MORNING NEWS

Adobe raised its fiscal-year outlook for the second time this year, but investors remain uncertain that the company can grow into the artificial-intelligence powerhouse it wants to be. “The clear question right now in investors’ minds is: ‘How is AI going to get infused into our workflows, and maintain the durable differentiation that Adobe has had?'” David Wadhwani, Adobe’s president of digital media business said. “I think that this quarter is a great example of exactly that.”

OpenAI signed a contract with Oracle to purchase $300 billion in computing power over roughly five years, people familiar with the matter said, a massive commitment that far outstrips the startup’s current revenue. The deal is one of the largest cloud contracts ever signed, reflecting how spending on AI data centers is hitting new highs despite mounting concerns over a potential bubble. The Oracle contract will require 4.5 gigawatts of power capacity, roughly comparable to the electricity produced by more than two Hoover Dams or the amount consumed by about four million homes.

OpenAI is working with Broadcom to develop custom artificial-intelligence chips, a move that could help alleviate the shortage of powerful processors needed to quickly train and release new versions of ChatGPT. Broadcom’s shares surged nearly 11% in Friday trading after the company announced during an earnings call on Thursday that it had signed up a fourth major AI developer as a customer, and that this new customer had placed a one-time order worth $10 billion for AI server racks using the Palo Alto-based firm’s chips.

Elon Musk’s SpaceX is writing its biggest check ever to expand its foothold in the mobile-phone business. SpaceX said Monday it would pay $17 billion for the rights to use some of EchoStar’s valuable spectrum for cellphone service. The deal with EchoStar includes $8.5 billion in cash and up to $8.5 billion of SpaceX stock for two chunks of valuable U.S. wireless licenses and related domestic and international rights to beam signals from space.

OpenAI is working with Broadcom to develop custom artificial-intelligence chips, a move that could help alleviate the shortage of powerful processors needed to quickly train and release new versions of ChatGPT. Broadcom’s shares surged nearly 11% in Friday trading after the company announced during an earnings call on Thursday that it had signed up a fourth major AI developer as a customer, and that this new customer had placed a one-time order worth $10 billion for AI server racks using the Palo Alto-based firm’s chips.

Salesforce’s light sales outlook and investor concerns about artificial-intelligence returns weighed on its shares, despite higher-than-expected revenue and profit in the second quarter. The customer-relationship management platform said Wednesday that it expects revenue in the current third quarter to be $10.24 billion to $10.29 billion, while Wall Street was looking for $10.29 billion. Adjusted earnings guidance was in line with estimates. Shares fell 5.6%, to $242.15, in after-hours trading. At the close, the stock was down 23% this year.

Swiss Life earned a net profit of 602 million francs over the first six months of the year, down 5% compared to 2024. This is mainly due to higher tax charges of 36 million, the insurer said in a statement on Wednesday.

Nestlé said it dismissed Chief Executive Laurent Freixe with immediate effect following an investigation into an undisclosed romantic relationship with a direct subordinate that breached the group’s code of conduct.

A group of ex-managers of Credit Suisse around the former Chairman of the Board of Directors Urs Rohner has agreed on a payment of 115 million US dollars in the United States to settle a class action.

French distiller Pernod Ricard expects sales trends to improve in the second half of fiscal 2026 as it works through inventory destocking in the U.S. and tackles weak consumer demand in China.