Cloud and e-commerce stocks were among the biggest losers on Thursday on disappointing earnings reports and after the Federal Reserve raised interest rates.
Big Tech also got hammered, led by a plunge in shares of Amazon and Facebook parent Meta.
Investors were particularly down on e-commerce after Shopify, which ballooned during the pandemic, reported disappointing first-quarter earnings and revenue.
The Acer Swift 3 is a compact notebook designed around supreme portability. It doesn't have the most powerful hardware, and it's generic to a fault. It works well with Microsoft Office and Google Docs, has great battery life, and is reasonably priced. The model we tested isn't a good choice for gaming or content creation.
Elon Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media company, according to CNBC’s David Faber.
Twitter CEO Parag Agrawal has only been at the helm for a few months, and until now, it was unclear whether Musk would seek to install a new chief executive once his takeover of the company is complete.
On Thursday, an SEC filing revealed Musk got another $7 billion from friends and investors to buy Twitter.
The web3 gaming world is known for play-to-earn economies, but some studios are offering free- to-play options. The free-To-play model is a way to help new gamers enter the often gated crypto gaming market. The industry is growing 2,000% in the past year, according to a report.
The fifth season of the Overwatch League begins May 5th. The new season will be played on the overwatch 2 beta, which has a new 5v5 format and a new game mode. Sean Miller, the League's new commissioner, says the new game will help attract new viewers.
Google Assistant now offers to automatically change compromised passwords. The feature was first introduced at Google I/O last May, but has only been available to a small group of users. It's now rolling out to Chrome users, including those on Android. The tool uses the AI from Google's web version of Duplex to navigate and apply changes.
Apple has been granted a patent for a hinged iPad keyboard accessory. The accessory could include a base portion with a keyboard with electromechanical keys and a coupling mechanism for attaching to a tablet. The hinge may magnetically support an Apple Pencil and could also feature a connection interface for supporting other accessories like a camera.
“We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings period, we are slowing its growth accordingly,” a Meta spokesperson told CNBC in an email on Wednesday.
“We experienced a further deceleration in growth following the start of the Ukraine war due to the loss of revenue in Russia as well as a reduction in advertising demand both within Europe and outside the region,” Wehner said on last week’s earnings call.
Wehner reiterated to investors that privacy changes Apple instituted on its iOS devices last year will hurt growth, after the company had already predicted the move would reduce revenue this year by $10 billion.
French financial regulators afforded Binance, one of the world’s largest crypto exchanges, a digital asset service provider license on Wednesday. Binance can now operate its digital asset trading platform in France, meaning it can facilitate digital asset custody, let users buy and sell crypto and help to exchange digital assets for each other, according to the Autorité des Marchés Financiers (AMF), a French financial market regulator.
The move adds another step in Binance’s expansion across Europe — and to particularly entrench itself in France, which Binance CEO Changpeng Zhao called, “uniquely positioned to be the leader of this industry in Europe” at the 2022 Paris Blockchain Week Summit.
Bitcoin (BTC) rose toward $40,000 during the New York trading day. The price rise offset a brief period of selling immediately after the U.S. Federal Reserve raised its policy interest rate by a half-percentage point, its biggest hike since 2000.
The Fed also approved plans to start reducing its bond portfolio, which will ease monetary stimulus that has contributed to the rise in speculative assets, including stocks and cryptos.
Apple is continuing its efforts to build a fully-driving electric car despite personnel changes and strategy shifts. The company has hired a 31-year Ford veteran to help ramp up its Apple Car project. This comes after Apple's CEO Doug Field was poached from the company last year.