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Snowflake’s AI lift sparks stock surge as SaaS fears ease
technology1 day ago

Snowflake’s AI lift sparks stock surge as SaaS fears ease

Investors are differentiating winners from losers in software shares after fears of an AI-driven SaaSpocalypse, with Snowflake jumping on news of a 31% mid-year revenue rise aided by its AI data-analysis tools and its CoCo coding assistant. But competition from Databricks, SAP, Microsoft and Google is likely to intensify, and Snowflake remains unprofitable for now and is not in the S&P 500, suggesting the SaaS renaissance may be real but not guaranteed.

via Financial Times|
#ai#saas#snowflake
OpenAI weighs legal action as Apple’s iPhone AI deal stalls
technology15 days ago

OpenAI weighs legal action as Apple’s iPhone AI deal stalls

OpenAI is considering legal action against Apple over their 2024 agreement to integrate ChatGPT into the iPhone, arguing Apple has not invested the promised resources to deliver the partnership; Apple has pursued other AI deals (notably Google Gemini for Apple Intelligence) and has not actively promoted OpenAI tools on iPhone, contributing to tension as OpenAI also recruits from Apple.

via Financial Times|
#apple-inc#artificial-intelligence#openai
Apple to pay $250 million to settle AI Siri false-advertising lawsuit
technology24 days ago

Apple to pay $250 million to settle AI Siri false-advertising lawsuit

Apple has agreed to a $250 million settlement to resolve a class-action accusing it of false advertising for promising AI Siri features in 2024 that had not launched; the deal covers U.S. buyers of the iPhone 16 and some iPhone 15 models, carries no admission of fault, and would be among the company’s largest settlements if approved. The case underscores ongoing AI hype and delays as Apple partners with OpenAI and Google and had signalled a Siri reveal at its June developer conference, though Tim Cook later said Siri work is taking longer than expected.

via Financial Times|
#apple-inc#artificial-intelligence#big-tech
Anthropic-backed AI venture tees up $1.5bn Wall Street services play
business26 days ago

Anthropic-backed AI venture tees up $1.5bn Wall Street services play

Anthropic is forming a $1.5bn joint venture with Wall Street players including Blackstone, Goldman Sachs and Hellman & Friedman to deploy its AI across investment portfolios via a new consulting company. The deal funds initial commitments (about $300mn from Anthropic, Blackstone and H&F; $150mn each from Goldman and General Atlantic) and embeds Anthropic engineers to commercialize Claude Code, aiming to accelerate enterprise AI adoption on Wall Street ahead of a potential public listing.

via Financial Times|
#artificial-intelligence#business#financial-services
Chip costs cloud Nintendo’s Switch 2 hopes as stock slides
technology27 days ago

Chip costs cloud Nintendo’s Switch 2 hopes as stock slides

Nintendo’s stock has fallen about 45% as higher memory-chip prices threaten Switch 2 margins and possible price increases, even as the console shows momentum. By December, Switch 2 sales reached 17.4 million, nearly matching the original’s 17.8 million in its first 13 months, with Pokémon Pokopia posting 2.2 million in four days. Analysts warn memory-supply tightness could persist into 2028, prompting forecast cuts or price hikes, while a June Nintendo Direct and potential Zelda or Mario titles could be crucial to sustaining demand.

via Financial Times|
#asia-pacific-companies#games-industry#japanese-business-and-finance
Spotify shares slide as price hikes threaten subscriber growth
business1 month ago

Spotify shares slide as price hikes threaten subscriber growth

Spotify forecast weaker Q2 subscriber growth and €630m in operating income, below expectations, amid concerns price rises may deter customers; it expects 6m new subscribers to 299m (vs 302m consensus). In Q1 it added 3m paying subscribers (293m) and 761m MAUs on €4.5bn revenue with €721m net income, while stressing cost discipline and signaling an investor day with AI plans.

via Financial Times|
#business#corporate-earnings-and-results#spotify-technology-sa
New pro‑AI group pledges $100m to influence US midterms amid regulation debate
technology-and-us-politics2 months ago

New pro‑AI group pledges $100m to influence US midterms amid regulation debate

A fresh pro‑AI political group, Innovation Council Action, backed by Donald Trump adviser David Sacks and led by Taylor Budowich, plans to spend at least $100 million to back midterm candidates, signaling AI policy as a key battleground. The effort adds to a slate of pro‑AI fundraising as Washington weighs a federal regulatory framework versus state rules, with Sacks arguing for a single national standard. The move comes alongside other industry‑funded efforts and shifting public opinion on AI oversight.

via Financial Times|
#ai-regulation#david-sacks#political-fundraising
Goldman Sachs Says S&P 500 Could Reach 7,600 by 2026 on Earnings Growth
business2 months ago

Goldman Sachs Says S&P 500 Could Reach 7,600 by 2026 on Earnings Growth

Goldman Sachs projects the S&P 500 could reach 7,600 by end-2026 as corporate earnings grow and the economy expands, with the information technology sector leading the gains and financials, health care, and communication services providing support; the index trades around 21x forward earnings, near its long-run average, implying roughly a 14% upside from current levels.

via Seeking Alpha|
#business#earnings-growth#goldman-sachs
Block halves its staff as AI tools reshape operations
business3 months ago

Block halves its staff as AI tools reshape operations

Block Inc. will cut about 4,000 jobs—nearly half its workforce—while leaning into AI tools, a move CEO Jack Dorsey says reflects how intelligence tools transform building and running a company. The announcement sent Block shares up over 25% after hours; the company reported about $6.3 billion in Q4 revenue and a $234 million hit from bitcoin investments, illustrating the broader AI-driven shift and the crypto-risk backdrop.

via Financial Times|
#ai-and-jobs#block-inc#business
Stripe hits a $159B valuation after private-share sale, delaying IPO
business3 months ago

Stripe hits a $159B valuation after private-share sale, delaying IPO

Stripe’s latest employee-share sale lifts its private-market valuation to $159 billion, letting it stay private longer while focusing on AI and stablecoins rather than a public listing. Investors including Thrive Capital, Coatue and Andreessen Horowitz bought stock, with Stripe also purchasing shares itself. The company processed $1.9 trillion in payments in 2025, up 34% year over year, and reported profitability for a second straight year as it expands globally and leans into AI-enabled, consumer-friendly payments.

via Financial Times|
#business#european-companies#fintech
AI Fears Drag Software and Analytics Stocks Down
technology3 months ago

AI Fears Drag Software and Analytics Stocks Down

US tech stocks slid as AI concerns weighed on software and analytics names, with the Nasdaq down 2.2% and the S&P 500 off 1.4%. Gartner and S&P Global led the losses after Anthropic launched Claude Cowork tools to automate legal tasks, and others such as Intuit, Equifax, Moody’s and FactSet also fell, while European peers like Relx and London Stock Exchange Group dropped as AI demand cooled.

via Financial Times|
#anthropic#artificial-intelligence#gartner