Groq, a Mountain View, Calif.-based artificial intelligence chip startup backed by the likes of Tiger Global and Lee Fixel's Addition, is gearing up to raise a fresh round next quarter after taking in a small recent cash infusion, the company tells Axios.
By the numbers: The benchmark cocoa contract, traded on the Intercontinental Exchange in New York set a new record on Friday, crossing $8,100 per metric ton. That's a 215 percent jump from last year, when prices were just $2,578.
U.S. prosecutors have weighed in on their recommendation to the district court in the southern district of New York for a sentence for FTX founder Sam Bankman-Fried: 40 to 50 years.
Why it matters: It would be one of the longest sentences ever given to a white-collar criminal, though short enough that Bankman-Fried would be likely to leave prison alive.
The Federal Trade Commission has launched an inquiry into Reddit's licensing of user data to AI companies, according to a Friday afternoon disclosure by the social media company.
Why it matters: This comes just days before Reddit is expected to complete its long-awaited IPO.
If a pair of senators get their way, spot bitcoin ETFs will be marked with a scarlet letter "P."
Why it matters: In what might seem like a trivial battle of semantics, the label, if adhered strictly to the new exchange-traded products, has the potential to slow down the pace of adoption by causing investors to pause at the gate.
McDonald's said a "technology outage" disrupted operations at many of its stores around the world on Friday.
The latest: Brian Rice, the company's global chief Information officer, ruled out a cybersecurity attack, saying the outage was instead caused by a "a third-party provider during a configuration change."
Best Buy is voluntarily recalling 187,400 Insignia brand air fryers and air fryer ovens sold nationwide because they can cause fire, burn and laceration hazards, according to a recall notice.
Why it matters: There have been 24 reports of "overheating/melting or glass shattering, including six reports of air fryers catching on fire," the notice posted on the Consumer Product Safety Commission website said.
The National Association of Realtors will pay $418 million in damages to settleallegations it conspired to boost agents' commissions, the organization said on Friday.
Why it matters: If the settlement is approved, the lawsuits will change the way we buy and sell homes — potentially lowering the commission rates that buyers pay.
Pete Distad, a former Apple and Hulu executive, was appointed CEO of the new sports streaming joint venture formed by Disney, Fox and Warner Bros. Discovery.
Why it matters: Distad will be tasked with getting the service off the ground ahead of its planned fall launch.
When President Biden spoke out Thursday against Japan-based Nippon Steel's planned $14.9 billion acquisition of U.S. Steel, it was a win for the United Steelworkers union — it's been blasting the deal for months.
Why it matters: The union's political influence stems from labor's heightened leverage in an election year — but a less understood factor involves the Steelworkers themselves.
New York Community Bancorp's stock rose last week on the news that it was getting rescued by a private equity consortium led by Steve Mnuchin. But its expected earnings plunged.
Why it matters: In early February, after NYCB took an extraordinary charge of $552 million for credit losses on its commercial real estate portfolio, the message from the bank's leadership was that the bank was still solidly profitable.
Office occupancy levels on the busiest day of the week are just 62% of their February 2020 average, according to Kastle Systems' office swipe data for 10 major metros.
Why it matters: It's been four years since COVID first shut down offices in the U.S., and the decline in office use has touched nearly all aspects of our lives — from where people live, to how they structure their work-family balance to the way companies operate.
Halloween is more than seven months away but Home Depot is already teasing some of the items it'll be selling for the October holiday.
Why it matters: There's an arms race among retailers to move holiday merchandise earlier and earlier. They're aiming to get shoppers whipped up well in advance of their festivities and, ideally, spending more money.
The big picture: The highly contested and heavily lobbied rule adopted last week forces larger public companies to disclose certain emissions and climate-related risks to their business, which will provide a much closer look at their impact on climate change.
Target is rolling out a big change to self-checkout that limits the number of items shoppers can buy at the registers, the retailer shared exclusively with Axios.
Why it matters: Shoppers and retailers have a love-hate relationship with self-checkout. The self-service registers are sometimes difficult for consumers to use and enable theft.
The big picture: The NYT has notified hundreds of people via GitHub about incidents of copyright infringement from "Wordle clone" games since it first contacted the platform that lets developers share code publicly on Jan. 2, a Times spokesperson said in an emailed statement Thursday.
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