US regulators seek to break up Google, forcing Chrome sale as part of monopoly punishment
U.S. regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade. The proposed breakup floated in a 23-page document filed late Wednesday by the U.S. Justice Department calls for Google to sell its industry-leading Chrome web browser and impose restrictions designed to prevent Android from favoring its search engine. Regulators also want to ban Google from forging multibillion-dollar deals to lock in its dominant search engine as the default option on Apple's iPhone and other devices.
What will happen to CNBC and MSNBC when they no longer have a corporate connection to NBC News?
Two television networks with "NBC" in their names -- MSNBC and CNBC -- will no longer have any corporate connection to NBC News once a spinoff formally takes effect in about a year. Comcast is cutting loose several of its cable companies into a separate company in order to improve its bottom line. It leaves several questions, particularly for MSNBC. Will the news network geared to liberal viewers continue to use NBC News personnel? Will it have to leave its offices and studios at the NBC News headquarters in New York's Rockefeller Center? Will they even keep the same names?
Comcast to spin off cable networks that were once the entertainment giant's star performers
WASHINGTON (AP) -- Comcast is spinning off into a new company many of its cable television networks that were once at the heart of the entertainment giant, as consumers increasingly swap out their cable TV subscriptions for streaming platforms. Those one-time stars for Comcast's NBCUniversal cable television networks include USA, Oxygen, E!, SYFY and Golf Channel, as well as CNBC and MSNBC. Peacock will remain with Comcast, as will Bravo, which provides significant content for the Peacock streaming service. How exactly this split will impact customers has yet to be seen, particularly as Comcast aims to complete the transition over the next year. But some analysts speculate that the spun-off networks may have more freedom to bring their content elsewhere.
A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter
NEW YORK (AP) -- Target has reported sluggish sales and slumping profits in the fiscal third quarter as inflation-weary customers curtailed their spending on apparel and other non-essential items. The Minneapolis retailer fell short of Wall Street expectations for the quarter, and its profit and sales outlook for the final three months of the year also disappointed industry analysts. The company said Wednesday that costs related to a U.S. dockworkers' strike in October also dragged on Target's results at a time when Americans are spending more selectively. The weak period at Target stood in stark contrast to the stellar third quarter of low-price rival Walmart, which released optimistic projections for the holiday season.
Trump's incoming chief of staff is a former lobbyist. She'll face a raft of special interests
WASHINGTON (AP) -- As Donald Trump prepares to return to power, his victory is likely to embolden those who think they can get his ear. That raises the prospect that his second administration could face many of the same perils as his first, which was sidetracked by foreign lobbying scandals. That will test the ability of Susie Wiles, his incoming chief of staff, to manage a growing number of high-powered figures -- including Trump's children, his son-in-law Jared Kushner and billionaires like Elon Musk. Wiles herself is a former lobbyist, but Trump's transition team rejected any suggestion that her history would make her susceptible to pressure.
US gathers allies to talk AI safety as Trump's vow to undo Biden's AI policy overshadows their work
SAN FRANCISCO (AP) -- President-elect Donald Trump has vowed to repeal President Joe Biden's signature artificial intelligence policy when he returns to the White House for a second term. What that actually means for the future of AI technology remains to be seen. Among those who could use some clarity are the government AI experts from multiple countries gathering in San Francisco this week to deliberate on AI safety measures. Hosted by the Biden administration, officials from a number of U.S. allies -- among them Canada, Kenya, Singapore, the United Kingdom and the 27-nation European Union -- began meeting Wednesday in the California city that's a commercial hub for AI development.
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips
LOS ANGELES (AP) -- Nvidia has reported a surge in third-quarter profit and sales as demand for its specialized computer chips that power artificial intelligence systems remains robust. For the three months that ended Oct. 27, the tech giant based in Santa Clara, California, posted revenue of $35.08 billion, up 94% from a year ago. It earned $19.31 billion in the quarter, more than double what it posted in last year's third quarter. The results topped Wall Street estimates but investors took the results in stride. Nvidia's high-flying stock slipped about 1% in after-hours trading. It's up 195% so far this year.
Nvidia is Wall Street's most valuable company. How it got there, by the numbers
Nvidia has once again turned out quarterly results that exceeded Wall Street's forecasts. The company has seen soaring demand for its semiconductors, which are used to power artificial intelligence applications. Revenue nearly doubled in the latest quarter from the same period a year earlier, Nvidia said Wednesday. The company expects further strong revenue growth in the current quarter that ends in January. Investors will be watching to see if demand for the company's next-generation AI chip called Blackwell can help it maintain the red-hot pace. Nvidia is now the most valuable company in the S&P 500, worth more than Apple and Microsoft.
Stock market today: Asian shares mostly slip despite Nvidia's solid earnings report
TOKYO (AP) -- Asian shares have mostly fallen after a mixed close on Wall Street, with regional markets shrugging off a strong profit report from Nvidia that was released after U.S. markets closed. Oil prices climbed and U.S. futures were lower. Technology shares in Tokyo declined as analysts reacted to Nvidia's lower-than-hoped for profit forecasts. On Wall Street, stocks drifted to a mixed finish. Trading in the options market suggests Nvidia's profit report was the most anticipated event left in 2024, more than even the Federal Reserve's upcoming meeting on interest rates, according to Barclays Capital. In after-hours trading, Nvidia's shares lost 2.5%.
A social media ban for children younger than 16 is introduced in Australia's Parliament
MELBOURNE, Australia (AP) -- Legislation to create a world-first law banning children under 16 from social media has been introduced in Australia's Parliament. Communications Minister Michelle Rowland said TikTok, Facebook, Snapchat, Reddit, X and Instagram are among the restricted platforms that could be fined up to $33 million for systemic failures to prevent young children from holding accounts. After the bill becomes law, the platforms would have one year to work out how to implement the age restriction. The ban has wide political support, but experts have raised concerns about the ban, including isolating young people who already have accounts. Rowland said there's no similar ban for messaging and gaming platforms because those don't have the same algorithmic curation aiming to keep users online.