Intel’s horrible quarter revealed an inventory glut and underused factories

Intel CEO Pat Gelsinger, with U.S. President Joe Biden (not pictured), announces the tech firm’s plan to build a $20 billion plant in Ohio, from the South Court Auditorium on the White House campus in Washington, January 21, 2022. Jonathan Ernst | Reuters Intel’s December earnings showed significant declines in the company’s sales, profit, gross margin, and outlook, both for the quarter and the full year. Investors hated it, sending the stock over 9% lower in extended trading, despite the fact that Intel did not cut its dividend. The earnings…

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Audi’s new EV is a luxury SUV with augmented reality that doubles as a pickup

Audi Activesphere EV concept Audi Audi’s new concept vehicle is an all-electric luxury SUV that uses augmented reality glasses and can double as a small pickup truck, signaling potential future technologies for the Volkswagen luxury brand. The rear glass of the “Activesphere” vehicle can slide forward, opening the flatbed trunk of the SUV and creating an open-air space for hauling objects. Audi’s calling the modular open cargo bed an “active back,” but consumers shouldn’t necessarily expect to see a production vehicle with the unique feature anytime soon. related investing news…

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5 things to know before the stock market opens Thursday

Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 25, 2023.  Andrew Kelly | Reuters Here are the most important news items that investors need to start their trading day: 1. The earnings march goes on We’re deeper into earnings season, so investors are getting more and more data to chew over every day. Tesla, IBM and Levi Strauss headlined Wednesday’s after the bell earnings, while several more hit Thursday, including Comcast before the bell and Intel after the market…

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Smartphone shipments plunge to a low not seen since 2013 — their largest ever decline

Apple maintained its position as the world’s largest smartphone maker by shipments in the fourth quarter of 2022, according to IDC. However, iPhone shipments declined 14.9% year-on-year. Stanislav Kogiku | SOPA Images | Lightrocket | Getty Images Global smartphone shipments plunged in the fourth quarter of 2022 — usually a big holiday shopping period — thanks to macroeconomic weakness and soft consumer demand, according to market research firm IDC. Electronics firms shipped 300.3 million smartphones in the October to December quarter, an 18.3% year-over-year fall, IDC said in a report…

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Semiconductor giant ASML sees 2023 sales surge; says China revenue to be steady despite U.S. chip restrictions

Dutch firm ASML makes one of the most important pieces of machinery required to manufacture the most advanced chips in the world. U.S. chip curbs have left companies, including ASML, scrambling to figure out what the rules mean in practice. Emmanuel Dunand | AFP | Getty Images Dutch chip equipment maker ASML forecast a jump in 2023 revenue as the semiconductor industry predicts there will be a reacceleration of growth in the second half of this year. ASML is one of the world’s most important companies in the chip supply…

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Stocks making the biggest moves midday: Wayfair, Meta, Apple, Spotify, Qualcomm and more

The Spotify logo on a smartphone arranged in Saint Thomas, U.S. Virgin Islands, on Saturday, Jan. 29, 2022. Gabby Jones | Bloomberg | Getty Images Check out the companies making headlines in midday trading. Wayfair — Shares of the furniture retailer jumped 24.1% on Monday after Wayfair received upgrades from multiple Wall Street firms, include a double upgrade to overweight from underweight at JPMorgan. The company announced on Friday that it would lay off about 10% of its global workforce as part of a cost-cutting plan. JPMorgan cited Wayfair management’s…

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Apple ramped up lobbying spending in 2022, outpacing tech peers

Chief Executive Officer of Apple Tim Cook (L) arrives at the White House to attend a state dinner honoring French President Emmanuel Macron, in Washington, DC, on December 1, 2022. Roberto Schmidt | AFP | Getty Images Apple ramped up its lobbying spending last year, increasing its total for the year by 44% compared to 2021, according to public disclosures. Though Apple’s lobbying spending grew the most in the past year compared to peers in the industry, it still spends far below other tech giants. Apple’s total lobbying efforts came…

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Bank of America, JPMorgan and other banks reportedly team up on digital wallet to rival Apple Pay

Brendan McDermid | Reuters Several banks are reportedly working on a digital wallet that links with debit and credit cards to compete with Apple Pay and PayPal. According to the Wall Street Journal, the digital wallet would be operated by Early Warning Services, a joint venture from several banks that also runs Zelle. The major banks involved include Wells Fargo, JPMorgan Chase and Bank of America, according to the report. The new wallet would initially be launched with Visa and Mastercard already on board, according to the report. The move…

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Apple wants to manufacture 25% of its iPhones in India, minister says

Source: Thomas Peter | Reuters Apple is looking to manufacture 25% of all of its iPhones in India, the country’s commerce minister said Monday. Piyush Goyal, India’s minister of commerce and industry, called Apple “another success story” as he talked up the business credentials of the world’s fifth-largest economy. “They’re [Apple] already at about 5-7% of their manufacturing in India. If I am not mistaken, they are targeting to go up to 25% of their manufacturing,” Goyal said at a conference. Apple did not reply to a request for comment…

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LIV Golf reaches broadcast rights deal with CW Network

Signage on a golf ball at the LIV golf tournament on Thursday, Sept. 15, 2022, at Rich Harvest Farms in Sugar Grove, Illinois. Brian Cassella | Tribune News Service | Getty Images LIV Golf reached a multi-year deal to make CW Network the exclusive U.S. broadcast partner of the Saudi-funded professional golf tour that launched last year with dozens of golfers, including Phil Mickelson and Bubba Watson. The CW will air the 14 global events of the 2023 LIV Golf League season, starting with a Mexico tournament from Feb. 24…

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