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CEO Switcheroo at UiPath
The software company’s [PATH] share price fell by over 30% Wednesday after CEO Rob Enslin announced he was resigning effective 1 June. UiPath shares are down 26% year-to-date. Daniel Dines, the company's Co-founder and former CEO, will reclaim the CEO position from Enslin. Elsewhere in the space, shares in C3.AI [AI] rose more than 8% Thursday after it reported a 20% jump in quarterly revenue.
US Army Brings in Palantir on AI
Palantir Technologies [PLTR] has broadened its relationship with the US Army, having been awarded a $480m contract for work on a project called the Maven Smart System, which uses artificial intelligence (AI) and computer vision to help soldiers identify targets. The deal, which will run through 2029, draws on the company’s expanding suite of AI offerings.
Pep Talk at Samsung Semiconductors Unit
Following the unexpected departure of his predecessor, the new boss of Samsung’s [005930:KS] semiconductor division, Jun Young Hyun, has encouraged employees to work through challenges and regain past levels of success. Meanwhile, the share price of SK [034730:KS], parent of SK Hynix [000660:KS], jumped on Thursday, after a court ordered its billionaire chairman to pay South Korea’s biggest-ever divorce settlement.
Food Delivery Doesn’t Pay
According to new data from the Financial Times (FT) and industry analyst theDelivery.World, top online food delivery groups in Europe and the US have logged a combined total of more than $20bn in operating losses since they went public. The share prices of the four largest standalone brands — Deliveroo [ROO:L], Just Eat Takeaway [TKWY:AS], Delivery Hero [DHER:DE] and DoorDash [DASH] — are all well below their pandemic-era highs, as they grapple with a more punishing macroeconomic environment.
Major Google Investment in Southeast Asia
In the latest big tech endorsement of the country, Alphabet’s [GOOGL] is to make a $2bn investment in a data centre and cloud facility in Malaysia. In a statement on Thursday, Chief Financial Officer Ruth Porat said the facility will support 26,500 jobs. Elsewhere, Apple [AAPL] has won an important legal battle in China over app store fees, Bloomberg reported.
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