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Topic: Business

About 47 per cent of adults in the US said they used the AI chatbot ChatGPT for stock recommendations, and 69 per cent said they would consider using it in the future, a new study has shown. News 

Nearly half of US adults trust ChatGPT for stock recommendations: Report

Febin Mathew, , , ,

Some 47 percent of U.S. adults said they have used AI chatbot ChatGPT for stock recommendations, and 69 percent said they would consider using it in the future, a new survey has found. According to financial and investment advisory firm The Motley Fool, about 45 percent said they would be happy to use only an AI model to pick stocks. After launching ChatGPT, it took five days to reach 1 million users and only two months to reach 100 million users. According to web analytics company SuchWeb, about 1.6 billion…

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Company leaders urged staffers to be judicious with their spending, including in relation to hiring, but said there would be no hiring freeze News 

Netflix plans to cut costs by $300 million this year: Report

Adarsh V.K,

Netflix Inc plans to cut costs by $300 million this year, the Wall Street Journal reported on Friday, citing people familiar with the matter. Company executives urged employees to be prudent about their spending, including hiring, but said there would be no hiring freeze or new layoffs, according to the report. Netflix declined to comment. The company’s shares fell almost 2% at the start of trading. Last month, Netflix beat first-quarter estimates but offered a softer-than-expected forecast, indicating the challenges it faces in its pursuit of growth. The company said…

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Google has agreed to pay $8 million to settle claims it used deceptive advertisements to promote the Pixel 4 smartphone, Texas Attorney General Ken Paxton announced on Friday. News 

Google agrees to pay $8 million in settlements over misleading Pixel 4 ads

Adriana Marais, ,

Texas Attorney General Ken Paxton announced Friday that Google, a unit of Alphabet, has agreed to pay $8 million to settle claims it used deceptive ads to promote the Pixel 4 smartphone. The search and advertising giant, which also makes Android smartphone software and owns YouTube, is under investigation for antitrust and consumer protection violations by both the federal government and state attorneys general. The federal government has filed two antitrust lawsuits. In that case, Paxton’s office alleged that Google hired radio announcers to give testimonials about the Pixel 4,…

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The tech giant did not immediately respond to a Reuters request for comment News 

Microsoft won’t raise workers’ wages this year: Report

Adriana Marais, ,

Microsoft Corp will not raise wages for full-time employees this year and will cut the budget for bonuses and stock awards, Insider reported Wednesday, citing an internal email from CEO Satya Nadella. The technology giant did not immediately respond to Reuters’ request for comment. “Last year, we made a significant investment in compensation, driven by market conditions and company performance, and nearly doubled our overall budget … this year, economic conditions are very different in many dimensions,” Nadella was quoted as saying in the report. In January, Microsoft announced it…

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San Mateo, California-based Upstart, which uses AI to verify and process loans quickly, said it would receive the capital from new and existing partners News 

Artificial intelligence loan firm surges as $2 billion funding crushes short sellers

Adarsh V.K, ,

Shares of heavily shorted Upstart Holdings Inc are at their best in more than two years, squeezing bearish investors after the artificial intelligence-based lending marketplace raised $2 billion in additional funding. The company’s stock rose by 35 percent on Wednesday. The San Mateo, Calif.-based Upstart, which uses artificial intelligence to quickly review and process loans, said it will raise capital from new and existing partners over the next 12 months to help the company weather the economic slowdown. Analysts welcomed the new funding, but added that the lack of details…

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Cisco has announced strategic investments in Indian manufacturing capabilities as the next step in delivering cutting-edge technologies to our customers in India and across the globe. News 

Cisco CEO meets PM Modi, doubles down on local manufacturing: all details here

Adarsh V.K, , ,

Global networking giant Cisco Chair and CEO Chuck Robbins on Wednesday met Prime Minister Narendra Modi and discussed how the company has doubled its production to boost exports from the country. Cisco has announced strategic investments in manufacturing capacity in India as the next step in delivering cutting-edge technology to our customers in India and around the world. “Thank you for your leadership dear Prime Minister of India, @narendramodi! Pleased to announce that @Cisco is investing in manufacturing in India with the goal of increasing the combined value of domestic…

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As tech layoffs continue unabated amid the global meltdown, Apple CEO Tim Cook has said that mass layoffs are a "last resort" for him. News 

Redundancies are a “last resort”; The company is focused on reducing costs: Tim Cook

Adarsh V.K, , ,

As tech layoffs continue unabated amid the global meltdown, Apple CEO Tim Cook has said mass layoffs are his “last resort.” However, the technology giant is reducing costs and has slowed down the pace of recruitment. Cook told CNBC that he views layoffs as a “last resort” and that “mass layoffs are not something we’re talking about right now.” He said the company remains very cautious about hiring. “We’re going to continue to hire, just at a lower clip than we were before. And we’re all doing the right thing…

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U.S. chipmaker Broadcom's Chief Executive Hock Tan on Friday will try to convince EU antitrust enforcers that his proposed $61 billion bid for cloud computing firm VMware, which has triggered scrutiny on both sides of the Atlantic, is procompetitive. News 

Broadcom Chief Wants to Convince EU of $61 Billion Contract for VMware

Febin Mathew, , ,

BRUSSELS: US chipmaker Broadcom CEO Hock Tan will try to convince EU antitrust regulators on Friday that his proposed $61 billion bid for cloud computing firm VMware, which has sparked scrutiny on both sides of the Atlantic, is pro-competitive. Tan, backed by his executives and lawyers, arrived in Brussels early Friday morning for a closed-door hearing on one of the biggest mergers in tech history. He declined to comment on the matter while scheduling a hearing. Tan will present his case to senior European Commission officials, including Guillaume Loriot, its…

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The Silicon Valley titan reported profit of $24 billion on revenue of $94.8 billion in the first three months of this year News 

Apple’s result exceeded the forecast thanks to iPhone sales and service revenue

Adriana Marais, , , ,

Apple said Thursday that iPhone sales and revenue from services contributed to quarterly earnings that beat forecasts despite inflationary pressures and a slowing global economy. The Silicon Valley titan reported a profit of $24 billion on revenue of $94.8 billion in the first three months of this year. “We are pleased to report an all-time service record and a record March quarter for iPhone despite a challenging macroeconomic environment,” Apple CEO Tim Cook said in the earnings release. iPhone sales totaled $51.3 billion in the quarter, surpassing the same period…

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The company reported revenue of $242.9 million in the quarter ended March 31, compared with analysts’ estimates of $241.0 million, according to Refinitiv data News 

Bumble Beats Q1 revenue estimates despite recession fears

Nitin Misra, , ,

Bumble Inc beat first-quarter revenue estimates on Thursday as user spending on its dating app has remained strong despite a looming recession, sending its shares up 4.6% in aftermarket trading. According to Refinitiv’s data, the company’s revenue was $242.9 million in the quarter ended March 31, compared to analysts’ estimates of $241.0 million. New features like “Compliments,” which allow users to engage by sending a message before deciding to connect, have helped the company weather high inflation and rising interest rates. Total paying users grew to 3.5 million in the…

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Having a high-tier version of the AI Chatbot could help the company bring more businesses on board. News 

Microsoft plans to bring a private version of ChatGPT to businesses: here’s what it means

Adriana Marais, ,

Microsoft has a clear lead in the AI chatbot race ever since it decided to invest $10 billion in OpenAI, the creator of ChatGPT. The company gained access to the popular AI chatbot, which is now part of Bing, Office and more. But even today, many entities are hesitant to use AI applications due to privacy concerns, which has forced Samsung to ban its employees from using AI chatbots. But it looks like Microsoft has a solid plan to get around these issues by offering a private version of ChatGPT…

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Qualcomm Inc on Wednesday forecast third-quarter revenue and profit below Wall Street estimates, citing worries the smartphone industry would take longer to exhaust excess supply before fresh orders flow in. News 

Qualcomm shares gloomy market forecast as smartphone sales decline again

Nitin Misra, ,

(Reuters) – Qualcomm Inc on Wednesday forecast third-quarter revenue and profit below Wall Street estimates, citing the smartphone industry taking longer to shed excess supply before new orders come in. The chip designer’s shares fell 4% in extended trading after it said its forecast was also affected by macroeconomic headwinds, weaker global mobile phone sales and reduced channel inventory. “As we navigate this challenging environment, we remain focused on the critical factors we can control to emerge stronger from this downturn,” Qualcomm CEO Cristiano Amon said in a statement. “Our…

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Finance Minister Nirmala Sitharaman on Tuesday said the GST Council is deliberating on taxation policy for online gaming and exuded confidence that the sector will attract investment once it is finalised. News 

Online gaming to attract investment after tax policy is finalised: Nirmala Sitharaman

Febin Mathew, , , , ,

Finance Minister Nirmala Sitharaman on Tuesday said the GST Council will discuss the taxation policy for online gaming and expressed confidence that the sector will attract investment once finalized. He was responding to a question from Korean gaming company Krafton about which games India plans to attract foreign investment in gaming companies. The Minister said that the GST Council will hold ministerial-level discussions on various aspects of online gaming, including taxation and regulation. The Goods and Services Tax Council is chaired by Sitharaman and consists of state finance ministers. “When…

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Tinder's exit also comes when Russia has been strengthening laws to regulate the tech sector, against a backdrop of growing political repression News 

The dating app Tinder is leaving Russia because of “human rights”.

Adriana Marais, , ,

The company behind the dating app Tinder is leaving Russia more than a year after the occupation of Ukraine, when a wave of international companies closed or suspended their operations in Russia. Match Group announced on Monday that it will exit Russia by June 30 because “we are committed to protecting human rights.” The Texas-based company released the information in its annual impact report, which summarizes how the company achieves environmental, human rights and good governance goals. “Our brands are taking steps to limit access to their services in Russia…

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Shipments will stabilise around the levels from 2022 as we move into the middle of 2023, according to market research firm Canalys. News 

Global smartphone market to gain momentum only in second half of 2023: Report

Adarsh V.K,

The global smartphone market remains challenged and will strengthen in the second half of the year as channel inventories reach healthier levels, the report shows. According to the market research company Canalys, deliveries will stabilize at the level of 2022 when we move to the middle of 2023. “The warming rates will start to improve soon, although this is more related to the narrowing of the sharp contrast between 2022 and 2023,” said research analyst Lucas Zhong. Suppliers approach the market cautiously, focusing on profitability goals, lean operations and inventory…

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Clubhouse, the online social audio platform, which rose to fame during the peak of the COVID-19 pandemic, has axed 50% of its total workforce. News 

The clubhouse lays off 50% of the entire workforce; Here’s what the founders had to say

Sanjay Patil, , ,

Clubhouse, the online social voice platform that gained massive popularity at the height of the COVID-19 pandemic, has announced that it is cutting 50 percent of its entire workforce. Founded by Rohan Seth and Paul Davison, usage of the app increased as people were forced to stay at home during the pandemic. However, as the world has started to return to normal, the founders have noticed a decrease in users. “As the world has opened up post-Covid, many people find it harder to find their friends at the Clubhouse and…

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Amazon reported a profit of $3.2 billion on sales that climbed 9 percent to $127.4 billion in the quarter News 

Amazon’s Q1 earnings report beats expectations, shares jump more than 7 percent

Adriana Marais, ,

Amazon shares jumped on Thursday after the e-commerce colossus said it will make much more money than expected in the first quarter of 2023. Amazon reported a profit of $3.2 billion on sales that rose 9 percent to $127.4 billion in the quarter. Net income was about $1 billion more than analysts had predicted, and Amazon shares rose more than 7 percent to $117.87 in after-market trading after the results were released. “Our teams are doing a lot to serve customers, especially in an uncertain economy,” said Amazon CEO Andy…

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Intel's first-quarter revenue fell 36 percent to $11.7 billion and the semiconductor giant posted a massive loss of $2.8 billion News 

US chipmaker Intel predicts second-quarter revenue will exceed estimates

Adarsh V.K, ,

Chipmaker Intel Corp on Thursday forecast second-quarter revenue that beat Wall Street estimates, a sign that chip demand was recovering after an oversupply and a slump in the post-pandemic personal computer market. The company estimates adjusted revenue for the second quarter to be approximately $11.5–12.5 billion. Analysts polled by Refinitiv were expecting revenue of $11.75 billion. Read all the Latest Tech News here.

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Cloud storage giant Dropbox announced on Thursday that it is laying off 16 per cent of its workforce, or about 500 employees, due to slowing growth. News 

Dropbox lays off 16% of its workforce due to slowing growth

Jim Hendler, , ,

Cloud storage giant Dropbox announced Thursday that it is laying off 16 percent of its workforce, or about 500 employees, due to slowing growth. Dropbox CEO Drew Houston said he takes full ownership of this decision. “If you’ve been affected, you’ll be sent a calendar invite for a one-on-one meeting with your team leader and a member of the People team to go over your departure, package details and ask any questions you may have,” she said. Houston said that while the business is profitable, “our growth has slowed down.”…

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