SoftBank has been rumored to be exploring a sale of ARM — the British chip designer that powers nearly every major mobile processor from companies like Qualcomm, Apple, Samsung, and Huawei — and now, it might have found a buyer. Nvidia is reportedly in “advanced talks” to buy ARM in a deal worth over $32 billion, according to Bloomberg.

Nvidia is said to be the only company that’s involved in concrete discussions with SoftBank for the purchase at this time, and a deal could arrive “in the next few weeks,” although nothing is finalized yet. If the deal does go through, it would be one of the largest deals ever in the computer chip business and would likely draw intense regulatory scrutiny.

SoftBank bought ARM in 2016 for $31 billion, and ARM has only grown in value since then as its designs have become more and more integral to Android and iOS devices alike. Microsoft already makes an ARM-based Surface and a version of Windows designed for ARM; Apple also recently announced that it would be switching its Mac computers over to ARM-based chipsets in the latest boon for the company. As SoftBank looks to pay off its growing pile of debt in order to appease uneasy investors, a sale of ARM at its peak could help bolster the Japanese technology conglomerate’s finances.

Nvidia would make an interesting owner for ARM — while the company is the leader for GPUs (which ARM also designs), it has little to do with CPU design or mobile hardware outside of its Tegra line of mobile chipsets (most famously used by the Nintendo Switch and the Nvidia Shield line of set-top boxes), which actually are based on ARM designs.

Owning ARM would give Nvidia far more power over the broader computing world and likely trigger some heavy scrutiny from regulators, given that Nvidia is a customer of ARM, which competes with other companies that also rely on ARM’s designs.

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)

* Apple, Facebook at record highs after strong results

* Dow weighed down by Chevron, Exxon losses

* Indexes: S&P up 0.15%, Nasdaq adds 0.86%, Dow off 0.13% (Updates to open)

By Medha Singh and Devik Jain

July 31 (Reuters) – The S&P 500 and Dow gave up early gains on Friday as concerns about the economic damage from the COVID-19 pandemic replaced early euphoria from stunning quarterly earnings reports by Apple, Amazon.com and Facebook.

Apple Inc surged 6.4% as it delivered year-on-year revenue gains across every category and in every geography.

Amazon.com Inc jumped 4.4% after posting the biggest profit in its 26-year history, while Facebook Inc gained 7.7% it reported better-than-expected revenue.

Google-parent Alphabet Inc, on the other hand, fell 4.2% as quarterly sales dipped for the first time in its 16 years as a public company.

Investors betting on more U.S. government stimulus, before an extra $600-per-week federal jobless benefit expires on Friday, have also been disappointed as the Senate adjourned for the weekend and will return on Monday.

“There is a bit of a balancing act between the positives and negatives, a deluge of pretty strong tech earnings and then the struggle in Congress to try to get the COVID-19 stimulus package passed,” said Dan Eye, head of asset allocation and equity research at Fort Pitt Capital Group in Harrisburg, Pennsylvania.

A surge in the stock price of the tech titans, which make up nearly a fifth of the S&P 500’s value, as well as aggressive fiscal and monetary stimulus have sent the tech-heavy Nasdaq to record highs and set the S&P 500 on course for its fourth straight monthly gain.

The benchmark index is now about 4% shy of its February all-time high, but faltering macroeconomic data and rising COVID-19 cases are making investors cautious again.

Figures on Thursday confirmed the sharpest contraction in U.S. GDP since the Great Depression, while rising jobless weekly claims suggested a nascent recovery in the labor market was stalling.

“We’ve already seen a lot of positives play out and that’s reflected in the pricing (but) we don’t think the market has priced in a cushion for unexpected events on the downside,” Eye said.

At 10:01 a.m. ET, the S&P 500 was up 4.72 points, or 0.15%, at 3,250.94, and the Nasdaq Composite was up 91.00 points, or 0.86%, at 10,678.81. The Dow Jones Industrial Average was down 32.94 points, or 0.13%, at 26,280.71.

The second-quarter earning season is past the halfway mark with about 82.4% of companies that have reported beating significantly lowered estimates, according to Refinitiv IBES data.

Energy stocks fell the most among the 11 major S&P sectors after Chevron Corp reported an $8.3 billion loss on asset writedowns and ExxonMobil Corp recorded a second consecutive quarterly loss.

Caterpillar Inc reversed premarket gains and fell 3.2% after the heavy equipment maker signaled more pain from an uncertain economic outlook.

Declining issues outnumbered advancers 1.52-to-1 on the NYSE and 1.56-to-1 on the Nasdaq.

The S&P index recorded 25 new 52-week highs and no new low, while the Nasdaq recorded 79 new highs and six new lows. (Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta)

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(Bloomberg) — The largest U.S. technology companies are thriving in a pandemic that has increased dependence on their products and services, while hammering much of the rest of the economy.Quarterly results from Apple Inc., Amazon.com Inc., Facebook Inc. and Alphabet Inc. on Thursday show the industry is capitalizing on the crisis as locked-down consumers use tech gadgets and the internet for entertainment, social connection, shopping, learning and work.

Together, the four companies reported revenue of $206 billion and net income of $29 billion in the three months ending in late June.

“Right now, it’s big tech’s world and everyone else is paying rent,” said Wedbush Securities analyst Dan Ives. “They are consumer staples now and this crisis has bought their growth forward by about two years.”

The four companies’ results hit a day after their leaders faced congressional hearings into whether they have broken antitrust rules and need to be reined in. On Friday, most of them saw a surge in their shares. Apple and Facebook rose to records with the iPhone maker’s market valuation briefly surpassing Saudi Arabian Oil Co. Amazon gained as much as 6.4%. Only Google bucked the trend, sliding 4.3%.

Apple executives were quick to recognize how their strong results contrasted with an economic collapse that has caused millions of job losses, hundreds of thousands of deaths and many bankruptcies.

Earlier Thursday, U.S. government officials reported that gross domestic product contracted by the most on record — 32.9% on an annualized basis — and 17 million Americans claimed state unemployment benefits in mid-July.

“We’re conscious of the fact that these results stand in stark relief during a time of real economic adversity for businesses, large and small, and certainly for families,” Chief Executive Officer Tim Cook said on a conference call. “We do not have a zero-sum approach to prosperity, and especially in times like this, we are focused on growing the pie, making sure our success isn’t just our success.”

Cook cut back on his usual litany of praise for his company’s quarterly performance and instead devoted much of his scripted time on the call to discussing things like a contact-tracing partnership with Google, the deployment of masks, and the design of a face shield for medical workers.

The numbers paint a clear picture, though. IPad and Mac sales surged on demand from people working and studying from home. The Mac had its second strongest quarter ever, while the iPad had its best June quarter in eight years, Cook noted in an interview with Bloomberg TV.

Amazon posted a record quarterly profit as people avoiding physical stores shopped online. Unit sales at the largest online retailer surged 57%, the fastest pace of growth since the company began breaking out that metric.

“The penetration of e-commerce is accelerating,” said Hari Srinivasan, a senior analyst with Neuberger Berman. Amazon a prime beneficiary of the shift, and “the changes are here to stay,” he added.

Amazon executives, in the earnings release and on conference calls with analysts and the media, didn’t go out of their way to tout the company’s record sales and profit. Instead, they highlighted the company’s hiring during the pandemic, as well as investments in employee safety.

A day after testifying to Congress about Amazon’s sometimes harsh treatment of small merchants, CEO Jeff Bezos noted in a statement that such sellers saw faster growth than Amazon’s own retail operation.Facebook reported better-than-expected results partly because so many small and medium-sized businesses are moving online right now to survive, Chief Operating Officer Sheryl Sandberg said.

“A lot of businesses are struggling, but at the same time businesses have to pivot online,” she added. “We become a place you can set up a website, set up a digital storefront.”

The company reported that it has more than 9 million advertisers, and over 180 million small businesses that use the free parts of its service, such as a Facebook or Instagram profile.

CEO Mark Zuckerberg picked up where he left off at Wednesday’s antitrust hearing, referring to the tech industry as an ”American success story.” But he also took aim at President Donald Trump for the second time this month.

Story continues

Fisker Inc. has hit a snag in the plan to power its electric vehicles with Volkswagen’s modular EV platform, as negotiations over a “cornerstone agreement” that were supposed to end this month are now delayed until at least September.

In a scripted presentation to investors filed with the Securities and Exchange Commission (SEC) early Friday morning, founder Henrik Fisker says his company has “not achieved our goal of signing a cornerstone agreement with VW by the end of July 2020 as we previously anticipated.” The agreement is supposed to lock in costs, production capacity, and a production timeline.

Fisker says he “look[s] forward to continuing discussions with VW again in September after the traditional European summer holidays,” but adds that Fisker Inc. remains “in conversation with several other potential OEMs and suppliers.”

“It is a reality when working with world-class partners that they might not move at our speed,” Fisker says. “This is something of which we must be respectful.”

Fisker Inc. is currently trying to become publicly traded on the New York Stock Exchange by merging with Spartan Energy Acquisition Corp. Spartan, which was started by Apollo Global Management, is a “blank check company” or “special purpose acquisition company” — essentially an entity with no real business that gets listed on a stock exchange and then seeks out a company to merge with, thereby offering something of a shortcut around the traditional IPO process. The script was filed with the SEC by Spartan.

While Fisker says he still believes in Fisker Inc.’s overall timeline (deliveries starting “as early as the end of 2022”), time is of the essence. Spartan shareholders gave the company two years to merge with another company, and that deadline is up on August 14th. In the meantime, Spartan has asked those shareholders to approve an extension of the deadline to February 2021. A vote is scheduled for next week.

Fisker Inc. and Spartan announced their proposed merger earlier this month, adding themselves to a suddenly growing list of investments and mergers in the electric vehicle space. As The Verge first reported, Fisker Inc. revealed at the time that it has been in talks with Volkswagen to use the German automaker’s so-called MEB platform (which consists of scalable battery packs, electric motors, and the other EV tech that drives a car) for years. The two signed a memorandum of understanding in November 2017, and a “collaboration agreement” in December 2018. The first prototype of Fisker Inc.’s Ocean SUV, which debuted at the 2020 Consumer Electronics Show, was even built by Volkswagen’s Italdesign subsidiary on the MEB platform.

Fisker Inc. has said it wants to build two more models on the MEB platform beyond the Ocean. Volkswagen is already working with Ford on developing a vehicle powered by the MEB platform, and it has talked about partnering with other companies. But the German automaker is in the middle of remaking its executive ranks. Both Fisker Inc. and Volkswagen didn’t immediately respond to requests for comment.

Founded in 2016, Fisker originally set out to make high-end sports cars powered by solid-state batteries with Fisker Inc. — a sort of evolution of the work he had done at his first startup, Fisker Automotive, which ultimately went bankrupt. But he eventually turned his focus on making more affordable (and allegedly sustainable) electric SUVs powered by more conventional lithium-ion batteries.

In order to avoid the pitfalls of making an electric vehicle in-house, Fisker has said he wants Fisker Inc. to be “asset light” and not vertically integrated. Instead, he’s planning to source as much of the hardware from other companies as possible so Fisker Inc. “can focus exclusively on innovation in consumer-facing areas of the car, which are software, sustainability and a highly emotional design.”

“We are confident that this asset light model will allow us to deliver a compelling, affordable vehicle with an unparalleled digital consumer experience,” Fisker says in the script made public on Friday. “[W]e are pursuing an industry changing business model that will deliver Emass, or Emobility as a service, with the most sustainable, emotional design to deliver ultimate value to the consumer, while driving the biggest profits in the automotive industry. This is our commitment, and we are on target to deliver on this.”

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Will it be enough?”},{“title”:”These are the unexpected winners of the grocery wars”,”duration”:”01:48″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2019/05/16/grocery-wars-aldi-walmart-orig.cnn-business/index.xml”,”videoId”:”business/2019/05/16/grocery-wars-aldi-walmart-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180912110827-grocery-store-produce-file-large-169.jpg”,”videoUrl”:”/videos/business/2019/05/16/grocery-wars-aldi-walmart-orig.cnn-business/video/playlists/business-retail/”,”description”:”Today, big box stores and foreign discount chains are beating out more traditional supermarkets. Here’s how they’re attracting customers like never before.”,”descriptionText”:”Today, big box stores and foreign discount chains are beating out more traditional supermarkets. Here’s how they’re attracting customers like never before.”}],’js-video_headline-featured-rreqjq’,”,”js-video_source-featured-rreqjq”,true,true,’business-retail’);if (typeof configObj.context !== ‘string’ || configObj.context.length