Is X Stoking the UK Riots?

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Is X Stoking the UK Riots?

While social media companies including Alphabet’s [GOOGL] Google, Meta [META] and TikTok have been quick to remove posts flagged by the UK government’s disinformation unit, the National Security Online Information Team, X has been less responsive, the Financial Times reported. Elsewhere, the company is suing a group of advertisers and major companies, among them Unilever [UL] and Mars, over what it calls an unlawful boycott of the site. Lastly, Donald Trump said that he will give a “major interview with Elon Musk” next Monday, according to Reuters.

Today’s AI Round-up

The Super Micro Computer [SMCI] share price fell more than 10% after reporting fiscal Q4 revenue and profit that missed analysts’ estimates, despite the fact that its annual sales outlook far exceeded projections. Nvidia [NVDA] has reportedly approved a version of Samsung’s [SSNLF] fifth-generation high bandwidth memory (HBM) chips, or HBM3E, for use in its artificial intelligence (AI) processors. Lastly, the Lumen Technologies [LUMN] share price popped as much as 93% post-market after its earnings report on Tuesday, partly driven by excitement around the potential of AI to boost the company’s bottom line.

‘Sharing Economy’: Winners and Losers

Uber [UBER] beat Q2 analyst expectations on both revenue — which rose 16% year-over-year to $10.7bn, versus consensus expectations of $10.6bn — and net income — $1bn versus $659.5m. “The Uber consumer has never been stronger,” said CEO Dara Khosrowshahi. “We’re not seeing any softness or trading down across any income cohort.” Airbnb [ABNB], by contrast, reported that revenue for the summer will be below expectations, at $3.67bn–3.73bn, versus $3.84bn, amid “some signs of slowing demand from US guests”.

Novo Misses

Reporting Wednesday, the Danish drugmaker Novo Nordisk [NVO] said sales of its weightloss and diabetes drugs increased 25% to DKK68bn in Q2, below the 26.7% expected by analysts; net profit also fell short of consensus expectations. Having been an early frontrunner in the market for obesity drugs, Novo Nordisk is increasingly coming under pressure from competitors such as Eli Lilly [LLY], which reports today.

Honda Profit Hits New High

Tesla [TSLA] is to release an over-the-air software update covering the majority of the cars it has ever sold in China, Bloomberg reported, related to a safety issue around the front hood. Honda [HMC] operating profit hit an all-time high in Q1, with US sales offsetting a slump in China, putting it on track for another record year. Lastly, Rivian [RIVN] posted results that were in line with predictions; the US automaker committed to positive gross profit by Q4 in a letter to shareholders seen by MarketWatch.