Wall Street indexes closed lower on July 17, driven by a selloff in AI-linked semiconductor stocks and disappointing guidance from Netflix. The Nasdaq Composite fell 1.40%, the S&P 500 dropped 1.01%, and the Dow Jones Industrial Average declined 0.77%, according to Reuters. AI Chip Fatigue Triggers Semiconductor Bear Market The Philadelphia SE Semiconductor Index (.SOX) … Read more
Volvo Cars Sees Q2 Profit Decline but Eyes Recovery with New Electric Model Volvo Cars reported a drop in second-quarter operating profit to 800 million Swedish crowns ($82,76 million), according to a Reuters report, as the automaker prepares to ramp up production of its new EX60 electric SUV. The decline follows a 1.6 billion crown … Read more
Danny Boyle’s upcoming film Ink, a drama chronicling Rupert Murdoch’s 1969 acquisition of The Sun, will serve as the opening title for the 83rd Venice Film Festival. According to organizers, the film stars Jack O’Connell, Guy Pearce, and Claire Foy and will compete for the festival’s top honors at the Sala Grande on the Lido. … Read more
Fender has expanded its legal campaign to protect the body shape of its Stratocaster electric guitar by sending a notice letter to Yamaha. This move follows a German court ruling that granted Fender copyright protection for the Stratocaster design within the European Union, a decision that has triggered industry-wide backlash and countersuits from retailers like … Read more
Volkswagen is weighing a potential reduction of up to 100,000 jobs worldwide to address a 20% cost disadvantage compared to its rivals, according to an internal memo from CEO Oliver Blume. The automaker, which has already finalized 50,000 job cuts across its group, is currently evaluating further adjustments to its manufacturing network to improve efficiency … Read more
The British government has introduced new legal powers to ban support for Iran’s Islamic Revolutionary Guard Corps (IRGC) and the volunteer wing of Russia’s GRU military intelligence service. According to the UK government, these measures aim to curb the use of state-sponsored proxies following a series of antisemitic attacks and acts of intimidation on British … Read more
Meta’s Iris Chip: A Strategic Move Toward AI Independence Meta Platforms (META.O) plans to manufacture its custom AI chip, “Iris,” starting in September 2024 as part of a broader effort to boost computing power to 14 gigawatts by 2027, according to an internal memo reviewed by Reuters. The chip, part of Meta’s four-generation MTIA project, … Read more
Major U.S. technology companies are increasing their presence at the Calgary Stampede as the province of Alberta actively courts hyperscale data center investments. Alphabet’s Google, Meta, and Amazon have engaged in meetings and events at the annual energy gathering, signaling a shift in the province’s industrial focus toward digital infrastructure, according to industry sources. Why … Read more
NATO leaders have unveiled arms deals worth tens of billions of dollars in Turkey, according to official reports from the alliance’s summit in Ankara. While the move signals a commitment to increased European military spending, President Donald Trump continues to express dissatisfaction with NATO allies, citing insufficient support during the U.S. war on Iran and … Read more
A federal judge dismissed a copyright infringement lawsuit on Monday against pop star Taylor Swift, ruling that the plaintiff failed to prove the artist plagiarized phrases from her poetry books. U.S. District Judge Aileen Cannon, presiding in Fort Pierce, Florida, dismissed the case with prejudice, effectively barring the plaintiff, Kimberly Marasco, from filing an amended … Read more