What Nvidia's $500B Move Could Mean for the Next Tier of Builders

With big tech locking in supply, smaller players are left waiting. But one public company is building an edge: partnering inside NVIDIA's ecosystem and delivering real compute to real customers.

Business News Digest

LAURA UNGAR
October 27, 2023

The highlights of the AP Business report. All times EDT. An up-to-the minute listing of all business stories planned is available in Coverage Plan on AP Newsroom, http://newsroom.ap.org/coverageplan. For access to AP Newsroom and other technical issues, contact AP Customer Support at 877-836-9477 or apcustomersupport@ap.org.

The AP Business News supervisor can be reached at (800)-845-8450, ext. 1680.

TOP STORIES:

CONSUMER SPENDING -- An inflation gauge that is closely monitored by the Federal Reserve showed price increases remained elevated in September amid brisk consumer spending and strong economic growth. Taken as a whole, the figures the government issued Friday show a still-surprisingly resilient consumer, willing to spend briskly enough to power the economy even in the face of persistent inflation and high interest rates. By Christopher Rugaber. SENT: 670 words, photos.

AUTO WORKERS-STRIKES -- General Motors and the United Auto Workers union continued to negotiate Friday in an effort to reach agreement on a new contract that would end a six-week-old strike against the company. The union reached a tentative contract agreement with Ford on Wednesday. By Tom Krisher. UPCOMING.

BANKMAN-FRIED-FTX -- FTX founder Sam Bankman-Fried testified at his New York trial on Friday, denying that he defrauded anyone but acknowledging that the innovative business he had hoped would move the cryptocurrency ecosystem forward ended up hurting customers instead. By Ken Sweet and Larry Neumeister. SENT: 510 words, photos.

AP POLL-PERSONAL FINANCES -- About 2 in 3 Americans say their household expenses have risen over the last year, but only about 1 in 4 say their income has increased in the same period, according to a new poll from The Associated Press-NORC Center for Public Affairs Research. By Cora Lewis. SENT: 990 words, photos, audio.

MARKETS & ECONOMY:

FINANCIAL MARKETS -- Wall Street is holding a bit steadier Friday following an encouraging profit report from Amazon, one of its most influential companies, and some mixed readings on the U.S. economy. By Stan Choe. SENT: 740 words, photos. UPCOMING: About 800 words by 4:30 p.m., photo.

EARNINGS:

OIL EARNS -- Exxon Mobil's third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. It also raised its quarterly dividend. By Michelle Chapman. SENT: 660 words, photo.

INDUSTRY:

CRUISE SUSPENDS OPERATIONS -- Cruise, the autonomous vehicle unit owned by General Motors, is suspending driverless operations nationwide days after regulators in California found that its driverless cars posed a danger to public safety. SENT: 560 words, photo.

BIDEN-OFFICE CONVERSIONS -- The Biden administration is launching a multi-agency effort to encourage states and cities to convert more empty office buildings into housing units, with billions of federal dollars available to help spur such transitions. By Ashraf Khalil. SENT: 550 words, photo.

TECHNOLOGY & MEDIA:

TWITTER-ONE YEAR -- One year ago, billionaire Elon Musk walked into Twitter's San Francisco headquarters with a white bathroom sink and a grin, fired its CEO and other top executives and began transforming the social media platform into what is now known as X. X looks and feels something like Twitter, but the more time you spend on it the clearer it becomes that it's merely an approximation. By Barbara Ortutay. SENT: 940 words, photos.

HOLLYWOOD STRIKES-ATLANTA -- For more than a decade, work had been nonstop in Atlanta's booming film industry thanks to Georgia's extremely generous tax break. But work in the "Hollywood of the South" dried up last winter and has been at a near-standstill ever since the writers and actors strike. Writers reached a deal late last month, but with the actors strike ongoing, many Atlanta-based performers and crew members are grappling for financial survival. By R.J. Rico. SENT: 1,210 words, photos.

WHITE HOUSE-VIRTUAL TOUR -- Can't come to Washington? Couldn't get a ticket to tour the White House? Don't worry. The White House, Google Maps and Google Arts & Culture launched a new virtual tour of the famous mansion on Friday, which is also National Civics Day. By Darlene Superville. SENT: 350 words, photo, audio.

INTERNATIONAL:

NIGERIA-UNESCO-AFRICA-FASHION -- Africa's fashion industry is growing rapidly to meet local and international demand but inadequate investment limits its potential, UNESCO said Thursday in a report released during Lagos Fashion Week. By Chinedu Asadu. SENT: 430 words, photos, video.

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