Editor

Explainer-Why the few big AI players worry US antitrust regulators

By Jody Godoy NEW YORK (Reuters) – U.S. antitrust enforcers are digging into Big Tech’s role in the artificial intelligence (AI) boom, exploring whether business practices by entrenched players stifle competition in the burgeoning space. The U.S. Department of Justice and Federal Trade Commission (FTC) have moved to divvy up the biggest players in the industry, a step that puts Nvidia, OpenAI and Microsoft closer to potential investigations.   Here are some of the AI issues … Read more…

Chrysler to recall more than 211,000 vehicles in US due to software malfunction, NHTSA says

(Reuters) – Chrysler is recalling more than 211,000 vehicles in the United States due to a software malfunction that could disable the electronic stability control system, the National Highway Traffic Safety Administration (NHTSA) said on Saturday. Due to the malfunction, the Anti-Lock Brake System (ABS) control module may disable the electronic stability control system, the regulator said. “Driving with a disabled electronic stability control system can increase the risk of a crash,” it said. The … Read more…

Categories Uncategorized

Short bets against Nvidia stand at $34 billion, S3 Partners says

(Reuters) – As Nvidia threatens to dethrone Microsoft as the world’s most valuable company, at least a few investors are betting its soaring shares will return to earth. Outstanding short bets against Nvidia stand at about $34 billion, nearly twice as much as what has been bet against Apple and Tesla, the next two biggest short bets combined, according to a report from S3 Partners on Thursday. Short sellers have bet about $19 billion against … Read more…

Wall Street stocks close slightly lower; jobs data strong but rates still high

By Chibuike Oguh NEW YORK (Reuters) -Wall Street stocks ended slightly lower on Friday in choppy trading after stronger-than-expected U.S. jobs data pointed to a robust economy but prompted worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped. The U.S. economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast, according to a Labor Department report. The unemployment rate inched up to 4%. … Read more…

Categories Uncategorized

Berkshire buys additional 2.57 million shares in Occidental Petroleum, filing shows

(Reuters) – Warren Buffett’s Berkshire Hathaway bought around 2.57 million shares of common stock in Occidental Petroleum over June 5-7, according to a U.S. securities filing. Buffett’s company bought additional shares in Occidental’s common stock for more than $150 million and now owns about 250.6 million shares in the energy producer. Occidental shares closed at $59.48 on Friday. As of March, Berkshire owned a roughly 28% stake in Occidental. Occidental Petroleum previously announced it had … Read more…

Norway wealth fund to vote against Musk’s $56 billion Tesla pay package

By Louise Rasmussen and Gwladys Fouche OSLO (Reuters) -Norway’s $1.7 trillion sovereign wealth fund said on Saturday it will vote against ratifying Tesla CEO Elon Musk’s $56 billion pay package, which is up for a shareholder vote next week, after a Delaware judge invalidated it earlier this year. The fund is Tesla’s eighth-biggest shareholder, according to LSEG data. Musk’s pay, the largest for a chief executive in corporate America, was approved in 2018, but voided … Read more…

Categories Uncategorized

Nippon Steel executive saw positive reaction from U.S. Steel workers and others

TOKYO (Reuters) – Nippon Steel Vice Chairman Takahiro Mori met with U.S. Steel’s employees and community leaders this week to gain better understanding of its proposed acquisition of the U.S. company and saw positive reaction, a company spokesperson said. Mori, the key negotiator for the U.S. Steel deal, returned to the United States this week, soon after a May 20-26 trip, in an effort to close the deal amid growing regulatory scrutiny and political opposition … Read more…

Healthcare payments firm Waystar shares fall 2% in tepid Nasdaq debut

By Arasu Kannagi Basil and Echo Wang (Reuters) -Shares of Waystar fell 2.3% below their initial public offering price in their Nasdaq Global Select Market debut on Friday, giving the healthcare payments company a valuation of $3.50 billion. The company’s stock opened at $21, slightly below the IPO price of $21.50, which was at the mid-point of its targeted range of $20 and $23. Waystar, backed by Swedish private equity firm EQT AB and Canadian … Read more…

Biden aide raises possible increased deployments of U.S. strategic nuclear weapons

By Jonathan Landay WASHINGTON (Reuters) -The United States may reach a point in coming years where it will have to increase deployments of strategic nuclear weapons to deter growing threats from adversaries, a senior White House aide said on Friday. Pranay Vaddi, a top National Security Council official, made the statement in a speech to the Arms Control Association, as he outlined a “more competitive approach” to arms control by the Biden administration. Russian President … Read more…

Categories Uncategorized

Tesla objects to $5.6 billion payout for lawyers who voided Musk’s pay

By Tom Hals WILMINGTON, Delaware (Reuters) – The legal team that voided Elon Musk’s record Tesla pay package deserves a tiny fraction of the $5.6 billion legal fee they requested because their lawsuit provided almost no benefit for the company, the electric automaker argued in court papers on Friday. Tesla said the legal team for Richard Tornetta, the shareholder whose lawsuit led to a January ruling voiding Musk’s $56 billion pay package, should be paid … Read more…

Categories Uncategorized