Microsoft is the second company ever to be worth $4 trillion
The company that brought you Clippy has now joined Nvidia in the ...
The company that brought you Clippy has now joined Nvidia in the $4 trillion market cap club, and, like Nvidia, it has AI to thank. Microsoft hit the milestone yesterday as investors digested its earnings report, which showed 18% revenue growth. The company also reported that annual revenue from its Azure cloud computing unit jumped 34% from its previous fiscal year, taking in more than $75 billion. But as with the rest of Big Tech, investing in AI requires a lot of cash, and Microsoft said it plans to spend $30 billion on AI infrastructure next quarter.
☕️What Else is Brewing Friday Morning - Welcome to August
Figma jumps more than 250% in trading debut. Sometimes...
Figma jumps more than 250% in trading debut. Sometimes you lose a $20 billion merger opportunity but still win in the end. Design software-maker Figma’s stock soared on the NYSE after it sold $1.2 billion worth of shares for $33 each in an IPO, giving it a value above the amount it had agreed to sell itself to Adobe for before the deal fell apart in 2023. The stock rose so fast that trading had to be halted for volatility. The company’s success is a good sign for the tech IPO market, which had been in a lull for the past few years but has seen a few other buzzy debuts recently, like Circle and Chime.
Google lost its appeal of a ruling in favor of Fortnite-maker Epic Games that Google’s app store functioned as an illegal monopoly. Epic declared “total victory” (cue the dancing banana), while Google said it’s likely to appeal further.
AB InBev’s shares fell yesterday, after the Budweiser-brewer reported that sales volumes had fallen in China and Brazil.
ESPN fired Pro Football Hall of Famer Shannon Sharpe as a commentator after he settled a lawsuit accusing him of sexual assault.
Strong storms caused flash flooding on the East Coast yesterday, disrupting flights and snarling traffic.
Former VP Kamala Harris won’t run for governor of California, but she will write a book about her presidential campaign.
Oil prices fall as Trump's Aug 1 trade tariff deadline looms
(Reuters) - Oil prices declined on Thursday as U.S. President Donald...
(Reuters) - Oil prices declined on Thursday as U.S. President Donald Trump's August 1 tariff deadline loomed over investors, with uncertainty surrounding countries yet to negotiate a trade deal with the U.S.
Brent crude futures for September expired on Thursday and settled down 71 cents, or 0.97% to $72.53 a barrel. U.S. West Texas Intermediate crude for September settled down 74 cents, or 1.06%, to $69.26. U.S. crude futures fell more than $1 earlier in the session.
Both benchmarks had recorded 1% gains on Wednesday.
Meanwhile, U.S. crude oil production rose to a record 13.49 million barrels per day in May, data from the U.S. Energy Information Administration showed.
U.S. crude output was up 24,000 bpd in May from the prior record in April, the EIA data showed.
U.S. crude oil inventories rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25, driven by lower exports, the EIA said on Wednesday. Analysts had expected a draw of 1.3 million barrels.
Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a draw of 600,000 barrels.
Stocks end mostly lower but book strong July gains
Stocks finished lower Thursday, with the S&P 500...
Stocks finished lower Thursday, with the S&P 500 and Nasdaq Composite turning south after flirting with yet another round of records in the final trading day of the month.
The S&P 500 closed with a loss of 23.51 points, or 0.4%, at 6,339.39.
The Nasdaq Composite shed 7.23 points, or less than 0.1%, to end at 21,122.44.
The Dow Jones Industrial Average suffered a fourth straight fall, finishing with a loss of 330.30 points, or 0.7%, at 44,130.98.
From Twitter: Shell profits slumped 32% in the second quarter
Shell profits slumped 32% in the second...
Shell profits slumped 32% in the second quarter as prices retreated and its oil and gas traders struggled to navigate wild market swings driven by unpredictable newsflow https://t.co/I3ZEWWDI6j
