![]() Its shares have rebounded 2.8pc in early trading today. Nvidia declined 5.7pc Wednesday after surging over 30pc in three days, after the chipmaker briefly reached a $1trn market cap earlier this week. However, the stock remains up on the year by just under 200pc. ![]() The rapid rally in tech stocks benefiting from artificial intelligence has stalled as a disappointing outlook from C3.ai sparked a selloff in AI-exposed stocks.ĪI software firm C3.ai fell more than 18pc, extending Wednesday’s drop of 9pc on a disappointing sales outlook. Last October, Mr Musk claimed that funding the operation had cost SpaceX “$80 million and will exceed $100 million by the end of the year”.Įarlier this year, SpaceX restricted Ukraine’s military use of its Starlink system and accused of the country of “weaponising” its technology. The SpaceX founder rushed to offer Starlink terminals in the wake of Vladimir Putin’s invasion, however later warned US authorities that it could not continue funding the satellite services indefinitely. “Satellite communications constitute a vital layer in Ukraine’s overall communications network and the department contracts with Starlink for services of this type.” “We continue to work with a range of global partners to ensure Ukraine has the resilient satellite and communication capabilities they need,” The announcement comes after Mr Musk last year threatened to pull the key battlefield communications system unless the Pentagon started paying for Starlink services. The internet system, made-up of a mega-constellation of around 2,000 satellites, has allowed Ukrainian troops to operate drones, receive military intelligence and communicate on the front line. ![]() The US Department of Defense said it will now pay for Starlink’s terminals which have been used to maintain high-speed internet connections in Ukraine following Russia’s invasion. The Pentagon has struck a deal with Elon Musk’s Starlink to provide satellite internet services for Ukraine’s military. The UK’s troubles had been “reinforced by very ill-judged monetary policies that were substantially too expansionary for too long”, he said. The former Treasury secretary, who has held some of the world’s most influential economics positions, also criticised policymakers at the Bank of England for Britain’s high inflation. “The UK economic policy has been substantially flawed for some years,” Mr Summers said. The UK has the highest rate of inflation among the G7 nations, with consumer price growth remaining much higher than forecasters had expected at 8.7pc in April. ![]() “All of which contributed to higher inflation.” Mr Summers told BBC Radio 4’s Today Programme: “Brexit will be remembered as a historic economic error that reduced the competitiveness of the UK economy, put downward pressure on the pound and upward pressure on prices, limited import goods and limited in some ways the supply of labour. He also warned that the UK will likely face a recession within the next two years. The influential economist slammed the UK’s departure from the European Union as a mistake that hampered international competitiveness and labour supply. Brexit will go down in history as a “historic error” that fuelled inflation, former US Treasury Secretary Larry Summers has said. ![]()
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