Business

Brad Lightcap Leaves OpenAI for New Venture Amid Executive Shakeup

OpenAI COO Brad Lightcap is departing to start his own company, extending a wave of senior executive exits at the AI lab.

Alpha Compute to Buy Pennsylvania Land for $55 Million Data Center Campus

Alpha Compute plans to acquire land and gas rights in Pennsylvania for a $55 million data center campus powered by on-site natural gas.

Sea Limited Shares Surge 9% as Revenue Climbs 48% and Shopee Outlook Strengthens

Sea Limited shares rose about 9% after quarterly revenue climbed 48% and the company delivered a stronger outlook for its Shopee e-commerce business.

US Existing Home Sales Fall 1.7% in July as Record Prices Deter Buyers

US existing home sales dropped 1.7% in July as record prices and the highest mortgage rates in a year kept many prospective buyers out of the market.

Barclays Downgrades Gap and Under Armour in U.S. Apparel Retailer Reshuffle

Barclays cut its ratings on Gap and Under Armour in a reshuffle of U.S. apparel retailers, citing limited upside amid uneven consumer demand.

Chinese Automakers to Capture 33% of Global Market by 2030

Chinese automakers are projected to capture 33% of the global automotive market share by 2030, according to a new report from consulting firm AlixPartners....

Walgreens Shares Drop as Q3 Earnings Miss Expectations and Profit Outlook is Cut

Shares of Walgreens closed more than 20% lower on Thursday after the company reported fiscal third-quarter earnings that missed expectations and lowered its full-year...

Rivian Focuses on Cost-Cutting and Efficiency Amid Stock Fluctuations

Rivian Automotive's investor event on Thursday centered on cost-cutting efforts, efficiency gains, and in-house technologies but wasn't enough to maintain the company’s recent stock...

Tesla’s Lead in Electric Vehicle Quality Declines as Legacy Automakers Catch Up

Tesla is losing its lead over legacy automakers in the quality of its new all-electric vehicles, according to J.D. Power's 2024 U.S. Initial Quality...

Prescription Drug Costs Surge 37% Since 2014, Increasing Consumer Burden

The cost of prescription medications in the U.S. has surged by 37% since 2014, significantly outpacing the rate of inflation, according to data from...

Sam’s Club Revamps Member’s Mark to Rival Costco’s Kirkland Signature

During the Covid pandemic, Megan Crozier bought an inflatable pool from Sam’s Club to entertain her children, but it began leaking air after just...

Nike’s Shares Plunge as Company Cuts Guidance and Faces Slowing Sales

Nike's shares plummeted by 11% after the company cut its full-year guidance, anticipating a 10% drop in sales for the current quarter, significantly below...

Chinese Firms Rapidly Adopt AI with Surge in Contracts for Large Language Models

Large Chinese firms have significantly ramped up their adoption of artificial intelligence (AI) this year, with a notable increase in contracts related to large...

Oracle Warns of Potential Revenue Impact from New Law Banning TikTok in the U.S.

Oracle has alerted investors to potential financial repercussions following the introduction of a new U.S. law that could ban TikTok unless its China-based owners...

Shanghai Henlius Biotech Shares Surge on Fosun Pharma’s $690 Million Privatization Offer

Shanghai Henlius Biotech, listed in Hong Kong, saw its shares surge 18.9% to a two-year high following an announcement that Fosun Pharma has offered...

Shareholder Support for SoftBank CEO Masayoshi Son Drops Amid Performance Concerns

Shareholder support for the reappointment of SoftBank Group Chief Executive Masayoshi Son has significantly declined to 79.22%, down from 95.93% a year ago. This...

China’s Premier Defends Green Technology Advancements Amid U.S. and EU Trade Accusations

China’s Premier Li Qiang addressed accusations from the U.S. and EU regarding unfair subsidies and market flooding with cheap green technologies during his speech...

Target Partners with Shopify to Expand Online Marketplace with Trendy Brands

Target has announced a collaboration with Shopify to bring new and trendy brands to its website, starting Monday. This partnership allows companies working with...

Paramount Global Increases Paramount+ Subscription Prices to Boost Business Turnaround

Paramount Global is raising the prices of its flagship streaming service, Paramount+, in an effort to turn around its business. Starting August 20, the...

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