Business

-Facebook owner Meta Platforms struck a deal to buy geothermal power from Sage Geosystems to supply its U.S. data centers, it said on Monday, as it races to build out the infrastructure to support its massive investments in energy-hungry artificial intelligence. The first phase of the 150-megawatt project should be operational by 2027 and “significantly” expand the use of geothermal power in the United States, the social media company said. The location has yet to … Read more…

(Reuters) -Zoom Video Communications raised its annual revenue forecast on Wednesday, driven by strong demand for its AI-powered collaboration tools deployed in hybrid work models, sending its shares up 4% in extended trading. The video-conferencing provider has been doubling down on efforts to integrate artificial intelligence into its products and expand its range of services and leverage the growing trend of hybrid work. The company has launched Zoom Workplace as a collaboration platform, which contains … Read more…

(Reuters) -Microsoft on Wednesday cut its first-quarter intelligent cloud forecast, the technology giant said in an investor presentation. The company reported slowing growth in its cloud business in July even after the tech giant spent billions of dollars in artificial intelligence to upgrade its products and services. The company said cloud and AI-related capital spending would take up nearly all of its expenditures. Microsoft said cloud growth would accelerate in the second half of fiscal … Read more…

(Reuters) – Energix Renewables said on Tuesday it has signed a long term agreement with Alphabet’s Google to supply electricity and renewable energy credits generated from its solar projects to the tech giant. To power their rapidly expanding AI data centers, major technology firms like Google are increasingly negotiating electricity supply agreements with energy providers. Energix will initially supply 1.5 gigawatt peak of solar project development until 2030, with an option to further expand the … Read more…

By David Shepardson (Reuters) -General Motors said Monday it is laying off more than 1,000 salaried employees at its software and service units worldwide. GM, confirming the layoffs initially reported by CNBC, said in a statement that “as we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact.” CNBC said the job cuts include roughly 600 jobs at GM’s tech campus … Read more…

By Promit Mukherjee OTTAWA (Reuters) – Canadian Pacific Kansas City said on Saturday it would halt any new rail shipments originating in Canada, and all new U.S. shipments destined for Canada starting on Tuesday if talks with its Canadian labour union fail to progress. North American industry groups and shippers are bracing for an unprecedented simultaneous stoppage at both of Canada’s main railway companies that could disrupt the movement of commodities such as coal, potash, … Read more…

By Jonathan Stempel (Reuters) – PepsiCo can be sued for marketing its Gatorade protein bars as good for you though they have more sugar than protein and more sugar than typical candy bars, a federal judge ruled. In a decision on Wednesday, U.S. District Judge Casey Pitts in San Jose, California said three self-described fitness enthusiasts leading a proposed class action plausibly alleged that PepsiCo’s marketing and labeling was deceptive. Neither PepsiCo nor its lawyers … Read more…