Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) – TSMC’s revenue rose 45% in July, indicating strong demand for AI chips, with sales reaching NT$ 256.95 billion. Analysts expect 37% growth in the third quarter, but concerns about future technology and the global economy affected the company’s stock. Shares rose 2.8% in pre-market trading.
Intel (NASDAQ:INTC), Moody’s (NYSE:MCO) – Moody’s downgraded Intel’s rating to BAA1 due to concerns about the company’s profitability. The outlook was changed from stable to negative, reflecting expectations of lower profitability over the next 12 to 18 months. Intel faces a high debt/EBITDA ratio, expected to improve by 2025. Intel’s stock fell 0.1% in pre-market trading.
Nasdaq (NASDAQ:NDAQ) – Nasdaq is proposing changes to expedite the delisting of penny stocks that fail to meet the closing price criterion above $1 for 30 consecutive days. If approved, the process will be faster, eliminating the appeal option after 360 days and penalizing companies that execute reverse splits to manipulate prices.
Alphabet (NASDAQ:GOOGL) – Google is being challenged by the rising popularity of AI, such as OpenAI’s ChatGPT, which is eroding its search market dominance. Recently, U.S. antitrust regulators concluded that Google maintains an illegal monopoly in search, a decision that could long-term impact its dominance. However, the immediate impact might be less than the AI threat, which is transforming how searches are conducted. The rapid advance of AI could outpace regulatory actions, putting more pressure on Google. Shares rose 0.4% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple changed its policy in the European Union, allowing developers to promote offers outside the App Store. However, it introduced new fees: 5% for acquiring new users and 10% for sales made by app users within 12 months. The change aims to comply with the EU’s Digital Markets Act, but critics like Spotify argue that the fees are still excessive. Additionally, Apple is preparing a new Mac mini, which will be the smallest ever produced by the company. Expected later this year, the model will have a more compact design, similar in size to the Apple TV. It will use the new AI-focused M4 chips and feature several design updates. Shares rose 0.2% in pre-market trading.
OpenAI – OpenAI appointed Zico Kolter, a computer science professor at Carnegie Mellon, to its board. Kolter, an AI security expert, is the first computer scientist on the company’s revamped board. He will contribute his technical expertise and participate in the safety committee, which guides projects like ChatGPT. OpenAI restructured its board following the brief departure and reinstatement of CEO Sam Altman, adding new members such as Sue Desmond-Hellmann and Paul Nakasone.
Microsoft (NASDAQ:MSFT), Palantir Technologies (NYSE:PLTR) – Microsoft and Palantir are integrating their cloud and AI tools to offer software, including GPT-4, to U.S. defense and intelligence agencies. Palantir will integrate its products with Microsoft’s Azure and use Azure OpenAI for confidential tasks, facilitating logistics and planning. In pre-market trading, Microsoft’s stock rose 0.3%, while Palantir’s stock rose 2.3%.
Amazon (NASDAQ:AMZN) – Amazon has partnered with TikTok and Pinterest to enable direct purchases from the apps, offering prices and product details without leaving the platforms. By linking their accounts, customers can view prices, Prime eligibility, and product details in ads. This social shopping strategy follows similar agreements with Meta and Snap. The company is also using Kia Souls for same-day deliveries, replacing the Flex service in urban areas, aiming for efficiency and cost reduction. The $4 billion investment in Anthropic faces an investigation by the UK’s Competition and Markets Authority, which examines its impact on competition. Amazon expressed dissatisfaction with the decision. Shares rose 0.4% in pre-market trading.
Alibaba (NYSE:BABA), Tencent (USOTC:TCEHY), JD.com (NASDAQ:JD) – Alibaba, Tencent, and JD.com will reveal insights into China’s economy and consumer sentiment, with mixed results expected due to economic weakening. While these tech giants focus on increasing shareholder returns through buybacks, the Chinese economic slowdown is pressuring their sales and margins. Tencent and Alibaba face challenges with advertising and discounts, while JD.com’s growth is also affected by competition and market conditions. In pre-market trading, Alibaba’s stock fell 0.4%, while JD.com’s stock fell 0.9%.
Boeing (NYSE:BA) – Boeing’s new CEO, Kelly Ortberg, decided to base himself in Seattle to address the safety crisis and be closer to the production line. He plans to ramp up 737 MAX production and resolve quality issues. Ortberg will also visit suppliers and address labor issues to restore confidence in the company.
Archer Aviation (NYSE:ACHR), Stellantis (NYSE:STLA) – Archer Aviation has signed an agreement with Stellantis to receive up to $370 million in support to expand the production of its ‘Midnight’ aircraft. Stellantis, Archer’s largest shareholder, will receive shares in exchange for the costs. Archer also secured an additional $230 million and plans to launch an air mobility network in Los Angeles by 2026. In pre-market trading, Archer’s stock fell 1.8%, while Stellantis’ stock rose 0.8%.
Ryanair (NASDAQ:RYAAY) – Ryanair announced that it will repurchase up to 800 million euros ($872.48 million) in shares over the next six to nine months, benefiting from a strong financial position and aircraft delivery delays, which preserve cash. The company plans to complete its current €700 million buyback and ask shareholders to increase the buyback limit to 15%. The company has also distributed around €8 billion to shareholders over the past 15 years.
Delta Air Lines (NYSE:DAL), CrowdStrike (NASDAQ:CRWD), Microsoft (NASDAQ:MSFT) – Delta Air Lines revealed that problems with CrowdStrike’s software cost the company about $500 million, including $380 million in lost revenue due to canceled flights and customer compensation. Additionally, it recorded $170 million in other costs. Delta is suing CrowdStrike and Microsoft, accusing them of not providing adequate support during the disruption. CrowdStrike refutes the allegations and claims to have offered extensive technical support.
JetBlue Airways (NASDAQ:JBLU) – JetBlue is negotiating the sale of $1.5 billion in high-yield bonds with yields between 9.5% and 10%, and considering a $1.25 billion leveraged loan. Strong demand for the bond has already exceeded $1.5 billion. The offering may occur on August 12.
General Motors (NYSE:GM) – General Motors reaffirmed its commitment to making its operations in China self-sustaining despite intense local competition. The company plans to restructure its business and cut costs after posting a $104 million loss in the region.
Disney (NYSE:DIS) – Disney will invest at least $1 billion annually over the next five years in film and TV production in Europe, the Middle East, and Africa. The investment will cover Disney+, National Geographic, and other productions, capitalizing on the recent success of films like “Inside Out 2.” Shares rose 0.4% in pre-market trading.
Recursion Pharmaceuticals (NASDAQ:RXRX), Exscientia (NASDAQ:EXAI) – Recursion Pharmaceuticals will acquire Exscientia for $688 million in a stock deal. The merger aims to integrate their AI technologies to optimize drug development and clinical trials, reducing costs and accelerating the process. The transaction is expected to close in 2025 and will expand Recursion’s portfolio with new treatments and pharmaceutical partnerships. Recursion’s stock rose 2.41% in pre-market trading.
Lazard (NYSE:LAZ) – Investment Bank Lazard has hired Courtney Haydon from Guggenheim Securities to boost business with private equity firms and alternative asset managers. The hire is part of a broader effort by Lazard to strengthen its team and increase financial sponsor coverage.
JPMorgan Chase (NYSE:JPM), UBS Group AG (NYSE:UBS) – JPMorgan and UBS have downgraded their year-end forecasts for major Japanese indices due to yen appreciation and economic uncertainties. They expect the Topix to reach 2,700-2,800 and the Nikkei 225 to reach 39,000-40,000, reflecting concerns over yen strengthening and potential recessions.
Citigroup (NYSE:C) – Citigroup is close to selling its trust unit, part of its private banking division, as part of its restructuring led by CEO Jane Fraser. The process, known as “Project Mango,” aims to focus on investment management while transferring trust fund administration. The sale, underway for a year, may involve an undisclosed amount. The restructuring includes the sale of operations outside the U.S. and changes in senior management.
Mizuho Financial Group (NYSE:MFG), Barclays (NYSE:BCS) – Mizuho Financial Group hired George Lee and Corey LoVerme from Barclays to strengthen its leveraged finance and financial sponsor teams in the U.S. Lee will work in the leveraged finance group, and LoVerme in the financial sponsor group after a leave. These hires aim to strengthen the bank’s position after the acquisition of Greenhill & Co. Barclays’ stock rose 1.1% in pre-market trading.