MICROSOFT EXCHANGE
S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments
The S&P 500 and Nasdaq hit record highs fueled by technology shares and AI enthusiasm ahead of economic data and Fed speeches.
Apple reclaims title of world's most valuable company
Apple on Wednesday reclaimed its berth as the world's biggest company when measured by stock price, taking back the top position from Microsoft. Apple, which had taken its time to draw up its AI strategy, lost the top spot in January as investors rewarded Microsoft's unabashed rollout of new generative AI products under its Copilot brand.
Crypto marketplace Bakkt weighs potential sale, breakup
Bakkt, offering a range of services such as trading and custody, enters the market amid growing consolidation in the digital-asset sector, as crypto prices approach record highs. While some firms consider expansion, others are still recovering from the industry-wide meltdown two years ago.
SMS makes a strong comeback as global firms shift away from WhatsApp
Global tech firms like Amazon, Google, and Microsoft have returned to using SMS OTPs in India after Meta's WhatsApp changed pricing and norms for international authentication messages. This has led to a 50-70% increase in monthly international SMS volume for telecom operators in India since March.
$9.2 T M-cap Nvidia, Microsoft & Apple Now Bigger Than China's Stock Market
Microsoft, Nvidia, and Apple have a combined market capitalisation surpassing that of China's stock market, totaling $9.2 trillion. The tech giants, fueled by investor demand for AI exposure, have seen record highs in their stock prices. Nvidia recently reached a market cap of $3 trillion, with Microsoft investing in OpenAI and Apple showing signs of improvement despite recent challenges. Investors are drawn to the companies' competitive positions but caution is advised due to high valuations.
Best crypto exchanges & apps in India for 2024
Discover India's leading cryptocurrency exchanges for 2024, evaluated based on crucial factors for investors: ease of use, transaction fees, security & more.
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IT firms trim bench strength; GCCs focus on compliance
Happy Thursday! The country’s top IT firms have seen a massive drop in their bench strength, i.e. employees not on active projects. Find out why and more in today’s ETtech Morning Dispatch.
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
Bitcoin Pizza Day and the rise of crypto commerce
Bitcoin Pizza Day celebrates the first real-world Bitcoin transaction in 2010 when Laszlo Hanyecz, a programmer, paid 10,000 Bitcoins for two Papa John's pizzas. This event marked the rise of crypto commerce, as highlighted by Mr. CEO & Co-founder of Mudrex, a Global Crypto Investment Platform.
Dow ends above 40,000 milestone, indexes notch up weekly gains
The benchmark S&P 500 edged higher after paring losses while the Nasdaq fell, but both chalked up a fourth straight week of gains. The Dow rose to end the fifth week of advances in a row.
AI-led tech craze leaves mega Indian software stocks in the dust
Unlike counterparts in the developed world and China, Indian software makers including leader Tata Consultancy Services have yet to make significant advances in generative AI. That combined with a still cloudy outlook for client spending may soon leave them looking like the tech bets of yesterday.
Wall Street boasts record closes as inflation data fuels rate-cut bets
Tepid U.S. Consumer Price Index (CPI) data for April fueled optimism that inflation was easing after three months of higher-than-expected numbers. This led traders to raise bets that the Fed will cut its policy rate in September and December.
Wall Street shares close up as megacap tech stocks rally
Investors cheered Alphabet's first-ever dividend, its $70 billion stock buyback program, and better-than-expected first-quarter results. Its shares jumped 10% and reached a record high, lifting the Google-parent's market value above $2 trillion.
US stocks fall as weak GDP growth spreads rate-cut gloom
Data on Thursday showed that the U.S. economy grew at its slowest pace in nearly two years in the first quarter while inflation accelerated, dampening hopes that the Federal Reserve would begin cutting interest rates this year.
Microsoft-backed Rubrik aims to raise as much as $713 million in IPO
Palo Alto, California-based Rubrik is planning to sell 23 million shares priced between $28 and $31 per share, the source said on condition of anonymity because the discussions are confidential.
Review board to issue report detailing Microsoft's lapses in China hack: report
The intrusion, which ransacked the Microsoft Exchange Online mailboxes of 22 organizations and more than 500 individuals around the world, was "preventable" and "should never have occurred", the Washington Post said, citing the report.
Microsoft says it hasn't been able to shake Russian state hackers
Microsoft is still trying to evict Russian government hackers who broke into the email accounts of senior company executives. The hackers compromised source-code repositories and internal systems.
Europe's Digital Markets Act is forcing tech giants to make changes. Here's what that will look like
The DMA is the latest in a series of regulations that Europe has passed as a global leader in reining in the dominance of large tech companies. Tech giants have responded by changing some of their long-held ways of doing business - such as Apple allowing people to install smartphone apps outside of its App Store.
US SEC investigating if OpenAI investors were misled: report
The regulator has been seeking internal records from current and former OpenAI officials and directors, and sent a subpoena to the company in December, the report said, citing people familiar with the matter, adding that it followed OpenAI board's decision in November to fire Altman as CEO and oust him from the board.
S&P 500 ekes out another record high as Netflix and chipmakers leap
Riding optimism about Wall Street's most valuable companies, Microsoft hit an all-time high, lifting its market value above $3 trillion for the first time.
Data cloud firm Snowflake names ex-Microsoft executive Vijayant Rai as new India MD
Rai takes over from Vimal Venkatram, who has moved to a regional role for Snowflake, based in Singapore, a company statement said. He will be responsible for driving business growth and go-to-market strategy for Snowflake in India, it added.
Activision Blizzard to pay $54 million to settle California state workplace discrimination claims
Activision Blizzard has agreed to pay about $54 million to settle discrimination claims brought by California's civil rights agency on behalf of women employed by the video game maker.
Prosus cuts Byju's valuation to under $3 billion; PayU India, Swiggy H1 financials
Technology investor Prosus has slashed Byju’s valuation to below $3 billion from its peak of $22 billion. This and more in today’s ETtech Top 5.
Sam Altman’s back as OpenAI CEO; Mamaearth’s Q2 profit nearly doubles
Capping five days of high-voltage drama, OpenAI, the maker of ChatGPT, said it is bringing back Sam Altman as its CEO, along with reconstituting its board. We sum up the stunning and chaotic events which shook the technology world in today’s ETtech Top 5.
Buying Australia after India's loss? Journo asks Satya Nadella, Microsoft CEO gives smart response
Satya Nadella, the CEO of Microsoft, recently revealed his passion for cricket in a podcast interview. Amidst the drama surrounding OpenAI, Nadella humorously addressed India's loss in the World Cup final and expressed interest in partnering with OpenAI. He also announced that Sam Altman would be joining Microsoft as the CEO of their new AI research unit.
US stock market: Nasdaq leads Wall Street gains as Microsoft hits record
The S&P 500's information technology sub-index ended up 1.5% and was the top gainer among the S&P 500's 11 major sectors. Its biggest boost came from Microsoft shares which touched a record high and ended up 2%.
Sam Altman saga: Key moments in the seven-year partnership between Microsoft and OpenAI
Microsoft's hiring of ousted OpenAI CEO Sam Altman on Monday marks another twist in the seven-year-old partnership between the US giant and the startup that created ChatGPT.
How Microsoft's legal legacy shapes the antitrust case against Google
While cross-examining a witness for the Justice Department, John Schmidtlein, Google's lead trial lawyer, tried to describe how this suit differed from the landmark antitrust case brought against Microsoft in the 1990s. The barriers to competition in search today, Schmidtlein said, are less daunting than Microsoft's stranglehold on personal computer software.
Security firm: Chinese hackers broke into email security appliance in spying campaign
In a blog post on Thursday, Google-owned Mandiant expressed "high confidence" that the group exploiting a software vulnerability in Barracuda Networks' Email Security Gateway was engaged in "espionage activity in support of the People's Republic of China". It said the activity began as early as October.
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