TSMC, world’s largest chipmaker, faces Q2 profit plunge amid declining consumer electronics demand. Q3 expected to improve with 3-nanometer technologies ramp-up. Smartphone market shows early signs of recovery. Taiwan Semiconductor Manufacturing Company, the world’s largest chipmaker, posted a second-quarter profit plunge Thursday as demand for consumer electronics continues to slump. Here are TSMC’s second...Read More
Tesla’s Q2 revenue reached $24.93B, but lower margins were due to price cuts. Uncertain Cybertruck and Robotaxi delivery dates caused the stock to drop. R&D focuses on AI and Dojo supercomputers. Musk discusses Neuralink integration. Tesla reported earnings after the bell, showing a record for quarterly revenue but lower margins thanks to price cuts and...Read More
LONDON — U.K. inflation cooled significantly in June, coming in below consensus expectations at 7.9% annually. Economists polled by Reuters had projected an annual rise in the headline consumer price index of 8.2%, following May’s hotter-than-expected 8.7% reading, but annualized price rises continue to run well above the Bank of England’s 2% target. On a...Read More
Asia-Pacific markets mostly rose on Wednesday as investors digest better-than-expected results from Wall Street. Overall, the earnings season was off to a strong start. Of the S&P 500 companies that have reported, 84% exceeded profit estimates, according to FactSet. In Japan, the Nikkei 225 popped 1.24% and closed at 32,896.93, while the Topix was up...Read More
Outsourced programmers in India face job losses due to AI advancements in software development. Different countries and sectors will experience varying impacts. AI’s role will change traditional coding jobs. Most outsourced programmers in India will see their jobs wiped out in the next year or two, Stability AI CEO Emad Mostaque said. Mostaque, on a...Read More
Morgan Stanley’s profit declined 13% with successful wealth management but lower Wall Street division results. CEO James Gorman plans to step down. Interest rate increases may end soon. The bank said profit declined 13% to $2.18 billion, or $1.24 a share, on lower trading results from a year ago and a round of...Read More
