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NXP Semiconductors Sees Massive Stock Jump Following Upbeat Financial Forecast

Key Points: NXP Semiconductors predicts second-quarter revenue will reach up to $3.55 billion, beating earlier Wall Street estimates. The company's stock jumped 15% in extended trading after it released a highly optimistic financial outlook. Car makers and industrial factories are buying chips again after finally clearing out their excess pandemic inventory. First-quarter results also beat expectations, with the chipmaker earning $3.05 per share on $3.18...

Elon Musk Fights Sam Altman in $150 Billion Trial Over OpenAI’s Future

Key Points: Elon Musk is suing OpenAI and its leaders for $150 billion, claiming they illegally transformed a charity into a profit-making business. A federal judge warned Musk to stop attacking Sam Altman on social media after Musk repeatedly called him "Scam Altman" online. Lawyers for OpenAI argue that Musk simply wanted to control the company and filed the lawsuit out of pure jealousy to...

Semiconductor Stocks Tumble as OpenAI Data Center Spending Rumors Spook Investors

Key Points: A fresh Wall Street Journal report claims OpenAI missed its goal of 1 billion weekly active users, sparking a massive sell-off in semiconductor stocks. The PHLX Semiconductor Index broke an incredible 18-day winning streak that previously included 13 consecutive record highs. Top artificial intelligence companies like Nvidia, AMD, and Oracle saw steep declines alongside smaller equipment makers like Rambus and Arm. Wall Street...