.wsj.com time to read: +3 min

The company reported organic revenue growth of 7.2% in the fourth quarter, beating the average analyst estimate of 3.7% organic revenue growth, according to FactSet. Organic revenue growth was 9.4% for the full year, the company said, beating the average analyst estimate of 8.4%. The company said it is forecasting organic revenue growth this year of 3% to 5%. Organic revenue growth is a metric that removes the effects of currency fluctuations, acquisitions and disposals. Reported total revenue in the fourth quarter of 2022 increased 0.3% to $3.87 billion versus a year earlier.

☆ Publicis Reports 9.4% Organic Revenue Growth for Fourth Quarter
▼ + stars: | 2023-02-02 | by ( Megan Graham | ) www.wsj.com time to read: +4 min

Publicis Groupe SA said Thursday that organic revenue grew 9.4% in the fourth quarter as its data and technology services continued to capture a shift in client spending. The growth in the quarter ending Dec. 31 brought Publicis’s full-year 2022 organic revenue growth to 10.1%. The results beat the average analyst estimate of 5.3% growth for the quarter and 8.8% for the year, according to FactSet. Publicis said it expects organic revenue growth of 3% to 5% in 2023. Organic growth refers to the change in net revenue excluding the impacts of acquisitions, disposals and currency fluctuations.

☆ Attention laid-off tech workers: Non-tech companies are hiring. Here's how recruiters and career coaches recommend pitching yourself.
▼ + stars: | 2023-01-05 | by ( Rebecca Knight | Diamond Naga Siu | ) www.businessinsider.com time to read: +6 min

Research shows most of the well-paying tech jobs on offer today are in non-tech industries. And yet research suggests that well-paying tech jobs are abundant — they're just not in the tech industry. Around 60% of the top 100 employers of tech talent were from sectors like healthcare, consulting, defense, and banking. Another pro-tip: Using the language of the industry you're targeting. "Exceeding in the softer skills is something that will set aside most of the tech talent from each other honestly."

☆ The technology challenges CEOs view as opportunity and threat in a post-Covid economy
▼ + stars: | 2022-12-19 | by ( Bob Violino | ) www.cnbc.com time to read: +6 min

One challenge CEOs see is that emerging and disruptive technology is both an opportunity and a threat. CEOs said their organizations need to be quicker to shift investments to digital opportunities and divest in those areas where their organizations face digital obsolescence. Addressing employee burnoutAnother issue CEOs said their organizations need to address is pandemic-related employee burnout from accelerated digital transformation over the past two years. "I think that there is some truth to the state of fatigue brought on by the need to quickly adopt remote work-related technology," Clark said. Rather than focus on the "right technology," organizations should aim to deploy the right mix of technology, Carande said.

☆ U.S. Watchdog Sanctions KPMG Firms, Audit Professionals
▼ + stars: | 2022-12-06 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

PREVIEWThe U.K. firm was additionally sanctioned for allegedly failing to reasonably supervise an unregistered audit firm, Romanian audit firm KPMG Audit SRL, in four consecutive audits of Endava PLC, a British technology services company. KPMG U.K. was found to have also made several inaccurate PCAOB filings about the involvement of unregistered firms in certain audit work. The PCAOB imposed a $600,000 penalty for the alleged failings around unregistered audit firms, which KPMG U.K. didn’t admit or deny. KPMG U.K. has reviewed the way it works with other firms, enhancing controls and providing additional training, Cath Burnet, U.K. head of audit at KPMG, said. The U.K.’s audit and accounting regulator in a July letter to seven audit firms, including KPMG, said that it is “deeply concerned” about audit professionals cheating on external professional exams and internal assessments.

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