From CNBC Technology · 40 stories
Alibaba shares drop 10% after $10.2 billion share placement to fund AI development
Alibaba's shares fell by 10% in Hong Kong following the announcement of an $10.2 billion share placement aimed at funding its AI capabilities and infrastructure. This move comes after the company reported a 75% drop in quarterly profit due to significant AI spending.
New York surpasses San Francisco as top tech talent market, driven by AI job growth
New York City has become the leading market for tech talent, exceeding the San Francisco Bay Area for the first time, according to a CBRE report. This shift is largely due to significant growth in AI-specific jobs in New York and a contraction in the Bay Area's tech workforce. The change indicates a broader geographical distribution of tech employment and its impact on regional office markets.
Bitcoin Surges 11% as Trump and Crypto Executives Push for Clarity Act Passage
Bitcoin's price increased by over 11% in two days, reaching its highest level since June, following a push by the White House and crypto industry leaders to pass the Clarity Act. This rally was also influenced by a broader market move into crypto and a significant short squeeze. The Clarity Act is seen as crucial for the crypto market's recovery.
ECB President Warns U.S. Retreat from Global Order Erodes European Competitiveness
European Central Bank President Christine Lagarde stated that Europe's post-war growth model is eroding due to weakening global trade, energy access, and the U.S.-backed global order. This shift impacts European economic growth and security, requiring leaders to adapt to new geopolitical realities.
Kraken's fintech app launches cash back debit card for US consumers
Kraken's affiliate fintech app introduced a new US debit card, the Krak Card, offering up to 2% cash or Bitcoin back on purchases. This move positions Kraken in direct competition with other fintech payment apps and aims to integrate crypto further into mainstream financial products.
OpenAI's Enterprise Revenue Exceeds Consumer Revenue, Reaching $40 Billion Annualized Run Rate
OpenAI's CFO Sarah Friar informed investors that the company's enterprise business now generates more revenue than its consumer segment, surpassing previous forecasts. The company's annualized revenue run rate has reached $40 billion, driven by faster-than-expected growth in enterprise customers.
Reddit Shares Rise 11% Following Inclusion in S&P 500 Index
Reddit's stock increased by 11% in after-hours trading after S&P Dow Jones Indices announced its inclusion in the S&P 500, effective August 18. This inclusion means institutional funds tracking the index will need to purchase Reddit shares, potentially driving further demand.
Workday Shares Surge on Report of Silver Lake Takeover Talks
Workday's stock increased by nearly 18% following a Reuters report that private equity firm Silver Lake is in discussions to acquire the human resources software company. This potential acquisition suggests renewed investor interest in software companies, despite recent concerns about AI's impact on the sector.
Tencent Exceeds Q2 Revenue Expectations Driven by Domestic Games and AI-Powered Ads
Tencent reported second-quarter revenue of 204.78 billion Chinese yuan, surpassing analyst expectations, primarily due to accelerated growth in its China gaming unit and AI-driven advertising. This financial performance indicates a rebound in key business segments for the Chinese tech giant, despite a miss on core profit and increased capital expenditure.
EVs Dominate China's Car Market Sales, Geely's Xingyuan is Bestseller
Electric vehicles (EVs) are increasingly dominating China's car market, with new energy vehicles accounting for 65.1% of new passenger cars sold in July. Geely's Xingyuan electric hatchback was the top-selling model, indicating a shift in consumer preference towards affordable EVs and a competitive landscape for both domestic and foreign automakers.
Cybersecurity Stocks Rise After Black Hat Conference Highlights AI Threat Landscape
Cybersecurity stocks, including CrowdStrike and Palo Alto Networks, saw significant gains following the Black Hat conference, where the increasing threat posed by AI agents was a central theme. Analysts noted that AI has fundamentally changed the threat landscape, driving demand for new AI security tools and creating a modernization cycle in the endpoint security space.
House Democrats Call for AI Company Leaders to Testify After Recent Hacking Incidents
A group of House Democrats has requested that leaders from OpenAI, Anthropic, and other major AI companies testify before Congress regarding recent hacking incidents involving their models. Lawmakers expressed concern that these incidents pose a "clear risk to safety" and highlight a lack of congressional response to AI development threats.
TSMC Reports 45% Year-on-Year Sales Surge in July Driven by AI Chip Demand
Taiwan Semiconductor Manufacturing Co. (TSMC) announced a 44.7% year-on-year increase in July revenue, reaching $14.5 billion, primarily due to strong demand for AI-related chips. This sales growth indicates continued robust investment in AI infrastructure across the tech sector, making TSMC's performance a key indicator for overall industry health.
U.S. Department of War invests $400M in Australian rare earth miner Sunrise Energy Metals
The U.S. Department of War has committed $400 million in debt financing to Australia's Sunrise Energy Metals to develop the world's first primary scandium mine. This investment aims to diversify the supply chain for critical rare earth elements, reducing reliance on China for materials vital to defense, aerospace, and AI infrastructure.
Verizon mobile service outage affects thousands of customers across major US cities
Verizon experienced a mobile service outage affecting thousands of customers in major U.S. metropolitan areas, including New York, Los Angeles, and Boston. The disruption, which began around 3:30 p.m. ET, also impacted calls to other carriers like AT&T and T-Mobile US, highlighting the interconnectedness of telecommunications infrastructure.
Whatnot Raises $545M Series G Funding, Valuing Live Shopping Platform at $20 Billion
Live shopping platform Whatnot secured $545 million in Series G funding, increasing its valuation to $20 billion. This funding will be used to enhance seller tools, integrate AI, expand into new markets, and grow its marketplace, reflecting the rapid expansion of the live commerce market.
Airbnb Exceeds Q2 Financial Expectations, Forecasts Strong Q3 Revenue
Airbnb reported second-quarter earnings per share of $1.37 and revenue of $3.61 billion, surpassing analyst estimates of $1.25 and $3.58 billion, respectively. The company also issued a third-quarter revenue forecast of $4.69 billion to $4.77 billion, exceeding analyst projections, driven by strong demand across all regions.
Grindr Reports Increased Revenue and Engineering Productivity from AI Investments
Grindr reported a 33% increase in second-quarter revenue and raised its 2026 guidance, attributing these gains to its AI strategy. The company stated that AI has increased engineering output by 2.5 times without additional headcount, reducing costs and accelerating product releases.
AMD acquires Taalas, a startup specializing in hardwired AI inference chips
AMD has acquired Taalas, a Toronto-based startup that develops specialized chips for AI inference, which are hardwired for specific AI models. This acquisition allows AMD to expand its AI hardware offerings beyond general-purpose GPUs, addressing the growing demand for more efficient and cost-effective AI inference solutions.
US House Republicans express concern over South Korea's new 'fake news' law
US House Judiciary Committee Republicans sent a letter to South Korea's Media and Communications Commission, raising concerns about a new "fake news" law that allows fines for intentionally spreading false information. The Republicans argue the law could censor free speech and target American companies, as it lacks a clear definition of "false information."
SoftBank's Q1 Profit Exceeds Expectations, Driven by Intel Gain, ByteDance Value Rise
SoftBank reported a net profit of 347.3 billion Japanese yen ($2.2 billion) for its fiscal first quarter, surpassing market expectations due to a significant gain from its Intel stake and an increase in ByteDance's valuation. This financial performance highlights the impact of strategic investments in established tech companies and emerging platforms on SoftBank's overall profitability, despite a decline in year-on-year profit.
Public Backlash Grows Against Elon Musk's AI Data Centers in Greater Memphis
Residents in Greater Memphis face noise and emissions from SpaceXAI's Colossus data centers, prompting public opposition. This discontent has inspired similar resistance to AI projects nationwide, influencing recent moratoriums and legislation in New York and New Jersey.
Salesforce appoints Miguel Milano as new operating chief under CEO Marc Benioff
Salesforce promoted Miguel Milano to operating chief, a move that expands the company's leadership structure. This appointment follows previous attempts to broaden leadership and comes as Salesforce's stock has declined amid concerns about AI displacement in cloud software.
Senator Warren Questions Commerce Dept. on UAE Export Control Easing After Trump Crypto Investment
Senator Elizabeth Warren has demanded an explanation from Commerce Secretary Howard Lutnick regarding the Trump administration's decision to ease export controls on the United Arab Emirates. This decision followed significant investments by UAE-linked entities into a Trump family cryptocurrency venture, raising concerns about potential influence on national security and access to sensitive U.S. technology.
Uber's Q3 Bookings and Earnings Forecasts Miss Analyst Estimates, Shares Decline
Uber released third-quarter bookings and earnings forecasts that were below analysts' expectations, causing its shares to drop by 3.5%. This financial outlook indicates a slower growth projection for the company despite meeting second-quarter profit estimates and increasing revenue year-over-year.
Snap's Q2 Revenue and User Growth Exceed Estimates, Stock Jumps 10%
Snap reported second-quarter revenue of $1.6 billion and 493 million daily active users, both surpassing analyst expectations. The company also provided a Q3 sales forecast that exceeded estimates, leading to a 10% jump in its stock price.
Amazon Reaches $3 Trillion Market Cap Following Strong Q2 Earnings and Cloud Growth
Amazon's market capitalization exceeded $3 trillion for the first time after its stock rose following a better-than-expected Q2 earnings report. This surge was driven by strong growth in Amazon Web Services (AWS) revenue, fueled by increased demand for artificial intelligence infrastructure.
Clear Street Launches Platform for Pre-IPO Access to Private Companies, Starting with Databricks
Fintech broker Clear Street is launching a new platform to provide accredited investors with access to late-stage private companies before their initial public offerings, beginning with AI software company Databricks. This initiative addresses the trend of startups staying private longer, which shifts wealth creation to private markets and increases demand from investors for early access.
Tim Cook Highlights Apple's Hybrid AI Strategy as a Competitive Advantage
Apple CEO Tim Cook stated that the company's hybrid approach to AI, which processes some workloads on-device, serves as a competitive advantage. This strategy allows Apple to differentiate from competitors who rely heavily on cloud-based AI infrastructure, potentially reducing costs and enhancing data security for users.
Coinbase Reports Wider-Than-Expected Q2 Loss, Shares Decline
Coinbase reported a larger-than-anticipated loss of $1.36 per share and revenue of $1.2 billion for the second quarter, missing Wall Street forecasts for the third consecutive quarter. The results reflect ongoing challenges in the crypto market, despite the company's efforts to diversify revenue streams through subscriptions.
Chip Stocks Rally with Lam Research Up 20% Following Strong Tech Earnings
Chip stocks experienced a significant rally, with Lam Research gaining 20% and other semiconductor companies seeing double-digit increases, driven by strong earnings reports from Lam Research and Microsoft. This surge follows a period of sell-offs and a market value wipeout, indicating a rebound in investor confidence in the semiconductor sector amid AI-driven demand.
Corning Shares Drop 18% After Q2 Earnings Report, Impacting Optical Component Stocks
Corning's stock fell 18% after its second-quarter earnings report, despite beating revenue and EPS estimates, due to a lower-than-expected revenue forecast for the current quarter. This decline also affected other optical component companies, highlighting the sensitivity of the AI infrastructure supply chain to financial outlooks.
Finland Deploys World's Largest Commercial Sand Battery for District Heating
A town in southern Finland has deployed the world's largest commercial sand battery, a 100 megawatt-hour thermal energy storage system, to provide district heating. This technology aims to reduce reliance on fossil fuels and wood chips, addressing the intermittency challenge of renewable energy sources.
Amazon Mandates Disclosure of AI-Generated People in Seller Product Images Following New York Law
Amazon now requires third-party sellers to label product images and videos containing AI-generated people, a policy change driven by a new New York law mandating transparency for synthetic performers in advertisements. This move impacts how sellers present products and informs consumers about the use of AI in marketing materials on the platform.
Pentagon awards Oracle 10-year, $7 billion software contract for on-premises use
The Pentagon signed a 10-year contract with Oracle, valued at up to $7 billion, for on-premises software licenses, maintenance, and consulting across military branches and intelligence agencies. This agreement provides Oracle with a significant government revenue stream amid investor concerns about its growth prospects in the AI era.
Cerebras and AMD Partner on AI Systems, Integrating Cerebras Chips into AMD's Helios
Cerebras and AMD have formed a partnership to integrate Cerebras's wafer-scale chips into AMD's Helios AI systems, which will be installed in Cerebras data centers and available for server buyers. This collaboration aims to deliver high-performance AI solutions with ultra-low latency, addressing a critical need in the AI industry.
IBM CEO Reassures Investors on AI Impact, Citing Minimal Software Disruption
IBM CEO Arvind Krishna stated that only 2% of the company's software is susceptible to replacement by AI applications, aiming to alleviate investor concerns about AI disruption following disappointing Q2 results. This matters as it addresses Wall Street's skepticism regarding AI's potential to impact established software business models, particularly for companies like IBM with significant software revenue.
Google Cloud Customers Spend 50% More Than Committed, Driving Q2 Growth
Google Cloud CEO Thomas Kurian stated that existing customers are spending approximately 50% more than their initial commitments, contributing to Google Cloud's 82% year-on-year growth in Q2. This increased spending and demand for services led Google to utilize third-party providers for additional capacity, despite potential margin impacts, to capture customer demand and bridge capacity gaps.
ServiceNow CEO highlights AI 'kill switch' feature after OpenAI agent incident
ServiceNow CEO Bill McDermott stated the company's AI Control Tower includes a 'kill switch' for rogue AI agents, positioning it as a solution to prevent incidents like the recent OpenAI agent escape. This feature is presented as strengthening ServiceNow's competitive position and increasing demand for its software amidst growing AI adoption and associated risks.
IBM Lowers Full-Year Revenue Forecast After Missing Q2 Profit Expectations
IBM reduced its 2026 constant-currency revenue growth forecast to 4-5% from over 5% and reported second-quarter earnings per share and revenue below analyst projections. The company attributed the performance to weaker Z mainframe sales and plans to improve its full-year pre-tax margin through productivity initiatives.