“All U.S. cars that are capable of FSD will be enabled for a one-month trial this week,” Musk wrote on social media platform X.

Priced at $12,000, the FSD technology has fallen short of expectations in terms of being a profit driver. This comes after Tesla was faced with regulatory and legal hurdles regarding its safety and marketing efforts. In response, Musk claimed that critics do not understand how well the FSD works while supervised.

Tesla’s decision to provide a trial of the FSD to U.S. consumers comes across as a sales push amid declining adoption rates of the technology. While 53% of Tesla customers opted for the driver-assist technology in the third quarter of 2019, only 14% of customers purchased the FSD in the third quarter of 2022.

The post Tesla Offers One-Month Trial of Driver-Assist Technology appeared first on theprimarymarket.com.

Some of the filing’s underwriters also estimate that Reddit’s revenue will increase at a similar rate to the company’s own expectations. Should these projections prove true, it would mark a major turnaround for the company, While Reddit’s revenue grew at a similar pace last year, the company became profitable in the fourth quarter of 2024.

The IPO is expected to rake in an investment of $748 million for Reddit, the company claimed in its regulatory filing. 22 million shares will be up for sale, with the price per share ranging between $31 to $34. Reddit is also expecting a $66.4 million income in 2024 from licensing access to the company’s website data to third parties such as Google parent company Alphabet Inc.

The post Reddit is Expecting Over 20% Sales Growth in 2024 appeared first on theprimarymarket.com.

Having fluctuated between both sides of the flatline, Microsoft shares rose by 1% after the company’s second-quarter earnings beat expectations. Microsoft raked in earnings per share (EPS) of $2.93 on revenue of $62 billion, beating expectations of $2.78 EPS on revenue of $61.1 billion. The PC maker’s cloud business raked in $33.7 billion, beating Wall Street estimates of $33.2 billion in revenue.

Google’s parent company Alphabet slumped by 5% after the company reported fourth-quarter earnings that failed to meet expectations. While total revenue of $72 billion beat a projected $71 billion, investors appeared more focused on the company’s inability to meet ad revenue expectations of $65.8 billion, with Alphabet earning $65.5 billion. Chipmaker AMD was also down 2% after hours with its earnings falling largely in line with expectations. AMD reported revenue of approximately $5.4 billion.

The post Nasdaq Slips as Tech Earnings Roll In appeared first on theprimarymarket.com.

Operating income for the quarter was 2.8 trillion won ($2.1 billion)—24% short of estimates—while operating revenue fell to 67 trillion won. For the entirety of 2023, the company reported its slimmest operating profit over the past 15 years.

The tech giant’s declining profits come as the demand for smartphones and memory chips continues to remain sluggish, thereby dampening hopes of a market recovery for 2024. “This shows that the rebound is slower than we all thought,” Tom Kang, research director at Counterpoint Technology Market Research said of Samsung’s performance. “Prices are not rising that fast and the demand from certain sectors is not that strong.”

The post Samsung Suffers 35% Profit Decline Amid Weak Chip Market appeared first on theprimarymarket.com.

Falling 12.4%, Tencent stocks closed at HK$274; its lowest level since November 2022. The Hang Seng Index closed 1.7% lower this week following the major hit taken by gaming stocks. Brian Tycangco, an analyst at Stansberry Research, stated that the recent regulatory decision is highly threatening to Tencent and the industry at large.

“I’m confident we’ll get more clarity on these new rules in the coming days and weeks. But investors don’t want to wait around for the dust to settle. Better coordination between industry and regulators will benefit everyone in the future,” Tycangco observed.

The post Tencent Valuation Slumps By $43 Billion as China Proposes New Gaming Rules appeared first on theprimarymarket.com.

To date, OpenAI has raised $13 billion from Microsoft Corp. The company is also set to secure a tender offer in early January that would enable employees to sell their shares in the company at a combined value of $86 billion in a process led by Thrive Capital. Open AI has also held discussions with Abu Dhabi-based G42 to establish a new chip venture “to deliver cutting-edge AI solutions to the UAE and regional markets,” as explained during the announcement of the venture in October.

OpenAI’s increasing fundraising and business transactions come amid an AI frenzy, with Amazon.com Inc. and Google parent company Alphabet Inc. both investing billions into OpenAI-rival Anthropic. Salesforce has also entered into the AI race, investing $4.5 billion in Hugging Face.

The post OpenAI Looking to Raise Funding at Valuation of Over $100 Billion appeared first on theprimarymarket.com.

This slump appeared to mostly stem from a 38% decline in profit in the company’s chip division, resulting from higher expenses and weaker image sensor sales. Still, the company was able to hit its sales target of 25 million PlayStation 5 (PS5) consoles for the entire financial year. 4.9 million units were sold in the quarter, bringing this year’s total sales to 8.2 million units.

In response to its strong PS5 sales, Sony upped its full-year sales forecast by almost 5% to 190 billion yen. The company has maintained its full-year operating profit outlook of 1.17 trillion yen while raising its sales and net income forecast by 2% each.

The post Sony Profit Falls on Weaker Chip Sales appeared first on theprimarymarket.com.

The company’s Intelligent Cloud segment was a particularly strong performer, generating $24.3 billion in revenue for the quarter. This beat analysts’ estimates of $23.6 billion. The revenue for Azure and other cloud services rose by 29%, outpacing estimates of a 27% growth.

“With copilots, we are making the age of AI real for people and businesses everywhere,” company CEO Satya Nadella announced in a statement. “We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.”

The post Microsoft Stocks Rise Following Q3 Earnings appeared first on theprimarymarket.com.

According to Google’s Vice President of Government Affairs and Public Policy Mark Isakowitz, the additional funds will be primarily used to complete the construction of the Columbus and Lancaster centers while also expanding the New Albany facility.

Data centers across the United States have quickly emerged as a promising source of revenue for local governments, while also consuming high levels of electricity and high-voltage transmission lines. But while many data centers receive incentives from local governments, Lt. Gov. Jon Husted revealed that no tax credits or other public incentives were offered to Google in exchange for opening its data centers.

The post Google Decides To Pump Additional Investment Into Ohio Data Centers appeared first on theprimarymarket.com.

The deal is composed of two parts, MTN Chief Executive Officer Ralph Mupita said on a video call on Monday. It consists of a commercial agreement on payments and remittance in which it is agreed that MTN will leverage Mastercard’s technology infrastructure as it looks to expand its fintech capabilities. The size of Mastercard’s stake in MTN’s fintech business will be determined once the deal is completed, Mupita revealed.

With Africa’s young and tech-savvy population making increasing use of their smartphones for a growing array of activities, a market opportunity has presented itself to Mastercard and MTN whereby the companies can provide this target market with new financial and banking services. Much of the fintech investments to date have been in mobile payment systems.

The post Mastercard to Buy $5.2 Billion Stake in MTN appeared first on theprimarymarket.com.

“All U.S. cars that are capable of FSD will be enabled for a one-month trial this week,” Musk wrote on social media platform X.

Priced at $12,000, the FSD technology has fallen short of expectations in terms of being a profit driver. This comes after Tesla was faced with regulatory and legal hurdles regarding its safety and marketing efforts. In response, Musk claimed that critics do not understand how well the FSD works while supervised.

Tesla’s decision to provide a trial of the FSD to U.S. consumers comes across as a sales push amid declining adoption rates of the technology. While 53% of Tesla customers opted for the driver-assist technology in the third quarter of 2019, only 14% of customers purchased the FSD in the third quarter of 2022.

The post Tesla Offers One-Month Trial of Driver-Assist Technology appeared first on theprimarymarket.com.

Some of the filing’s underwriters also estimate that Reddit’s revenue will increase at a similar rate to the company’s own expectations. Should these projections prove true, it would mark a major turnaround for the company, While Reddit’s revenue grew at a similar pace last year, the company became profitable in the fourth quarter of 2024.

The IPO is expected to rake in an investment of $748 million for Reddit, the company claimed in its regulatory filing. 22 million shares will be up for sale, with the price per share ranging between $31 to $34. Reddit is also expecting a $66.4 million income in 2024 from licensing access to the company’s website data to third parties such as Google parent company Alphabet Inc.

The post Reddit is Expecting Over 20% Sales Growth in 2024 appeared first on theprimarymarket.com.

Having fluctuated between both sides of the flatline, Microsoft shares rose by 1% after the company’s second-quarter earnings beat expectations. Microsoft raked in earnings per share (EPS) of $2.93 on revenue of $62 billion, beating expectations of $2.78 EPS on revenue of $61.1 billion. The PC maker’s cloud business raked in $33.7 billion, beating Wall Street estimates of $33.2 billion in revenue.

Google’s parent company Alphabet slumped by 5% after the company reported fourth-quarter earnings that failed to meet expectations. While total revenue of $72 billion beat a projected $71 billion, investors appeared more focused on the company’s inability to meet ad revenue expectations of $65.8 billion, with Alphabet earning $65.5 billion. Chipmaker AMD was also down 2% after hours with its earnings falling largely in line with expectations. AMD reported revenue of approximately $5.4 billion.

The post Nasdaq Slips as Tech Earnings Roll In appeared first on theprimarymarket.com.

Operating income for the quarter was 2.8 trillion won ($2.1 billion)—24% short of estimates—while operating revenue fell to 67 trillion won. For the entirety of 2023, the company reported its slimmest operating profit over the past 15 years.

The tech giant’s declining profits come as the demand for smartphones and memory chips continues to remain sluggish, thereby dampening hopes of a market recovery for 2024. “This shows that the rebound is slower than we all thought,” Tom Kang, research director at Counterpoint Technology Market Research said of Samsung’s performance. “Prices are not rising that fast and the demand from certain sectors is not that strong.”

The post Samsung Suffers 35% Profit Decline Amid Weak Chip Market appeared first on theprimarymarket.com.

Falling 12.4%, Tencent stocks closed at HK$274; its lowest level since November 2022. The Hang Seng Index closed 1.7% lower this week following the major hit taken by gaming stocks. Brian Tycangco, an analyst at Stansberry Research, stated that the recent regulatory decision is highly threatening to Tencent and the industry at large.

“I’m confident we’ll get more clarity on these new rules in the coming days and weeks. But investors don’t want to wait around for the dust to settle. Better coordination between industry and regulators will benefit everyone in the future,” Tycangco observed.

The post Tencent Valuation Slumps By $43 Billion as China Proposes New Gaming Rules appeared first on theprimarymarket.com.

To date, OpenAI has raised $13 billion from Microsoft Corp. The company is also set to secure a tender offer in early January that would enable employees to sell their shares in the company at a combined value of $86 billion in a process led by Thrive Capital. Open AI has also held discussions with Abu Dhabi-based G42 to establish a new chip venture “to deliver cutting-edge AI solutions to the UAE and regional markets,” as explained during the announcement of the venture in October.

OpenAI’s increasing fundraising and business transactions come amid an AI frenzy, with Amazon.com Inc. and Google parent company Alphabet Inc. both investing billions into OpenAI-rival Anthropic. Salesforce has also entered into the AI race, investing $4.5 billion in Hugging Face.

The post OpenAI Looking to Raise Funding at Valuation of Over $100 Billion appeared first on theprimarymarket.com.

This slump appeared to mostly stem from a 38% decline in profit in the company’s chip division, resulting from higher expenses and weaker image sensor sales. Still, the company was able to hit its sales target of 25 million PlayStation 5 (PS5) consoles for the entire financial year. 4.9 million units were sold in the quarter, bringing this year’s total sales to 8.2 million units.

In response to its strong PS5 sales, Sony upped its full-year sales forecast by almost 5% to 190 billion yen. The company has maintained its full-year operating profit outlook of 1.17 trillion yen while raising its sales and net income forecast by 2% each.

The post Sony Profit Falls on Weaker Chip Sales appeared first on theprimarymarket.com.

The company’s Intelligent Cloud segment was a particularly strong performer, generating $24.3 billion in revenue for the quarter. This beat analysts’ estimates of $23.6 billion. The revenue for Azure and other cloud services rose by 29%, outpacing estimates of a 27% growth.

“With copilots, we are making the age of AI real for people and businesses everywhere,” company CEO Satya Nadella announced in a statement. “We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.”

The post Microsoft Stocks Rise Following Q3 Earnings appeared first on theprimarymarket.com.

According to Google’s Vice President of Government Affairs and Public Policy Mark Isakowitz, the additional funds will be primarily used to complete the construction of the Columbus and Lancaster centers while also expanding the New Albany facility.

Data centers across the United States have quickly emerged as a promising source of revenue for local governments, while also consuming high levels of electricity and high-voltage transmission lines. But while many data centers receive incentives from local governments, Lt. Gov. Jon Husted revealed that no tax credits or other public incentives were offered to Google in exchange for opening its data centers.

The post Google Decides To Pump Additional Investment Into Ohio Data Centers appeared first on theprimarymarket.com.

The deal is composed of two parts, MTN Chief Executive Officer Ralph Mupita said on a video call on Monday. It consists of a commercial agreement on payments and remittance in which it is agreed that MTN will leverage Mastercard’s technology infrastructure as it looks to expand its fintech capabilities. The size of Mastercard’s stake in MTN’s fintech business will be determined once the deal is completed, Mupita revealed.

With Africa’s young and tech-savvy population making increasing use of their smartphones for a growing array of activities, a market opportunity has presented itself to Mastercard and MTN whereby the companies can provide this target market with new financial and banking services. Much of the fintech investments to date have been in mobile payment systems.

The post Mastercard to Buy $5.2 Billion Stake in MTN appeared first on theprimarymarket.com.