Newsroom
Google and Meta To Build Their Own AI Chips
In light of the increasing demand for NVIDIA’s AI chips, technology companies are experiencing chip shortages to support their operations and applications. To this end, Google and Meta are reportedly building their own AI chips to power their inhouse applications. Granted, their chips won&rsqu...
Tesla To Open New Factory In India
In a post on X, Tesla CEO Elon Musk announced he’ll be visiting India the week of April 22, to meet with prime minister Modi to discuss setting up a Tesla gigafactory and investments of about $2-$3 billion. Following a Tesla lobby, India agreed to lower import taxes on some electric vehicles f...
Barclays Analysts Start Covering Oil & Energy Stocks Again
Analysts at Barclays bank have again begun covering oil & gas stocks, sending a message to climate activist investors and other anti-fossil fuel players that oil & gas is still a vital world commodity and is here to stay. The coverage includes stocks of 18 oil & energy companies, includi...
SLB Announces Acquisition of ChampionX For $7.8 Billion
SLB, the energy technology and energy services company announced it is acquiring ChampionX in an all-stock transaction valued at $7.8 billion. The acquisition further enhances and strengthens SLB’s position as a global leader and provider of completions, production, reservoir recovery, and art...
Reddit Files For IPO
Reddit, the 19-year-old media company finally filed for its Initial Public Offering (IPO) with the New York Stock Exchange. The IPO was a success with shares rising as much as 70% on day one of trading, valuing the company at over $9.5 billion. Reddit is the first social media company to go public i...
Chevron to Close Two Biodiesel Plants
Chevron Renewable Energy Group, a subsidiary of Chevron Corp., has announced plans to shut down two of its biodiesel production plants in the US, as a result of unfavorable or challenging market conditions. The plants are located in Ralston, Iowa, and Madison, Wisconsin.
The Wisconsin plant has b...
Energy Transition Not Working, Aramco CEO
The energy transition is visibly failing, said the CEO of Saudi Aramco, Mr. Amin Nasser, during the 2024 CERAWEEK conference in Houston, Texas. Contrary to proponents who postulate peak oil demand will arrive by 2030, Mr. Nasser said peak oil demand is unlikely to occur anytime soon, let alone by 20...
Tire Manufacturers Could See Increase In Demand Due To EVs
Electric Vehicle (EV) tires cost about 50% more than regular internal combustion car tires. Additionally, they suffer quicker degradation and wear & tear because of the weight of EVs, and would require more frequent replacements. Consequently, tire manufacturers could see an uptick in tire deman...
US Energy Giants Make Largest Profit in Decades
US Energy giants, ExxonMobil & Chevron last year 2023 reported net incomes of $36 Billion and $21 Billion respectively, which is the highest they have made in decades, owing to strong oil demand post-pandemic. This puts them amongst the US’ most profitable companies, including Apple, Googl...
Walmart Buys TV Maker Vizio For $2.3 Billion
Walmart has agreed to purchase TV maker Vizio for $2.3 Billion. Walmart is reportedly said to be particularly interested in expanding its advertisement business with the acquisition. Walmart’s ad business is reported to have higher profit margins than its groceries business. Increased revenues...
Broadcom Sells Computing Division to KKR For $4 Billion
Private equity giant KKR has reportedly acquired Broadcom’s end-user computing unit in a deal valued at $4 Billion. This is an effort by Broadcom to streamline its operations and be more efficient, especially following its $69B acquisition of VMware last year.
Legal advisers for KKR are Sim...
Open AI Reaches $80 Billion Valuation
In a new financing round, investors are now valuing the artificial intelligence startup at $80 Billion after a recent tender-offer financing round led by Thrive Capital. Investor interests in AI startups and technologies continue to be on the rise.
Open AI recently released a new tool, Sora, whic...
Capital One Agrees To Buy Discover Financial
Credit card giant Capital One agrees to buy rival Discover Financial, potentially creating one of the largest credit card companies by loan volume. Capital One market cap stands at $52 Billion while Discover’s market cap stands at $28 Billion. The new combined entity will be one of the largest...
Diamondback and Endeavor Merge in $26 Billion Deal
Diamondback Energy & Endeavor Energy Resources announced they are merging to form a premier, Permian, pure play oil & gas company, in a deal valued at $26 Billion. The deal involves $8 Billion in cash and 117.3 million shares of Diamondback stock. Post-merger, Diamondback shareholders will o...
Private Equity Chief, David Rubenstein, Buys Baltimore Orioles for $1.7 Billion
Carlyle Group founder and billionaire, David Rubenstein, has reportedly led a buyer group to purchase the Baltimore Orioles for $1.7 Billion. The buyer group reportedly includes David Rubenstein as the lead person, and Iron Man, and Cal Ripken, Jr, amongst others. The group will reportedly own about...