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By Noel Randewich (Reuters) – Shares of AI heavyweight Nvidia tumbled on Tuesday, with Wall Street’s chip index slumping 7% as investors softened their optimism about AI in a broad market sell-off following tepid economic data. Nvidia, viewed as Wall Street’s biggest winner in a race to dominate emerging AI technology, dropped over 8%, while the PHLX chip index was on track for its deepest one-day percentage drop in a month. With Tuesday’s decline, Nvidia’s … Read more…

By Shariq Khan NEW YORK (Reuters) – U.S. gasoline futures fell nearly 6% on Tuesday to their lowest since December 2021, as the end of the driving season weighed on demand for the motor fuel amid a sell-off in the broader oil market. Gasoline futures for October deliveries settled 5.5% lower at $1.98 per gallon, their biggest losses in a single session since July 2022. The motor fuel was the biggest decliner amid a broader … Read more…

(Reuters) – TikTok-owner ByteDance is tapping banks for a $9.5 billion loan that would be the biggest dollar-denominated corporate facility in Asia ex-Japan, two sources with knowledge of the matter said on Monday. Citigroup, Goldman Sachs and JPMorgan are the coordinators of the financing, which carries a tenor of three years and can be extended to up to five years, the sources, who did not want to be named because the discussions are confidential, said. … Read more…

BEIJING (Reuters) – Sales of U.S. automaker Tesla’s China-made electric vehicles grew 3% in August from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday. Deliveries of China-made Model 3 and Model Y vehicles rose 17% from the previous month. Chinese rival BYD, with its Dynasty and Ocean series of EVs and plug-in hybrids, was again on a roll in August, with passenger vehicle sales up 35.3% year-on-year in August … Read more…

(Reuters) – Market values of major tech firms declined in August amid concerns over escalating artificial intelligence infrastructure costs and rising recession risks that would make the stocks particularly vulnerable during a market correction. Last month, Alphabet Inc’s lost 4.7% of its market value as a slowdown in YouTube’s advertising sales fuelled concerns about its earnings. A U.S. judge’s ruling that Google had violated antitrust laws and the emergence of new competition from OpenAI, which … Read more…

(Reuters) – Lithium Americas said on Friday automaker General Motors has delayed the second tranche of investment, worth $330 million, in the miner until the end of the year. GM had announced an investment of $650 million, in two tranches, in Lithium Americas last year to help it develop the Thacker Pass lithium mining project in Nevada, which holds enough of the battery metal to build 1 million electric vehicles annually. The lithium miner said … Read more…