Streetbeat News

Corporate Responsibility

AMZN

FTEC

GOOG

MSFT

XLK

Google Cloud has criticized Microsoft's cloud computing strategies, suggesting Microsoft aims for a monopoly that could stifle innovation in technologies like generative AI. Amid regulatory scrutiny over Microsoft and Amazon's dominant cloud market positions, Google, ranking third, has joined Amazon in complaining to UK regulators about Microsoft's practices. Microsoft, however, asserts that cloud competition is healthy. Microsoft and Google have seen significant stock gains, while ETFs like FTEC and XLK have substantial exposure to Microsoft.

Portfolio Pulse from Anusuya Lahiri

February 27, 2024 | 9:06 pm

BTCUSD

Satoshi Nakamoto, the anonymous creator of Bitcoin, has recently gained attention as potentially becoming the world's wealthiest person if Bitcoin's price reaches $212,000. Nakamoto's identity remains a mystery, but recent releases of emails provide insight into his thoughts on Bitcoin's development, emphasizing its non-investment nature, potential environmental impact, and the importance of pseudonymity. The Bitcoin community reflects on Nakamoto's legacy and the implications for privacy and identity in the digital age.

Portfolio Pulse from Murtuza Merchant

February 27, 2024 | 8:59 pm

AAPL

TSLA

Apple Inc has halted its electric vehicle (EV) project, Titan, to redirect resources towards its generative AI division. This decision, affecting nearly 2,000 employees, comes after multiple project delays and strategy changes. Despite spending millions on R&D, concerns about the EV's profit margins led to this strategic pivot. The move reflects broader industry trends, with some OEMs scaling back on EV efforts amid market pressures. Meanwhile, Apple's focus on AI is seen as a promising shift, with expectations of a new AI foundation model release.

Portfolio Pulse from Adam Eckert

February 27, 2024 | 8:17 pm

AMD

NVDA

TSM

US chipmakers, including Nvidia Corp and Advanced Micro Devices, Inc (AMD), are seeking additional federal subsidies as demand for AI technology chips surges, with requests totaling over $70 billion against the $39 billion allocated. The U.S. aims to increase domestic semiconductor production to reduce reliance on foreign chips and strengthen its supply chain. AMD is entering the AI accelerator market with its MI300 chip, targeting a market expected to exceed $400 billion in the next four years. Both AMD and Nvidia have seen significant stock gains this year, though concerns about Nvidia's valuation sustainability have been raised.

Portfolio Pulse from Anusuya Lahiri

February 27, 2024 | 7:14 pm

AAPL

Apple Inc. has reportedly canceled its project to develop an electric car and is redirecting the project team's efforts towards generative AI technologies. This strategic pivot reflects the company's adjustment to the competitive landscape and its focus on emerging tech trends.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 7:02 pm

LEVI

Levi Strauss is exploring the consolidation of its North and South Europe operations into a single European cluster and is considering centralizing some functions at Global Capability Centers. The company is also revamping its global operating model and go-to-market process.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 6:38 pm

EXPE

Expedia Group, Inc. (NASDAQ:EXPE) announced a workforce reduction of approximately 9%, affecting around 1,500 employees, as part of its organizational and technological transformation. The company anticipates incurring $80 million to $100 million in pre-tax charges and cash expenditures related to restructuring, with charges to be recorded in 2024. This announcement follows Expedia's recent earnings beat and the appointment of Ariane Gorin as the new CEO, effective May 13, 2024. EXPE shares rose 1.37% to $136.80.

Portfolio Pulse from Lekha Gupta

February 27, 2024 | 4:25 pm

CVS

GOOGL

UNH

WBA

Hackers from the 'Blackcat' ransomware gang disrupted UnitedHealth Inc's prescription deliveries by targeting its technology unit, Change Healthcare. UnitedHealth, which merged Change with Optum in 2022, is investigating the breach with Alphabet Inc's cybersecurity unit, Mandiant. The hack has also affected pharmacy chains like CVS Health Inc and Walgreens Boots Alliance Inc, impacting their ability to process prescriptions and insurance claims. The incident raises questions about UnitedHealth's cybersecurity measures and has knock-on effects on related businesses.

Portfolio Pulse from Vandana Singh

February 27, 2024 | 4:12 pm

NSC

Ancora Holdings has initiated a proxy battle with Norfolk Southern Corp (NSC), aiming to overhaul its board and replace CEO Alan Shaw with a focus on making the railroad safer and more sustainable. Ancora, holding a $1B stake, proposes a new management team including ex-UPS COO Jim Barber Jr. as CEO. Norfolk Southern has responded by nominating 13 board members, emphasizing continuity and safety, and expressing concerns about Ancora's approach. The company's shares slightly declined.

Portfolio Pulse from Vandana Singh

February 27, 2024 | 4:07 pm

SPWR

SunPower shares are trading lower following the departure of the company's CEO. This leadership change has likely contributed to investor uncertainty, impacting the stock's performance in the short term.

Portfolio Pulse from Benzinga Newsdesk

February 27, 2024 | 3:57 pm