Amazon (NASDAQ:AMZN) – Amazon plans to invest $8.88 billion in Singapore over the next four years to expand its cloud infrastructure, bringing its total in the region to over $17.06 billion by 2028.
Tesla (NASDAQ:TSLA) – Tesla laid off employees in software, services, and engineering on Monday, as part of the announcement to reduce its global workforce by over 10%. The company, focused on autonomous software and robotics, is under pressure due to falling sales and is looking to save for future projects, announcing job cuts and top executive reductions. In April, Tesla sold fewer electric cars in China, with 62,167 units, a drop of 18% compared to the previous year, according to data from the China Passenger Car Association. Meanwhile, its Chinese competitor BYD (USOTC:BYDDY) saw a significant increase in sales, reaching 312,048 vehicles sold, an increase of nearly 49% from the previous year.
Nio (NYSE:NIO) – Nio is about to launch a new model under the Onvo brand, targeting the mass market and competing with the Tesla Model Y. Another smaller EV, aimed at Europe, is scheduled for next year, priced under $30,000. The company is also developing a second sub-brand. Additionally, Nio has closed a deal with rival BYD (USOTC:BYDDY) to supply batteries for its new more affordable EV brand.
Zeekr Intelligent Technology Holding – The Chinese electric vehicle manufacturer Zeekr will close its bookbuilding for its initial public offering (IPO) in New York on Wednesday, seeking to raise up to $367.5 million, with the order books already oversubscribed. The company expects to begin trading on Friday.
Toyota Motor (NYSE:TM) – Toyota anticipates a strong increase in demand for hybrids as it unveils its annual earnings. Despite expecting record results and success with hybrids, it faces challenges in key markets, such as Chinese competition and electric vehicles. Partnerships and launches in China reflect its efforts to regain ground.
Apple (NASDAQ:AAPL) – Apple is developing its own chip to run artificial intelligence software in data centers, according to the Wall Street Journal. The project, internally called Project ACDC, aims to leverage Apple’s chip design expertise for its server infrastructure, focusing on running AI models.
Microsoft (NASDAQ:MSFT) – Microsoft is developing MAI-1, a new AI language model to compete with Google and OpenAI. Overseen by Mustafa Suleyman, it will be presented at the Build conference. With 500 billion parameters, the initiative aims to enhance Microsoft’s leadership in generative AI. Additionally, Microsoft faces a complaint from a Spanish startup association to the Spanish antitrust regulator, alleging anticompetitive practices in its cloud services. The association cited the use of Microsoft’s dominant position in other markets to boost the use of Azure, harming startups.
Nvidia (NASDAQ:NVDA) – Nvidia is investing in the UK’s Wayve Technologies in a funding round of $1.05 billion to expand autonomous driving technology. Wayve plans to deploy its technology in vehicles, prioritizing driver assistance before full autonomy.
Synopsys (NASDAQ:SNPS) – Synopsys agreed to sell its Software Integrity Group (SIG) for $2.1 billion to a private equity consortium led by Clearlake Capital and Francisco Partners. The deal includes up to $475 million in cash, depending on financial performance. The transaction is expected to be completed in the second half of 2024.
ServiceNow (NYSE:NOW) – ServiceNow indicated that its new set of AI-oriented products might not have an immediate financial impact. CFO Gina Mastantuono highlighted a “huge” potential for additional revenue, potentially between $1 billion and $2.5 billion, but did not specify timelines. Concurrently, CEO Bill McDermott emphasized the product’s rapid growth. Investors are waiting for clear signals on customer adoption. The company maintains its sales outlook of $15 billion by 2026.
Sony (NYSE:SONY) – Sony’s shares fell up to 3% in pre-market trading on Tuesday following its $26 billion bid to buy Paramount Global, raising financial concerns due to the size of the deal relative to Sony’s cash reserves. Analysts question the feasibility of the deal, while additional regulatory issues arise around the CBS channel.
Walt Disney (NYSE:DIS), Comcast (NASDAQ:CMCSA) – Disney and Comcast are in search of a financial advisor to resolve a dispute over the valuation of Disney’s 33% stake in Hulu, which Disney will acquire from Comcast. The difference in valuations has prompted the search for an impartial third investment bank for an opinion.
Trump Media & Technology Group (NASDAQ:DJT) – Following threats of arrest against Donald Trump, shares of Trump Media fell 0.8% in pre-market trading to $48.80. The former Republican president was fined for violating court gag orders. The company fired its auditing firm following an SEC order.
Boeing (NYSE:BA) – Boeing’s first crewed test flight was postponed to Friday due to a failure in the Atlas V rocket. This flight is crucial for Boeing to compete with SpaceX. The Starliner spacecraft, destined for the ISS, has faced delays, marking another setback for the company.
FedEx (NYSE:FDX) – A federal judge ruled that a small company contracted to deliver packages for FedEx on the California-Oregon border must resolve its claims against the company through arbitration, rather than proceeding with a lawsuit. The company, PYNQ Logistics Services, filed a lawsuit against FedEx Ground, accusing it of illegal business practices. The judge decided that, as most contracts between FedEx and its contractors include arbitration clauses, PYNQ must follow this process to resolve its disputes. FedEx, in turn, pledged to defend against the allegations and asked the court to dismiss the case.
United Parcel Service (NYSE:UPS) – Brian Newman, CFO and Executive Vice President of United Parcel Service, will leave the company on June 1st. UPS is searching for internal and external replacements. Newman cited health as a priority. UPS exceeded analyst estimates for first-quarter earnings and won a significant contract with the United States Postal Service in April.
Goldman Sachs (NYSE:GS) – A US judge formally ended the criminal case against Goldman Sachs related to its dealings with the Malaysian fund 1MDB, after the bank fulfilled its obligations and paid $2.9 billion in fines. The bank did not oppose the withdrawal of the criminal charge.
JPMorgan Chase (NYSE:JPM), Visa (NYSE:V) – JPMorgan Chase recently initiated a new wave of layoffs in Asia, eliminating at least seven investment banking jobs. The reduction primarily affects vice-presidents and associates in sectors such as consumer, energy, and healthcare. Additionally, JPMorgan Chase expects a book gain of $8 billion upon completing its part of the deal with Visa. The plan, announced in 2023, allowed the exchange of Visa’s Class B-1 ordinary shares for Class B-2 and Class C shares. Visa accepted 240,677,470 shares in the offer.
US Steel (NYSE:X) – The European Union approved the acquisition of US Steel by Nippon Steel for $14.9 billion, alleviating competition concerns. In the US, there is resistance from lawmakers and unions. Nippon offered to move its headquarters to the US. US Steel expects to close the deal in the second half of 2024.
BHP (NYSE:BHP), Anglo American (LSE:AAL) – BHP intends to sell the South African assets of Anglo American, a key part of its acquisition strategy. The rejected proposal, worth $39 billion, implied selling Anglo’s shares in Kumba Iron Ore and Anglo American Platinum to Anglo’s shareholders. There are speculations about a revised offer.
Denny’s Corp (NASDAQ:DENN) – The imminent shareholder vote at Denny’s Corp may urge goals to reduce the use of gestation crate pork. The proposal, supported by the Humane Society, aims for transparency and a phased elimination. The competitor Cheesecake Factory (NASDAQ:CAKE) is already committed to the change. Denny’s faces resistance from the board.
MercadoLibre (NASDAQ:MELI) – Argentine banks have filed a lawsuit against MercadoLibre for alleged “abusive conduct” on its digital payments platform. MODO, a virtual wallet backed by 30 banks, accuses MercadoLibre of anticompetitive practices. The company denies the allegations, highlighting its regulatory compliance.
Target (NYSE:TGT) – Target expands sales of its Cat & Jack brand at Hudson’s Bay Co. in Canada, including swimwear and footwear. The company sees an increase in sales and value, seeking wholesale opportunities in Europe and the Americas while maintaining focus on US customers.
Novavax (NASDAQ:NVAX) – Shah Capital urged Novavax shareholders to vote against the reelection of three directors and oppose executive compensation proposals, citing concerns over undervaluation and poor management. Shah Capital plans to vote against the directors and the proposals at the shareholders’ meeting in June.