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Shares of global semiconductor firms rallied on Wednesday as they were boosted by some positive earnings in the sector and a report of potentially less severe U.S. export restrictions on China. AMD was among the morning's big winners with shares up more than 9% in U.S. premarket trading after the company reported a top and bottom line beat in its second-quarter financial report. AMD saw strong growth in its data center business, driven by sales of its graphics processing units (GPUs) which are used to train artificial intelligence models. The strong set of numbers gave other U.S. chipmakers a boost including rival Nvidia , which was around 5% higher in premarket trading, and Qualcomm .
Organizations: AMD, Nvidia, Qualcomm Locations: China, U.S
Elijah Nouvelage | Afp | Getty ImagesHow the LIFT Act could look todaySince the LIFT Act was first proposed in 2018, the cost of living has only skyrocketed, hitting working-class Americans especially hard. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. The advantage of the LIFT tax credit, said D'Acunto, is that it doesn't create the same market distortions the rent cap would ignite. Child tax credit is a 'huge priority' for DemocratsLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. Harris described the child tax credit changes as one of the "most important" and "most impactful" parts of the legislation in a 2021 speech.
Persons: Kamala Harris, Elijah Nouvelage, Tomas Philipson, Joe Biden's, Laura Veldkamp, Harris, Donald Trump, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel Organizations: Democratic, Afp, Getty, White House Council, Economic Advisers, CNBC, Columbia University Business School, Georgetown University, D'Acunto, Federal, Plus, American Rescue Plan, Columbia University, . Census Locations: Atlanta , Georgia, Atlanta
Why chip stocks are on an absolute tear today
  + stars: | 2024-07-31 | by ( Kelly Cloonan | ) www.businessinsider.com   time to read: +2 min
Nvidia is getting a boost from that and surging after being renamed Morgan Stanley's top semi pick. AdvertisementChip stocks were rallying across the board on Wednesday, driven by a big earnings beat from AMD and Morgan Stanley naming Nvidia a top stock pick. Other stocks getting a lift included ASML (up 11%), Qualcomm (up 6%), and Samsung (up 4%). In addition to riding AMD's wave higher, Nvidia was renamed Morgan Stanley's top semiconductor stock pick. "Through those concerns, the earnings environment is likely to remain strong, for NVIDIA and for the whole AI complex," the analysts said.
Persons: Morgan Stanley's, , Morgan Stanley, Morgan Organizations: Nvidia, AMD, Service, Morgan, Qualcomm, Samsung, NVIDIA Locations: China, Netherlands, Japan, South Korea
Don’t Tell My Friends, But… is a seriesin which we asked Times columnistswhateveryone else is wrong about. (To the credit of those department workers’ good humor, I’ve seen a photo of that sloth posted in my local D.M.V.) I hate the way people hate the D.M.V. But that does not account for why it is cool to hate the D.M.V. We should revel in the fact that there is no express lane for beautiful, rich people to renew their licenses.
Persons: , I’ve, revel Organizations: Corporations Locations: Target, New Jersey
Shares of Carvana jumped as much as 14% during after-hours trading Wednesday as the company topped Wall Street's expectations for the second quarter and disclosed expectations for record adjusted earnings of at least $1 billion for 2024. The company's previous guidance for the year included a "sequential increase in adjusted EBITDA" for the second half of the year, but did not supply a dollar amount. If Carvana meets its 2024 earnings target, it would mark the company's third annual EDBITDA profit, including 2023's record of $339 million. Adjusted EBITDA was $355 million and adjusted EBITDA margin was 10.4%, both company records. The second-quarter results continue a massive turnaround for Carvana following Wall Street fears of bankruptcy for the company in early 2022.
Persons: Carvana, Ernie Garcia, Mark Jenkins Locations: Daly City , California
Read previewA 38-year-old Subhan Ali is an AI product lead at Nvidia and has watched the company go through exponential growth over the last five years. But now that the AI boom is in full swing, Nvidia could become the world's most powerful company. Ali posted 23 lessons he learned at the company and shared them on LinkedIn. AdvertisementHe suggests doing things that are "radically different" and to build a vision around that. "If people or teams see something differently, it's just better in everyone's interest to openly discuss that," Ali told BI.
Persons: , Ali, Nvidia hasn't, he's, doesn't Organizations: Service, Nvidia, Big Tech, Apple, Business, LinkedIn
Along with its S24 series of smartphones, foldable devices, smartwatches and now the Galaxy Ring, Samsung is hoping to lock users into its world of products held together with its suite of artificial intelligence features, known as Galaxy AI. Arjun KharpalOne of the things Samsung said was look, the ring is one product, but we've got the watch, we've got the smartphone. I think that's the right approach for Samsung, I don't think they have unrealistic expectations for volumes on this. And you'd feel like if there was some sort of Apple ring, it would do pretty good volumes. Do you think Samsung is seriously looking at ways to monetize this via subscriptions or other kinds of service business model?
Persons: aren't, Tom Chitty, Ben Wood, Meta's Ray, Arjun, Tom Chitty I've, I've, we've, Arjun Kharpal, let's, It's, That's, it's, you've, they've, there's, they're, someone's, I'm, that's, you'll, Ben Wood It's, smartwatch, Arjun Kharpal Apple's, Ben Wood They've, Tim Cook, He's, who'd, Tom Chitty Diamond, somebody's, who've, wasn't, Samsung hasn't, we'll, Ben, they'll, Will, wearables, Kharpal, Arjun Kharpal Tom, Tom, Tom Chitty We'll Organizations: Samsung, South, Galaxy, CNBC, CCS Insight, Mobile, Apple, Garmin, Apple Watch, U.S, Vision, Samsung Electronics, Google, MWC Locations: South Korean, Paris, France, beyondthevalley@cnbc.com, There's, Finland, London
Kyiv, Ukraine CNN —Russia has launched one of the largest drone attacks on Ukraine since the war began, mainly targeting overnight the region in and around the capital Kyiv, according to the Ukrainian military, which said all 89 drones fired were shot down. Dramatic video released by the Ukrainian Air Force shows one drone on fire, falling from the sky and landing in a field — causing a large cloud of smoke but no visible damage. “Just like then, today the Ukrainian air defense has withstood and repelled a massive attack by enemy drones,” he said. Since then, Ukraine has repeatedly pleaded for allies to provide more air defense systems. We need sufficiently courageous decisions from our partners — enough air defense systems, enough range,” Zelensky added.
Persons: Ruslan Kravchenko, Mykola Oleshchuk, , Volodymyr Zelensky, , Zelensky, ” CNN’s Michael Conte Organizations: Ukraine CNN —, Ukrainian Air Force, Mobile, Ukrainian Defence Forces, Air Force, Army Aviation, Land Forces, Russian, Biden, Ukraine’s Armed Forces Locations: Kyiv, Ukraine, Ukraine CNN — Russia, Russia, Mykolaiv, Kherson, Donetsk, Toretsk, Russian, Kursk, Russia’s Kursk, Ukrainian
Median one-bedroom apartment prices rose at the fastest rate in 12 months in July, according to a new report from real-estate site Zumper. 20 cities where rent is receding fastestApartment dwellers looking for lower rent should start their search in the South. Five of the 20 US real-estate markets where one-bedroom apartment prices fell by at least 5% in July were in Texas, and 11 others were in the South or Southwest regions. AdvertisementBelow are the 20 US markets where rent for a one-bedroom apartment fell at least 5% from July 2023, according to Zumper. Each is also listed along with its year-over-year and month-over-month rent changes, median rent price, and national rent ranking among the nation's 100 biggest markets.
Persons: , Anthemos Georgiades Organizations: Service, Business, Lone Star Locations: Texas, South
A slight decrease in mortgage rates in the month of June definitely helped buyers, said Yun. Housing affordability is improving ever so modestly, but it is moving in the right direction. While there's still an affordability challenge broadly, conditions are "moving towards a more neutral market," Orphe Divounguy, a senior economist at Zillow. Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from a year ago, according to NAR. Competition is easing fastest in the South, where all major southern markets except Dallas and Raleigh are either neutral or buyer-friendly, according to the June 2024 Zillow Housing Market Report.
Persons: Yun, Freddie Mac, Lawrence Yun, Chen Zhao, there's, Selma Hepp Organizations: Sdi, CNBC, Investors, National Association of Realtors, Zillow Locations: Redfin, Dallas, Raleigh
CNN —Israel says it has killed Hezbollah’s most senior military official, Fu’ad Shukr, in a drone strike in the southern suburbs of Beirut, a populous neighborhood that is also the Iran-backed group’s stronghold. Fu'ad Shukr Rewards for JusticeWhatever the fate of Shukr, Wednesday’s strike is the most serious Israeli escalation since confrontations between Hezbollah and Israel began on October 8. The developments have raised the specter of an all-out war between Lebanon and Israel that could extend beyond the borders of both countries. Nasrallah has repeatedly threatened to hit Tel Aviv in response to any Israeli strike on Beirut, a move that would thrust the two countries, and the region, into uncharted waters. How long this highly calibrated tit-for-tat can go on for before the region spirals into an unprecedented war is anyone’s guess.
Persons: CNN — Israel, Hezbollah’s, Fu’ad Shukr, Mustafa Badreddine, General Hassan Nasrallah, Fu'ad, Shukr, Israel, Majdal Shams, Nasrallah, CNN’s Ben Wedeman, Abdullah Bou Habib, Organizations: CNN, group’s, Tel, Popular, Units, Lebanon’s Locations: Beirut, Iran, Syria, Majdal, Golan, Lebanon, Israel, Tel Aviv, Gaza, Yemen, Iraq, Tehran
While multiple officers were charged in connection with the massacre, Calley was the only one convicted. “Calley and his men rounded up these civilians and then Calley ordered his men to kill them.”The massacre lasted for hours. A ditch in My Lai village, Vietnam, where US troops killed Vietnamese civilians on March 16, 1968. Kham/ReutersThe fragile lineThousands of miles away and 30 years later, those who lost loved ones in the My Lai massacre would tell CNN they were never truly able to move on. “There is not a day that goes by that I do not feel remorse for what happened that day in My Lai,” Calley said, according to the Columbus Ledger-Enquirer.
Persons: William L, Calley Jr, Calley, Charlie, Lai, , Bill Allison, ” Allison, , Fred Borch, Borch, Charlie Company –, ” Calley, , ” Borch, “ Calley, Brad Lendon, Hugh Thompson, Thompson, he’d, “ Thompson, Ron Ridenhour, Seymour, Allison, Fort Moore, Calley’s, Richard Nixon, Nixon, ” Thompson, Lawrence Colburn, Nguyen Chung, Calley –, – Borsh Organizations: CNN, Army, The Washington, Social Security Administration, Charlie Company, Loan, Georgia Southern University, US Army, American Army, US, General’s Corps, House Armed, 11th Brigade, Armed Services Committee, Military, Gallup, The New York Times, Associated Press, Kiwanis Club, Greater, Columbus Ledger Locations: Gainesville , Florida, Vietnam, Saigon, My Lai, South Vietnam, Viet, Geneva, Lai, Fort Benning, Kham, Greater Columbus, Georgia
Apple appears to have just shunned Nvidia again
  + stars: | 2024-07-30 | by ( Jordan Hart | ) www.businessinsider.com   time to read: +1 min
It appears that Apple opted for Google's TPU chips over Nvidia's for its AI development. An Apple research paper highlights the use of TPUv5p chips from Google for iPhone AI. AdvertisementIt looks like Apple has confirmed it's using Google's chips for Apple Intelligence — not Nvidia's. There was no mention of Nvidia in an Apple research paper published on Monday that discussed foundation language models developed to power Apple Intelligence features. In fact, the tech giant wrote that it used TPUv4 and TPUv5p chips, Google's tensing processing units, to train its artificial intelligence tools.
Persons: Apple, Organizations: Apple, Google, Nvidia, Service, Apple Intelligence, Business
Procter & Gamble on Tuesday reported mixed quarterly results, but the company's volume increased for the first time in more than two years. Volume excludes pricing, making the metric a more accurate reflection of demand than sales. Over the last several years, P&G's price hikes across its portfolio, from diapers to detergent, fueled its sales growth, but volume flattened or even declined as consumers bought less of its products. All three of those segments reported 2% volume growth for the quarter. For fiscal 2025, P&G anticipates core net earnings per share in a range of $6.91 to $7.05.
Persons: Gamble Organizations: Procter, LSEG, pricey SK, & $
Ukraine’s campaign to replenish its war-weary troops is ramping up and should help fill personnel gaps on the front line in the coming weeks, according to Ukrainian officials, soldiers and military analysts. The mobilization push has so far not significantly bolstered Ukraine’s forces on the battlefield, those people say. And some recruits who have arrived are not physically fit for combat, members of Ukrainian units have noted. But several brigades deployed on the battlefield have reported an increase in the number of conscripts they have received in recent weeks. They said they were hoping that the influx of soldiers would help Ukraine to stabilize the front line this summer.
Persons: Nazar Voytenkov, , Organizations: 33rd Mechanized Brigade Locations: Ukraine
The IDF launched a devastating and widespread bombing campaign of Gaza immediately following Hamas' October 7 massacre in Israel, during which some 1,200 people were killed. Palestinians cycle past destroyed buildings leveled as a result of Israeli bombardment in northern Gaza in July 2024. One of the issues that arose was that Israeli tank drivers had a hard time figuring out the depth of a crater left by an explosion while using night vision. To make matters worse, the IDF has suffered from tank shortages during its monthlong campaign in Gaza. The destruction in Gaza also turned the battlespace into an "irregular, congested, and complex visual environment," the RUSI conflict analysts said.
Persons: , OMAR AL, Jack Watling, Nick Reynolds, rubblization, Ohad Organizations: Service, Israel Defense Forces, Royal United Services Institute, Business, IDF, Hamas, Getty, REUTERS Former US, rubblization Locations: Gaza, Israel, AFP, Israeli
Apple said on Monday that the artificial intelligence models underpinning Apple Intelligence, its AI system, were pretrained on processors designed by Google, a sign that Big Tech companies are looking for alternatives to Nvidia when it comes to the training of cutting-edge AI. Apple's choice of Google's homegrown Tensor Processing Unit (TPU) for training was detailed in a technical paper just published by the company. Separately, Apple released a preview version of Apple Intelligence for some devices on Monday. Apple doesn't name Google or Nvidia in its 47-page paper, but did note its Apple Foundation Model (AFM) and AFM server are trained on "Cloud TPU clusters." "This system allows us to train the AFM models efficiently and scalably, including AFM-on-device, AFM-server, and larger models," Apple said in the paper.
Persons: Apple, they've, Mark Zuckerberg, Sundar Pichai, Zuckerberg, Emily Chang Organizations: Apple Intelligence, Google, Big Tech, Nvidia, Microsoft, Meta, Oracle, Apple Foundation, Apple
AdvertisementFinding a relatively large apartment to rent without paying a lot each month might be attractive to people who work remotely. That includes El Paso at 1,147 square feet and Lubbock at 1,220 square feet. Still, there were Texas locations with averages under 1,000 square feet, like Dallas at 815 square feet. Meanwhile, most of the large cities in California and Florida had low averages, reflecting their more expensive housing markets. "Notably, Texas has four locations among the top 20 small cities offering the most apartment space for $1,500," the blog post said.
Persons: , Alexandra Both, RentCafe Organizations: Service, South, Business, Midwest Locations: Southeast, Wichita , Kansas, Oklahoma, Texas, El Paso, Lubbock, Dallas, California, Florida, Queens , New York, Newark , New Jersey, Columbus , Georgia, , Texas
The real kicker, however, is the company's 2% rewards offer for Executive members, plus an another 2% reward for holders of the Costco credit card. One Costco member told Business Insider says he uses these percentage-point differences to make up to $500 per week buying coins and flipping them to online dealers and to local shops. "For me, gold is gold," he said, "but there's always more demand for Mint." Driving through Texas one day he stopped into a Costco warehouse that happened to have US gold buffalo coins in stock. AdvertisementIn just the past six months, the member has bought more than $110,000 worth of gold, according to credit card transactions reviewed with BI.
Persons: , it's, there's, he's Organizations: Service, Business, Costco, BI, US, Mint Locations: Swiss, Texas
CNN —Russian President Vladimir Putin has said that the United States’ and Germany’s decision to deploy US long-range missiles in Germany from 2026 is “reminiscent of the events of the Cold War” and could see Russia station similar missiles in response. Putin said that the US and Germany’s decision to begin “episodic deployments” of the long-range missile capabilities from its Multi-Domain Task Force in Germany starting in 2026 would put Russian infrastructure within the reach of the to-be-deployed missiles. “This situation is reminiscent of the events of the Cold War related to the deployment of Pershing medium-range missiles in Europe,” he said. Pershing II missiles, designed to deliver nuclear warheads, were deployed by the US Army at American bases in West Germany from 1983 to the alarm of the then Soviet leadership. They were withdrawn with the introduction of the Intermediate-Range Nuclear Forces Treaty (INF) in 1988.
Persons: Vladimir Putin, , Putin, Pershing, Sergei Ryabkov, , Moscow, DJ Judd Organizations: CNN, Navy, Domain, Force, Pershing, US Army, Soviet, Nuclear Forces Treaty, SM, Locations: United States, Germany, Russia, America, St . Petersburg, Europe, West Germany, , ” Russia, “ Russia
Read previewUkraine said it hit a Tu-22M3 supersonic bomber a record-breaking 1,100 miles from its borders, Ukrainska Pravda reported on Saturday, citing sources in the Defence Intelligence of Ukraine. This story is available exclusively to Business Insider subscribers. AdvertisementSatellite imagery of Olenya airfield, reviewed by Business Insider, shows a large number of bombers at the site. Google EarthUkraine's Ministry of Defense did not immediately respond to a request for comment from Business Insider. Related storiesBut the attack on Olenya, if confirmed, would suggest Russian aircraft are vulnerable even deep inside Russian territory.
Persons: , Ukrainska Pravda, David Axe, Mick Ryan, Kyrylo Budanov, Ukraine.As, WarTranslated, Dmitri Organizations: Service, Ukrainska, Defence Intelligence, Business, Google, Ukraine's Ministry of Defense, Bloomberg, Russian Defense Ministry Press Service, AP, Ukraine, BBC, Main Directorate of Intelligence, Federal Security Service, Reuters Locations: Ukraine, Murmansk, Russia, Russian, Salavat, Russia's, Bashkortostan, Australian, BBC Ukraine
Where inflation is the highest and lowest in America
  + stars: | 2024-07-28 | by ( Bryan Mena | ) edition.cnn.com   time to read: +8 min
The Honolulu metro area in Hawaii, meanwhile, saw the nation’s highest annual inflation rate in May, at 5.2%. Housing costs have therefore eased over the past year, tugging inflation overall much lower. Tight housing-market conditions are also plaguing New York, which at one point boasted the lowest inflation rate in the country. Housing costs make up about a third of the Labor Department’s CPI, a closely watched inflation gauge. Inflation is down substantially from the 40-year highs of two years ago, but housing costs have remained stubbornly elevated.
Persons: , Barbara Denham, Brian Adcock, Willy Nunn, homebuilding, Adcock, , Jane Castor, it’s, homebuilders, Carl Bonham, Mengshin Lin, Roseann Freitas, ” Freitas, Freitas, Josh Green Organizations: Washington CNN, Consumer, Nationwide, Aloha State, Oxford, Labor Department’s CPI, Federal, Boomers, Tampa Bay Chamber, Miami, Tampa, Homes, CNN, ” Tampa, Urban, University of Hawaii, Washington Post, Building Industry Association of Hawaii Locations: The Tampa, St, Petersburg, Clearwater, Florida, Honolulu, Hawaii, Tampa Bay, homebuilding, Houston , Minneapolis, Denver, Central Florida, New York, Tampa The Tampa, Tampa, Hillsborough County, Pasco County, Miami, , Urban Hawaii, Lahaina , Hawaii, Lahaina
Russian forces have made rapid gains in the eastern Donetsk region over the past week or so, capturing a few villages and closing in on the city of Pokrovsk, one of the main Ukrainian defensive strongholds in the area. Russian forces are now only a dozen miles from Pokrovsk after Moscow’s troops pushed along a railway line and advanced about three miles toward the city, according to open-source maps of the battlefield based on combat footage and satellite imagery. The Russian progress contrasts sharply with the slow but steady gains that Moscow had made so far this year in the Donetsk region, sometimes measured in only a few hundred yards a week. Military analysts say the swift gains reflect Moscow’s improved ability to exploit cracks in Ukrainian defensive lines, which have been thinned by manpower shortages and strained by relentless Russian attacks along a more than 600-mile front. In recent months, the experts say, Russian forces have increasingly focused on identifying weakened and poorly organized Ukrainian units before breaking through by throwing scores of troops and armored vehicles onto the battlefield.
Organizations: Military Locations: Donetsk, Pokrovsk, Moscow
Pro-Russian Chechens are back on Ukraine's front lines, the UK's Ministry of Defence has said. Chechen units, once mocked as "TikTok" troops, are now filling gaps left by the Wagner Group. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPro-Russian Chechens, famed for their social media appearances, have been "pressed back into frontline service" in Ukraine, the UK's Ministry of Defence (MoD) has said. The MoD estimated in May that there were around 9,000 troops fighting in pro-Russian Chechen units in Ukraine.
Persons: , Ramzan Kadyrov Organizations: UK's Ministry of Defence, Wagner Group, Service, MoD, Business Locations: Russian, Ukraine, Russia, Crimea, Chechen Republic
Former US military officers say this trend underscores a lack of secure military communication options or discipline and leaves Russian soldiers vulnerable to Ukrainian attacks. Russian military officers look at their smartphones while walking past the Kremlin in Moscow in April 2024. Ukrainian soldiers prepare a BM-21 artillery vehicle in its fighting position in the Donetsk region in July 2024. AdvertisementOne such incident occurred at the very end of 2022, when Ukraine launched a devastating precision strike against Russian troops gathered in Makiivka, in the eastern Donbas region. Related storiesUkraine's military intelligence agency, the HUR, regularly publishes audio of purported interceptions from calls made by Russian soldiers.
Persons: , Dan Rice, Rice, Mark Cancian, Diego Herrera Carcedo, Cancian, HUR Organizations: Service, Former US, Business, State Duma, State, Defense, Institute for, Kremlin, US, American University Kyiv, US Marine Corps, Center for Strategic, International Studies, Getty, Russian, Kyiv, Ukrainian, Russian Defense Ministry, US Army, United Locations: Ukraine, Russian, Moscow, Donetsk, Anadolu, Makiivka, Russia, United States
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