Category: 3. Business

  • Crypto exchange Gemini reveals lower revenue and wider loss in US IPO filing

    Crypto exchange Gemini reveals lower revenue and wider loss in US IPO filing

    (Reuters) -Cryptocurrency exchange Gemini said its revenue fell and its loss widened in the first six months of 2025, according to its regulatory filing for a U.S. IPO made public on Friday, as it joins a wave of digital asset companies seeking to tap public markets.

    Terms of the offering were not disclosed.

    The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier.

    Activity in the U.S. IPO market has rebounded in recent months following a slowdown earlier in the year, caused by uncertainty over trade policy changes, with several new listings receiving an overwhelming response from investors.

    Digital asset companies have also featured prominently in the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle and cryptocurrency exchange Bullish.

    Bullish’s debut on Wednesday made it the second listed cryptocurrency exchange in the country after Coinbase Global. Gemini will become the third public crypto exchange once it goes public.

    Gemini, which supports more than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June.

    The company, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol “GEMI.” Goldman Sachs and Citigroup are acting as lead bookrunners.

    The Winklevoss twins rose to prominence after suing Facebook, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock.

    (Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)

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  • Neil Young Leaves Facebook Over AI Chatbot Policies

    Neil Young Leaves Facebook Over AI Chatbot Policies

    Neil Young is ditching Facebook. The iconic rockstar’s official Facebook page will go dormant, an administrator for the page confirmed Thursday, citing a recent report from Reuters regarding the social media giant’s internal policies on artificial intelligence chatbots’ communications with children.

    “At Neil Young’s request, we are no longer using Facebook for any Neil Young related activities,” a post on Young’s Facebook reads. “Meta‘s use of chatbots with children is unconscionable. Mr. Young does not want a further connection with FACEBOOK.”

    Reuters reported Thursday on internal documents the outlet had obtained regarding policies on Meta’s AI chatbot behavior, which included permissions for AI chatbots to “engage a child in conversations that are romantic or sensual.” Per Reuters, the document included several example prompts for a chatbot and specified what would make them acceptable or not.

    The document said that “it is acceptable to describe a child in terms that evidence their attractiveness,” but added that “it is unacceptable to describe a child under 13 years old in terms that indicate they are sexually desirable.” A spokesperson for Meta told Reuters in a statement that “the examples and notes in question were and are erroneous and inconsistent with our policies, and have been removed.”

    “We have clear policies on what kind of responses AI characters can offer, and those policies prohibit content that sexualizes children and sexualized role play between adults and minors,” the spokesperson said.

    A representative for Meta shared a statement with The Hollywood Reporter, but didn’t mention Young: “We have clear policies on what kind of responses AI characters can offer, and those policies prohibit content that sexualizes children and sexualized role play between adults and minors. Separate from the policies, there are hundreds of examples, notes, and annotations that reflect teams grappling with different hypothetical scenarios. The examples and notes in question were and are erroneous and inconsistent with our policies, and have been removed.”

    This isn’t the first time Young has abandoned a major tech platform over ethical concerns. He famously left Spotify back in 2022 over misinformation about vaccines that had been aired on The Joe Rogan Experience.

    “I sincerely hope that other artists and record companies will move off the Spotify platform and stop supporting Spotify’s deadly misinformation about COVID,” Young wrote in a letter at the time. He returned to Spotify last year, over two years later, after other streaming services started offering Rogan’s show as well.

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  • Deep Responses Are Revealed for Irpagratinib/Atezolizumab in FGF19+ Advanced HCC

    Deep Responses Are Revealed for Irpagratinib/Atezolizumab in FGF19+ Advanced HCC

    Liver with cancer cells – Jennifer Kraylevich/MJH Life Sciences

    Patients with advanced hepatocellular carcinoma (HCC) with FGF19 overexpression expressed deep and durable responses when given the combination of irpagratinib (ABSK011) and atezolizumab (Tecentriq), according to updated findings from the phase 2 ABSK011-201 trial (NCT05441475) presented at the 2025 European Society for Medical Oncology Gastrointestinal Cancers Congress in Barcelona, Spain.1

    At a median follow-up of 7.1 months, among response-evaluable patients in the treatment-naive population (n = 12 of 15), the overall response rate (ORR) was 50.0%; best responses included partial response (PR; n = 6), stable disease (SD; n = 5), and progressive disease (PD; n = 1). The confirmed ORR was 33.3%. The median duration of response (DOR) was not reached (NR), the disease control rate (DCR) was 91.7%, and the median progression-free survival (PFS) was 7.0 months (95% CI, 2.8-not evaluable [NE]).

    Among response-evaluable patients in the pretreated population (n = 17 of 18), the ORR was 52.9%; best responses included PR (n = 9), SD (n = 2), and PD (n = 5). The confirmed ORR was 41.2%. The median DOR was NR, the DCR was 70.6%, and the median PFS was 8.3 months (95% CI, 1.6-NE).

    Overall survival (OS) data were immature. Six patients had died at the time of this analysis.

    “Remarkable efficacy was observed, with an ORR of more than 50% and a median PFS of more than 7 months,” lead study author Qi Cheng, MD, stated in the presentation. Cheng is a physician at the Hepatic Surgery Center of the Tongji Hospital, which is affiliated with Tongji Medical College of the Huazhong University of Science and Technology in Wuhan, China.

    Trial Background

    Approximately 30% of patients with HCC have FGF19 overexpression, which is associated with poor prognosis. Previous research has indicated that the FGF19/FGFR4 signaling axis may be an effective therapeutic target for select patients with HCC.

    Irpagratinib is a selective, oral FGFR4 inhibitor that has shown antitumor activity in HCC. Furthermore, atezolizumab plus bevacizumab (Avastin) is the FDA-approved standard of care for patients with previously untreated, unresectable HCC.

    Study Design

    ABSK-011-201 consisted of 2 parts. The dose-escalation part (part A) enrolled patients with advanced or unresectable HCC. Patients received atezolizumab at 1200 mg every 3 weeks plus escalating doses of irpagratinib at 180 mg daily (n = 6), 320 mg daily (n = 6), 160 mg twice daily (n = 8), or 220 mg twice daily (n = 33). The dose- expansion part (part B) enrolled patients with advanced or unresectable HCC who had FGF19-overexpressing disease, were treatment naive or had received 1 prior line of systemic therapy, had an ECOG performance status of 0 or 1, and had Child-Pugh class A or B (score 5-7) disease.

    The primary end point was ORR per RECIST v1.1 criteria. Secondary end points included DOR, DCR, PFS, OS, safety, and pharmacokinetics.

    Previously Reported Findings

    Initial safety, tolerability, and efficacy findings from the dose-escalation part were presented at the 2024 ESMO GI Congress. In this preliminary analysis, irpagratinib at 200 mg twice daily plus atezolizumab elicited an ORR of 50% among patients with FGF19 overexpression (n = 5 of 10).2 The efficacy and safety profiles were strong in patients with prior immune checkpoint inhibitor (ICI) exposure.

    Baseline Characteristics

    Cheng noted that the baseline characteristics among the 33 patients included in the total population were similar to those seen in other HCC study populations.1 However, most patients (84.8%) had hepatitis B virus infection, and Child-Pugh scores of 5 (45.5%), 6 (48.5%), and 7 (6.1%) were reported. Additionally, the median sum of tumor lesions at baseline was 95 mm (range, 19-230) and was higher in the treatment-naive population (120 mm; 95% CI, 20-230) vs the pretreated population (88 mm; 95% CI, 19-186).

    Safety Data and Next Steps

    In the overall population (n = 33), any-grade and grade 3 or higher treatment-emergent adverse effects (TEAEs) were reported in 100% and 45.5% of patients, respectively. The most common TEAEs in this population were increased alanine aminotransferase (ALT) levels (any grade, 81.8%; grade ≥ 3, 12.1%), increased aspartate aminotransferase (AST) levels (72.7%; 9.1%), diarrhea (57.6%; 3.0%), increased blood bilirubin levels (51.5%; 9.1%), hyperphosphatemia (36.4%; 0%), decreased platelet counts (30.3%; 3.0%), anemia (27.3%; 0%), hypoalbuminemia (15.2%; 0%), proteinuria (15.2%; 0%), decreased white blood cell (WBC) counts (15.2%; 6.1%), and cough (12.1%; 0%). Grade 4 TEAEs included increased blood creatinine levels (n = 1) and decreased lymphocyte counts/decreased lymphocyte percentages (n = 1).

    In the treatment-naive population (n = 15), any-grade and grade 3 or higher TEAEs were reported in 100% and 53.3% of patients, respectively. The most common TEAEs in this population were increased ALT levels (any grade, 80.0%; grade ≥ 3, 13.3%), increased AST levels (60.0%; 13.3%), diarrhea (60.0%; 0%), increased blood bilirubin levels (46.7%; 6.7%), hyperphosphatemia (40.0%; 0%), decreased platelet counts (40.0%; 6.7%), anemia (33.3%; 0%), hypoalbuminemia (26.7%; 0%), proteinuria (6.7%; 0%), decreased WBC counts (20.0%; 6.7%), and cough (13.3%; 0%).

    In the pretreated population (n = 18), anygrade and grade 3 or higher TEAEs were reported in 100% and 38.9% of patients, respectively. The most common TEAEs in this population were increased ALT levels (any grade, 83.3%; grade ≥ 3, 11.1%), increased AST levels (83.3%; 5.6%), diarrhea (55.6%; 5.6%), increased blood bilirubin levels (55.6%; 11.1%), hyperphosphatemia (33.3%; 0%), decreased platelet counts (22.2%; 0%), anemia (22.2%; 0%), hypoalbuminemia (5.6%; 0%), proteinuria (22.2%; 0%), decreased WBC counts (11.1%; 5.6%), and cough (11.1%; 0%).

    In the total population, the most common grade 3 treatment-related AEs (TRAEs) were increased ALT levels (12.1%), decreased WBC counts (6.1%), increased blood alkaline phosphatase levels (6.1%), and increased blood creatinine levels (6.1%). No grade 4/5 TRAEs were reported, and no patients discontinued treatment due to a TRAE. No eye toxicities were observed. Furthermore, investigators reported no extra immune-related AEs compared with those seen in historic data with single-agent atezolizumab. Cheng noted that the hyperphosphatemia and diarrhea were mostly mild and manageable.

    Based on these findings, Cheng explained that further irpagratinib development opportunities exist in both the pretreated and treatment-naive settings. For instance, irpagratinib plus an ICI could be an effective option for patients with HCC who have disease progression on first-line ICI-based therapy. Moreover, in treatment-naive patients, the manageable safety profile of irpagratinib plus atezolizumab shows the potential feasibility of triplet regimens, such as irpagratinib combined with atezolizumab and bevacizumab. Cheng concluded by saying that clinical trials in these directions are being initiated.

    REFERENCES:
    1. Cheng Q, Zhang Y, Wang J, et al. Irpagratinib (ABSK-011) plus atezolizumab in first-line (1L) and immune checkpoint inhibitors (ICIs) treated advanced hepatocellular carcinoma (HCC) with FGF19 overexpression (+): updated results of the phase II ABSK-011-201 study. Abstract presented at: European Society for Medical Oncology Gastrointestinal Cancers Congress 2025; July 2-5, 2025; Barcelona, Spain. Abstract 149MO.
    2. Fifty percent ORR: impressive clinical trial data for irpagratinib combined with atezolizumab in advanced hepatocellular carcinoma stuns ESMO-GI Congress. News release. Abbisko Therapeutics Co Ltd. June 27, 2025. Accessed July 2, 2025. https://tinyurl.com/yn4mw5px

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  • 4 Things You Need to Know About Sunscreen 

    4 Things You Need to Know About Sunscreen 

    Many older adults can recall a time when it was fashionable to slather on baby oil and iodine to lie in the sun.

    These days, those tanning rituals have largely been swapped for sunscreen, wide-brim hats and sun shirts. And for good reason: Studies show that regular use of sunscreen — along with other sun-protective measures — can significantly reduce the risk of skin cancer, including melanoma, the most dangerous type. 

    It’s estimated that 1 in 5 Americans will be diagnosed with skin cancer by the time they turn 70 — and the risk doesn’t stop there. In fact, skin cancer is more common in older adults, and a recent study published in the journal JAMA Dermatology found that skin cancer incidence is increasing in older individuals.

    “That 60-plus population, I see a ton,” says Anthony Rossi, M.D., a dermatologist and Mohs surgeon at Memorial Sloan Kettering Cancer Center in New York.

    Despite its proven benefits, sunscreen has come under fire in some corners of social media, leading some people to skip it altogether. Experts say this isn’t new; questions about sunscreen’s safety and effectiveness have surfaced before.

    Here’s what you need to know about sunscreen and how to keep your skin safe as you age.

    What does sunscreen do?

    Simply put, sunscreen prevents ultraviolet (UV) rays from damaging the skin.

    Our skin cells use melanin, a natural pigment, to shield the part of the cell where our DNA is stored from sun exposure, explains Kelly C. Nelson, M.D., a physician in the Department of Dermatology at the University of Texas MD Anderson Cancer Center in Houston.

    Think about a suntan: “It’s the increased melanin that occurs in response to chronic UV exposure,” Nelson explains.

    Still, melanin offers only a small amount of protection from UV rays, which is where sunscreen comes in.

    Sunscreen works by either blocking UV rays from penetrating the skin, much like a shield — these are called physical blocker, or mineral, sunscreens — or by absorbing UV radiation (chemical sunscreens).

    Both forms protect the skin from damage that could lead to cancer; they also protect or reduce “the aging of your skin from the sun,” Rossi says.

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  • SEC establishes AI Task Force to drive internal innovation and efficiency

    The US Securities and Exchange Commission (SEC) has announced the formation of a dedicated Artificial Intelligence (AI) Task Force, marking a significant step in the agency’s ongoing efforts to modernize its operations and regulatory oversight.

    According to the press release, the goal of the task force is to facilitate the use of AI technology within the SEC, which will “enable internal cross-agency and cross-disciplinary collaboration to navigate the AI lifecycle, remove barriers to progress, focus on AI applications that maximize benefits, and maintain governance.”

    This initiative is designed to accelerate the responsible integration of AI across the SEC, with the goal of enhancing innovation, efficiency, and the agency’s ability to fulfill its core mission of protecting investors, maintaining fair and orderly markets, and facilitating capital formation.

    The launch of the task force dovetails with the White House’s recent AI Action Plan, which calls for accelerated adoption of trustworthy AI across the federal government, reflecting a coordinated effort across the federal government to modernize oversight through responsible AI.

    Leadership and structure

    The AI Task Force will be led by Valerie Szczepanik, the SEC’s newly appointed Chief AI Officer. Szczepanik brings extensive experience to this role, having previously served as Director of the SEC’s Strategic Hub for Innovation and Financial Technology, Senior Advisor for Digital Assets and Innovation, and in senior positions within the Division of Corporation Finance and the Division of Enforcement.

    Objectives and scope

    According to the press release, the AI Task Force has several key objectives:

    • Centralizing AI efforts: The task force will serve as a hub for cross-agency and cross-disciplinary collaboration, aligning and centralizing AI initiatives throughout the SEC.
    • Accelerating AI integration: By promoting the adoption of AI-enabled tools and systems, the SEC aims to augment staff capacity, streamline workflows, and improve the accuracy and timeliness of its regulatory and enforcement activities.
    • Supporting innovation: The task force will facilitate responsible AI integration across the agency’s divisions and offices, supporting innovation and the development of trustworthy, effective, and mission-enhancing AI solutions.
    • Maintaining governance: A core focus will be ensuring robust governance, transparency, and ethical standards in the deployment of AI, addressing potential biases, and maintaining public trust in the SEC’s processes.

    Strategic implications

    SEC Chairman Paul S. Atkins has emphasized that ingraining innovation into the agency’s culture is key to advancing the SEC’s mission. The AI Task Force is expected to equip staff with advanced tools – enabling the agency to more efficiently identify issues for potential rulemaking and enforcement, and to respond more effectively to emerging challenges in the financial markets.

    This initiative aligns with broader federal efforts to leverage AI for government efficiency and regulatory modernization. The SEC’s approach is to foster responsible AI use internally, setting a potential precedent for other regulatory bodies and signaling a shift toward greater technological sophistication in financial regulation.

    Recent developments and broader context

    The SEC’s internal embrace of AI follows its February 20, 2025 announcement of the creation of a Cyber and Emerging Technologies Unit (CETU), which investigates and pursues enforcement actions for offenses involving the use of AI and other emerging technologies.

    The agency’s increased use of AI also represents an evolution of its longstanding interest in leveraging technology, including prior initiatives to utilize “big data” for identifying and investigating potential violations of federal securities laws.

    The SEC’s ongoing and future use of AI for investigations and compliance underscores the agency’s commitment to staying at the forefront of technological advancements in regulatory oversight.

    Implications for market participants

    While the immediate focus of the AI Task Force is on internal operations, the SEC’s embrace of AI will likely have downstream effects on the regulatory environment. Enhanced efficiency and innovation within the SEC may lead to more timely and effective enforcement actions, as well as the potential for new rulemaking initiatives informed by advanced data analytics.

    Market participants should be aware that the SEC’s increasing reliance on AI may result in more sophisticated surveillance and oversight capabilities. They are also encouraged to consider how best to leverage AI internally as part of their internal controls.

    The expansion of the SEC’s use of AI technology highlights the importance of evaluating internal compliance programs, including exploring how emerging technologies and AI can enhance companies’ efforts.

    While AI has already been used extensively to automate routine compliance procedures such as document review, many corporate compliance programs are now incorporating AI to proactively identify compliance risks.

    For example, AI-enabled compliance tools can quickly analyze large volumes of transactional and other data to identify anomalies that might indicate possible fraud, money laundering, or other issues requiring closer examination. AI can also be used to perform more thorough, targeted diligence by identifying anomalies in diligence responses or to assess whether employees have received proper training and are adhering to company compliance standards and policies – as well as to identify patterns and concerns that may not be immediately apparent to human compliance specialists.

    Meeting DOJ expectations and practical considerations for compliance programs

    The US Department of Justice’s (DOJ) guidance for the Evaluation of Corporate Compliance Programs (ECCP), last updated in September 2024, directs prosecutors to assess a company’s use of AI, including whether controls are in place to ensure AI’s trustworthiness and reliability, whether AI is used only for its intended purpose, and whether human decision making is used to assess AI outputs.

    The guidance also emphasizes the need to access company data to detect non-compliance and measure effectiveness. DOJ expectations now make the use of AI and advanced analytics “table stakes” for demonstrating adequate resourcing and program effectiveness, especially in large organizations where the volume of data is significant.

    DOJ guidance also asks whether compliance and control personnel have sufficient access to relevant data sources to allow for timely and effective monitoring and testing of policies, controls, and transactions, and whether the company is appropriately leveraging data analytics tools to create efficiencies in compliance operations and measure the effectiveness of compliance program components.

    In most large organizations, where commercial teams utilize AI to meet their objectives, it will likely be difficult to establish adequate resourcing of a compliance program without showing the program has some capability to access and analyze data to identify risk. The volume and complexity of data in many organizations will likely require the use of AI or other advanced analytic tools to handle and make use of the data in any meaningful way.

    To meet these expectations, companies are encouraged to consider whether they have the appropriate tools, resources, and skills to identify data sources across the organization; work with the data to allow for useful analysis and insights; and paint a picture of risk that is usable for the program overall. This may require new investments in resources or tools, outsourcing, or a combination of both.

    Importantly, working with partners who understand both the compliance space and the substantive legal risks at issue can help ensure that AI tools are tailored to the specific needs of the organization and that the output is actionable and legally protected, especially when work is conducted under privilege. As a final note, companies that are investing heavily in AI will be expected to have a proportional investment in controls.

    Conclusion

    Given the SEC’s increased adoption of AI – and the likelihood that other federal agencies will follow suit – companies risk falling behind regulators if they fail to implement these technologies, as appropriate for their industry or sector.

    However, companies are encouraged to incorporate AI into their compliance programs responsibly, accounting for the limits and risks of the technology. The right approach involves not only adopting advanced tools, but also ensuring robust governance, human oversight, and alignment with evolving regulatory expectations.

    We will continue to monitor the SEC’s AI initiatives and provide updates on any developments that may affect our clients’ compliance and regulatory strategies. Please contact us with any questions regarding the SEC’s AI Task Force or its potential implications for your business.

    For more information on how we are guiding clients in the adoption of AI for proactive compliance, contact Michele Adeleye.

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  • Dow ends just shy of record after touching new intraday high, as Warren Buffett gives Wall Street an upward nudge – Morningstar

    1. Dow ends just shy of record after touching new intraday high, as Warren Buffett gives Wall Street an upward nudge  Morningstar
    2. Markets News, Aug. 15, 2025: Dow Touches All-Time High, While S&P 500, Nasdaq Tick Lower; Stocks Post Gains for 2nd Straight Week  Investopedia
    3. S&P 500 closes lower Friday, but logs its second weekly gain  CNBC
    4. US stocks tap the brakes as Wall Street heads toward the finish of a record-setting week  The Lufkin Daily News
    5. Investors are taking profits on Friday after an impressive two-week run: Nationwide  MarketWatch

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  • Fitch Downgrades Spirit Airlines to 'CCC-'; Affirms EETC Ratings – Fitch Ratings

    1. Fitch Downgrades Spirit Airlines to ‘CCC-‘; Affirms EETC Ratings  Fitch Ratings
    2. Spirit Airlines Flight Attendants Receive Major Warning  Men’s Journal
    3. Spirit Airlines May Go Out of Business Because of the Justice Department  Reason Magazine
    4. Spirit Airlines faces Chapter 7 bankruptcy, may go out of business  TheStreet
    5. Spirit Airlines downgraded to ’CCC’ by S&P on going-concern doubts  Investing.com

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  • Stock market news for Aug. 15, 2025

    Stock market news for Aug. 15, 2025

    Traders work on the floor of the New York Stock Exchange in New York on August 15, 2025.

    Timothy A. Clary | AFP | Getty Images

    The S&P 500 slipped on Friday after hitting a record high, as investors took some gains off the table after a strong week.

    The broad market index settled down 0.29% at 6,449.80. The Nasdaq Composite shed 0.40% to end the day at 21,622.98. The Dow Jones Industrial Average outperformed, rising 34.86 points, or 0.08%, to close at 44,946.12, thanks to a 12% jump in UnitedHealth. However, it was well off its all-time high reached earlier in the day.

    A decline in chip stocks and weak consumer sentiment data hurt the market Friday. Applied Materials fell 14% to lead the VanEck Semiconductor ETF (SMH) down by 2%. Nvidia lost nearly 1%.

    Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation.

    The major averages remained on solid footing for the week, however. The Dow outperformed, up 1.74%. The S&P 500 and Nasdaq respectively gained 0.94% and 0.81% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month.

    “The AI boom and the required Fed rate cuts are supporting the market, so we don’t think we’ll have a tradable pullback in the S&P, despite the horrible seasonality of August and September,” said Jay Hatfield, CEO and CIO at Infrastructure Capital Advisors. “We’re actually kind of grinding higher still.”

    July’s retail sales data, released on Friday morning, also painted a still-healthy picture for the U.S. consumer. Retail sales rose 0.5% last month, meeting expectations from the Dow Jones consensus. Retail sales excluding automobiles gained 0.3%, also matching estimates.

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  • Applied Materials Suffers Worst Rout Since 2020 on China Woes

    Applied Materials Suffers Worst Rout Since 2020 on China Woes

    A technician works on a computer at the Applied Materials Inc. facility in Santa Clara, California.

    Applied Materials Inc. suffered the worst single-day stock decline in five years after giving a disappointing sales and profit forecast, renewing concerns that the US trade dispute with China is weighing on demand.

    Most Read from Bloomberg

    Revenue will be approximately $6.7 billion in the fiscal fourth quarter, the company said in a statement Thursday. Analysts had estimated $7.32 billion on average. Profit will be about $2.11 a share, excluding some items, compared with a projection of $2.38.

    Applied Materials CEO Gary Dickerson said tariffs and other economic issues have brought “a level of uncertainty.” Photographer: I-Hwa Cheng/Bloomberg
    Applied Materials CEO Gary Dickerson said tariffs and other economic issues have brought “a level of uncertainty.” Photographer: I-Hwa Cheng/Bloomberg

    Applied Materials, the largest American producer of chipmaking gear, is seeing less demand from customers in China, Chief Executive Officer Gary Dickerson said in an interview. It also faces delays in approval for exporting technology to that country, he said. Moreover, large customers are putting off some purchases in the face of prolonged negotiations around tariffs and other economic issues.

    “It just creates a level of uncertainty,” Dickerson said.

    The outlook sent shares of Applied Materials down 14% on Friday, the most since the early days of the pandemic in March 2020. They had been up 16% this year heading into the report.

    In the third quarter, which ended July 27, revenue rose 7.7% to $7.3 billion. Analysts had anticipated $7.21 billion on average, according to data compiled by Bloomberg. Profit was $2.48 a share, compared with an estimate of $2.36.

    Applied Materials’ customer ranks include some of the biggest names in the chip industry, such as Taiwan Semiconductor Manufacturing Co., Samsung Electronics Co. and Intel Corp. Those manufacturers order gear well ahead of starting production, making Applied Materials’ forecasts a barometer for future demand.

    The company said last week that it would participate in an Apple Inc. plan to boost manufacturing in the US by spending more than $200 million on a facility in Arizona. Applied Materials will also sell equipment to Texas Instruments Inc.’s US factories to support Apple products.

    “Applied Materials’ decision to be a core member of Apple’s ‘American Manufacturing Program,’ a drive to increase factory production within the US, could strengthen its position as a key supplier of chipmaking tools for advanced semiconductors used in iPhones,” Bloomberg Intelligence analyst Masahiro Wakasugi said in a note.

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  • Dow Jones Top Energy Headlines at 4 PM ET: Oil Futures Settle Lower Ahead of U.S.-Russia Summit | National …

    Dow Jones Top Energy Headlines at 4 PM ET: Oil Futures Settle Lower Ahead of U.S.-Russia Summit | National …

    Oil Futures Settle Lower Ahead of U.S.-Russia Summit

    Crude futures returned most of the previous day’s gains as traders remained cautious ahead of the meeting between Presidents Trump and Putin about ending the Russia-Ukraine war.

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    National Grid to Sell LNG Terminal to Centrica Consortium in $2 Billion Deal

    Grain LNG comprises two National Grid subsidiaries which own and operate the U.K.’s largest liquefied natural gas import terminal under-long term contracts.

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    RWE Sticks to Full-Year Guidance After Earnings Decline

    Weak trading, as well as unfavorable weather conditions that hampered wind production, contributed to the decline in earnings.

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    Energy & Utilities Roundup: Market Talk

    Find insight on oil futures, Tenaga Nasional and more in the latest Market Talks covering Energy and Utilities.

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    Nuclear Power Is Having a Pop Culture Moment

    Atomic energy has attracted influencers, spawned merch and even made a cameo on ESPN’s ‘College GameDay.’

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    U.S. Crude Oil Stockpiles Post Weekly Build

    U.S. crude oil inventories rose by 3 million barrels last week as domestic production and imports increased.

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    Vestas Wind Systems Confirms Outlook Despite Drop in Orders

    Quarterly order intake fell 44% due to policy uncertainty. The Trump administration has repeatedly criticized the wind-energy industry.

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    Scrappy Gas Billionaires Win Major Arbitration Case Against Shell

    Venture Global’s Michael Sabel and Robert Pender fend off challenge that hung over the company’s future.

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    OPEC Lifts 2026 Oil Demand View as It Continues to Boost Output

    The raised forecast comes as the global economy was now projected to grow 3% this year, up from 2.9% previously.

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    E.ON Backs Guidance as Adjusted Earnings Rise

    The utility confirmed its full-year guidance as adjusted earnings for the first half increased, boosted by higher investments.

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    Venture Global Posts Higher Profit, Revenue

    Venture Global logged higher profit and more than doubled its revenue in its latest quarter as liquefied natural gas sales volumes rose.

    (END) Dow Jones Newswires

    August 15, 2025 16:15 ET (20:15 GMT)

    Copyright (c) 2025 Dow Jones & Company, Inc.

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