Black Lion Group Joins Auction for Citgo With $8 Billion Bid
The group includes Dubai-based Quazar Investment, Fortress Management LLC and Anex Management Ltd. of Mauritius, an island nation in the Indian Ocean.
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Forbes
39 minutes ago
- Forbes
Palantir Shares Plunge 9% Amid Slide In AI Stocks
Software analytics firm Palantir is plummeting on the stock market Tuesday, with shares falling 9% as other AI darlings like NVIDIA and Meta cool down from gains made earlier this month. Palantir shares fell as low as 9% Tuesday. (Photo illustration by) Getty Images Palantir shares were down 9% on Tuesday afternoon at $157.91, erasing strong gains made by the company after it topped Wall Street estimates and hiked its full-year guidance in its latest earnings report this month. Tuesday's slump marked the company's fifth consecutive day of losses as it trades down 15.5% since Aug. 13. Multiple outlets have linked Palantir's tumble to a short report from Citron Research that says the company's stock is overvalued, citing OpenAI's $500 billion valuation and noting if OpenAI's price-to-sales was applied to Palantir, the company's stock would trade at $40—a massive drop from its $159.15 per share. NVIDIA shares slipped as low as 3% hours before close, also erasing gains that began near the start of the month. Meta's stock fell nearly 2% to $753.43 per share Tuesday afternoon, adding on to its 3% drop in share price on Monday. The Nasdaq fell 1.4% in midday trading. Get Forbes Breaking News Text Alerts : We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here . Cryptocurrency stocks also tumbled Tuesday, with Coinbase shares falling nearly 5%, Robinhood falling more than 5% and Bitcoin sliding 2.4% amid a two-day crypto pullback. Big Number $1 billion. That is how much Palantir reported in quarterly revenue this month, marking the first time the firm has surpassed the milestone earnings number. OpenAI CEO Sam Altman commented on the state of the AI bubble to The Verge last week, telling the outlet, 'Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes,' adding, 'Is AI the most important thing to happen in a very long time? My opinion is also yes.' Key Background Zooming out, Palantir's recent stock struggles are part of a wildly successful year for the company's shares, which are up 110% since the start of the year, when they were priced at $75.19. Investors have been wowed by the company's AI tools, which likely played a large role in Palantir securing a $10 billion deal with the Army that consolidates 75 contracts into one arrangement, according to Axios. Palantir expects more growth this year, boosting its guidance and anticipating revenues between $4.14 billion and $4.15 billion for the full year, up from its previous expectations of $3.89 billion to $3.90 billion. Palantir's success comes as the Trump administration has pushed for greater AI and chip infrastructure in the U.S., roping in financial commitments companies like Apple, NVIDIA, OpenAI and even considering a 10% stake in Intel, shares of which rocketed 7% Tuesday. Further Reading Intel Shares Pop 7% As SoftBank Invests $2 Billion And Trump Administration Weighs Stake (Forbes)
Bloomberg
an hour ago
- Bloomberg
Sethi on Crypto Ecosystem, Going Public, Bitcoin Usage
Kraken CEO Arjun Sethi discusses the future of the crypto ecosystem, whether Kraken will go public and the buy and hold strategy of bitcoin owners. He speaks with Tim Stenovec on 'Bloomberg Crypto.' (Source: Bloomberg)
CNN
an hour ago
- CNN
The Trump administration confirms it's seeking a stake in Intel. Why? It depends who you ask
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick confirmed on Tuesday that the US government is considering an extraordinary investment in struggling chipmaker Intel. But they gave different answers about what the Trump administration sought to do with that stake. Such a deal, if it were to happen, would mark an unusual arrangement that would see the Trump administration use taxpayer money to take a stake in a private American business. In an interview with CNBC Tuesday morning, Bessent suggested a deal like this would be about boosting an American tech company, rather than making money from Intel. When asked whether taking a stake in Intel would mean convincing US companies to purchase chips from the tech giant, Bessent said any investment in Intel would be intended to 'help stabilize the company for chip production here in the US.' 'The last thing we're going to do is put pressure, is take the stake and then try to drum up business,' he said, adding that it would be a 'conversion of the grant,' likely referencing reports from Bloomberg, The New York Times and The Wall Street Journal indicating that the administration could convert grants from the CHIPS and Science Act into an equity stake. The reports indicate that the administration is weighing a 10% stake in Intel. Bloomberg first reported the discussions last week. 'There's no talk of trying to force companies to buy from Intel,' he said, adding that reliance on Taiwan for chips, where the majority of the world's chips are made, is a 'national security concern.' 'For national security, we have to stop that single point of failure,' he said. Lutnick reiterated that stance, telling CNBC later on Tuesday morning that shifting chipmaking to the United States instead of relying on Taiwan is a priority, both for the economy and for security. But he also said Trump believes the government should get a return on its investment, rather than doling out grants to major tech companies. He said that the Biden administration, through the bipartisan CHIPS act, was 'was literally giving Intel [money] – for free.' 'Donald Trump turns that into saying, 'Hey, we want equity for the money,'' Lutnick said. 'America should get the benefit of the bargain. I mean, that is exactly Donald Trump's perspective, which is: 'Why are we giving a company worth $100 billion this kind of money?'' Intel declined to comment on reports of such a deal when approached by CNN last week, but said it 'is deeply committed to supporting President Trump's efforts to strengthen U.S. technology and manufacturing leadership.' 'We look forward to continuing our work with the Trump Administration to advance these shared priorities, but we are not going to comment on rumors or speculation,' the spokesperson said in a statement. 'Discussion about hypothetical deals should be regarded as speculation unless officially announced by the Administration,' White House spokesman Kush Desai said in a statement to CNN last week. The reports and Bessent's comments also come after chipmakers Nvidia and AMD said they would pay 15% from their chip sales in China to the government in exchange for export licenses. If the government does take a stake in Intel, it could also serve as a model for other Trump administration investments, two people familiar with the White House discussions on the matter told CNN last week. President Donald Trump met with Intel CEO Lip-Bu Tan last week after calling for the tech executive's resignation over allegations about his links to China. Intel has fallen behind in the chip race after losing to rivals like Qualcomm and Nvidia on the shift to mobile and AI. The chipmaker said last month that it had mostly completed plans to lay off 15% of its staff. Trump has pushed to revive manufacturing in the United States and cement America as a leader in the tech sector, two goals that have been a cornerstone of his presidency thus far. He's touted major investments from companies like Apple, TSMC and Nvidia to expand their US operations as political wins, although these companies have invested in broadening their US presence before his second term. CNN's Phil Mattingly and Clare Duffy contributed to this report. This story has been updated with additional information and developments.
