After posting two straight quarters of losses, Intel (INTC) returned to profitability in the second quarter. In an interview with Yahoo Finance Live, Intel CEO Pat Gelsinger says he thinks "the worst is behind us at this point and our raise to the guide for Q3 really portends to a more optimistic future." One of the big issues for Intel has been the slowdown in PC demand. On that Gelsinger says the company is "expecting nice quarter-on-quarter improvements" in that business, partly due to inventory adjustments. When it comes to AI, Gelsinger explains there are a couple of reasons why Intel's name isn't mentioned much in the conversation. One of the reasons Gelsinger gives is that "we haven't been as aggressive out of the chute as we should've been." Gelsinger says the company has to prove itself because "we have a clear market leader who is executing very well." Gelsinger says rival Nvidia (NVDA) "has done a good job in this space. They've really led the way and I like to say, they worked super hard and they got lucky." However, Gelsinger notes the AI space is still "fairly young" and there is still "a lot of opportunity" for Intel.
After posting two straight quarters of losses, Intel (INTC) returned to profitability in the second quarter. In an interview with Yahoo Finance Live, Intel CEO Pat Gelsinger says he thinks "the worst is behind us at this point and our raise to the guide for Q3 really portends to a more optimistic future."
One of the big issues for Intel has been the slowdown in PC demand. On that Gelsinger says the company is "expecting nice quarter-on-quarter improvements" in that business, partly due to inventory adjustments.
When it comes to AI, Gelsinger explains there are a couple of reasons why Intel's name isn't mentioned much in the conversation. One of the reasons Gelsinger gives is that "we haven't been as aggressive out of the chute as we should've been." Gelsinger says the company has to prove itself because "we have a clear market leader who is executing very well." Gelsinger says rival Nvidia (NVDA) "has done a good job in this space. They've really led the way and I like to say, they worked super hard and they got lucky." However, Gelsinger notes the AI space is still "fairly young" and there is still "a lot of opportunity" for Intel.
FreightWaves
Years before it ever built a fuel cell truck, Nikola claimed it had 14,000 reservations. But 202 orders is a good sign nonetheless. The post Nikola surpassess 200 orders for hydrogen fuel cell trucks appeared first on FreightWaves.
TipRanks
Are markets headed for new record highs? That may seem counter-intuitive, but according to J.P. Morgan’s head of US market intelligence, Andrew Tyler, the tea leaves are indicating just such new heights for the S&P 500. Tyler notes that, even in today’s uncertain conditions, the S&P index is within 5% of its all-time high – and with inflation slowing down, the Fed is likely to pare back on further rate hikes, a move that will support growth and a shift toward stocks. Recent earnings reports are
The Wall Street Journal
Jamie Dimon, the chief executive of JPMorgan Chase, said Fitch’s [downgrade of the U.S. credit rating](https://www.wsj.com/articles/fitch-downgrades-u-s-credit-rating-56c73b89?mod=hp_lead_pos1) shouldn’t be too concerning about how investors view the country’s ability to pay its debt. In an interview on CNBC Wednesday, from his annual bus tour of local branches, Dimon said the U.S. is home to the “best economy the world’s ever seen” and that the ratings agency's decision won’t change that. Dimon said he shares concerns with Fitch about the politics in Washington D.C. that add uncertainty to the debt, declaring he believes the debt ceiling should be abolished.
Barrons.com
JPMorgan Chase CEO Jamie Dimon criticized Fitch's decision to downgrade the U.S. government's credit rating, calling it “ridiculous.” “I would point out to the rating agencies if I could that there are a bunch of countries rated higher than us, like AAA, but they live under the American enterprise military system.
Reuters
South American e-commerce giant MercadoLibre reported on Wednesday a 113% rise in its second-quarter net income from a year earlier to $261.9 million, amid higher sales volume and an increase in users. The company, with presence in over 18 countries across Latin America, saw its net revenue rise 57.3% in constant currency to $3.4 billion. Over the quarter, MercadoLibre said it added 8.1 million new users across its operations, bringing its total active user base to 108.6 million.
Reuters
The U.S. Internal Revenue Service plans to allow taxpayers to submit all documents and correspondence to the agency digitally for the 2024 tax filing season and will convert all paper tax returns to digital documents by the 2025 season, the Treasury Department said on Wednesday. The initiative, part of a decade-long, $60 billion program to modernize systems and improve tax enforcement, will allow taxpayers to digitally submit all correspondence, non-tax forms and responses to IRS notices, the Treasury said.
Read more --->