Petrobras Cuts Fuel Prices Amid Oil Slump, Government Pressure
The Rio de Janeiro-based company will cut its diesel price to distributors by 0.12 reais a liter (0.02 US cents) to 3.43 reais per liter on average, according to a statement on Thursday. The reduction will be effective April 18. Gasoline prices were kept unchanged.
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Amazon Shares Pay the Price of Remaining ‘Show-Me' Story With AI
(Bloomberg) -- In a stock market obsessed with artificial intelligence, Inc. is losing ground. A Photographer's Pipe Dream: Capturing New York's Vast Water System Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Festivals and Parades Are Canceled Amid US Immigration Anxiety Princeton Plans New Budget Cuts as Pressure From Trump Builds The company's shares have been lagging the Nasdaq 100 Index for most of the year, and the gap has only widened in the two weeks since Amazon's July 31 earnings disappointment. The tech-heavy benchmark is up nearly 13% this year, more than twice Amazon's 5.5% gain. The shares are in the bottom half of Nasdaq 100 performers this year and they now trade near their biggest discount to the index on record, after spending most of the past two decades priced at a significant premium. Amazon is trading at about 26 times forward earnings estimates, compared with more than 27 times for the Nasdaq 100. The culprit for the latest decline was weaker-than-expected growth in Amazon's cloud-computing business, which sparked concerns that it's losing market share. It was one more concern for investors frustrated that Amazon's AI investments aren't doing enough to lift its financial results, the way they are for other tech giants like Microsoft Corp. and Meta Platforms Inc. Wall Street pros are even turning the company's traditional strength, the diversity of its businesses, against it, saying that Amazon's stock price is being held back by not being strictly an AI investment. 'For a lot of investors, Amazon just isn't a pure-play way to play a theme you believe in,' said Eric Clark, portfolio manager of the Rational Dynamic Brands Fund. 'People want purity in their investments. And if you want that, Amazon looks like a company that's watered down by all the different businesses.' Amazon still gets the majority of sales from e-commerce, but its aggressive investments in a wide range of businesses, from Amazon Web Services to Whole Foods, have long made the stock attractive to growth-minded investors. Last week, Amazon said it plans to more than double the number of cities where it offers same-day grocery deliveries. But with AI now dominating the conversation on Wall Street, that model is suddenly less appealing. While Amazon Web Services remains the leader in the business of renting computing power, its 17% revenue growth in the second quarter was dwarfed by smaller rivals. Sales at Microsoft's Azure unit were up 39% and Google Cloud's sales rose 32%. In addition to Microsoft and Meta, investors have bid up the shares of Oracle Corp. and CoreWeave Inc., which are investing heavily to beef up AI computing capacity. Oracle recently took another major step into AI computing services, cutting a deal with OpenAI last month to supply 4.5 gigawatts of additional data center power in the US, and its stock price is up almost 50% this year. Nvidia-backed CoreWeave, which provides cloud computing services, has seen its shares more than double since its March initial public offering. 'This new cohort of hyperscalers are going to be the companies we're talking about in five years time,' said Clare Pleydell-Bouverie, co-manager of the Liontrust Global Innovation team. 'We're not seeing the same AI induced acceleration' from Amazon. Still, many investors remain confident that Amazon's investments will pay off in the long run by improving efficiency and customer targeting across its businesses. The stock remains one of the most popular on Wall Street, with more than 90% of the 82 analysts who cover it rating it a buy — and none recommending selling. That's a higher buy percentage than Meta or Alphabet Inc., according to data compiled by Bloomberg. For Clark, Amazon looks 'under-appreciated' right now, but it's only a matter of time until its AI investments start boosting its bottom line, especially in cloud computing. 'It isn't a good idea to bet against AWS,' he said. Top Tech Stories Apple Inc. is expanding iPhone production in India at five factories, including a pair of recently opened plants, as it seeks to lessen its reliance on China for US-bound models. SoftBank Group Corp. agreed to buy $2 billion of Intel Corp. stock, a surprise deal to shore up a struggling US name while boosting its own chip ambitions. OpenAI is launching an affordable new subscription plan in India, seeking to expand its artificial intelligence offerings in one of the world's biggest internet service markets. Apple Inc. will no longer be forced to provide a so-called backdoor to American users' data to the UK government, US Director of National Intelligence Tulsi Gabbard said Monday in a post on X. The Trump administration is in discussions to take a stake of about 10% in Intel Corp., according to a White House official and other people familiar with the matter, a move that could see the US become the beleaguered chipmaker's largest shareholder. Earnings Due Tuesday Earnings Postmarket: Keysight --With assistance from David Watkins. Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Women's Earnings Never Really Recover After They Have Children Americans Are Getting Priced Out of Homeownership at Record Rates Yosemite Employee Fired After Flying Trans Pride Flag ©2025 Bloomberg L.P. Sign in to access your portfolio
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Intel's CEO Draws Support for Revival From SoftBank, Trump
(Bloomberg) -- Less than two weeks after President Donald Trump called for the ouster of Intel Corp.'s Lip-Bu Tan, the company's chief executive officer has a shot at securing billions of dollars in fresh capital that could help him turn around the troubled US chipmaker. The Trump administration is in discussions to take a stake of about 10% in Intel, possibly by converting grants made to the company under the US Chips and Science Act into equity, according to people familiar with the matter. That could allow Intel to tap about $10 billion in capital as Tan works out a strategy for revival. A Photographer's Pipe Dream: Capturing New York's Vast Water System Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Festivals and Parades Are Canceled Amid US Immigration Anxiety Princeton Plans New Budget Cuts as Pressure From Trump Builds In another surprise, SoftBank Group Corp. agreed to take a $2 billion stake in Intel, as the Japanese company seeks a broader role in the artificial intelligence boom. Founder Masayoshi Son already owns a majority stake in chipmaker Arm Holdings Plc and has laid plans to compete with Nvidia Corp. in AI chips. Intel's chipmaking skills could help SoftBank manufacture chips to run — and possibly train — AI models like ChatGPT. Intel shares rose about 7% in pre-market trading on Tuesday. SoftBank's own stock price fell 4% in Tokyo. Earlier this month, Tan's hold on his CEO role looked precarious after Trump called on him to resign over alleged conflicts of interest. Yet the executive quickly visited Trump at the White House to clear the air, with the president then praising the Intel CEO for his career success and 'amazing story.' That set the stage for the government's possible investment, which would make the US the chipmaker's largest shareholder. The federal government is considering an investment that, under one scenario, would involve converting some or all of the $10.9 billion in grants the company had won under the Chips Act, said the people, who asked not to be identified because the information is confidential. The company can also draw on up to $11 billion in loans under the 2022 law. The grant money, which was originally designed to be disbursed over time as Intel meets project milestones, is roughly enough to pay for the targeted holding. At Intel's current market value, a 10% stake in the chipmaker would be worth around $10.5 billion. The exact size of the stake, as well as whether the White House chooses to move ahead with the plan, is still in flux, the people said. White House spokesman Kush Desai declined to comment on the specifics of the discussions, saying only that no deal is official until it's announced by the administration. The Commerce Department, which oversees the Chips Act, also declined to comment. Intel didn't respond to a request for comment. SoftBank's investment is another unconventional bet on Tan's ability to revive Intel's fortunes. The Japanese company announced its plan to buy new shares at $23 a share, a small discount to Intel's last close. Son has ambitions to design an energy-efficient AI chip through what he calls the 'Izanagi' project to compete with Nvidia's products, though that has yet to translate into a marketable product. Son held talks with Intel's chief executive about buying the company's contract chipmaking business before agreeing to make the $2 billion investment, the Financial Times reported, citing people familiar with the talks. The investment doesn't preclude a bigger deal for that part of Intel's business, the newspaper said. A big question is whether a government holding and SoftBank's vote of confidence would help reinvigorate Intel's business. The tech pioneer has fallen behind Taiwan Semiconductor Manufacturing Co. in contract chipmaking and Nvidia Corp. in chip design, missing out on a boom in spending on artificial intelligence. Last week, Intel's stock had its biggest one-week rally since February, after the initial news of the government's possible investment. Tan, who served on SoftBank's board for two years, is seeking a turnaround. But his efforts have largely been focused on cutting costs and eliminating jobs. Intel will add large-scale manufacturing capacity only once customers are committed to using its more advanced production techniques, Tan said last month, sparking concern among investors that the company may be bowing out of the race for semiconductor leadership. The Trump administration is particularly focused on shoring up Intel's sprawling project in Ohio, the home state of Vice President JD Vance. Intel has repeatedly delayed the anticipated opening of that site, which the company originally envisioned as the world's biggest semiconductor facility. Beyond Intel, the White House official also floated the possibility that the administration could convert other Chips Act awards into equity stakes. It's not clear whether that idea has gained traction broadly within the administration or whether officials have broached the possibility with any companies that could be affected. The Chips Act set aside $39 billion in manufacturing grants — plus loans and tax credits — to revitalize the American semiconductor industry after decades of production shifting to Asia. Using Chips Act money for an Intel stake would mean the chipmaker isn't necessarily getting a bigger government infusion than expected — possibly just one that's on a faster timeline. As is the case for all Chips Act winners, Intel's award was designed as a reimbursement, with the grant money split into tranches tied to specific project benchmarks. Intel had received $2.2 billion of its award as of January. It's unclear whether that amount would be included in the possible equity stake, whether the company has received additional disbursements of its award since Trump took office, and on what schedule Intel would receive money under a possible equity stake. While TSMC and South Korea's Samsung Electronics Co. are expanding their US operations with Chips Act support, having an American company like Intel building cutting-edge chips on domestic soil has been a priority for both the Trump and Biden administrations. Biden officials, for example, tried to get companies like Nvidia and Advanced Micro Devices Inc. to consider using Intel as a manufacturing partner, and also explored long-shot ideas like a tie-up between Intel and GlobalFoundries Inc. Earlier this year, Trump's team held early-stage conversations with TSMC about potentially operating Intel's factories — an arrangement from which TSMC has backed away. Trump officials have also internally floated the prospect of seeking an Intel investment from the United Arab Emirates. It's unclear whether either of those approaches has progressed much past a thought exercise. Washington has become more aggressive in strategic sectors. The Trump administration's secured an agreement to receive a 15% cut of AI chip sales to China and took a so-called golden share in United States Steel Corp. as part of a deal to clear its sale to a Japanese rival. That's while the Defense Department announced a plan that would make it the largest shareholder in US rare-earth producer MP Materials Corp. The US government and the Japanese tech conglomerate both see the potential for a turnaround at Intel, although each likely values different parts of the business. For the Trump administration, a recovery of the chipmaker's manufacturing prowess would help win jobs and voters. For SoftBank, Intel's chip design operations beckon with the promise of high margins. --With assistance from Brody Ford, Ville Heiskanen, Ryan Gould, Josh Wingrove, Min Jeong Lee and Edwin Chan. Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Women's Earnings Never Really Recover After They Have Children Americans Are Getting Priced Out of Homeownership at Record Rates Yosemite Employee Fired After Flying Trans Pride Flag ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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CEO pay at top US companies accelerates at fastest pace in four years
Pay for S&P 500 chief executives rose by 7.7 per cent last year as packages at the US's biggest companies keep increasing. Median total pay Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
