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Musk hints at possible SpaceX, Tesla merger
SpaceX reported a bigger quarterly profit than expected Tuesday as its satellite communications and artificial intelligence businesses boomed. The company run by Elon Musk posted net income in the three months through September of $4.4 billion, or 35 cents per share.
On a call with analysts, Musk suggested a merger with his electric car company Tesla might be in the works.
Most US stocks rise following profit reports
Most of the U.S. stock market rose Tuesday following strong profit reports from Equifax, Hasbro and other companies.
The S&P 500 added 0.3% Tuesday. The Dow Jones Industrial Average rose 1%, while more swings for stocks in the artificial-intelligence industry sent the Nasdaq composite to a modest loss of less than 0.1%. Stocks got a boost after the price of Brent oil fell back below $109 per barrel after nearing $112 in the morning.
China defends DeepSeek after US ban of its AI
China has criticized a U.S. ban on AI startup DeepSeek for federal civilian agencies and is warning of possible retaliatory measures, highlighting tensions in the tech race between the two countries.
The Department of Homeland Security ordered U.S. civilian agencies to remove DeepSeek products from their IT systems. Concerns include potential data access by Chinese authorities, the department said.
Netflix posts higher Q3 profit but shares drop
Netflix, which announced layoff plans last week, posted a third-quarter profit above Wall Street's expectations. But investors sent shares down after the streaming company lowered its ad revenue guidance.
Netflix said Tuesday it earned $3.66 billion, or 87 cents per share, for the July-September period. That's up 44% from $2.55 billion, or 59 cents per share, a year earlier. Revenue rose 12% to $12.87 billion from $11.51 billion.
Instacart settles federal claims of discrimination
The federal government has reached a $5 million settlement with Instacart for allegedly discriminating against U.S.-born workers in its hiring practices.
The U.S. Department of Justice Civil Rights Division said Tuesday that Instacart created a burden for U.S. workers by requiring them to physically mail applications for jobs that were listed as part of a recruitment program for foreign workers. Instacart said it complied with U.S. laws and regulations but settled the case in order to focus on its business.
Beijing blasts US sanctions on 5 firms
Beijing has expressed strong opposition to U.S. sanctions on five Chinese companies linked to a former Google engineer accused of intellectual property theft.
The Chinese commerce ministry said Tuesday that the sanctions harm the legitimate rights of Chinese businesses and called the act egregious. The U.S. State Department on Monday imposed sanctions on the companies, including Shanghai Zhisuan Technology. The department claims Zhisuan engaged in significant theft of U.S. trade secrets.
Google Cloud outage hits UK banks
Online services for a number of U.K. banks in and around London were disrupted by a Google Cloud outage.
The cloud outages began just after 6:08 a.m. GMT, but appeared to have been largely solved about six hours later. The center of the outage was London, but the impact extended outside of the U.K. for apps in other countries that rely on London-based infrastructure.