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Oil steady as markets weigh higher US stockpiles, OPEC+ supply plans

Oil prices were little changed in early Asia trade on Wednesday as market participants weighed higher U.S. crude oil and fuel inventories as well as the likelihood of OPEC+ extending supply cuts. Brent crude futures fell 2 cents, or 0.03%, to $73.60 a barrel by 0145 GMT, while U.S. West Texas Intermediate crude futures eased 3 cents, or 0.04%, to $69.91. U.S. crude oil inventory rose 1.2 million barrels last week, market sources said, citing data from the American Petroleum Institute.

Reuters 18 minutes ago

Marvell Rallies After AI Computing Demand Bolsters Outlook

(Bloomberg) -- Marvell Technology Inc. jumped in late trading after the chipmaker delivered better-than-expected results and an upbeat earnings forecast, citing demand for artificial intelligence computing. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThird-quarter profit was 43 cents a share, excluding some items, the company said in a statement Tuesday. That beat the 41-cent average estimate

Salesforce Posts Strong Revenue With Promise of AI Boost

(Bloomberg) -- Salesforce Inc. reported quarterly revenue that topped analysts’ estimates, boosting investor hopes that the company’s much-hyped strategy for artificial intelligence products will lift financial results. The shares gained about 10% in extended trading.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsSales increased 8.3% to $9.44 billion in the period ended Oct. 31, the company said

Meta Seeks New Nuclear Reactors to Run US Data Centers

(Bloomberg) -- Meta Platforms Inc. is seeking as much as 4 gigawatts of new nuclear energy as the company looks for a reliable electricity source for its data centers. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe Facebook parent is asking developers to submit proposals to deliver 1 gigawatt to 4 gigawatts of reactor capacity, starting in the early 2030s, according to a statement Tuesday. Co

FBI tells telecom firms to boost security following wide-ranging Chinese hacking campaign

Federal authorities on Tuesday urged telecommunication companies to boost network security following a sprawling Chinese hacking campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. The guidance issued by the FBI and the Cybersecurity and Infrastructure Security Agency is intended to help root out the hackers and prevent similar cyberespionage in the future. Officials who briefed reporters on the recommendations said the U.S. still doesn't know the true scope of China's attack or the extent to which Chinese hackers still have access to U.S. networks.

Elon Musk pay defeat sets up a 2025 legal battle that could reach the Supreme Court

Tesla pledged to keep fighting for Elon Musk's $65 billion pay to be restored, a battle that could make it all the way to the highest US court.

Millions of Stockpiled Solar Panels in US Face New Tariff Bill

(Bloomberg) -- The bill may soon come due for millions of Southeast Asian solar panels imported duty-free into the US that haven’t been installed by a Dec. 3 deadline.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsWith the cutoff’s arrival Tuesday, companies that imported those panels between mid November 2022 and June 6, 2024 and haven’t deployed them are on the hook for tariffs ranging from 30%

China Dials Up US Trade Tension With Tit-for-Tat Metals Ban

(Bloomberg) -- Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsChina ratcheted up trade tensions with the US with a ban on several materials with high-tech and military applications, in a tit-for-tat move after President Joe Biden’s government escalated technology curbs on Beijing.Gallium, germanium, antimony and superhard materials are no longer allowed to be shipped to America, the Ministry of C

Salesforce Faces Reality Check After AI-Driven Jump to Record

(Bloomberg) -- Salesforce Inc.’s big push into artificial intelligence has helped drive shares to a record high. Now, Wall Street wants proof that the heavy spending is going to pay off.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe maker of customer relations management software is due to report results after the close, with investors particularly focused on any comments on AI-related trends

Amazon to Provide Anthropic Chip Clusters With Five Times Power

(Bloomberg) -- Amazon.com Inc. is ramping up its artificial intelligence offerings, rolling out powerful new chip arrays and a large language model it says can compete with leading rivals.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe Seattle-based company is stringing together hundreds of thousands of its Trainium2 semiconductors into clusters that will make it easier for partner Anthropic t

Lazard hires Citigroup's Miller in energy investment banking push, sources say

Lazard has hired veteran Citigroup investment banker Chris Miller as a managing director to help drive its dealmaking efforts in the energy industry, people familiar with the matter told Reuters on Tuesday. Miller, who is based in Houston and held the title of vice chairman of energy investment banking at Citigroup, resigned from his position at the Wall Street bank recently and will start his new role at Lazard in early 2025 after a period of gardening leave, the sources said.