U.S. stocks rose to the finish of a wild July as Amazon leaped, Apple sank and rising oil prices worsened worries about inflation. The S&P 500 climbed 0.7% Friday after veering between gains and losses through the day. The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite jumped 1%. Amazon soared after delivering a stronger profit for the spring than analysts expected, suggesting its big AI investments may be paying off. Apple dropped after giving a lackluster forecast for upcoming revenue growth. Treasury yields climbed as worries built in the bond market about inflation potentially remaining high.
From
To
FILE - The download screen for the Truth Social app is displayed on a laptop computer, March 20, 2024, in New York. (AP Photo/John Minchillo, File)
AP
BRUSSELS (AP) — The European Union rolled out a new team on Friday to rein in AI companies across the world, in one of the most aggressive reg…
NEW YORK (AP) — Amazon said it will be increasing this year's capital spending on technology, mostly artificial intelligence, by an additional…
The U.S. Department of Energy is harnessing the artificial intelligence boom in its bid to convert another Cold War-era uranium enrichment sit…
Apple posted a solid fiscal third quarter on Thursday, climbing past Wall Street’s expectations thanks to strong sales of the iPhone and MacBook computers. Apple raised the prices of its Macs and iPads last month, citing a memory-chip shortage brought on by the artificial intelligence boom. The company had called the demand spike an “unprecedented challenge” for the consumer electronics industry. While it hasn’t yet raised iPhone prices, analysts and consumers expect that to happen later this year.
A monster day for Microsoft following signals that its big spending on AI is translating into profits led a powerful rebound on Wall Street, while AI stocks regained some of their sharp recent losses. The S&P 500 rallied 1.7% Thursday and more than recovered its drop from the prior day. The Dow Jones Industrial Average rose 1.2%, and the Nasdaq composite jumped 2.8%. Microsoft delivered a bigger profit than analysts expected, which helped offset Meta Platforms's drop after it raised its forecast for AI investments. Longer-term Treasury yields held relatively steady a day after soaring on worries about inflation. Oil prices eased.
AP
BRUSSELS (AP) — The European Union is offering 10 billion euros ($11.4 billion) in funding for firms to erect seven AI gigafactories as it see…
South Korean technology giant Samsung Electronics has reported a record operating profit of $62 billion for the April-June quarter. The earnings were reported Thursday, a day after crosstown rival SK Hynix also reported record earnings. The world’s two largest memory chipmakers are riding a global artificial intelligence boom. Despite their soaring profits, the companies’ shares have fallen sharply this week in South Korea’s volatile stock market, where retail investors often drive sharp swings in share prices. Concerns have grown over their plans to put massive funds into increasing their manufacturing capacity and the prospects of intensifying competition from China.
Microsoft posted strong results for its quarterly earnings on Wednesday, beating expectations and showing strong growth in its cloud computing…