Intel and Nvidia Collaborate Amid Market Rally and Strategic Shifts
Intel's stock (NASDAQ: INTC) rose as there are potential plans to cut a business unit, which could impact the company's future operations and financial performance.
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"Nvidia's Custom Chip Unit Plans Drive Stock to New Highs"
Nvidia's stock reached a new high after reports of plans to create a new business unit focused on custom chips, particularly for AI. This move could strengthen Nvidia's position as the world's most valuable chip company. The company's shares rose over 3% to $717.71 per share, and it is set to report its Q4 fiscal 2024 results on February 21.
Verizon's $5.8 Billion Impairment Charge in Q4 Signals Business Unit Struggles
Verizon Communications will incur a $5.8 billion impairment charge in the fourth quarter due to a five-year planning review of its unit Verizon Business Group, leading to lowered financial projections. The Business unit, which provides wireless and wireline services, has been under pressure from competition and economic uncertainty, resulting in a goodwill balance of $1.7 billion as of Dec. 31. Verizon is set to report its fourth-quarter results on Jan. 23.