Uber reported better-than-expected results for the second quarter, with earnings per share of 47 cents, beating estimates of 31 cents. Revenue increased 16% to $10.7 billion, driven by a 23% increase in gross bookings in the mobility unit to $20.6 billion. The company's delivery unit saw a 16% rise in gross bookings to $18.1 billion. CEO Dara Khosrowshahi spoke on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland.

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OpenAI co-founder John Schulman announced he will leave the company to join Anthropic, an AI startup funded by Amazon, less than three months after OpenAI disbanded its superalignment team. Schulman was a co-leader of OpenAI's post-training team that refined AI models for the ChatGPT chatbot. The move comes as a warning from Darktrace Plc, a British cybersecurity firm, that ChatGPT could make email scams easier.

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Google has lost an antitrust case over its search practices. The company was accused of abusing its dominance in the search market. The ruling is a significant blow to Google's business model, which relies heavily on its search engine.

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Michael Moritz, a legendary venture capitalist, criticized Donald Trump's Silicon Valley backers in a Financial Times opinion piece, stating that they are making a big mistake. Moritz, who joined Sequoia Capital in 1986, mentioned that he doubts whether any of them would want Trump as part of an investment syndicate they organized. He also made lucrative bets on companies including Google, PayPal, and LinkedIn.

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US markets opened with a rout, with tech's mega-cap companies losing around $1 trillion in market capitalization. Nvidia, Apple, Amazon, Meta, Microsoft, Alphabet, and Tesla saw significant declines, with Nvidia shedding over $300 billion in market cap at the opening bell. The seven companies lost a total of $995 billion in the early moments of trading, although they partially recovered as trading progressed.

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Elon Musk has revived a lawsuit against Sam Altman in a federal court, alleging that he was manipulated into co-founding OpenAI. The lawsuit claims that Musk was deceived into investing millions of dollars into the artificial intelligence firm, which was initially presented as a non-profit. The lawsuit also names OpenAI President Greg Brockman and Microsoft as accomplices in the alleged betrayal.

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SoftBank shares fell 19% on Monday, wiping off $4.6 billion from founder Masayoshi Son's net worth. The decline was triggered by a global sell-off after the Bank of Japan raised its benchmark interest rate. SoftBank Group is known for its massive Vision Fund, which makes it one of the world's largest tech investors. The Nikkei 225 index, which tracks Japanese equities, posted a 12.4% loss, its worst day since 1987.

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Bitcoin fell sharply, sinking below $53,000, following a broader market sell-off that began last week. The tech-heavy Nasdaq Composite entered a correction, and Japan stocks entered a bear market. The price of bitcoin sank 11% to $52,501.62, its lowest level since February, and lost nearly 16% since Saturday.

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The cryptocurrency market plummeted in value, with a drop of 11% in bitcoin and 21% in ether, wiping out $270 billion in value. The selloff coincided with a broader slide in equities in Asia-Pacific markets, including Japan's Nikkei 225, which dropped 7%, and the US Nasdaq, which slid 3.4% into correction territory.

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The Nasdaq slumped 3.4% this week, bringing its three-week slide to 8.8%, the worst performance for the tech-heavy index over that length of time since September 2022. The index surged 43% last year and remains up 12% in 2024 after climbing to a record last month.

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