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Thomas Fuller | SOPA Images | Lightrocket | Getty ImagesAppLovin shares soared as high as 15% in extended trading after the company reported earnings and revenue that beat expectations and announced the sale of its mobile gaming business.Here’s how the company did compared to LSEG consensus estimates:Earnings: $1.67 per share vs $1.45 per share expectedRevenue: $1.48 billion vs $1.38 billion expectedAppLovin also agreed on Wednesday to sell its mobile gaming business to Tripledot Studios in a deal worth $400 million in cash considerations.The advertising tech company will also obtain a roughly 20% ownership stake in Tripledot Studios, which makes mobile games…

U.S. President Donald Trump speaks during a swearing-in ceremony for the new U.S. ambassador to China, former U.S. Senator David Perdue, at the White House in Washington, D.C., U.S., May 7, 2025. Leah Millis | ReutersPresident Donald Trump on Wednesday offered to help dial back tensions between India and Pakistan, which has escalated as a result of a recent Islamist terror attack in the region of Kashmir.Trump commented on the situation hours after India said its armed forces conducted strikes against Pakistan early Wednesday morning.”It’s terrible,” Trump said of the conflict.”My position is I get along with both,” Trump said…

The Federal Reserve said Wednesday it was leaving interest rates unchanged as it warned that the chances of both higher unemployment and higher inflation had climbed in the wake of President Donald Trump’s tariffs plan.In its latest assessment of the economy, the Fed did not cite the tariffs specifically but noted that volatile trade activity affected the economic data it relies on to make its policy decisions — a reference to the negative gross domestic product figure reported last week.The central bank’s federal funds rate was kept at a target of 4.25% to 4.5%. “We don’t have to be in…

Vehicles are seen on display at a Carvana dealership in Austin, Texas, on Feb. 20, 2023.Brandon Bell | Getty ImagesDETROIT — Carvana’s first-quarter results easily topped Wall Street’s expectations as the company reported record sales driven by higher-than-expected industry demand amid fears of price increases due to automotive tariffs.Carvana CEO and co-founder Ernie Garcia loosely addressed potential impacts of tariffs on the business, saying the company experienced “little gyrations” of demand that have since leveled off. He downplayed the idea that the levies would have any material impact on its business that the company can’t handle.”I don’t think we have too…

Social media has been flooded with condemnations after India’s attack on Pakistan, with many suggesting it was emboldened by Israel’s assaults on Gaza and the muted response from the international community.India said on Wednesday it carried out “precision strikes” on “terrorist camps” across nine sites in Pakistan, as its neighbour promised to retaliate. Pakistan said the strikes hit civilian areas, with official Pakistani sources reporting that 26 civilians were killed and 46 injured in these attacks.  India’s attack on Pakistan has driven many online to draw parallels to Israel’s common justification of its attacks on Gaza, which have killed more…

George Kurtz, co-founder and chief executive officer of Crowdstrike Inc., speaks during the Montgomery Summit in Santa Monica, California, U.S., on Wednesday, March 8, 2017.Patrick T. Fallon | Bloomberg | Getty ImagesCybersecurity software maker CrowdStrike said Wednesday it plans to lay off 500 employees, representing about 5% of its workforce, a move CEO George Kurtz said reflects advances in artificial intelligence. “AI has always been foundational to how we operate,” Kurtz wrote in a memo included in a securities filing. “AI flattens our hiring curve, and helps us innovate from idea to product faster. It streamlines go-to-market, improves customer outcomes,…

U.S. President Donald Trump shakes hands with former U.S. Senator David Perdue during Perdue’s swearing-in ceremony to be the new U.S. ambassador to China, at the White House in Washington, D.C., U.S., May 7, 2025.Leah Millis | ReutersPresident Donald Trump’s pick for U.S. ambassador to China was sworn in on Wednesday, days before White House officials are set to meet with their Chinese counterparts for the first time since Trump announced his 145% tariffs.”What timing … what timing, only you could’ve picked this timing,” Trump quipped from the White House at Republican former Sen. David Perdue’s swearing in ceremony.”I’m entrusting…

Nvidia CEO Jensen Huang, right, speaks alongside President Donald Trump about investing in America, at the White House in Washington, on April 30, 2025.Jim Watson | AFP | Getty ImagesThe Trump administration on Wednesday prepared to rescind U.S. chip export restrictions known as the “AI diffusion rule,” effectively stopping a set of artificial intelligence semiconductor limits from taking effect next week. A Department of Commerce spokesperson confirmed the plan to CNBC after Bloomberg reported on it earlier.Nvidia shares climbed Wednesday in reaction to the news. The company has been vocal in its stance that restricting chip exports limits U.S. leadership in…

Kate_sept2004 | E+ | Getty ImagesAs investors worry about future inflation amid President Donald Trump’s tariff policy, some experts say assets like Series I bonds could help hedge against rising prices.  Currently, newly purchased I bonds pay 3.98% annual interest through October 31, which is up from the 3.11% yield offered the previous six months. Tied to inflation, the I bond rate adjusts twice yearly in part based on the consumer price index.Certified financial planner Nathan Sebesta, owner of Access Wealth Strategies in Artesia, New Mexico, said there’s been a “noticeable uptick” in client interest for assets like I bonds and Treasury inflation-protected securities. “While…

CNN  —  A three-day ceasefire in Ukraine that was unilaterally declared by Russian President Vladimir Putin last month was set to come into effect at 5 p.m. ET on Wednesday (midnight Moscow time), as Russia prepares to mark the anniversary of its World War II Victory Day on Friday. It was not immediately clear whether Russian forces observed the ceasefire. A statement from the Kremlin last month said that Putin ordered “all military actions” in Ukraine to be suspended from midnight May 8 to midnight May 11 based on “humanitarian considerations.” Kyiv rejected the short-term truce when it was first…