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Ticker: Musk vows to put data centers in space

The day’s business news at a glance

Elon Musk is bringing the same revolutionary thinking that helped him upend the car industry to the data center business with promises this week to put up to a million new satellites in the sky. But it won’t be easy.

Experts say it’s not clear how Musk will keep these orbiting AI supercomputers from overheating, fix glitches on gear in the sky, and stop space debris from punching a hole in his ambitious plans. To help him reach his goals, Musk combined SpaceX with his AI business on Monday and is planning massive IPO later in the year.

Google results show company getting stronger

Google’s latest quarterly report provided further evidence that its internet empire is withstanding an artificial intelligence shakeup that’s turning into another potential boon for the company.

The numbers released Wednesday marked the third consecutive quarter that Google has boosted its digital ad sales by more than 10% from the previous year while also posting revenue gains of more than 30% in its division that powers data centers for AI services. That growth during the October-December period propelled Google’s corporate parent Alphabet Inc. well past the earnings forecasts of stock market analysts.

Nike faces federal probe over DEI allegations

The federal agency for protecting workers’ civil rights revealed Wednesday that it is investigating sportswear giant Nike for allegedly discriminating against white employees through its diversity policies.

The Equal Employment Opportunity Commission disclosed the investigation in a motion filed in Missouri federal court demanding that Nike fully comply with a subpoena for information. Nike said in a statement that it has sought to fully comply with the EEOC and called the subpoena a surprising escalation.

Minute Maid’s frozen canned juices put on ice

Minute Maid helped make orange juice a year-round morning staple in 1946, when it started shipping cans of frozen juice around the U.S. But 80 years later, the brand’s parent company is halting sales of frozen juice concentrates in the U.S. and Canada, saying it wants to focus on the fresh juices that customers now prefer.

The Coca-Cola Company says Minute Maid’s frozen juices, including its lemonade and limeade, will be discontinued by April. For generations, Americans who wanted orange juice without the work of squeezing fresh fruit cracked open a can and slid a cylinder of frozen juice into a pitcher. The concentrated juice was mixed with water to make it ready for drinking.

Disney parks chief will take over as CEO

Disney is naming parks chief Josh D’Amaro as its next CEO, succeeding Bob Iger. D’Amaro has served as Disney Experiences Chairman, spearheading efforts for the company’s theme parks, cruises and resorts.

The decision on the next chief executive at Disney comes almost four years after the company’s choice to replace Iger went badly, forcing Iger back into the job. Only two years after stepping down as CEO, Iger returned to Disney in 2022 after a period of clashes, missteps and a weakening financial performance under his hand-picked successor, Bob Chapek.

US wants to create a minerals trading bloc

The Trump administration says it wants to create a critical minerals trading bloc with its allies and partners. It would use tariffs to maintain minimum prices and defend against China’s stranglehold.

Vice President JD Vance said Wednesday the U.S.-China trade war over the past year exposed how dependent most countries are on the critical minerals that Beijing dominates. Critical minerals are needed for everything from jet engines to smartphones.

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