Business

By Polina Devitt and Swati Verma LONDON (Reuters) – Gold is extending a period of successive record highs, moving the psychological milestone of $3,000 per ounce into view, analysts said, as geopolitical tension, a tight U.S. electoral race and favorable macro backdrop attract more investors. Spot gold reached a historic high of $2,740.37 a troy ounce on Oct. 21 and is on track for its strongest annual performance since 2007, with a rise of over … Read more…

By Karen Freifeld (Reuters) – U.S. rules that will ban certain U.S. investments in artificial intelligence in China are under final review, according to a government posting, suggesting the restrictions are coming soon. The rules, which will also require U.S. investors to notify the Treasury Department about some investments in AI and other sensitive technologies, are derived from an executive order signed by President Joe Biden in August 2023 that focused on keeping American investors’ … Read more…

By David Shepardson (Reuters) – The U.S. Commerce Department said Monday it plans to award $325 million to Hemlock Semiconductor to significantly expand production capacity of semiconductor-grade polysilicon as it seeks to shift the chips supply chain. The government grant from the $52.7 billion semiconductor manufacturing and research subsidy program would support construction of a new manufacturing facility on the company’s existing site in Hemlock, Michigan. “Polysilicon is the bedrock of semiconductors, and it’s important … Read more…

(Reuters) – United States Cellular said on Friday it has agreed to sell some of its spectrum licenses to Verizon in a $1 billion deal. U.S. Cellular’s shares jumped 3.9% in trading before the bell. The company will sell portion of its spectrum licenses used for mobile phone signals and high-speed data services to Verizon. WHY IT’S IMPORTANT The transaction is part of U.S. Cellular’s strategy to monetize its spectrum assets and will help Verizon … Read more…

(Reuters) – Bain & Co said on Thursday it will expand its partnership with OpenAI to sell the AI startup’s tools, including ChatGPT, to the consultancy’s clients. Last year, the companies had set up a global services alliance to make Bain’s clients aware about OpenAI’s technology. The Boston-based consultancy has made OpenAI platforms, including ChatGPT Enterprise, available to its employees globally. Bain is also investing in establishing an OpenAI Center of Excellence, which will be … Read more…

(Reuters) -Cash-strapped electric luxury sedan maker Lucid said on Thursday a combined public offering and private placement of roughly 637 million shares would likely fetch it $1.67 billion. The stock sale as well as its latest warning of a bigger-than-expected loss for the third quarter sent Lucid shares down as much as 16.5% to $2.74, the lowest since July 2. The company expects to report a loss from operations of $765 million to $790 million … Read more…

(Reuters) – Shares of former U.S. President Donald Trump’s media company surged 6% on Tuesday to their highest since June in one of the heaviest trading sessions since the Truth Social platform’s Wall Street debut in March. Trump Media & Technology Group’s leap to $31.55 a share added to recent strong gains reflecting betting odds that show Trump with an edge over Democratic candidate Vice President Kamala Harris in a neck-and-neck race for the White … Read more…

(Reuters) -SpaceX on Sunday launched its fifth Starship test flight from Texas and returned the rocket’s towering first stage booster back to land for the first time, achieving a novel recovery method involving large metal arms. The rocket’s Super Heavy first stage booster lifted off at 7:25 a.m. CT (1225 GMT) from SpaceX’s Boca Chica, Texas launch facilities, sending the second stage Starship rocket on a path in space bound for the Indian Ocean west … Read more…