Yusuf Mehdi, Executive Vice President and Chief Consumer Marketing Officer, Microsoft Corporation May 20, 2024. May 2024. Microsoft has released a new category of computer in the company’s new category, which is the company’s world-leading operating system.
Jason Redmond | AFP | Getty Images
The euphoria surrounding artificial intelligence has hit the edge of reality, and cracks are appearing.
Like Thech Giants last night Expectations from Amd AI chip demand and Paltanir reported Another quarter. Nasdaq crashes, wall street playlist opener stuck to one track: Ai Mania.
Paltanir is the poster child for this obsession – despite the quarter, it’s down almost 8%, while Oracle is down almost 4%. NVIDIA and Amazon Ai Darlings even Ai Darlings
The message? It’s the Moon or nothing – and the tunnel vision is flashing warning signs.
Some leaders are a warning market correctionothers are inevitable inconsistencies Revenues and mass losses AI needs to be powered up. One CEO even told CNBC Stocks are correctingeven if the S & P 500 is not represented.
Maybe the time will come for investors to get on the train and look to the broader market, even the broader market — even as the mightiest of empires begin to believe in their legend.
What you need to know today
Amd Beats Prices. Ma This exceeded wall street expectations, but margin guidance was provided. Revenue and net income exceeded expectations. Despite this, the stock was sent to extended trading.
IBM Raffs. The company told CNBC IBM expects its U.S. employment to remain flat year-over-year, citing “smaller numbers of our global workforce,” it said on Tuesday. IBM will employ 270,000 people by the end of 2024, and 1% of its workforce will lose 2,700 jobs.
Musk’s trillion-dollar pay package was opposed. Norway’s $2 trillion sovereign power has said it has Vote against Elon’s trillion-dollar pay package in TeslaThis week’s annual shareholder meeting is a battle between management and the Musks if the deal is rejected.
TECH Drags US Markets. All three major US indices It fell on Tuesday as tech stocks lost ground. The tech-heavy NASDAQ composite was down more than 2%, while the S&P500 fell 1.17% and the Dow Jones industrial average slipped 0.53%.
(pro) Funds correction? Ritz Wealth Management CEO Josh Brown Tuesday the stock market will undergo a correctioneven if the indexes are not specified yet.
And finally…
President and CEO of Saudi Arabia Nasser Amin Kh. Nasser, Future Investment Initiative (FII), Saudi Arabia, Saudi Arabia, October 29, 2024.
Hamad I Muhammad | Reuters
Aramco’s CEO Says Saudi Arabia’s Cheap Energy Will Become The Kingdom’s Data Center
Saudi Arabia is pushing for cheap natural gas and renewables to make the kingdom a global leader in artificial intelligence, Aramco chief Amin Nasser told CNBC.
Aramco, the world’s largest oil company, will open at the end of the decade, and it will take a significant minority stake in the plan An artificial intelligence company. Saudi Arabia’s National Wealth Fund, PIF, is a public-owned fund launched in May.
“Look, if you’re going to be renewable, you’re going to be the lowest-cost renewable,” Nasser said. “If you want gas, you can find the lowest cost gas. Energy is available and available to create all things.”
– Spencer Kimball