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Microsoft $9.7 billion deal with IREN will give it access to Nvidia chips

Microsoft $9.7 billion deal with IREN will give it access to Nvidia chips

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By MICHELLE CHAPMAN

Microsoft has entered into a $9.7 billion cloud services contract with artificial intelligence cloud service provider IREN that will give it access to some of Nvidia’s chips.

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The five-year deal, which includes a 20% prepayment, will help Microsoft as it looks to keep up with AI demand. Last week the software maker reported its quarterly sales grew 18% to $77.7 billion, beating Wall Street expectations while also surprising some investors with the huge amounts of money it is spending to expand its cloud computing infrastructure and address the growing need for AI tools. read more

OpenAI and Amazon sign $38 billion deal for AI computing power

OpenAI and Amazon sign $38 billion deal for AI computing power

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SEATTLE (AP) — OpenAI and Amazon have signed a $38 billion deal that enables the ChatGPT maker to run its artificial intelligence systems on Amazon’s data centers in the U.S.

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OpenAI will be able to power its AI tools using “hundreds of thousands” of Nvidia’s specialized AI chips through Amazon Web Services as part of the deal announced Monday.

Amazon shares increased 4% after the announcement.

The agreement comes less than a week after OpenAI altered its partnership with its longtime backer Microsoft, which until early this year was the startup’s exclusive cloud computing provider. read more

Should couples have a separate or joint bank account?

Should couples have a separate or joint bank account?

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René Bennett, Bankrate.com

Joint bank accounts allow couples to manage budgets together, monitor spending and save for shared goals. But they aren’t right for every couple. And you don’t have to go with an all-or-nothing approach, either. You can have a joint account without merging all your finances.

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Here’s what you should consider before deciding whether a joint account, separate account, or a blend of both, is right for your relationship.

Banking statistics for couples

  • 38 percent of couples in committed relationships use exclusively joint bank accounts.
  • More than one-third of couples (34 percent) have a mix of joint and separate bank accounts, while 27 percent have completely separate accounts.
  • 40 percent of coupled U.S. adults say they have committed some form of financial infidelity, the most common of which is spending more than their partner would be OK with.

Why have a joint bank account?

Some couples maintain a joint bank account because it may make it easier to track spending and save for shared goals. But don’t set up a joint account simply because it seems like “the thing to do.” This decision should only be made with open communication and a lot of self-reflection. read more

Tylenol, Kleenex, Band-Aid and more put under one roof in $48.7 billion consumer brands deal

Tylenol, Kleenex, Band-Aid and more put under one roof in $48.7 billion consumer brands deal

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By MICHELLE CHAPMAN, AP Business Writer

Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.

Shareholders of Kimberly-Clark will own about 54% of the combined company. Kenvue shareholders will own about 46% in what is one of the largest corporate takeovers this year. The deal must still be approved by the shareholders of both companies.

The combined company will have a huge stable of household brands under one roof, putting Kenvue’s Listerine mouthwash and Band-Aid side-by-side with Kimberly-Clark’s Cottonelle toilet paper, Huggies and Kleenex tissues. It will also generate about $32 billion in annual revenue.

Kenvue has spent a relatively brief period as an independent company, having been spun off by Johnson & Johnson two years ago. J&J first announced in late 2021 that it was splitting its slow-growth consumer health division from the pharmaceutical and medical device divisions. read more

AI darlings prop up Wall Street as most other stocks fall

AI darlings prop up Wall Street as most other stocks fall

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By STAN CHOE, AP Business Writer

NEW YORK (AP) — More gains for Nvidia, Amazon and other AI superstars propped up Wall Street on Monday.

The S&P 500 rose 0.2% and pulled closer to its all-time high set last week, even though the majority of stocks in the index sank. The Dow Jones Industrial Average dropped 226 points, or 0.5%, and the Nasdaq composite climbed 0.5%.

Nvidia was the strongest force lifting the S&P 500, just like it has been for the year so far. The chip company rose 2.2% to bring its gain for the year to date to 54.1%.

Amazon was the No. 2 force pushing the market higher. It rallied 4% after announcing a $38 billion agreement with OpenAI, which will use Amazon’s cloud computing services to run its AI workloads.

IREN, an AI cloud service provider, jumped 11.5% after Microsoft announced a $9.7 billion contract with it that will give the tech giant access to some of Nvidia’s chips.

Palantir Technologies, which came into the day with a stunning 165% gain for the year so far, rose another 3.3%. Traders pushed the AI darling higher in the final hours before the data platform company reported its latest quarterly results after trading closed for the day. read more