Reuters US Business Archives - Page 1381 of 2312

Startup Hugging Face aims to cut AI costs with open source offering

23 Oct 2024 23 Oct 2024

By Stephen Nellis (Reuters) – Hugging Face on Wednesday said it is releasing a new open-source software offering with Amazon.com, Alphabet’s Google and others aimed at lowering the costs for building chatbots and other AI systems. New York-based startup Hugging Face has become a central place where AI software developers share code with one another …

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Baker Hughes forecasts higher margins on strong order backlog

23 Oct 2024 23 Oct 2024

(Reuters) – Baker Hughes on Wednesday forecast continued pretax margin gains in the fourth quarter and next year after beating Wall Street estimates for its third-quarter profit. Shares of the company were trading 3.5% higher. The company’s upbeat outlook followed more than doubling of orders in its non-LNG gas technology equipment and margin gains in …

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Merck buys cancer therapy developer Modifi Biosciences for up to $1.3 billion

23 Oct 2024 23 Oct 2024

(Reuters) – Merck has acquired Modifi Biosciences for as much as $1.3 billion, gaining access to its experimental cancer therapies, the privately held biotech firm said on Wednesday. As part of the deal, the U.S. drugmaker paid $30 million upfront. Modifi is also eligible to receive potential milestone payments of up to $1.3 billion in …

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Bank of Canada slashes rates, says monetary policy has worked

23 Oct 2024 23 Oct 2024

By Promit Mukherjee and David Ljunggren OTTAWA (Reuters) -The Bank of Canada on Wednesday reduced its key benchmark rate by 50 basis points to 3.75%, its first bigger-than-usual move in more than four years, and hailed signs the country has returned to an era of low inflation. The central bank, which hiked rates to a …

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UPS seen grappling with hit from cheap deliveries ahead of key holiday season

23 Oct 2024 23 Oct 2024

By Lisa Baertlein and Ananta Agarwal (Reuters) -Wall Street expects United Parcel Service to report a rise in adjusted quarterly profit on Thursday, even as concern mounts over stubbornly soft demand for lucrative overnight shipping heading into the vital holiday delivery season. Analysts, on average, expect the world’s largest delivery firm to post adjusted earnings …

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Apple sharply cuts back on Vision Pro production, The Information reports

23 Oct 2024 23 Oct 2024

(Reuters) – Apple has sharply scaled back its Vision Pro production since early summer and could stop making the existing version of the mixed reality headset by year-end, the Information reported on Wednesday, citing people involved in building its components. Sales for the device have been waning after initial enthusiasm following its launch in February, …

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JPMorgan names insider Michelle Herrick as head of commercial real estate

23 Oct 2024 23 Oct 2024

(Reuters) – U.S. banking giant JPMorgan Chase on Wednesday named insider Michelle Herrick as its head of commercial real estate business, effective January, succeeding Al Brooks. Herrick, who joined the largest U.S. lender in 2017, will take on the role at the biggest CRE unit in the country at a time of significant turbulence in …

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AT&T exceeds wireless subscriber estimates on demand for premium plans

23 Oct 2024 23 Oct 2024

By Harshita Mary Varghese (Reuters) -AT&T gained more wireless subscribers than expected in the third quarter, driven by the steady adoption of its higher-tier unlimited plans that come with perks including increased hotspot data. The U.S. telecom firm added 403,000 net monthly bill-paying wireless phone subscribers in the July-September period, above Visible Alpha estimates of …

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Nvidia’s design flaw with Blackwell AI chips now fixed, CEO says

23 Oct 2024 23 Oct 2024

By Jacob Gronholt-Pedersen and Supantha Mukherjee COPENHAGEN/STOCKHOLM (Reuters) – Nvidia CEO Jensen Huang said on Wednesday a design flaw with its latest Blackwell AI chips which impacted production has been fixed with the help of longtime Taiwanese manufacturing partner TSMC. The AI chip giant’s shares fell around 2% in early trading. Nvidia unveiled Blackwell chips …

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In Argentina’s Vaca Muerta shale lands, it’s drill, baby, drill!

23 Oct 2024 23 Oct 2024

By Alexander Villegas and Eliana Raszewski ANELO, Argentina (Reuters) -Argentina’s new market-friendly government and fears about oil supply from the Middle East and elsewhere are driving a drilling and production boom in Argentina’s Patagonian south, home to the giant Vaca Muerta shale formation, Spanish for “Dead Cow.” Shale oil and gas output is soaring in …

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