Reuters US Business

By Rashika Singh (Reuters) -Shares of Marvell Technology slumped nearly 18% on Friday, as the chipmaker’s data center demand outlook fell short of lofty expectations owing to irregular sales of its custom AI chips to cloud giants. Investor expectations for chipmakers are elevated after their valuations have sky-rocketed due to Wall Street’s picks-and-shovels AI trade, …

Marvell sinks as weak data center outlook stokes custom AI chip worries Read More »

By Georgina McCartney and Shariq Khan HOUSTON (Reuters) -U.S. crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration as part of its Petroleum Supply Monthly series. Crude production in top-producing state Texas rose 11,000 bpd to 5.72 …

US oil production hit record high in June, EIA says Read More »

By Anshi Sancheti and Savyata Mishra (Reuters) -PepsiCo has raised its stake in Celsius Holdings through a $585 million deal, as the global soda and snacks maker strengthens its energy drink business amid shifting consumer preferences. The popularity of energy drinks has surged among young U.S. consumers seeking low-calorie, vitamin-infused alternatives to traditional sugar-heavy beverages, …

PepsiCo sharpens energy drink focus with bigger Celsius stake Read More »

By Pranav Mathur and Vallari Srivastava (Reuters) -DuPont will sell its heat-resistant fiber business Aramids, home to brands such as body armor maker Kevlar, to peer Arclin for $1.8 billion as the chemicals company undergoes a broader reorganization. The sale will not affect the planned separation of its electronics business in November, DuPont said on …

DuPont to sell Kevlar, Nomex business to Arclin for $1.8 billion Read More »

BERLIN (Reuters) -PayPal said on Friday that it was working to resolve any remaining issues following a widespread disruption that had halted user payments in Germany, raising alarm over the reliability of the app for online transactions. “We apologise for the inconvenience caused by the current events. Safety remains our top priority,” the company said …

PayPal says it is working with German banks after widespread payment disruption Read More »

By Chris Prentice, Jonathan Stempel and Shubham Kalia (Reuters) -Elon Musk has asked a federal judge to dismiss a U.S. Securities and Exchange Commission lawsuit claiming he waited too long to disclose his purchases of Twitter shares in 2022, accusing the regulator of overreaching in order to punish him for criticizing it. The SEC sued …

Musk accuses SEC of overreach, seeks to end lawsuit over Twitter stake Read More »