Latest news with #Power-Hungry
Yahoo
18-05-2025
- Business
- Yahoo
NYC Bankers Who Live in NJ Game Out Commute as Rail Strike Upends RTO Plans
(Bloomberg) -- The initiative by banks and other employers in New York to bring back workers to the office is being undermined by an unexpected roadblock in a neighboring state. How a Highway Became San Francisco's Newest Park Maryland's Credit Rating Gets Downgraded as Governor Blames Trump Power-Hungry Data Centers Are Warming Homes in the Nordics America, 'Nation of Porches' NJ Transit Train Engineers Strike, Disrupting Travel to NYC As the strike by New Jersey Transit locomotive engineers loomed over Monday's commute, Garden State residents were eager for updates on negotiations as they mulled options for getting to work in Manhattan if trains remain shut down. NJ Transit officials and the union representing its rail engineers said that unscheduled talks Saturday in Newark went well. More talks were being held Sunday. Financial firms including Deutsche Bank AG, Citigroup Inc., Mitsubishi UFJ Financial Group Inc., Credit Agricole SA and CastleOak Securities told many of their employees that they could work from home or local offices, according to people familiar with the situations, though traders and some other roles were often exceptions. The leeway offered a partial reprieve from return-to-office policies that were gaining momentum five years after the Covid-19 pandemic upended working patterns. But traveling within the US's most populous metro area promises to be chaotic as long as the walkout continues, and anyone with a pied-à-terre in Manhattan or generous friends or family with a couch to crash on were counting their lucky stars. Shuttered NJ Transit train service has led to jammed buses, light-rail cars and PATH service, as well as surge pricing on Uber, as commuters sought alternatives. Service has also been suspended to MetLife Stadium, creating headaches and enormous ride-share bills for fans of the singer Shakira, who performed Thursday and Friday evenings. 'For some folks, not having a train option and having hundreds of thousands of people try to commute via bus or ferry or car will clog alternate routes,' CastleOak said in a memo to employees. 'We are asking everyone to exercise their best judgment on commuting.' JPMorgan Chase & Co., where Chief Executive Officer Jamie Dimon has been a fierce advocate of in-person work, advised employees to work with managers to figure out strike plans. Anyone who works remotely should log an 'approved working from home - personal circumstance' code, according to a memo sent Friday. One JPMorgan employee who lives in New Jersey, who asked not to be identified because he wasn't authorized to comment publicly, was told by a manager that parking fees wouldn't be covered for those who drove into the office, as he had planned to do. That meant he had to look at alternatives, such as Boxcar — a private bus service that has routes from the state to New York City — something he hadn't considered before. Comments that Dimon made just last week are adding pressure on JPMorgan workers to find a way in. 'I completely applaud your right to not want to go to the office every day, but you're not going to tell JPMorgan what to do,' Dimon said in a Bloomberg Television interview, before the strike started. A JPMorgan representative declined to comment. A resident of upscale Short Hills, New Jersey, who works at hedge fund Millennium booked a Boxcar bus trip to work Monday and will likely stay over at friends in Brooklyn and not go home to his wife and kids to avoid a lengthy back and forth commute each day. In credit markets, where debt sales have roared back to life as tariff tensions ease, banks gave guidance to staff. As of late Friday, Deutsche Bank encouraged those living in New Jersey who are eligible to work from home to do so, according to a person with knowledge of the matter. One MUFG employee who resides in New Jersey said a manager gave permission to work from home. An employee at Credit Agricole got the option to work at home or the bank's NJ office. Representatives for MUFG and Credit Agricole didn't respond to requests for comment. Representatives for Deutsche Bank declined to comment. A representative for CastleOak didn't respond to a request for comment. A Citigroup official said employees whose jobs can be performed remotely didn't need to come into the office during the strike. Danny Wild, a senior coordinator for digital operations at Major League Baseball's Manhattan office, said he was looking forward to the strike to have an excuse to avoid coming into the office from Rockland County, New York, five days a week. He received an email Friday telling him to stay home because of the stoppage. He's loving it for now, but also worried: If the strike continues, his employer has asked workers to consider other options. 'There are no good options,' he said. 'I was humoring myself looking at Uber prices if I wanted to go in: basically $100 plus tax and tip.' Social media had other examples of workers cheering on the strike so they could avoid commuting. In the 10 largest US cities, the number of workers who went to the office was 53% of pre-Covid-19 levels in the week ended May 7, according to data from Kastle Systems. 'I only have to go into the office 2 days per week & I am really praying for a long & protracted NJ Transit rail strike so I can get that down to 0 for as long as possible,' an account with the handle FrankInGeneral posted on X. But those who have gotten used to the post-pandemic rhythm of commuting into the office everyday have been left frustrated. Matt Kritzberg, 24, who works in tech sales and commutes from New Jersey to New York City for his job via NJ Transit trains, says he's concerned about productivity when working from home. 'A huge part of my job is collaborating with people,' he said. 'As someone who's in a new role and who wants to go the extra mile, rather than being the guy who's there five days a week, I'm working from home. It doesn't feel like a good look.' --With assistance from Jeannine Amodeo, Rthvika Suvarna, Gowri Gurumurthy and Nacha Cattan. Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race As Nuclear Power Makes a Comeback, South Korea Emerges a Winner Tariffs Won't Reindustrialize America. Here's What Will ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
18-05-2025
- Business
- Yahoo
NYC Bankers Who Live in NJ Game Out Commute as Rail Strike Upends RTO Plans
(Bloomberg) -- The initiative by banks and other employers in New York to bring back workers to the office is being undermined by an unexpected roadblock in a neighboring state. How a Highway Became San Francisco's Newest Park Maryland's Credit Rating Gets Downgraded as Governor Blames Trump Power-Hungry Data Centers Are Warming Homes in the Nordics America, 'Nation of Porches' NJ Transit Train Engineers Strike, Disrupting Travel to NYC As the strike by New Jersey Transit locomotive engineers loomed over Monday's commute, Garden State residents were eager for updates on negotiations as they mulled options for getting to work in Manhattan if trains remain shut down. NJ Transit officials and the union representing its rail engineers said that unscheduled talks Saturday in Newark went well. More talks were being held Sunday. Financial firms including Deutsche Bank AG, Citigroup Inc., Mitsubishi UFJ Financial Group Inc., Credit Agricole SA and CastleOak Securities told many of their employees that they could work from home or local offices, according to people familiar with the situations, though traders and some other roles were often exceptions. The leeway offered a partial reprieve from return-to-office policies that were gaining momentum five years after the Covid-19 pandemic upended working patterns. But traveling within the US's most populous metro area promises to be chaotic as long as the walkout continues, and anyone with a pied-à-terre in Manhattan or generous friends or family with a couch to crash on were counting their lucky stars. Shuttered NJ Transit train service has led to jammed buses, light-rail cars and PATH service, as well as surge pricing on Uber, as commuters sought alternatives. Service has also been suspended to MetLife Stadium, creating headaches and enormous ride-share bills for fans of the singer Shakira, who performed Thursday and Friday evenings. 'For some folks, not having a train option and having hundreds of thousands of people try to commute via bus or ferry or car will clog alternate routes,' CastleOak said in a memo to employees. 'We are asking everyone to exercise their best judgment on commuting.' JPMorgan Chase & Co., where Chief Executive Officer Jamie Dimon has been a fierce advocate of in-person work, advised employees to work with managers to figure out strike plans. Anyone who works remotely should log an 'approved working from home - personal circumstance' code, according to a memo sent Friday. One JPMorgan employee who lives in New Jersey, who asked not to be identified because he wasn't authorized to comment publicly, was told by a manager that parking fees wouldn't be covered for those who drove into the office, as he had planned to do. That meant he had to look at alternatives, such as Boxcar — a private bus service that has routes from the state to New York City — something he hadn't considered before. Comments that Dimon made just last week are adding pressure on JPMorgan workers to find a way in. 'I completely applaud your right to not want to go to the office every day, but you're not going to tell JPMorgan what to do,' Dimon said in a Bloomberg Television interview, before the strike started. A JPMorgan representative declined to comment. A resident of upscale Short Hills, New Jersey, who works at hedge fund Millennium booked a Boxcar bus trip to work Monday and will likely stay over at friends in Brooklyn and not go home to his wife and kids to avoid a lengthy back and forth commute each day. In credit markets, where debt sales have roared back to life as tariff tensions ease, banks gave guidance to staff. As of late Friday, Deutsche Bank encouraged those living in New Jersey who are eligible to work from home to do so, according to a person with knowledge of the matter. One MUFG employee who resides in New Jersey said a manager gave permission to work from home. An employee at Credit Agricole got the option to work at home or the bank's NJ office. Representatives for MUFG and Credit Agricole didn't respond to requests for comment. Representatives for Deutsche Bank declined to comment. A representative for CastleOak didn't respond to a request for comment. A Citigroup official said employees whose jobs can be performed remotely didn't need to come into the office during the strike. Danny Wild, a senior coordinator for digital operations at Major League Baseball's Manhattan office, said he was looking forward to the strike to have an excuse to avoid coming into the office from Rockland County, New York, five days a week. He received an email Friday telling him to stay home because of the stoppage. He's loving it for now, but also worried: If the strike continues, his employer has asked workers to consider other options. 'There are no good options,' he said. 'I was humoring myself looking at Uber prices if I wanted to go in: basically $100 plus tax and tip.' Social media had other examples of workers cheering on the strike so they could avoid commuting. In the 10 largest US cities, the number of workers who went to the office was 53% of pre-Covid-19 levels in the week ended May 7, according to data from Kastle Systems. 'I only have to go into the office 2 days per week & I am really praying for a long & protracted NJ Transit rail strike so I can get that down to 0 for as long as possible,' an account with the handle FrankInGeneral posted on X. But those who have gotten used to the post-pandemic rhythm of commuting into the office everyday have been left frustrated. Matt Kritzberg, 24, who works in tech sales and commutes from New Jersey to New York City for his job via NJ Transit trains, says he's concerned about productivity when working from home. 'A huge part of my job is collaborating with people,' he said. 'As someone who's in a new role and who wants to go the extra mile, rather than being the guy who's there five days a week, I'm working from home. It doesn't feel like a good look.' --With assistance from Jeannine Amodeo, Rthvika Suvarna, Gowri Gurumurthy and Nacha Cattan. Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race As Nuclear Power Makes a Comeback, South Korea Emerges a Winner Tariffs Won't Reindustrialize America. Here's What Will ©2025 Bloomberg L.P.
Yahoo
16-05-2025
- Business
- Yahoo
Nvidia shares roar back as clouds hanging over chipmaker fade
(Bloomberg) — After several months in the wilderness, Nvidia Corp. (NVDA) shares have found their way again as doubts about Big Tech spending subside, trade tensions with China ease, and new chip buyers emerge. As Coastline Erodes, One California City Considers 'Retreat Now' How a Highway Became San Francisco's Newest Park Maryland's Credit Rating Gets Downgraded as Governor Blames Trump Power-Hungry Data Centers Are Warming Homes in the Nordics NYC Commuters Brace for Chaos as NJ Transit Strike Looms The stock rallied this week and is on track for the best month in a year after a series of long-term sales agreements during President Donald Trump's trip to the Middle East. That followed a tariff detente between the US and China and an earnings season that showed Nvidia's biggest customers remain full-steam ahead on capital spending related to artificial intelligence infrastructure, where the chipmaker dominates. The stock has now advanced 43% from an April low and is less than 6% from where it closed on Jan. 24, the day before the emergence of DeepSeek's R1 model sparked fears that cheaper AI development would hurt sales, sending Nvidia and other technology stocks tumbling. 'This season showed that the hyperscalers continue to increase their estimates for what they're going to spend, and Nvidia remains the primary beneficiary of that capex,' said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management. 'Everyone wants off the train before the party stops, but I don't know why they expect it to stop.' With respect to spending on AI, 'I think we're in the second inning of a nine-inning game.' Since the start of the month, Nvidia has blown through both its 50-day and 200-day moving averages, positive technical signals for both its near- and long-term momentum. The rally has added about $1 trillion in market capitalization since its April low, pushing it ahead of Apple Inc. in market capitalization. At $3.29 trillion, Nvidia is now second only to Microsoft Corp.'s $3.37 trillion among the world's biggest stocks. Nvidia's latest rally marks a stark turnaround from the biggest drawdown in the stock since 2022. At its low last month, the chipmaker's shares had fallen 37% from a January all-time high amid concerns that Big Tech's chip-buying binge was set to cool and trade hostilities between the US and China threatened a key market. Instead of pulling back, tech giants upped the ante. Microsoft Corp. (MSFT) and Alphabet Inc. (GOOG, GOOGL) pledged to spend even more next year, while Meta Platforms Inc. (META) raised its forecast for capital expenditures on the back of AI-related demand tailwinds. Along with Inc. (AMZN), capital expenditures for the four companies are projected to reach nearly $330 billion in 2026, up 6% from estimated spending this year, according to the average of analyst estimates compiled by Bloomberg. While risks of a negative shift in US trade policies with regard to China remain, Wall Street has been encouraged by new business opportunities in the Middle East. Bank of America (BAC) on Wednesday raised its price target on Nvidia to $160 from $150 and reiterated its buy rating on the stock. Analyst Vivek Arya estimated commitments for an infrastructure project in Saudi Arabia reported this week could generate as much as $5 billion annually for Nvidia and competitor Advanced Micro Devices Inc. and help offset lost sales as a result of chip export restrictions on China. Wall Street remains almost uniformly positive on the stock, as 87% of the analysts tracked by Bloomberg recommend buying, and it trades 20% below the average analyst price target, making for the second-highest implied return among Magnificent Seven stocks, behind Alphabet Inc. Meanwhile, the valuation on Nvidia shares has staged a comeback from the cheapest relative to anticipated profits since 2019, but it remains below the long-term average. After the shares briefly traded under 20 times earnings estimated over the next 12 months, they are now priced at 28 times, compared with an average of almost 35 times over the past decade, according to data compiled by Bloomberg. The S&P 500 Index carries a multiple of 21.6. Nvidia is expected to grow revenue 54% in its 2026 fiscal year, which finishes at the end of January. The company is due to report it's next batch of earnings after the market close on May 28. Revenue growth in the S&P 500 is expected to be 4.4% this year, according to Bloomberg Intelligence. 'There's usually a cost for owning the kind of growth Nvidia offers, but the valuation isn't far from multi-year lows or the overall market, which is a testament to how attractive the investment profile is,' said Andre Bakhos, president of Ingenium Analytics. 'Right now all the metrics are playing out in Nvidia's favor: the technical strength in the stock, the valuation, and the growth profile, especially with new markets in the Middle East. That just shows you how hard it is to break a trend when the fundamentals are so sound.' Tech Chart of the Day China's long-moribund tech sector started 2025 with a bang, but as the year's first quarterly earnings season got underway this week, investors got a wake-up call. Alibaba Group Holding Ltd. shares plunged their most in more than a month Friday after disappointing investors who anointed the e-commerce leader one of the frontrunners in the DeepSeek-inspired AI boom. Top Tech News Michael Burry's Scion Asset Management liquidated almost its entire listed equity portfolio in the first quarter, while taking on fresh bearish wagers on Nvidia and China-related stocks before President Trump launched a trade war and roiled global markets. Microsoft CEO Satya Nadella on how AI will remake every company — including his. Nintendo Co. aims to transition from one Switch per family to one per person, encouraging households to have multiple Switches, with new models sold frequently and old ones handed down to others. On the long list of crypto companies that have been hacked, there are plenty of examples of financial losses that are much more painful than what Coinbase Global Inc. appears to be facing from the attack it disclosed on Thursday. Yet this one stands out. Elon Musk's artificial intelligence chatbot Grok blamed unsanctioned changes to its system for responses this week that included controversial theories about 'white genocide' in South Africa. Earnings Due Friday No major earnings expected —With assistance from Charlotte Yang, Claire Che and Luz Ding. Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Microsoft's CEO on How AI Will Remake Every Company, Including His As Nuclear Power Makes a Comeback, South Korea Emerges a Winner Why Obesity Drugs Are Getting Cheaper — and Also More Expensive ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy
Yahoo
16-05-2025
- Business
- Yahoo
Resurgence of ‘America First' Trade Forges New Equities Leader
(Bloomberg) -- An unlikely cohort has climbed to the top of the S&P 500 Index's leaderboard, powered by a resurgence of the America First trade this week as tariff tensions eased, at least for now. As Coastline Erodes, One California City Considers 'Retreat Now' How a Highway Became San Francisco's Newest Park Maryland's Credit Rating Gets Downgraded as Governor Blames Trump Power-Hungry Data Centers Are Warming Homes in the Nordics NYC Commuters Brace for Chaos as NJ Transit Strike Looms Industrials, the companies that manufacture goods and transport them, leaped ahead of the 10 other major sectors in the benchmark on a year-to-date basis following the US and China's trade truce at the start of the week. They were lingering in 3rd place as recently as a week ago. Those stocks are up 7.8% for the year, while the S&P 500 is roughly flat. It's unusual for the group, stacked with companies that have steady but slow-growing businesses, to outperform the broader market — they haven't done so on an annual basis in the past decade. The shift toward the segment — with General Electric Co. and Deere & Co. among firms leading the charge — is a bet that waning trade friction will help the US economy rebound after a feeble first quarter. 'The whole 'America First, Buy US' is a really pro-industrial narrative,' said Jeff Buchbinder, chief equity strategist at LPL Financial. 'A healthy bull market is led by the cyclical sectors that benefit most from economic growth,' referring to industrials, utilities and financials outperforming this year. In the past week, renewed optimism around the American economy has propelled US stocks ahead of benchmarks in Europe, China and Mexico. It's part of a strengthening risk-on tone that has some market-watchers and options pros positioning for the S&P 500 to eclipse its February record high in the coming months, after approaching a bear market just weeks ago. Recession Specter Whether the cohort will continue to lead gains remains to be seen, given the specter of an economic recession still looming in the horizon. The risk of a slowdown in growth also remains high given that tariffs can disrupt businesses and stoke inflation. This week, billionaire Steve Cohen said the chance of a recession in the US now stands at about 45%, noting that there is already 'significant slowing growth.' LPL's Buchbinder also warns about continuing trade risk, which is the reason he cited when he recently downgraded industrials to neutral. 'The sector is pricing in a lot of optimism now,' he said. 'Even though the trade risk is lower now, it is still there and you cannot dismiss it.' Nicholas Colas of DataTrek Research says the rally in industrials is getting stretched, noting the sector now trades for nearly 23 times forward earnings, much higher than its 10-year average of about 19. Path Ahead But for now, industrials and utilities are the only sectors that are in the green since the S&P 500 hit an all-time high in February. Industrials have been outperforming the broader benchmark over the past 100 days after generally trailing it over comparable stretches since 2015, according to analysis from DataTrek. HSBC Holdings Plc strategists said the earnings expectations for economically sensitive companies seem to have bottomed out, suggesting a recovery is on the horizon. Bank of America Corp. strategists, meanwhile, said that investors calling for 'the end of US exceptionalism,' may be forced back in and further feed the rally. As long as there's no major shock on the trade front, Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report, sees industrials and other cyclical stocks continuing to outperform. Tentarelli upgraded industrials, along with semiconductors and banks to overweight earlier this week, citing the tariff pause between the US and China. 'Industrials and banks are the two sectors you want to buy if you believe the economy is either going to accelerate or not slow down as much as expected,' he said. Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Microsoft's CEO on How AI Will Remake Every Company, Including His As Nuclear Power Makes a Comeback, South Korea Emerges a Winner Why Obesity Drugs Are Getting Cheaper — and Also More Expensive ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Nvidia Shares Roar Back as Clouds Hanging Over Chipmaker Fade
(Bloomberg) -- After several months in the wilderness, Nvidia Corp. shares have found their way again as doubts about Big Tech spending subside, trade tensions with China ease, and new chip buyers emerge. As Coastline Erodes, One California City Considers 'Retreat Now' How a Highway Became San Francisco's Newest Park Maryland's Credit Rating Gets Downgraded as Governor Blames Trump Power-Hungry Data Centers Are Warming Homes in the Nordics NYC Commuters Brace for Chaos as NJ Transit Strike Looms The stock rallied this week and is on track for the best month in a year after a series of long-term sales agreements during President Donald Trump's trip to the Middle East. That followed a tariff detente between the US and China and an earnings season that showed Nvidia's biggest customers remain full-steam ahead on capital spending related to artificial intelligence infrastructure, where the chipmaker dominates. The stock has now advanced 43% from an April low and is less than 6% from where it closed on Jan. 24, the day before the emergence of DeepSeek's R1 model sparked fears that cheaper AI development would hurt sales, sending Nvidia and other technology stocks tumbling. 'This season showed that the hyperscalers continue to increase their estimates for what they're going to spend, and Nvidia remains the primary beneficiary of that capex,' said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management. 'Everyone wants off the train before the party stops, but I don't know why they expect it to stop.' With respect to spending on AI, 'I think we're in the second inning of a nine-inning game.' Since the start of the month, Nvidia has blown through both its 50-day and 200-day moving averages, positive technical signals for both its near- and long-term momentum. The rally has added about $1 trillion in market capitalization since its April low, pushing it ahead of Apple Inc. in market capitalization. At $3.29 trillion, Nvidia is now second only to Microsoft Corp.'s $3.37 trillion among the world's biggest stocks. Nvidia's latest rally marks a stark turnaround from the biggest drawdown in the stock since 2022. At its low last month, the chipmaker's shares had fallen 37% from a January all-time high amid concerns that Big Tech's chip-buying binge was set to cool and trade hostilities between the US and China threatened a key market. Instead of pulling back, tech giants upped the ante. Microsoft Corp. and Alphabet Inc. pledged to spend even more next year, while Meta Platforms Inc. raised its forecast for capital expenditures on the back of AI-related demand tailwinds. Along with Inc., capital expenditures for the four companies are projected to reach nearly $330 billion in 2026, up 6% from estimated spending this year, according to the average of analyst estimates compiled by Bloomberg. While risks of a negative shift in US trade policies with regard to China remain, Wall Street has been encouraged by new business opportunities in the Middle East. Bank of America on Wednesday raised its price target on Nvidia to $160 from $150 and reiterated its buy rating on the stock. Analyst Vivek Arya estimated commitments for an infrastructure project in Saudi Arabia reported this week could generate as much as $5 billion annually for Nvidia and competitor Advanced Micro Devices Inc. and help offset lost sales as a result of chip export restrictions on China. Wall Street remains almost uniformly positive on the stock, as 87% of the analysts tracked by Bloomberg recommend buying, and it trades 20% below the average analyst price target, making for the second-highest implied return among Magnificent Seven stocks, behind Alphabet Inc. 'Attractive' Profile Meanwhile, the valuation on Nvidia shares has staged a comeback from the cheapest relative to anticipated profits since 2019, but it remains below the long-term average. After the shares briefly traded under 20 times earnings estimated over the next 12 months, they are now priced at 28 times, compared with an average of almost 35 times over the past decade, according to data compiled by Bloomberg. The S&P 500 Index carries a multiple of 21.6. Nvidia is expected to grow revenue 54% in its 2026 fiscal year, which finishes at the end of January. The company is due to report it's next batch of earnings after the market close on May 28. Revenue growth in the S&P 500 is expected to be 4.4% this year, according to Bloomberg Intelligence. 'There's usually a cost for owning the kind of growth Nvidia offers, but the valuation isn't far from multi-year lows or the overall market, which is a testament to how attractive the investment profile is,' said Andre Bakhos, president of Ingenium Analytics. 'Right now all the metrics are playing out in Nvidia's favor: the technical strength in the stock, the valuation, and the growth profile, especially with new markets in the Middle East. That just shows you how hard it is to break a trend when the fundamentals are so sound.' Tech Chart of the Day China's long-moribund tech sector started 2025 with a bang, but as the year's first quarterly earnings season got underway this week, investors got a wake-up call. Alibaba Group Holding Ltd. shares plunged their most in more than a month Friday after disappointing investors who anointed the e-commerce leader one of the frontrunners in the DeepSeek-inspired AI boom. Top Tech News Michael Burry's Scion Asset Management liquidated almost its entire listed equity portfolio in the first quarter, while taking on fresh bearish wagers on Nvidia and China-related stocks before President Trump launched a trade war and roiled global markets. Microsoft CEO Satya Nadella on how AI will remake every company — including his. Nintendo Co. aims to transition from one Switch per family to one per person, encouraging households to have multiple Switches, with new models sold frequently and old ones handed down to others. On the long list of crypto companies that have been hacked, there are plenty of examples of financial losses that are much more painful than what Coinbase Global Inc. appears to be facing from the attack it disclosed on Thursday. Yet this one stands out. Elon Musk's artificial intelligence chatbot Grok blamed unsanctioned changes to its system for responses this week that included controversial theories about 'white genocide' in South Africa. Earnings Due Friday No major earnings expected --With assistance from Charlotte Yang, Claire Che and Luz Ding. Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Microsoft's CEO on How AI Will Remake Every Company, Including His As Nuclear Power Makes a Comeback, South Korea Emerges a Winner Why Obesity Drugs Are Getting Cheaper — and Also More Expensive ©2025 Bloomberg L.P. Sign in to access your portfolio
