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It’s the last trading day of July and stocks are rising and well on track to release their best month since late 2020. That’s quite a rebound from a difficult first half and has been helped by some positive gains from Big Tech.
It’s nice to end on an upbeat note as this is also my last #techFT and the newsletter is on an extended hiatus over the summer before hopefully returning later in the year. I wrote the first #techFT from the Web Summit in Dublin in November 2015 and will now be doing technical and other stories for the Hong Kong FT.
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Back to the positive earnings: Amazon Shares trade nearly 12 percent higher after beating sales expectations and issuing an upbeat forecast for the rest of the year, reports Dave Lee,
Amazon dampened costs and said it expects a return to double-digit quarterly sales growth now that annual comparisons with the coronavirus pandemic-hit periods in 2020 and 2021 are over. The better-than-expected earnings were attributed to the strong performance of cloud business Amazon Web Services and fast-growing advertising arm, offsetting a further year-over-year decline in online store sales.
Apple is up 3 percent after the iPhone maker said revenue rose 2 percent from a year earlier to $83 billion, slightly ahead of analysts’ forecast of $82.8 billion. reports Patrick McGee.
It had previously warned of up to $8 billion in setbacks in April related to supply and production issues for the quarter. But CFO Luca Maestri told us yesterday that those costs were less than $4 billion and things should improve in the current quarter. “If nothing changes in the current environment, we expect that the supply shortages will be less than in June,” he said.
Of the other five big tech companies reporting this week, alphabet and Microsoft extend gains after optimistic reports while Facebook parent meta Stocks continue to suffer losses after warning The deteriorating economic environment hit the core advertising business.
The Internet of (Five) Things
1. Intel warns of a drop in sales
Intel shares are nearly 9 percent lower after the chipmaker shocked Wall Street a slump in sales in the last quarter and a cut in its financial outlook for the rest of the year. Chief Executive Pat Gelsinger said the results were “below the standards we set,” adding that a “sudden and rapid slowdown in economic activity was the biggest reason” for the drop in revenue, but that it also reflected “execution issues.”
2. Congress passes the Chips Act
The US Congress has passed the $280 billion Chips and Science Act, which provides $52 billion in subsidies for U.S. chipmakers and more than $100 billion in technology and science investments, including creating regional innovation hubs and expanding the work of the National Science Foundation. The law aims to make the US more competitive with China,
3. Ma plans to relinquish control of Ant
Billionaire entrepreneur Jack Ma is plan to relinquish control of Ant Group, a change that would further delay the Chinese fintech’s plans to launch an IPO. Lex explained Companies that change controlling interest have to wait three years before they can be listed in mainland China.
4. Promotion of fresh fibers
Virgin Media O2 has £4.5bn secured Investing in a fiber construction joint venture with owners Telefónica and Liberty Global as the group seeks to challenge BT and smaller rivals fast-moving to roll out ultra-fast network infrastructure in the UK. It aims to build a new full fiber network that will bring connectivity to up to 7 million homes.
5. Signature falls when crypto crashes
Signature Bank, the 30th largest bank in America by assets, was also one of the best-performing in the country last year, spurred by a decision to take the cryptocurrency industry’s surging deposits to justice. However, as crypto has crashed, Signature Bank’s stock price has also crashed. report Dan McCrum and Josh Franklin. In South Korea, regulators are investigating $3.1 billion in “abnormal” foreign exchange transactions at two of the country’s largest commercial banks possible money laundering associated with crypto investments.
Tech Tools – Insect Tech
This weeks House & Home considered Pollinator Pathmaker, part of a new wave of apps and gadgets that make us more aware of the needs of insects and encourage us to rethink who – and what – our gardens are for. The online tool, hosted at pollinator.art, generates planting schemes that attract different pollinating species. Once you enter your lot size and select your site’s light exposure and soil type, it selects from 150 plants to create a unique design and gives you downloadable planting instructions. Select “Pollinator View” and you can see your garden through the eyes of an insect, with the software approximating the colors it would recognize.
Insect technology is becoming more sophisticated. Bulgarian company Pollenity already offers Beebot sensors to hobbyist beekeepers and intends to launch a robotic insect soon after live testing it this summer. Your RoboBee performs a bee’s “wiggle dance” to guide a hive’s swarm toward flowers and away from danger.
Hot July tech lifts markets Source link Hot July tech lifts markets