State California Financial News

Semiconductor equipment maker Applied Materials is under US criminal investigation for potentially evading export restrictions on China's top chipmaker SMIC, according to three people familiar with the matter. The largest US semiconductor equipment maker is being probed by the Justice Department for sending equipment to SMIC via South Korea without export licenses, the sources said. Hundreds of millions of dollars of equipment is involved, one of the people said. Reuters is reporting details of the probe for the first time.

Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday after the firm's surprise decision to call off part of its high-profile restructuring because of the US-China chip war. In a move that shocked investors, the Hangzhou-based tech giant said Thursday that US curbs on exports of advanced chips had forced it to call off the spinoff of its cloud computing arm. The firm's stock dived 7.13 percent soon after the starting bell in Hong Kong, tracking a collapse in its New York-listed shares. Washington has moved to bar the shipment to China of powerful chips, including those from California-based Nvidia, which are crucial to the development of artificial intelligence, on national security grounds. In one of its most wide-ranging restructurings, Alibaba said in March it planned to split the vast group into six distinct entities that would be able to separately pursue funding through public listings. But on Thursday, it called off the creation of its Cloud Intelligence arm in light of «the recent expansion of US restrictions on export of advanced computing chips». «We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement,» the company said in its earnings release. «Accordingly, we have decided to not proceed with a full spin-off, and instead we will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,» Alibaba said. Alibaba is a key player in China's expansive digital economy and the operator of a major online shopping platform. The Hangzhou-based group's performance is considered a barometer of domestic consumption, which has flagged in recent

California, Texas, and several other U.S. states have cracked down on GS Partners, accusing the company of defrauding cryptocurrency investors through various fraudulent schemes. Regulators say GS Partners violated securities laws by making false claims and omitting key details when selling unregistered crypto assets to retail investors.

By Karen Freifeld

NEW DELHI : Indian auto parts makers are emerging as preferred suppliers to Tesla Inc. as it diversifies away from China, two people familiar with the development said, with the US electric car giant often willing to pay a higher price for the shift. Tesla now sources a range of India-made components from small plastic parts and castings, to complex differential systems used in transmission, and wheel hubs.

SAN FRANCISCO (Reuters) -General Motors' self-driving technology unit, Cruise, has canceled its program that allows employees to cash out shares in the firm in the fourth quarter, Cruise CEO Kyle Vogt said in an email to employees on Thursday.

By Daniel Trotta

More than 150 startups around the globe are chasing the same ambitious goal: meat conjured from animal cells that doesn’t require raising and killing animals

U.S. President Joe Biden and his Chinese counterpart Xi Jinping haven't resolved any of the vital geopolitical issues dividing the world’s two largest economies

Redfin CEO Glenn Kelman analyzes the state of the housing market after mortgage rates surged past 7% on 'Cavuto: Coast to Coast.'

The rise of artificial intelligence has introduced new possibilities for human expression and capabilities to create content. Simultaneously, the ability to do almost anything and to do so with a digital AI-generated identity has caused new problems to troubleshoot. 

BlackRock Inc.’s Larry Fink and Stephen Schwarzman of Blackstone Inc. were among the top US executives seated at President Xi Jinping’s table at an exclusive dinner in San Francisco, where the Chinese leader pitched his nation as a positive force for world peace.

Ahead of a summit between China's Xi Jinping and US President Joe Biden, there had been suggestions that the two men would agree to ban lethal autonomous weapons.

Xi Jinping blamed it for challenges faced by China's economy, complaining of «all-round containment». Then on Wednesday, U.S. and Xi agreed to open a presidential hotline, resume military-to-military communications and work to curb fentanyl production, showing tangible progress in their first face-to-face talks in a year at a summit in California. While key issues like U.S.

Nvidia is on pace to rise for a record 11th consecutive session even as at least one technical signal flashes a warning that the stock's rally is showing signs of overheating. Shares of the Santa Clara, California-based company have climbed 22% during their latest surge, adding about $220 billion in market value, according to data compiled by Bloomberg. This has propelled their relative strength index, a 0-100 gauge of bullish and bearish price momentum, above 70 on Tuesday. Such an elevated RSI level is generally considered a contrarian signal that a decline is imminent, because buying has gotten excessive.

Warner Bros have said. \ The production, directed by Greta Gerwig, created 685 jobs, involved over 6,000 extras, supported 754 local businesses, and paid more than £40 million in local wages. Filming primarily took place at the Warner Bros.

The state of California operates a little-known program to lease land under freeways that is now under scrutiny after an arson fire under Interstate 10 in Los Angeles

By David Stanway and Valerie Volcovici

UBS managing director and senior portfolio manager Jason Katz analyzes the October CPI report that shows inflation slowing more than expected on 'Varney & Co.'

Legendary boxer Manny Pacquiao’s philanthropic foundation is set to use the Shiba Inu ecosystem’s blockchain Shibarium for fundraising and operational activities.

Tesla Inc did not violate U.S. labor law by prohibiting workers at its flagship Fremont, California, assembly plant from wearing pro-union t-shirts, a federal appeals court has ruled. The New Orleans-based 5th U.S. Circuit Court of Appeals in a decision on Tuesday said that because Tesla required all employees to wear company-issued shirts while allowing them to display union stickers, its uniform policy was lawful.