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Tech News
Investment in AI data centers has surpassed the combined historical spending on canals, railroads and the electrical grid, according to reporting on the current buildout. The surge is generating jobs and lifting stock valuations tied to AI infrastructure, even as it strains construction resources and materials markets.
Apple shares briefly touched $345.34 shortly after markets opened, topping the previous intraday record of $344.57 set in July. The milestone comes just three weeks after Tim Cook handed the CEO role to John Ternus, with shares having recovered from post-earnings losses and a shaky start to the transition.
Wall Street saw another volatile week as the Federal Reserve raised interest rates a quarter point to a range of 3.75%-4%, its first hike in three years, while renewed concerns about AI safety rattled tech stocks. The Dow fell 1.7% for its third consecutive losing week, led by steep declines in bank stocks including Goldman Sachs, which dropped nearly 8.5%. The S&P 500 and Nasdaq held up better, with the Nasdaq even gaining slightly as investors bought back into AI names after an early sell-off, while oil price swings tied to Mideast tensions added further pressure on companies like Boeing and FedEx.
Researchers report that psilocybin, the psychoactive compound found in magic mushrooms, shows potential to protect cancer patients from developing long-term chronic pain. The finding points to a new therapeutic application for the psychedelic beyond its studied uses in mental health treatment.
Proxy advisers ISS and Glass Lewis are recommending investors vote down a proposed $800 million performance-based compensation package for Arm CEO Rene Haas ahead of the company's September 9 annual meeting. The award consists of 425,000 performance share units split into three tranches tied to Arm hitting market capitalizations of $1 trillion, $1.5 trillion, and $2 trillion by 2029-2031, with Arm currently valued near $250 billion.
Shares of The Cheesecake Factory, the casual dining chain, have climbed 122% so far this year, a gain that outstrips the year-to-date performance of several Magnificent Seven tech stocks, including Nvidia. The rally highlights how a traditional restaurant business has outperformed some of the market's most closely watched technology giants.
Nvidia's stock climbed in premarket trading Thursday following a quarterly earnings report that topped Wall Street forecasts and full-year guidance that exceeded even optimistic analyst projections. The rally comes alongside swirling speculation that Nvidia may be pursuing an acquisition of AI startup Hugging Face.