Comcast to spin off cable networks that were once the entertainment giant's star performers
WASHINGTON (AP) -- Comcast is spinning off into a new company many of its cable television networks that were once at the heart of the entertainment giant, as consumers increasingly swap out their cable TV subscriptions for streaming platforms. Those one-time stars for Comcast's NBCUniversal cable television networks include USA, Oxygen, E!, SYFY and Golf Channel, as well as CNBC and MSNBC. Peacock will remain with Comcast, as will Bravo, which provides significant content for the Peacock streaming service. How exactly this split will impact customers has yet to be seen, particularly as Comcast aims to complete the transition over the next year. But some analysts speculate that the spun-off networks may have more freedom to bring their content elsewhere.
A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter
NEW YORK (AP) -- Target has reported sluggish sales and slumping profits in the fiscal third quarter as inflation-weary customers curtailed their spending on apparel and other non-essential items. The Minneapolis retailer fell short of Wall Street expectations for the quarter, and its profit and sales outlook for the final three months of the year also disappointed industry analysts. The company said Wednesday that costs related to a U.S. dockworkers' strike in October also dragged on Target's results at a time when Americans are spending more selectively. The weak period at Target stood in stark contrast to the stellar third quarter of low-price rival Walmart, which released optimistic projections for the holiday season.
US gathers allies to talk AI safety as Trump's vow to undo Biden's AI policy overshadows their work
SAN FRANCISCO (AP) -- President-elect Donald Trump has vowed to repeal President Joe Biden's signature artificial intelligence policy when he returns to the White House for a second term. What that actually means for the future of AI technology remains to be seen. Among those who could use some clarity are the government AI experts from multiple countries gathering in San Francisco this week to deliberate on AI safety measures. Hosted by the Biden administration, officials from a number of U.S. allies -- among them Canada, Kenya, Singapore, the United Kingdom and the 27-nation European Union -- began meeting Wednesday in the California city that's a commercial hub for AI development.
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips
LOS ANGELES (AP) -- Nvidia has reported a surge in third-quarter profit and sales as demand for its specialized computer chips that power artificial intelligence systems remains robust. For the three months that ended Oct. 27, the tech giant based in Santa Clara, California, posted revenue of $35.08 billion, up 94% from a year ago. It earned $19.31 billion in the quarter, more than double what it posted in last year's third quarter. The results topped Wall Street estimates but investors took the results in stride. Nvidia's high-flying stock slipped about 1% in after-hours trading. It's up 195% so far this year.
Nvidia is Wall Street's most valuable company. How it got there, by the numbers
Nvidia has once again turned out quarterly results that exceeded Wall Street's forecasts. The company has seen soaring demand for its semiconductors, which are used to power artificial intelligence applications. Revenue nearly doubled in the latest quarter from the same period a year earlier, Nvidia said Wednesday. The company expects further strong revenue growth in the current quarter that ends in January. Investors will be watching to see if demand for the company's next-generation AI chip called Blackwell can help it maintain the red-hot pace. Nvidia is now the most valuable company in the S&P 500, worth more than Apple and Microsoft.
A social media ban for children younger than 16 is introduced in Australia's Parliament
MELBOURNE, Australia (AP) -- Legislation to create a world-first law banning children under 16 from social media has been introduced in Australia's Parliament. Communications Minister Michelle Rowland said TikTok, Facebook, Snapchat, Reddit, X and Instagram are among the restricted platforms that could be fined up to $33 million for systemic failures to prevent young children from holding accounts. After the bill becomes law, the platforms would have one year to work out how to implement the age restriction. The ban has wide political support, but experts have raised concerns about the ban, including isolating young people who already have accounts. Rowland said there's no similar ban for messaging and gaming platforms because those don't have the same algorithmic curation aiming to keep users online.
Despite slowing sales, automakers are expanding electric vehicle models, including family haulers
Even though sales of electric vehicles aren't growing as fast as in past years and President-elect Donald Trump may ditch tax credits for EV buyers, automakers are moving ahead with new models that should appeal to mainstream buyers. Family haulers are the latest to see a new entry, with Hyundai unveiling the Ioniq 9 SUV on Wednesday night, ahead of the Los Angeles Auto Show. The large SUV has three rows of seats for as many as seven passengers, aiming at families who have to transport kids and goods. It has more than 300 miles of range per charge and can go from 0 to 60 mph as fast as 4.9 seconds. At a 350-kilowatt fast charging station, it can go from a 10% battery charge to 80% in 24 minutes.
Stock market today: Wall Street drifts as Target tumbles
NEW YORK (AP) -- U.S. stocks drifted to a mixed finish, though the modest moves for indexes masked some thrashing underneath the surface. The S&P 500 ended barely changed Wednesday after trading lower for much of the day. The Nasdaq composite slipped 0.1%, and the Dow Jones Industrial Average eked out a gain of 0.3%. Target fell to one of the market's worst losses and dropped by more than a fifth after the retailer gave a dour forecast for the holiday shopping season. The day's headliner came after the close of trading, when Nvidia released its latest earnings report.
Class action lawsuit on AI-related discrimination reaches final settlement
A federal judge has signed off on a settlement agreement Wednesday in a class action lawsuit alleging that an algorithm designed to score rental applicants discriminated on the basis of race and income. Plaintiffs argue that the algorithm designed by SafeRent Solutions unfairly discriminated against Black and Hispanic applicants with housing vouchers. SafeRent does not admit any fault in the settlement. But it is paying out over $2.2 million and rolling back parts of the screening services it offers to landlords and management companies.
US charges billionaire Gautam Adani with defrauding investors, hiding plan to bribe Indian officials
NEW YORK (AP) -- One of the world's richest people has been indicted in the U.S. on charges he duped investors in a massive solar energy project in India by concealing that it was being facilitated by an alleged bribery scheme. Indian businessman Gautam Adani was charged in an indictment unsealed Wednesday with securities fraud and conspiring to commit securities and wire fraud. He is accused of defrauding investors who poured several billion dollars into the project by failing to tell them about more than $250 million in bribes paid to Indian officials to secure lucrative solar energy supply contracts. Online court records did not list lawyers who could speak on Adani's behalf.