Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
Paytm’s Losses Widen on Banking Unit Wind-Down
India’s Paytm [PAYTM:NS] hinted that it will lay off some of its workforce. “While we continue to invest in the merchant sales team, as well as risk and compliance functions, we expect reductions in other employee costs,” CEO Vijay Sharma said in its latest earnings release issued on Wednesday. The fintech’s Q4 net loss widened from ₹1.7bn to ₹5.5bn as it grappled with the financial impact of the Reserve Bank of India ordering it to wind down its banking unit.
Microsoft and G42 to Build $1bn Data Centre in Kenya
Kenya is about to get a hyperscale data centre after Microsoft [MSFT] and UAE-based artificial intelligence (AI) firm G42 announced plans to build a $1bn facility to increase cloud computing capacity across East Africa “This is the single biggest step to advance the availability of digital technology in, I think, the country’s history,” Microsoft President and Vice Chair Brad Smith was quoted as saying by Bloomberg. Back in April, Microsoft invested $1.5bn in G42 to accelerate AI development.
AWS to Deploy Nvidia’s Powerful Blackwell Chips
AI chip king Nvidia [NVDA] powered to a new all-time high on Tuesday ahead of its earnings. Investors will be paying close attention to updates on orders of its Blackwell GPUs announced in March and expected to start shipping in the current quarter. Amazon [AMZN] cloud unit AWS is purchasing the chipmaker’s latest generation chip for the two companies’ joint venture Project Ceiba, which is aiming to build the world’s biggest supercomputer.
Airbnb to Expand EV Charging Amenities
Electric vehicle (EV) charging for Airbnb [ABNB] guests is set to be more accessible after the home-rental platform agreed a deal with ChargePoint [CHPT], to bring charging points to more listings across the US. ChargePoint President and CEO Rick Wilmer said the move would help “Airbnb hosts appeal to more travelers by delivering a frictionless charging experience for their guests”. The number of people using Airbnb’s EV charging filter grew more than 80% from 2022 to 2023.
First Solar Soars On AI-Powered Electricity Demand
First Solar’s share price jumped 8% Tuesday on a positive note from UBS, which said that the company is “an overlooked, direct beneficiary” of AI-powered electricity demand. Earnings could surge by 270% by 2027 as companies hunt for cleaner and greener ways to keep their data centres and AI applications running, UBS analysts argued. According to National Grid [NGG] CEO John Pettigrew, commercial data centre electricity demand could increase six-fold over the next decade.
Disclaimer Past performance is not a reliable indicator of future results.
CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
CMC Markets does not endorse or offer opinion on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.
*Tax treatment depends on individual circumstances and can change or may differ in a jurisdiction other than the UK.
Continue reading for FREE
- Includes free newsletter updates, unsubscribe anytime. Privacy policy
