Technology

Garmin lifts annual profit outlook; outdoor unit weakness weighs on shares

(Reuters) -GPS device maker Garmin on Wednesday raised its adjusted profit forecast for the year, but reported a rise in operating expenses and decline in quarterly revenue from its outdoor and auto units.

Technology

Nvidia breaches $5 trillion in market cap

(Reuters) -Nvidia on Wednesday became the first company to breach $5 trillion in market value, continuing a meteoric rise that has firmly positioned it at the heart of the global AI revolution.

Technology

21Shares files for Hype ETF amid robust crypto allure

(Reuters) -21Shares on Wednesday filed for regulatory approval to launch a passive exchange-traded fund that would track the price of Hype token, a week after the company agreed to be acquired by digital assets trading firm FalconX.

Technology

Amazon launches AI infrastructure project, to power Anthropic's Claude model

(Reuters) -Amazon.com said on Wednesday it has launched its compute cluster project called Rainier, and added that artificial intelligence firm Anthropic will use more than a million chips of the infrastructure by the end of the year.

Technology

Cognizant raises annual adjusted profit forecast on strong client spending

(Reuters) -Cognizant Technology raised its full-year 2025 adjusted profit forecast on Wednesday, anticipating a surge in spending from enterprise clients looking to upgrade their digital infrastructure with artificial intelligence.

Technology

Etsy names insider Kruti Goyal as CEO

(Reuters) -Online marketplace Etsy named insider Kruti Goyal as its new chief executive officer, effective January 1, replacing Josh Silverman after eight years in the role. 

Technology

US dollar stablecoins to raise challenges for global monetary policy, India chief economic advisor says

MUMBAI (Reuters) -The rising popularity of U.S. dollar stablecoins will be an important phenomenon next year and could raise challenges for monetary policy globally, India's Chief Economic Adviser V. Anantha Nageswaran said on Wednesday.

Technology

Analysis-Tech spending plans will test stock market's AI trade

NEW YORK (Reuters) -Spending updates this week from U.S. megacap companies that are investing massively in artificial intelligence could jolt the AI trade that has been a primary driver of the record-breaking U.S. stocks rally.

Technology

Altman touts trillion-dollar AI vision as OpenAI restructures to chase scale

SAN FRANCISCO -Soon after ChatGPT was released to the public in late 2022, OpenAI CEO Sam Altman told employees they were on the cusp of a new technological revolution.    

Technology

Japan's Sumitomo to spend $5.9 billion to buy IT firm SCSK

TOKYO (Reuters) -Japan's Sumitomo Corp said on Wednesday it would spend about 881.7 billion yen ($5.85 billion) to turn SCSK, an IT service company, into a wholly owned subsidiary.

AI

Microsoft gets 27% stake in OpenAI after restructuring of AI firm

US software giant Microsoft said on Tuesday it has signed a new agreement with OpenAI, giving it a 27% stake in the ChatGPT developer and access to the artificial intelligence (AI) company's technology until 2032.

Technology

Nvidia nears historic $5 trillion valuation in fresh AI-fueled rally

(Reuters) -Nvidia on Wednesday was within striking distance of becoming the first company to cross the $5 trillion market value mark, after a stunning rally that has made the chip designer the crown jewel of the artificial intelligence boom.

Video games

Amazon makes ‘significant’ cuts In video-game division

Amazon.com Inc is gutting its video-game division as part of a sweeping layoff that will eliminate more than 14,000 corporate jobs.

Technology

Adyen tops revenue estimates despite end of US tariff exemption for low-value packages

(Reuters) -Dutch payments group Adyen reported better-than-expected quarterly revenue on Wednesday, driven by robust retail transactions that offset concerns over the end of the U.S. tariff exemption for low-value imports.

Technology

OpenAI CFO says Microsoft deal boosts capital raising efficiency

RIYADH (Reuters) -OpenAI's Chief Financial Officer Sarah Friar said in Riyadh on Wednesday that this week's deal with Microsoft allows the company to continue raising capital in a much less complex manner.

Driverless vehicle

Tesla’s Cybercab backup plan: Sell it with a steering wheel

Tesla Inc sees the forthcoming Cybercab as its long-promised more affordable electric vehicle – and it's willing to make fundamental design changes to sell the car in high volumes.

Technology

Russia's Yandex reports 32% rise in Q3 revenue

MOSCOW (Reuters) -Russia's largest internet-company Yandex reported a 32% increase in third-quarter revenue to 366.1 billion roubles ($4.50 billion), with its 9 months revenue exceeding 1 trillion roubles for the first time.

Smartphones

NYC school cellphone ban ushers in shocking reality: Kids are talking to each other

A month into the school year, a clearer picture of how New York City public schools have implemented Gov. Hochul's phone ban is coming into focus – with students, parents and teachers reporting fewer distractions in the classroom and a smoother transition than some had feared.

Technology

Global firms slash jobs amid weak sentiment, AI push

(Reuters) -Companies around the globe have ramped up job cuts, with blue-chips from Amazon to Nestle and UPS reining in spending while consumer sentiment dims and AI-focused tech companies start to replace jobs with automation.

Internet

Australian police design AI tool to decipher predators' Gen Z slang

Australian police are working on an AI prototype that will help them decipher Gen Z slang and emoji-laden messages written by online predators, a top official said Oct 29.