
Musk's X down for thousands of US users, Downdetector shows
There were more than 15,400 incidents of people reporting issues with the social media platform as of 9:52 a.m. ET, Downdetector showed, which tracks outages by collating status reports from a number of sources.

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Nvidia set to become world's most valuable company in history
Nvidia was on track to become the most valuable company in history on Thursday (Jul 2), with the chipmaker's market capitalisation reaching US$3.92 trillion as Wall Street doubled down on optimism about artificial intelligence. Shares of the leading designer of high-end AI chips were up 2.2 per cent at US$160.60 in morning trading, giving the company a higher market capitalisation than Apple's record closing value of US$3.915 trillion on Dec 26, 2024. Nvidia's newest chips have made gains in training the largest AI models, fueling demand for products by the Santa Clara, California, company. Microsoft is currently the second-most valuable company on Wall Street, with a market capitalisation of US$3.7 trillion as its shares rose 1.5 per cent to US$498.5. Apple rose 0.8 per cent, giving it a market value of US$3.19 trillion, in third place. A race among Microsoft, Meta Platforms, Alphabet and Tesla to build AI data centres and dominate the emerging technology has fueled insatiable demand for Nvidia's high-end processors. "When the first company crossed a trillion dollars, it was amazing. And now you're talking four trillion, which is just incredible. It tells you that there's this huge rush with AI spending and everybody's chasing it right now," said Joe Saluzzi, co-manager of trading at Themis Trading. The stock market value of Nvidia, whose core technology was developed to power video games, has increased nearly eightfold over the past four years, from US$500 billion in 2021. Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom. Nvidia recently traded at about 32 times analysts' expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia's sizable stock gains. The company's stock has now rebounded more than 68 per cent from its recent closing low on Apr 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. US stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump's tariffs. Nvidia holds a weight of nearly 7.4 per cent on the benchmark S&P 500. AI POSTER CHILD Nvidia's swelling market capitalisation underscores Wall Street's big bets on the proliferation of generative AI technology, with the chipmaker's hardware serving as the foundation. Co-founded in 1993 by CEO Jensen Huang, Nvidia has evolved from a niche company popular among video game enthusiasts into Wall Street's barometer for the AI industry. The stock's recent rally comes after a slow first half of the year, when investor optimism about AI took a back seat to worries about tariffs and Trump's trade dispute with Beijing. Chinese startup DeepSeek in January triggered a selloff in global equities markets with a cut-price AI model that outperformed many Western competitors and sparked speculation that companies might spend less on high-end processors.


CNA
2 hours ago
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Ambiq Micro files for US IPO as generative AI fuels chip demand
Chip designer Ambiq Micro on Thursday reported a 16.1 per cent rise in 2024 net sales in its filing for a U.S. initial public offering, as growing demand for generative AI fuels spending on semiconductor technology. Strong investor demand for AI-focused tech stocks is helping revive the IPO market, as investors warm again to high-growth tech startups they had largely avoided for nearly three years. The Austin, Texas-based company disclosed a net loss of $39.7 million in 2024, narrowing from a loss of $50.3 million in the previous year. Net sales climbed 16.1 per cent to $76.1 million in 2024. Proceeds from the IPO will be used for general corporate purposes, including working capital, sales and marketing activities, and product development. Analysts expect companies tied to the AI boom to drive the next wave of technology listings, fueled by expectations of rapid growth as businesses adopt more generative AI applications. Ambiq said it will list on the NYSE under the symbol "AMBQ", joining a wave of chip design firms that are central to the AI boom, as their processors help power the growing demand for faster and more efficient computing. Founded in 2010, Ambiq Micro provides ultra-low-power semiconductor solutions, targeting the power consumption challenges of general-purpose and AI computing.


CNA
2 hours ago
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Nvidia set to become the world's most valuable company in history
Nvidia was on track to become the most valuable company in history on Thursday, with the chipmaker's market capitalization reaching $3.92 trillion as Wall Street doubled down on optimism about AI. Shares of the leading designer of high-end AI chips were up 2.2 per cent at $160.6 in morning trading, giving the company a higher market capitalization than Apple's record closing value of $3.915 trillion on December 26, 2024. Nvidia's newest chips have made gains in training the largest artificial-intelligence models, fueling demand for products by the Santa Clara, California, tech company. Microsoft is currently the second-most valuable company on Wall Street, with a market capitalization of $3.7 trillion as its shares rose 1.4 per cent on $498. Apple rose 0.5 per cent, giving it a stock market value of $3.19 trillion, in third place. A race among Microsoft, Meta Platforms, Alphabet and Tesla to build AI data centers and dominate the emerging technology has fueled insatiable demand for Nvidia's high-end processors. The stock market value of Nvidia, whose core technology was developed to power video games, has nearly octupled over the past four years from $500 billion in 2021. Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom. Nvidia recently traded at about 32 times analysts' expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia's sizable stock gains. The company's stock has now rebounded more than 68 per cent from its recent closing low on April 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. U.S. stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump's tariffs.