By Casey Hall and Sophie Yu SHANGHAI (Reuters) -Sales fell for the first time ever at China’s blowout mid-year e-commerce sales festival as consumers remain cautious about spending as the economy sputters, according to third-party data estimates released on Wednesday. Combined gross merchandise volume (GMV), a widely used proxy for e-commerce sales, reached 742.8 billion…
(Reuters) – Dell Technologies is assembling half of the racks for the supercomputer that xAI is building, billionaire Elon Musk said in a post on social media platform X on Wednesday. The U.S. businessman has recently told investors that his artificial intelligence startup xAI is planning to build a supercomputer to power the next version…
MEXICO CITY (Reuters) -Ford shipped out its first batch of cars from the once-ignored Guaymas port near its plant in the northern Mexican state of Sonora on Tuesday, in a project that, if fully launched, could cut its logistics costs by 30%. The initial shipment of pick-ups and Broncos, headed for Chile, is part of…
By Tom Hals WILMINGTON, Delaware (Reuters) – Tesla began its fight for legal recognition of a shareholder vote favoring Elon Musk’s record compensation, telling a Delaware judge that it “significantly impacts” her ruling voiding the pay, according to a letter made public on Monday. Tesla wrote to Chancellor Kathaleen McCormick that the parties in the…
By Siddharth Cavale NEW YORK (Reuters) – “Target is my backup option,” said Chloe Guss, a shopper at the retail chain for nearly 20 years whose reservations about some of its products may spell trouble for the business. The New Yorker, 38, mostly shops at Target through her Instacart app for a few groceries and…
(Reuters) -Photoshop maker Adobe raised its revenue forecast for fiscal 2024 on Thursday as more businesses and consumers take to its artificial intelligence-powered editing tools amid signs of an easing economy. Shares of the San Jose, California-based company jumped 14% in extended trading. The company now expects revenue of between $21.40 billion and $21.50 billion,…
By Arsheeya Bajwa (Reuters) – Broadcom surged more than 13% on Thursday as its upbeat annual forecast highlighted an insatiable demand for chips used in powering AI-focused technology, while its announcement of a stock split added to the euphoria. The rising adoption of generative AI has been driving demand for companies such as Broadcom that…
By Pranav Kashyap and Medha Singh (Reuters) – Citron Research no longer has a short position in retail traders’ favorite GameStop, the short seller said on X.com on Wednesday, days after taking a bearish position in the company. “It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with…
COPENHAGEN (Reuters) – U.S. electric vehicle manufacturer Tesla has been reported to police in Sweden accused of performing electrical installation work without the necessary registration, the Swedish Electricians’ Union said on Wednesday. There are already tense relations between Tesla and unions in Sweden, where the company has faced prolonged industrial action and its mechanics have…
(Reuters) -General Motors on Tuesday announced a new $6 billion share buyback plan, just over a month after the automaker raised its dividend on upbeat annual forecast, citing stable prices and demand for gasoline-engine vehicles. The company had in November outlined a $10 billion stock buyback on the heels of reaching a costly new labor…
