Nike in Trouble $Nike(NKE)$ -6.90% Nike is facing criticism and a market backlash following the release of its controversial England soccer kit design, coupled with disappointing sales figures in China. This double blow underscores challenges in balancing brand innovation with tradition and market expectations. Nike shares fell by 6.9% after the company's fiscal Q3 revenue showed a slight y-o-y increase, but warned of challenging sales in the first half of fiscal 2025.
$Adobe(ADBE)$ Adobe Drops on Weak Forecast Fueled by AI Competition Fears Adobe's stock dropped 10.5% in extended trading after giving a weak outlook for sales in the current quarter. The market is concerned about increasing competition from AI-focused startups, which poses a competitive threat to Adobe. The following is a summary of the Adobe Inc. (ADBE) Q1 2024 Earnings: Financial Performance *Adobe reported Q1 revenue of $5.18 billion, a 12% increase YoY *GAAP earnings per share for the quarter was $1.36, and non-GAAP earnings per share was $4.48, representing 18% YoY growth. *Adobe achieved a net new Digital Media ARR of $432 million and revenue of $3.82 billion in Q1, marking a 13% growth YoY. *Adobe achieved $3.07 billion in revenue fo
Oracle stock up on impressive cloud revenue $Oracle(ORCL)$ jumped 14% after-hours following the announcement of mixed financial results and a quarterly cash dividend of 40 cents per share. This surge was propelled by substantial new cloud contracts and AI demand, with Oracle CEO Safra Catz highlighting a record 29% growth in total remaining performance obligations, exceeding $80 billion. ORCL also reported a whopping $12.3 billion in free cash flow for the past twelve . Oracle stock has now gained roughly 50% over the past twelve months. Oracle Q3 earnings snapshot *Earned $2.4 billion versus the year-ago $1.89 billion *Per-share earnings also climbed from 68 to 85 cents *Adjusted EPS printed at $1.41 as per the earnings report *Revenue jump
$NVIDIA Corp(NVDA)$ +4.00% Nvidia reached over $2 trillion value on the stock market for the first time on Friday. This happened because Dell Technologies shared a strong outlook and expects more people to buy its servers that use Nvidia's technology for artificial intelligence. Nvidia's stock added 4% after Dell, which sells high-end servers of Nvidia's processors, gave an upbeat forecast late on Thursday, pointing to a surge in orders for its AI-optimized servers. Dell's shares soared 38% to a record high before ending the session with a 32% gain. Friday's rally put Nvidia's market capitalization at $2.06 trillion, making it Wall Street's third most valuable company behind Microsoft (NAS
OpenAI closes deal valuing it at US$80b OpenAI has concluded a deal with investors that reportedly values the California startup at US$80 billion or more, after a roller-coaster year for the inventor of ChatGPT. The agreement, reported by The New York Times but not yet confirmed by OpenAI, would mean the value of the company – a world leader in generative artificial intelligence – would have nearly tripled in under 10 months. The reported deal would have the San Francisco-based firm selling existing shares to investors led by Thrive Capital. It would permit executives and employees to sell shares at a highly favourable price, just three months after the firm survived a major crisis when company co-founder and chief executive Sam Altman was fired and then brought back only days later.
OpenAI Takes on Google, Meta with New AI Products, and Other Tech News Today Another day brings another salvo in the artificial-intelligence wars. No sooner had Alphabet introduced an upgrade to its AI model than OpenAI struck back with a new video-generation tool and was reported to be taking aim at the search-engine market. The buzzy public announcement from Microsoft-backed OpenAI was the launch of its text-to-video AI tool Sora. While only open to a small number of researchers, academics and visual artists so far, the resulting creations look impressive. OpenAI CEO Sam Altman late on Thursday posted various videos generated from prompts sent in by users of social-media platform X, formerly known as Twitter. Text-to-video creation is one of the areas where rivals such as Alphabet's Goo
Adobe Tumbles As OpenAI Invades Its Turf With Video Creation Tool Adobe (ADBE) shares tumbled Friday after high-profile artificial intelligence startup OpenAI introduced a new text-to-video generator. ADBE stock plunged more than 7% on the news. San Francisco-based OpenAI on Thursday introduced Sora, which can create lifelike videos from simple text descriptions. Earlier OpenAI services can create written articles and images from basic prompts. Sora is able to generate complex video scenes with multiple characters, specific types of motion, and accurate details of the subject and background, the company said. It currently can generate videos up to a minute long. But Sora is still in testing and not yet available for public use. "Sora serves as a foundation for models that can understand an
Google Matches ChatGPT With New Chatbot Subscription Google is jumping into the tech industry's latest craze: subscription chatbots. The search giant will begin charging $19.99 a month for its most powerful chatbot, Gemini Advanced, as part of a subscription plan that also grants access to extra file storage and other perks. Gemini Advanced is the latest update to the chatbot Google released a few months after the sudden rise of OpenAI's ChatGPT caught the company flat-footed, despite its reputation as a pioneer in artificial-intelligence research. Microsoft, the largest backer of OpenAI, last month released a subscription chatbot catering to individual users of its work software. The new Gemini Advanced offering is Google's attempt to directly profit from growing consumer interest in AI s
The Magnificent Seven Are Looking Magnificent In November. The Magnificent Seven stocks -- Amazon.com, Apple, Google parent Alphabet, Meta Platforms, Microsoft, Nvidia and Tesla -- have been looking magnificent overall in November so far. With the Nasdaq composite staging a follow-through day on Nov. 1 and the S&P 500 on Nov. 2, the Magnificent Seven are fueling the newly confirmed market rally. The megacaps have been big winners in 2023 and are all outpacing the S&P 500's 5.2% gain so far this month. All but Google stock is besting the Nasdaq's 7.1% November gain. All of these stocks are major S&P 500 and Nasdaq components. While Nvidia and Microsoft are at the forefront of the AI boom, Meta, Google and Amazon are making their own AI push, with Tesla claiming AI intentio