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Nvidia Surpasses Microsoft to Become the Most Valuable U.S. Company
Nvidia’s startling ascent in the stock market reached another milestone Tuesday as the chipmaker rose to become the most valuable company in the S&P 500. Investors now say the company is worth over $3.3 trillion. Nvidia has seen soaring demand for its semiconductors, which are used to power artificial intelligence applications. Revenue more than tripled in the latest quarter from the same period a year earlier. The company's journey to be one of the most prominent players in AI has produced some eye-popping numbers. Here’s a look: $3.334 Trillion Nvidia’s total market value as of the close Tuesday. It edged past Microsoft ($3.317...
Fisker Files for Bankruptcy, the Second EV Maker in the Past Year
Electric vehicle maker Fisker filed for Chapter 11 bankruptcy protection, the second electric startup to do so in the last year as even industry leaders struggle to lure more buyers beyond the early adapters of the technology. Fisker Group Inc. said in a filing with the U.S. Bankruptcy Court in Delaware that its estimated assets are between $500 million and $1 billion. It estimated liabilities are between $100 million and $500 million, with between 200 and 999 creditors. “Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,”...
Majority of Americans Favor Forgiving Medical Debt
Janille Williams wants to buy a house someday — but first, he has to pay down tens of thousands of dollars in medical debt. “I was hospitalized for a blood infection for three months more than ten years ago, and the bill was for more than $300,000,” said Williams, 38, a Fairbanks, Alaska, resident who works as a retail sales manager for AT&T. “I was in the middle of changing jobs, the only time in my life I haven’t had health insurance.” When the bill went to collections, the debt was eventually lowered to about $50,000, he said, an amount that was...
Boeing’s CEO to Appear Before Senate as New Whistleblower Emerges
U.S. lawmakers are expected to press Boeing’s chief executive Tuesday about the company’s latest plan to fix its manufacturing problems, and relatives of people who died in two crashes of Boeing 737 Max jetliners plan to be in the room, watching him. CEO David Calhoun is scheduled to appear before the Senate investigations subcommittee, which is chaired by Sen. Richard Blumenthal, D-Conn., a Boeing critic. Hours before Calhoun was set to appear, the Senate panel released a 204-page report with new allegations from a whistleblower who fears that “nonconforming” parts — ones that could be defective or aren't properly documented — are...
Tesla Driver Was Using ‘self-drive’ When He Hit Parked Police Car
DETROIT (AP) — A Tesla apparently operating on one of the company’s automated driving systems crashed into a parked police vehicle Thursday near Los Angeles, narrowly missing an officer who was managing traffic at another crash. The Tesla driver told police in Fullerton, California, that he engaged the vehicle's “self-drive” system and used his cell phone, according to a police statement. The collision appears to be another in a long list of crashes in which Teslas using a partially automated driving system hit firetrucks or police cars parked on roads with flashing lights activated. In the Fullerton case, the officer also had...
Pope Francis Addresses the G7 Summit, Raising the Alarm About AI
BARI, Italy (AP) — Pope Francis challenged leaders of the world’s wealthy democracies on Frida y to keep human dignity foremost in developing and using artificial intelligence, warning that such powerful technology risks turning human relations themselves into mere algorithms. Francis brought his moral authority to bear on the Group of Seven, invited by host Italy to address a special session at their annual summit on the perils and promises of AI. In doing so, he became the first pope to attend the G7, offering an ethical take on an issue that is increasingly on the agenda of international summits, government...
IRS Wants to End Major Tax Loophole for the Wealthy
WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting" — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a shell game.” The officials...
China’s New Robo-Dog Soldier: More Bark Than Bite?
There’s already something rather unsettling about a dog without a head. Robo-dogs — machines that can walk like a dog despite moving on four strangely-hinged legs — have already become striking due to this feature. But even more frightening? A headless dog toting a gun. Yet that’s exactly what China’s military is up to. As CNN recently reported , China unveiled a robot dog with an automatic rifle attached to its back during military drills in Cambodia this pas May. Man’s best friend indeed. In an interview with a local state broadcaster, a Chinese soldier reportedly stated that the robot dog can help...
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