
Colony Bankcorp: Q2 Earnings Snapshot
The bank, based in Fitzgerald, Georgia, said it had earnings of 46 cents per share.
The bank holding company posted revenue of $46.9 million in the period. Its revenue net of interest expense was $32.5 million, which beat Street forecasts.
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The Hill
19 minutes ago
- The Hill
Asian shares mostly slip as focus shifts to US talks with China
TOKYO (AP) — Asian shares mostly declined Tuesday as some of the euphoria fizzled out over a tariff deal with Japan as proposed by President Donald Trump, which was followed by a similar deal with the European Union. Japan's benchmark Nikkei 225 slipped nearly 0.7% to 40,725.23. Australia's S&P/ASX 200 lost 0.3% to 8,670.50. South Korea's Kospi was little changed after reversing earlier losses, edging less than 0.1% higher to 3,212.59. Hong Kong's Hang Seng dropped 1.1% to 25,276.36, while the Shanghai Composite shed 0.3% to 3,586.93. Analysts said markets were watching for the latest from Trump, which are now focused on the talks with China. U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting in Sweden. Bessent has said the negotiations will likely lead to an extension of current tariff levels. There was no significant new information after the first day of talks. 'Aside from addressing economic imbalances, tariffs are also now well entrenched in the geo-political arena,' Tan Boon Heng of the Asia & Oceania Treasury Department at Mizuho Bank said in a commentary. Last week, Trump announced a trade framework, placing a 15% tax on goods imported from Japan, a level far lower than the earlier 25% rate that the president had indicated. Trump also said Japan would invest $550 billion into the U.S. and open up to U.S. autos and rice. Details are still unclear, but the accord set off some momentary relief. U.S. stock indexes drifted through a quiet Monday after the United States agreed to tax cars and other products coming from the European Union at a 15% rate, lower than Trump had threatened. Many details of the trade deal are still to be worked out, and Wall Street is heading into a week full of potential flashpoints that could shake markets, including an interest rate decision Wednesday by the Federal Reserve. The widespread expectation on Wall Street is that Fed officials will wait until September to resume cutting interest rates, though a couple of Trump's appointees could dissent in the vote. The Fed has been on hold with interest rates this year since cutting them several times at the end of 2024. On Wall Street, the S&P 500 was nearly flat, edging up by less than 0.1% to 6,389.77 and setting an all-time high for a sixth straight day. The Dow Jones Industrial Average dipped 0.1% to 44,837.56, while the Nasdaq composite added 0.3% to its own record, closing at 21,178.58. Tesla rose 3% after its CEO, Elon Musk, said it had signed a deal with Samsung Electronics that could be worth more than $16.5 billion to provide computer chips for the electric-vehicle company. Samsung's stock in South Korea jumped 6.8%. Other companies in the chip and artificial-intelligence industries were strong, continuing their run from last week after Alphabet said it was increasing its spending on AI chips and other investments to $85 billion this year. Chip company Advanced Micro Devices rose 4.3%, and server-maker Super Micro Computer climbed 10.2%. But an 8.3% drop for Revvity helped to keep the market in check. The company in the life sciences and diagnostics businesses reported a stronger profit for the latest quarter than Wall Street expected, but its forecast for full year profit disappointed analysts. Companies are broadly under pressure to deliver solid growth in profits following big jumps in their stock prices the last few months. Much of the gain was due to hopes that Trump would walk back some of his stiff proposed tariffs, and critics say the U.S. stock market looks expensive unless companies will produce bigger profits. Hundreds of U.S. companies are lined up to report how much profit they made during the spring, with nearly a third of the businesses in the S&P 500 index scheduled to deliver updates. In energy trading, benchmark U.S. crude inched up 1 cent to $66.72 a barrel. Brent crude, the international standard, added 6 cents to $70.10 a barrel. In currency trading, the U.S. dollar rose to 148.56 Japanse yen from 148.54 yen. The euro cost $1.1600, up from $1.1593.


San Francisco Chronicle
4 hours ago
- San Francisco Chronicle
Cheyenne to host massive AI data center using more electricity than all Wyoming homes combined
CHEYENNE, Wyo. (AP) — An artificial intelligence data center that would use more electricity than every home in Wyoming combined before expanding to as much as five times that size will be built soon near Cheyenne, according to the city's mayor. 'It's a game changer. It's huge,' Mayor Patrick Collins said Monday. With cool weather — good for keeping computer temperatures down — and an abundance of inexpensive electricity from a top energy-producing state, Wyoming's capital has become a hub of computing power. The city has been home to Microsoft data centers since 2012. An $800 million data center announced last year by Facebook parent company Meta Platforms is nearing completion, Collins said. The latest data center, a joint effort between regional energy infrastructure company Tallgrass and AI data center developer Crusoe, would begin at 1.8 gigawatts of electricity and be scalable to 10 gigawatts, according to a joint company statement. A gigawatt can power as many as 1 million homes. But that's more homes than Wyoming has people. The least populated state, Wyoming, has about 590,000 people. And it's a major exporter of energy. A top producer of coal, oil and gas, Wyoming ranks behind only Texas, New Mexico and Pennsylvania as a top net energy-producing state, according to the U.S. Energy Information Administration. But this proposed data center is so big, it would have its own dedicated energy from gas generation and renewable sources, according to Collins and company officials. Gov. Mark Gordon praised the project's value to the state's gas industry. 'This is exciting news for Wyoming and for Wyoming natural gas producers," Gordon said in the statement. While data centers are energy-hungry, experts say companies can help reduce their effect on the climate by powering them with renewable energy rather than fossil fuels. Even so, electricity customers might see their bills increase as utilities plan for massive data projects on the grid. The data center would be built several miles (kilometers) south of Cheyenne off U.S. 85 near the Colorado state line. State and local regulators would need to sign off on the project, but Collins was optimistic construction could begin soon. "I believe their plans are to go sooner rather than later,' Collins said. OpenAI, the developer of Chat GPT, has been scouring the U.S. for sites for a massive AI data center effort called Stargate, but a Crusoe spokesperson declined to say if the Cheyenne project was one. 'We are not at a stage that we are ready to announce our tenant there,' said the spokesperson, Andrew Schmitt. 'I can't confirm or deny that is going to be one of the stargate." Recently, OpenAI announced it had switched on the first phase of a Crusoe-built data center complex in Abilene, Texas, in a partnership with software giant Oracle. 'To the best of our knowledge, it is the largest data center — we think of it as a campus — in the world,' OpenAI's chief global affairs officer Chris Lehane told The Associated Press last week. 'It generates, roughly and depending how you count, about a gigawatt of energy.' OpenAI has also been looking elsewhere in the U.S. to expand its data centers. It said last week that it has entered into an agreement with Oracle to develop another 4.5 gigawatts of data center capacity. 'We're now in a position where we have, in a really concrete way, identified over five gigawatts of energy that we're going to be able to build around,' Lehane said. OpenAI hasn't named any locations, besides its flagship site in Texas, where it plans to build data centers. ___ O'Brien reported from Austin, Texas.


The Hill
4 hours ago
- The Hill
Cheyenne to host massive AI data center using more electricity than all Wyoming homes combined
CHEYENNE, Wyo. (AP) — An artificial intelligence data center that would use more electricity than every home in Wyoming combined before expanding to as much as five times that size will be built soon near Cheyenne, according to the city's mayor. 'It's a game changer. It's huge,' Mayor Patrick Collins said Monday. With cool weather — good for keeping computer temperatures down — and an abundance of inexpensive electricity from a top energy-producing state, Wyoming's capital has become a hub of computing power. The city has been home to Microsoft data centers since 2012. An $800 million data center announced last year by Facebook parent company Meta Platforms is nearing completion, Collins said. The latest data center, a joint effort between regional energy infrastructure company Tallgrass and AI data center developer Crusoe, would begin at 1.8 gigawatts of electricity and be scalable to 10 gigawatts, according to a joint company statement. A gigawatt can power as many as 1 million homes. But that's more homes than Wyoming has people. The least populated state, Wyoming, has about 590,000 people. And it's a major exporter of energy. A top producer of coal, oil and gas, Wyoming ranks behind only Texas, New Mexico and Pennsylvania as a top net energy-producing state, according to the U.S. Energy Information Administration. Accounting for fossil fuels, Wyoming produces about 12 times more energy than it consumes. The state exports almost three-fifths of the electricity it produces, according to the EIA. But this proposed data center is so big, it would have its own dedicated energy from gas generation and renewable sources, according to Collins and company officials. Gov. Mark Gordon praised the project's value to the state's gas industry. 'This is exciting news for Wyoming and for Wyoming natural gas producers,' Gordon said in the statement. While data centers are energy-hungry, experts say companies can help reduce their effect on the climate by powering them with renewable energy rather than fossil fuels. Even so, electricity customers might see their bills increase as utilities plan for massive data projects on the grid. The data center would be built several miles (kilometers) south of Cheyenne off U.S. 85 near the Colorado state line. State and local regulators would need to sign off on the project, but Collins was optimistic construction could begin soon. 'I believe their plans are to go sooner rather than later,' Collins said. OpenAI, the developer of Chat GPT, has been scouring the U.S. for sites for a massive AI data center effort called Stargate, but a Crusoe spokesperson declined to say if the Cheyenne project was one. 'We are not at a stage that we are ready to announce our tenant there,' said the spokesperson, Andrew Schmitt. 'I can't confirm or deny that is going to be one of the stargate.' Recently, OpenAI announced it had switched on the first phase of a Crusoe-built data center complex in Abilene, Texas, in a partnership with software giant Oracle. 'To the best of our knowledge, it is the largest data center — we think of it as a campus — in the world,' OpenAI's chief global affairs officer Chris Lehane told The Associated Press last week. 'It generates, roughly and depending how you count, about a gigawatt of energy.' OpenAI has also been looking elsewhere in the U.S. to expand its data centers. It said last week that it has entered into an agreement with Oracle to develop another 4.5 gigawatts of data center capacity. 'We're now in a position where we have, in a really concrete way, identified over five gigawatts of energy that we're going to be able to build around,' Lehane said. OpenAI hasn't named any locations, besides its flagship site in Texas, where it plans to build data centers. As of earlier this year, Wyoming was not one of the 16 states where OpenAI said it was looking for locations to build new data centers.