Businesses Are Bingeing on Crypto, Dialing Up the Market's Risks
Buying bitcoin is becoming a fad for a growing list of companies that have nothing to do with crypto but believe digital assets can boost their stocks.
The problem, some industry insiders say: This could expose crypto to new risks, amplifying selloffs in moments of turbulence.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News24
23 minutes ago
- News24
‘Elon is sticking to his principles': Musk's father says Trump dispute triggered by stress
The clash between Donald Trump and Elon Musk intensified after Musk criticised the president's tax and spending bill, sparking a heated social media exchange. Errol Musk, Elon's father, highlighted the intense stress both sides faced over months and urged for an end to the public battle. Trump warned of 'serious consequences' should Musk support Democrats, despite Musk's prior financial backing of Trump's 2024 campaign and collaboration on downsising government operations. The dispute between Donald Trump and Elon Musk was triggered by months of intense stress on both sides, and the public battle between the US president and the billionaire donor needs to stop, Musk's father told Reuters on Monday. Trump and Musk began exchanging insults last week on social media, with the Tesla and SpaceX CEO describing the president's sweeping tax and spending bill as a "disgusting abomination". Asked whether he thought his son had made a mistake by engaging in a public clash with the president, Errol Musk said people were sometimes unable to think as clearly as they should "in the heat of the moment." "They've had five months of intense stress," Musk told Reuters at a conference in Moscow organised by conservative Russian tycoons. "With all the opposition cleared and two people left in the arena, all they have ever done is get rid of everything and now they are trying to get rid of each other - well that has to stop." Asked how it would end, he said: Oh, it will end on a good note - very soon. Neither the White House nor Musk could be reached for comment outside normal US business hours. Trump said on Saturday his relationship with Musk was over and that there would be "serious consequences" if the world's richest man decided to fund US Democrats running against Republicans who vote for the tax and spending bill. Musk bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head an effort to downsize the federal workforce and slash spending. Musk's father told reporters he was standing by his son. "Elon is sticking to his principles but you cannot always stick to your principles in the real world," Musk's father said. "Sometimes you have to give and take." Speaking beside sanctioned Russian businessman Konstantin Malofeyev, Musk's father praised President Vladimir Putin as a "very stable and pleasant man." He accused "fake media" in the West of projecting "complete nonsense" about Russia and for casting it as an enemy.
Associated Press
23 minutes ago
- Associated Press
Amazon to spend $20 billion on data centers in Pennsylvania, including one at a nuclear power plant
HARRISBURG, Pa. (AP) — Amazon said Monday that it will spend $20 billion on two data center complexes in Pennsylvania, including one it is building alongside a nuclear power plant that has drawn federal scrutiny over an arrangement to essentially plug right into the power plant. Kevin Miller, vice president of global data centers at Amazon's cloud computing subsidiary, Amazon Web Services, told The Associated Press that the company will build another data center complex just north of Philadelphia. The announcements add to the billions of dollars in Big Tech's data center cash already flowing into the state. Since 2024 started, Amazon has committed to about $10 billion apiece to data center projects in Mississippi, Indiana, Ohio and North Carolina as it ramps up its investment in infrastructure to compete with other tech giants to meet growing demand for artificial intelligence products. The rapid growth of cloud computing and artificial intelligence has fueled demand for data centers that need power to run servers, storage systems, networking equipment and cooling systems. The majority owner of the Susquehanna nuclear power plant, Talen Energy, announced last year that it had sold its data center to Amazon for $650 million in a deal to eventually provide 960 megawatts. That's 40% of the output of one of the nation's largest nuclear power plants, or enough to power more than a half-million homes. However, the arrangement between Talen and Amazon — called a 'behind the meter' connection — has been held up by the Federal Energy Regulatory Commission in the first such case to come before the agency. It has raised questions over whether diverting power to higher-paying customers will leave enough for others and whether it's fair to excuse big power users from paying for the grid. ___ Follow Marc Levy on X at:
Car and Driver
28 minutes ago
- Car and Driver
2026 Cadillac Optiq-V Looks to Be a Pocket Rocket, Packs a 519-HP Punch
The 2026 Cadillac Optiq-V joins the lineup as the new crown jewel of the Optiq roster. It uses the same dual-motor setup as the larger Lyriq-V, though output is slightly lower at 519 horsepower and 650 pound-feet of torque. When production and sales start this fall, the Optiq-V will carry a $68,795 starting price. Cadillac's V-badge-wearing lineup of EVs is about to get bigger with the introduction of the 2026 Optiq-V. The brand's compact electric SUV is undertaking the V-series treatment, giving it sportier looks and considerably higher performance. By historical standards, the non-V Optiq is a quick little machine that we estimate can spring from zero to 60 mph in 5.2 seconds. But, as EV proliferation continues and our inner ears develop new standards for speed, the dual-motor's 300-horsepower setup just doesn't elicit excitement. On paper, the Optiq-V fixes that. View Gallery Cadillac The Optiq-V shares its dual-motor all-wheel-drive setup with the larger Lyriq-V, though the Optiq's smaller battery means it spits out 519 horsepower and 650 pound-feet of torque in comparison with the Lyriq's 615 horsepower. According to Cadillac, the updated powertrain is capable of a 3.5-second sprint to 60 mph. Range is down from the non-V—an unfortunate side effect of adding 219 ponies to the equation. According to Cadillac, the 85.0-kWh battery pack is good for an estimated 275 miles of range, or 25 fewer than the standard model. Though certainly quick in a straight line, Cadillac says it doesn't just have a one-trick pony on its hands. During a video call with media, Alex Doss, the Optiq-V's lead engineer, told reporters that GM developed the performance model to be a canyon carver. That means six-piston Brembo front brakes, quicker steering, a retuned suspension, and Continental Sport Contact 6 summer tires. View Gallery Cadillac Visually, the V distinguishes itself from the regular Optiq with a unique front fascia and a special V pattern in the faux grille. A royal blue color scheme permeates inside and out of the Optiq-V's design, from the brake calipers to the rear quarter windows and throughout the interior from the dashboard to the seatbacks and the seatbelts. Aside from the performance changes, the Optiq-V will also be the first GM product equipped with a native NACS charging port, so it has access to Tesla's vast Supercharger network. Cadillac is targeting an on-sale date and production timeline for sometime this fall. When it goes on sale, the new performance Optiq will start at $68,795. Jack Fitzgerald Associate News Editor Jack Fitzgerald's love for cars stems from his as yet unshakable addiction to Formula 1. After a brief stint as a detailer for a local dealership group in college, he knew he needed a more permanent way to drive all the new cars he couldn't afford and decided to pursue a career in auto writing. By hounding his college professors at the University of Wisconsin-Milwaukee, he was able to travel Wisconsin seeking out stories in the auto world before landing his dream job at Car and Driver. His new goal is to delay the inevitable demise of his 2010 Volkswagen Golf.
