The UK government has canceled £1.3 billion ($1.7 billion) worth of computing infrastructure projects to prioritize other fiscal plans. The projects, worth £500 million and £800 million, were promised by former Prime Minister Rishi Sunak's government last year. The cancellations come as the country aims to become a world leader in artificial intelligence.

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Amazon shares fell 12% after the company reported mixed second-quarter results and gave a forecast for the third quarter that fell short of Wall Street's expectations. The company's revenue in the second quarter rose 10% to $147.98 billion, while net income doubled to $1.26 a share. For the third quarter, Amazon expects revenue of $154 billion to $158 billion. Andy Jassy, Amazon's CEO, made the announcement.

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EzDubs, a developer of language-translation technology, started on public clouds from Amazon and Google, but after joining Y Combinator, the company added Microsoft's cloud, Azure, to its mix, thanks to a partnership that provided $350,000 worth of credits. The founders, Amrutavarsh Kinagi, Kareem Nassar, and Padmanabhan Krishnamurthy, learned of the partnership through Y Combinator, which enabled them to receive the credits. The company is based in Palo Alto, California.

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Turkey's Information and Communication Technologies Authority blocked access to Instagram for its 85 million people, citing a decision on February 8, 2024. The ban affects over 50 million Instagram users in the country. The Turkish government did not disclose a reason for the ban, but reports suggest it was a response to Meta-owned Instagram removing posts related to the death of Hamas leader Ismail Haniyeh.

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The US Department of Justice is investigating Nvidia for alleged abuse of market dominance in artificial intelligence chips. The investigation involves complaints that Nvidia charges higher prices to customers who want to buy AI chips from rivals like AMD, and pressures customers to buy additional products. The DOJ has reached out to Nvidia's competitors, including AMD, to gather information. Nvidia shares dipped 3.5% in premarket trade amid the news.

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Intel's CEO Pat Gelsinger spoke at the Computex conference in Taiwan, where the company reported a big miss on earnings in the June quarter and announced layoffs of over 15% of its employees. The company's shares fell 21.51% in premarket trade. The global semiconductor market also fell due to a global market sell-off and tech names being affected.

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Nintendo's revenue and profit plunged in its fiscal first quarter, with revenue of 246.6 billion Japanese yen ($1.65 billion) and net profit of 80.9 billion Japanese yen. The company sold 2.1 million units of its flagship Switch consoles, down 46% on the year. Net sales lost 46.5% year-on-year, while net profit fell 55.3%. Investors are looking out for news surrounding a successor to the ageing Switch console.

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Jensen Huang, co-founder and CEO of Nvidia Corp., displayed the new Blackwell GPU chip during the Nvidia GPU Technology Conference. The chip boom in artificial intelligence has led to varying financial results for semiconductor companies, with some companies like Nvidia smashing expectations and others disappointing. The June quarter earnings show that not all chip firms are benefiting from the AI boom, highlighting the complexities of the semiconductor industry.

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Apple's CEO Tim Cook and CFO Luca Maestri discussed the company's artificial intelligence system, Apple Intelligence, on the quarterly earnings call. The company is spending more on AI servers, but remains behind in the field. Apple has a deal with OpenAI to integrate ChatGPT into its software, but details on the rollout and sales boost are scarce.

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Amazon's CEO Andy Jassy attributed the company's weak revenue forecast to an unusually busy news cycle, citing the Paris Olympics, the 2024 presidential election, and the attempted assassination of former President Donald Trump as distractions for consumers. The company's CFO Brian Olsavsky mentioned these events as reasons for a slippage in online shopping this quarter.

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