BUSINESS

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AI chip giant Nvidia has recorded a fall in shares despite the company comfortably beating expectations after more than doubling its sales. Nvidia announced record revenues of $30bn (£24.7bn) over a three-month period.

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Lip-Bu Tan, a prominent semiconductor industry veteran, has resigned from Intel's board, citing personal reasons and a need to "reprioritize various commitments." However, sources close to the situation reveal that his departure was fueled by differences with Intel's CEO, Pat Gelsinger, and other directors over the company's workforce size, risk-averse culture, and lagging artificial intelligence (AI) strategy.

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Canada's two largest freight railroads - Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) - locked out over 9,000 workers after failing to reach new labor agreements with the Teamsters Canada Rail Conference union. This unprecedented dual lockout has brought rail operations across Canada to a standstill, with potentially severe consequences for both the Canadian and U.S. economies.
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Mirroring recent U.S. policy, Canada has announced a 100% tariff on Chinese-made electric vehicles (EVs). This decision, revealed on August 26, 2024, aligns with similar measures taken by the United States and planned by the European Commission, signaling a coordinated Western response to China's dominance in the EV market.
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In a dramatic turn of events, the National Basketball Association (NBA) has moved to dismiss Warner Bros. Discovery's (WBD) lawsuit over media rights, escalating tensions between the longtime partners. On August 24, 2024, the NBA filed documents in the Supreme Court of the State of New York seeking to shut down WBD's legal efforts to retain a portion of the league's media rights.
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Alibaba Group Holding, once the undisputed titan of Chinese online retail, finds itself grappling with economic headwinds and fierce competition. The company's latest financial results, released on August 15, 2024, paint a picture of a behemoth struggling to maintain its dominance amidst shifting consumer preferences and a sluggish economy.
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