Cyberattacks On Microsoft Tied to Russian Interests, Chip Stocks Nvidia, AMD Fall, United CEO Blames FAA As Storms Disrupt Flights: Today's Top Stories

Bloomberg

Anonymous Sudan: Cyberattacks on Microsoft and More Tied to Russian Interests

• "Anonymous Sudan," a hacktivist group, has been causing outages at Microsoft Corp MSFT for months, with previous attacks also in Israel, Sweden, and other countries. Some cybersecurity researchers associate this group with Russia.
• The group states its motivation as supporting oppressed Muslims globally and says its June 5 DDoS attacks on Microsoft were a response to U.S. policy on Sudan's military conflict.
• Some cybersecurity professionals believe this group operates from Russia and aims to further Moscow's objectives.

Samsung Takes On TSMC and Intel, Gears Up for 2-nanometer Chip Production

• Samsung Electronics Co Ltd's SSNLF chip foundry business is adding production capacity and more advanced manufacturing techniques intensifying rivalry with Taiwan Semiconductor Manufacturing Company Ltd TSM and foundry debutant Intel Corp INTC.
• It looks to introduce 2-nanometer production for mobile phone parts by 2025 and expand applications.

BlackRock Owns Over 7% of Nvidia Stock, Capitalizes on AI Surge

• BlackRock Inc BLK capitalizes on artificial intelligence following a spectacular AI-driven surge that marked the Nasdaq 100 index's best first-half-year performance ever.
• BlackRock highlighted semiconductor manufacturers, firms with extensive data collections, and a high potential for automation as likely beneficiaries.
• In its mid-year report, BlackRock declared an overweight position on AI as a significant driver.

Reuters

Russian Oil Company Roszarubezhneft Seeks Control of Venezuelan Oil Exports Amid US Sanctions

• Russian oil company Roszarubezhneft is seeking permission from Venezuela's state-run company PDVSA to control exports from their joint ventures, akin to a deal PDVSA struck with U.S. oil producer Chevron Corp CVX last year.
• This proposal faces significant obstacles as it would require changes to Venezuelan law governing its oil exports.
• The intent is to revive the cash flow from the five companies that U.S. sanctions have negatively impacted.

SAP CEO Christian Klein Bullish on AI, Touts Generative AI as Major Growth Driver

• SAP SE SAP CEO Christian Klein expressed colossal growth potential in generative AI technology.
• Klein mentioned human resources as an example of the application of the technology. He also said that generative AI could take over administrative tasks like business appointment management.

Google Trims Waze Workforce in the Wake of Google Ads Integration

• Alphabet Inc GOOG GOOGL Google shared plans to downsize the workforce at mapping app Waze as it merges its advertising system with Google Ads technology.
• The company reduced roles focused on Waze Ads monetization. Google snapped Waze for about $1.3 billion in 2013.

Overstock's $21.5M Bid For Bed Bath & Beyond Assets Receives US Judge Approval

• U.S. bankruptcy judge has reportedly approved Overstock.com Inc's OSTK acquisition of Bed Bath & Beyond Inc BBBYQ brand name, intellectual property, and e-commerce platform.
• Overstock had won an auction for the intellectual property and digital assets of Bed Bath & Beyond.
• Bed Bath & Beyond stores and inventory are not part of the deal.

Benzinga

Toyota, Hyundai Pulled Up By UK Watchdog Over 'Misleading' EV Charging Speed Ads

• The U.K.'s Advertising Standards Authority ruled against Hyundai Motor HYMTF and Toyota Motor TM on Wednesday, finding their EV charging speed ads to be misleading.
• According to complaints received by the advertising watchdog, both automakers were challenged to substantiate the charging speeds advertised. Hyundai claimed that its IONIQ 5 model could charge from 10% to 80% in 18 minutes using a 350 kW charger, while Toyota claimed that its bZ4X could reach 80% using rapid public charging in around 30 minutes with a 150 kW fast-charging system.
• The watchdog concluded that both ads failed to include important information about factors that could impact the advertised charging time, as well as the limited availability of 350 kW and 150 kW chargers. As a result, the ads were deemed misleading.

Stellantis Launches Free2move Charging Service For EV Users

• Stellantis NV STLA has launched Free2move Charge, a 360-degree EV charging and energy management ecosystem.
• Managed by the new Stellantis Charging & Energy Business Unit, Free2move Charge will address electric-vehicle customer needs at home, at work, and on the go.
• Making it easy to Always Be Charged (e-ABC Promise), Free2move Charge also makes it smart, understanding users' needs and optimizing overall energy management to reduce the total cost of ownership and maximize environmental benefits.

Chip Stocks Nvidia, AMD Fall On Reports Of US Adopting Stricter Stance Over China

• Nvidia Corp NVDA, Advanced Micro Devices Inc AMD, and a host of peer chipmakers are trading lower Wednesday amid reports of the U.S. adopting a stricter stance over China's AI ambitions.
• The U.S. plans to update export controls on AI chips to limit China's access to advanced technologies with military applications.
• Sourcing smuggled GPUs has become a big moneymaking enterprise due to the robust domestic demand for Nvidia's A100 and H100 GPUs.

Spirit AeroSystems, Workers Union Agree On New Contract Proposal That May End Strike At Wichita Plant

• Spirit Aerosystems Holdings Inc SPR unit Spirit AeroSystems and the International Association of Machinists and Aerospace Workers have agreed to a four-year contract proposal for wage increases and bonuses, an indication to end the strike at the company's plant in Wichita, Kansas.
• IAM union members will vote on approval of the contract on Thursday, June 29, at Hartman Arena in Park City, Kan. Operations at Spirit's Wichita plant will continue to be suspended until the new agreement is ratified.

General Dynamics Bags ~$769M US Army Contract To Build Combat Vehicles

• General Dynamics Corp GD business unit, General Dynamics Land Systems, has been selected by the U.S. Army to advance to the detailed design and prototype build and test phases of the XM30 Mechanized Infantry Combat Vehicle competition.
• The U.S. Army Contracting Command awarded a $768.7 million firm-fixed-price contract for Phase III and IV detailed design and prototype build and testing.
• Formerly known as the Optionally Manned Fighting Vehicle (OMFV), the XM30 is the Army's next-generation infantry fighting vehicle developmental program slated to replace the Bradley Fighting Vehicle. 

General Mills Shares Fall After Reported Mixed Q4 Results

• General Mills Inc GIS reported fourth-quarter FY23 sales growth of 3% year-on-year to $5.03 billion, missing the analyst consensus of $5.17 billion. Organic net sales increased by 5%.
• North America Retail segment sales increased 2% Y/Y to $3.1 billion. Pet segment sales rose 7% to $655 million, while International segment sales fell 1% to $745 million.
• Adjusted EPS of $1.12 topped the consensus of $1.07.

Nissan Reveals Executive Committee Changes To Accelerate NEXT Progress

• Nissan Motor Co Ltd NSANY NSANF has made executive committee changes that will take effect from July 1, 2023.
• "The new executive committee will work as a cohesive team to accelerate Nissan NEXT progress in the final year of delivery and formulate the next mid-term plan to realize Nissan's growth plans," said Makoto Uchida, president & CEO.
• On June 15, 2023, the company announced that Representative Executive Officer and Chief Operating Officer Ashwani Gupta had elected to leave the company to pursue other opportunities effective June 27.

Wall Street Journal

United CEO Blames FAA As Storms Force More Flight Cancellations

• Storms forced many U.S. airlines to cancel roughly 1,500 flights on Tuesday, adding to the 3,500 canceled on Sunday and Monday.
• The CEO of United Airlines Holdings Inc UAL criticized the Federal Aviation Administration (FAA) after heavy storms caused thousands of flights to be canceled recently, claiming that the agency's air-traffic-control issues exacerbated the disruption.
• "I'm also frustrated that the FAA frankly failed us this weekend," wrote United CEO Scott Kirby in a message.

Fox News 

AI in Medical Field: Hong Kong Company Takes First AI-Generated Drug Candidate To Clinic Targeting Chronic Lung Disease

• Insilico Medicine, a biotechnology company based in Hong Kong, has initiated a 12-week Phase 2 clinical trial for the first-ever drug created by artificial intelligence, INS018_055 targeting idiopathic pulmonary fibrosis (IPF), a type of chronic lung disease.
• The drug, taken orally, underwent the same testing for safety and efficacy as traditionally discovered drugs, as per Insilico Medicine's CEO Alex Zhavoronkov.
• The company used PandaOmics to identify disease-causing targets and Chemistry42 to design new molecules.

Photo via Wikimedia Commons