Tech
GM Beats Second-Quarter Expectations, Raises Forecast Again
General Motors (GM) reported impressive second-quarter profit and revenue on Tuesday, surpassing Wall Street’s expectations. The company raised its annual profit forecast for the second time this year, driven by strong pricing and high demand for gas-powered trucks.
The Michigan automaker continues to see robust profits from its gasoline-engine offerings while preparing for a gradual transition to electric vehicles (EVs). GM executives confirmed that the company is on track to meet its ambitious EV production goals.
“We’re encouraged by the early results we’re seeing in EVs now that we can build at scale,” CFO Paul Jacobson said in a call with reporters.
In response to these positive results, GM’s shares rose over 4% in premarket trading. The company updated its adjusted pre-tax profit projection for the year to $13 billion to $15 billion, up from the previous range of $12.5 billion to $14.5 billion.
GM reported adjusted earnings per share of $3.06, beating Wall Street’s average estimate of $2.75. The company also achieved $48 billion in revenue for the quarter, surpassing analysts’ consensus of $45.5 billion.
GM provided an update on its Cruise self-driving unit, announcing a focus on developing a next-generation Chevrolet Bolt rather than the futuristic Origin vehicle without human controls.
Despite a cyberattack that affected auto dealerships across the U.S. last month, GM’s quarterly results remained strong, with a 14% increase in net income over the previous year to $2.9 billion.
GM’s stock has performed exceptionally well in 2024, increasing by 38% and outperforming its rivals and the S&P 500. In comparison, Ford Motor has seen an 18% increase, while Stellantis has experienced an 11% decline.
Additionally, GM received significant financial support from the U.S. government this summer to bolster its EV ambitions.
Tech
Nvidia Unveils RTX 50-Series Chips at CES with AI-Powered Gaming Revolution
Nvidia CEO Jensen Huang has introduced the next generation of gaming chips, the RTX 50-series, during his keynote address at CES 2025 in Las Vegas. These cutting-edge chips leverage Nvidia’s Blackwell artificial intelligence (AI) technology, promising unprecedented gaming experiences with movie-quality graphics.
Huang showcased the capabilities of the RTX 50-series chips, claiming they are twice as fast as their predecessors. Priced between $549 (£438) and $1,999, the chips are designed to cater to a wide range of gamers, from casual players to hardcore enthusiasts.
In a live demonstration, the new chips produced stunning, highly detailed visuals with dynamic textures and complex maneuvers—all in real time. “It was awesome that they can do this in real time,” said Gary Yang, a robotics graduate student from Caltech. “Previously, we’d think of these graphics as pre-rendered.”
The RTX 50-series chips will hit the market starting late January 2025. Early reactions from attendees at the CES event have been overwhelmingly positive. “I thought it was incredible,” said Scott Epstein of Agenovate AI, emphasizing Nvidia’s ongoing innovation.
The announcement comes as CES 2025 attracts over 150,000 attendees and 4,500 exhibitors, solidifying its reputation as the premier stage for tech innovation. Nvidia’s shares reached a record high in anticipation of Huang’s keynote, underlining the market’s confidence in the company’s direction.
Reflecting on Nvidia’s 31-year history, Huang highlighted the company’s evolution from a graphics chip manufacturer to a leader in AI chip development, now valued at over $3 trillion. Despite its achievements, Nvidia faces challenges from regulators worldwide scrutinizing its dominance in the AI chip market.
The RTX 50-series chips mark a significant step forward in gaming technology, blending AI advancements with unparalleled performance.
Tech
Volkswagen and Xpeng Join Forces to Expand EV Super-Fast Charging Network in China
Volkswagen and Xpeng have announced plans to collaborate on a vast super-fast electric vehicle (EV) charging network in China, marking a significant step in their partnership. The two companies signed a memorandum of understanding to share access to their respective charging networks, creating over 20,000 charging points across 420 cities in China.
The partnership, which aims to make EV charging more accessible, also includes plans for co-branded super-fast charging stations. Olaf Korzinovski, executive vice president of Volkswagen Group China, highlighted the ambition:
“Through our strategic collaboration with Xpeng, we will form one of the largest Super Fast Charging Networks in China, enabling seamless e-mobility not only in major cities but also in remote areas.”
The announcement sent Xpeng’s Hong Kong-listed shares up 3.4% by market close on Monday, while Volkswagen shares rose 2% in early European trading.
The charging infrastructure is a critical aspect of EV adoption, allowing drivers to recharge their vehicles conveniently and drive longer distances. The partnership is expected to rival Tesla’s growing Supercharger network in China, adding competition to the rapidly expanding EV market.
Volkswagen has been intensifying its focus on the Chinese EV market. In 2023, the German automaker invested $700 million in Xpeng, acquiring a 4.99% stake in the company. By 2030, Volkswagen plans to introduce at least 30 fully electric models in China across its various brands.
In addition to the charging network, Volkswagen and Xpeng are working together on two electric car models, slated for delivery in China by 2026.
Tech
Google CEO Sundar Pichai Navigates a Year of Highs and Workforce Tensions
Google’s 2024 began with a high note when its April earnings report triggered the largest rally in Alphabet shares since 2015, propelling the company’s market capitalization past $2 trillion for the first time. The results signaled to Wall Street that Google was holding its ground in the competitive AI space.
However, inside the company, a different narrative unfolded. During an all-hands meeting following the earnings announcement, a top-rated employee comment highlighted concerns about morale, trust, and cohesion within Google’s workforce. “We’ve noticed a significant decline in morale, increased distrust, and a disconnect between leadership and the workforce,” the comment read. Another highly ranked question pointed to dissatisfaction with compensation, despite the company’s stellar performance.
These sentiments reflected broader challenges for CEO Sundar Pichai, who faced growing scrutiny from employees amid product missteps, layoffs, and questions about his vision for the company.
Despite internal tensions, Pichai guided Google through a year of solid financial growth. The company saw strong revenue in key segments, including search advertising and cloud services. It also advanced its AI strategy, overcoming early product setbacks that included some high-profile embarrassments. By the end of 2024, Google’s stock had risen over 40%, outperforming the S&P 500 but lagging behind competitors like Meta and Amazon.
Internal shake-ups, including layoffs and reorganizations, further fueled unease among employees. Conversations with staff, recordings, and internal correspondence revealed a vocal workforce questioning the company’s direction and expressing concerns about leadership’s ability to maintain Google’s culture of innovation and trust.
As Google continues to evolve in the face of intense market competition and workforce expectations, Pichai remains at the center of navigating the delicate balance between meeting financial goals and addressing employee concerns.
-
Business4 days ago
US TikTok Users Migrate to RedNote as Ban Deadline Approaches
-
News4 days ago
Signs of Progress as Gaza Ceasefire Negotiations Continue in Qatar
-
News2 days ago
Israel and Hamas Reach Historic Ceasefire and Hostage Release Agreement
-
Sports2 days ago
Novak Djokovic Sets Grand Slam Record with Melbourne Victory
-
Entertainment2 days ago
Drake Files Defamation Lawsuit Against Universal Music Group Over Kendrick Lamar Song
-
Entertainment2 days ago
Linda Nolan, Beloved Singer of The Nolans, Dies at 65