Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.Justin Sullivan | Getty ImagesDETROIT — Challenges are mounting for all-electric vehicle manufacturers Rivian Automotive and Lucid Group as the companies try to sell investors on a brighter, more profitable future to come.But things could get worse before they get better as both automakers are set to report third-quarter results this week, starting with Rivian after the bell Tuesday, followed by Lucid on Wednesday.Both “pure EV” companies are expected to report notable growths in revenue and narrowed adjusted earnings losses…
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Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, August 11, 2023.Eduardo Munoz | ReutersThe judges in a federal appeals court in New York on Tuesday were skeptical of arguments by a lawyer for Sam Bankman-Fried that his conviction for a multi-billion-dollar fraud related to his cryptocurrency exchange FTX and an associated hedge fund should be tossed out.Bankman-Fried’s attorney, Alexandra Shapiro, was almost immediately and then repeatedly interrupted by the three-judge panel on…
Arvind Krishna, CEO of IBM, arrives for the Inaugural AI Insight Forum in Russell Building on Capitol Hill, on Wednesday, September 13, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesIBM said Tuesday that it will lay off a small percentage of its employees in the current quarter.”In the fourth quarter we are executing an action that will impact a low single-digit percentage of our global workforce,” a spokesperson told CNBC. “While this may impact some U.S.-based roles, we anticipate that our U.S. employment will remain flat year over year.”IBM employed 270,000 people at the end of 2024, according to…
OpenAI on Tuesday launched its Sora app of AI-generated videos for Android devices.The artificial intelligence company first launched Sora for Apple devices in September. The announcement on Tuesday brings the popular AI app to the Google Play app store for users in the U.S., Canada, Japan, South Korea, Taiwan, Thailand and Vietnam.Sora reportedly hit 1 million downloads less than five days after its debut, and it topped Apple’s App Store for nearly three weeks. Sora currently holds the no. 5 spot on Apple’s list of the top free apps, behind Google’s Gemini at no. 4 and ChatGP, which is also…
Electrical equipment supplier Eaton — whose products are essential to AI data centers — reported a mixed third quarter on Tuesday morning, which was pressuring shares. Adjusted earnings per share for the quarter ended in September rose 8% from the year-ago period to $3.07, a 2-cent beat of the LSEG compiled analyst consensus estimate. Revenue rose 10% to $6.99 billion, but missed the LSEG compiled analyst consensus estimate of $7.08 billion. Organic sales , which exclude a 3% benefit from acquisitions, grew 7%, short of the FactSet estimate for an 8.6% increase. ETN YTD mountain Eaton YTD Shares were down…
Aravind Srinivas, chief executive officer of Perplexity AI Inc., during the Bloomberg Tech conference in San Francisco, California, US, on Thursday, June 5, 2025. David Paul Morris | Bloomberg | Getty ImagesPerplexity AI accused Amazon of “bullying” on Tuesday after it received a letter from the e-commerce giant demanding it prevent people from using its artificial intelligence browser Comet to make purchases on their behalf.In a blog post, Perplexity said users can ask its Comet Assistant to find items and make purchases on Amazon, and that they “love this experience.” But Perplexity said it received “an aggressive legal threat” from…
Kyle Clark, Founder & CEO of Beta Technologies rings the Opening Bell at the New York Stock Exchange on Nov. 4, 2025. NYSEBeta Technologies, an electric aircraft company, debuted on the New York Stock Exchange on Tuesday at $34 a share.On Monday, the company priced shares in its IPO at $34 each, above its expected range of $27 to $33. Beta said it sold 29.9 million shares, raising over $1 billion. The stock traded about 5% lower after it opened.Beta’s IPO marks a major test for the small but competitive electric vertical takeoff and landing (eVTOL) industry that’s been vying…
Saudi Arabia will capitalize on its abundant supply of cheap natural gas and renewables to transform the kingdom into a global leader in artificial intelligence, Aramco CEO Amin Nasser told CNBC in an interview.Aramco, the world’s largest oil company, disclosed in late October that it plans acquire a significant minority stake in the new artificial intelligence company Humain. Saudi Arabia’s sovereign wealth fund, PIF, is the majority owner of Humain, which launched in May.Humain will become Saudi’s national AI champion and will grow into a leader in the space, Nasser told CNBC’s Sara Eisen in an interview that aired Tuesday.…
Josh Brown said Tuesday the stock market is going through a correction, even if the indexes have yet to reflect it. “We’re actually undergoing a market wide correction right now,” Brown said on CNBC’s ” Halftime Report .” “The reason why people don’t know it is because it hasn’t hit the Mag Seven names, but that’s literally what’s taking place.” Stocks are near all-time highs, with the S & P 500 last month having topped 6,900 on an intraday basis for the first time ever. The broader index is higher by more than 15% year to date. However, the headline…
A version of this article appeared in CNBC’s Inside Alts newsletter, a guide to the fast-growing world of alternative investments, from private equity and private credit to hedge funds and venture capital. Sign up to receive future editions, straight to your inbox.Wealthy individuals have been pouring into alternative assets in recent years, thanks in part to the explosion of evergreen funds, a certain type of fund specifically structured to allow for more liquidity. The catch is, the capital that goes into these funds often has to be spent right away, and that may be creating distortions in the markets. Think of this deployment structure as a gift…
