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Intel’s Tailspin
The troubled tech giant [INTC] may lose its spot in the Dow Jones Industrial Average due to a nearly 60% drop in its share price this year, making it the index’s worst performer, Reuters reported. The US chipmaker’s struggles include missing the artificial intelligence (AI) boom and losses at its contract manufacturing unit, which aims to compete with Taiwan Semiconductor Manufacturing Co [TSM]. Intel’s shares slid some 7% Tuesday amid the broader market selloff, further diminishing its standing.
Riot Platforms Warns Over Bitfarms Takeover
Riot Platforms [RIOT], the largest shareholder in Bitfarms [BITF], cautioned its rival against proceeding with a $175m all-stock takeover of Stronghold Digital Mining [SDIG], Reuters reported. Riot has been attempting to acquire Bitfarms for months, and the latter has employed defensive measures like a “poison pill” plan. Riot criticized the Stronghold deal, saying, “based on the transaction terms, the Stronghold acquisition appears to be yet another action designed to entrench the Bitfarms board.”
Sony Shifts Focus
Sony [SONY] is investing heavily in original content production as part of a “creation shift” to capture a larger share of the $3trn entertainment market, CEO Kenichiro Yoshida told the Financial Times. This move marks a strategic pivot from distribution to intellectual property creation, solidifying Sony’s transformation from a consumer electronics brand to a global entertainment powerhouse. Despite this, Sony recently faced a setback with its multiplayer shooter Concord, which will cease operations just two weeks after release, marking a rare flop for the owner of PlayStation.
Brazil Reins in Social Media
Meta Platforms [META] will notify Brazilian users on how their personal data will be used to train generative AI, following a directive from Brazil’s data protection watchdog, according to Reuters. Users will be informed via email and notifications on Facebook and Instagram, and will be able to opt out. Meanwhile, Starlink, Elon Musk’s satellite broadband firm, has complied with Brazil’s top court order to block access to X in the country, having previously said it would not comply.
Volvo to Deliver Delayed EX90 SUV
The Swedish automaker [VLVLY] announced that it will begin delivering its EX90 electric SUV to customers by the end of this month, following significant delays due to software issues. The automaker is currently shipping the flagship vehicle to retailers in the US and Europe, and plans to increase deliveries to additional markets in Q4 2024 and early 2025. The SUV was originally expected to reach customers in early 2024.
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