Google AI: “Theft”?
“Links were the last redeeming quality of search that gave publishers traffic and revenue. Now Google just takes content by force and uses it with no return, the definition of theft,” according to News/Media Alliance President and CEO Danielle Coffey. Her remarks came after Alphabet’s [GOOGL] Google announced at its I/O conference it will be integrating an artificial intelligence (AI) chatbot into its search function in the US, Engadgetreported. (Image shows CEO Sundar Pichai addressing the crowd at the I/O conference.)
Reimagining What It Means to Use a Computer
OpenAI has acquired design start-up io from ex-Apple [AAPL] designer Sir Jony Ive in a $6.4bn all-equity deal, consolidating its bet on AI-native hardware, the Financial Times detailed. Ive’s firm was already 23%-owned by OpenAI. “I think we have the opportunity here to… completely reimagine what it means to use a computer,” OpenAI founder Sam Altman said.
Chip Stock Soars on Nvidia Collab
Navitas [NVTS] climbed over 160% after hours on news of its partnership with Nvidia [NVDA]. The two will co-develop an 800V HVDC power architecture for Nvidia’s Kyber rack-scale systems. The design leverages Navitas’ GaNFast and GeneSiC tech to boost efficiency and performance for high-power GPUs like Rubin Ultra. Benefits include 5% higher power efficiency and 70% lower maintenance costs, Seeking Alpha detailed.
Tariffs: Japan’s $27.6bn Hit
The Financial Times has crunched earnings reports and calculated that Japan’s top firms, including Toyota [TM], Sony [SONY] and Mizuho [MFG], could see profits cut by a total of up to ¥4trn. Many companies declined to issue forecasts due to uncertainty. With tariffs as high as 25% on cars, steel and aluminum, pressure is mounting on Japan’s negotiators ahead of a third round of talks with US officials.
New Funding for LiDAR Leader
Automotive technology company Luminar [LAZR] has secured a $200m funding agreement with investment fund YA II PN and an unnamed investor, starting with a $35m, convertible preferred stock issuance. Proceeds will support debt reduction and general operations. The deal enhances liquidity and follows recent restructuring, Seeking Alpha reported.
Nike Back on Amazon
The sportswear brand [NKE] will resume direct sales on Amazon [AMZN] in the US for the first time since 2019, as part of a turnaround strategy under CEO Elliott Hill aimed at regaining market share. Amazon has notified third-party sellers it will restrict sales of certain Nike products starting July 19. The move coincides with Nike’s planned price hikes before June 1 over tariff pressures.
GE Vernova Confirms Saudi Arabia Projects
Following US President Donald Trump’s diplomatic efforts in the Middle East, GE Vernova [GEV] has formally announced up to $14.2bn in Saudi Arabia energy initiatives, including $2bn in backlog or reserved orders for Q1 2025, with further contracts and MOUs extending over four years. Read OPTO’s recent deep dive into this dynamic stock’s prospects.
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