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Wall Street ends sharply lower as Iran retaliates against Israel attack
Explosions were heard and seen over Tel Aviv and Jerusalem as sirens sounded across Israel following what the country's military spokesman said was the firing of missiles from Iran. That came after Israel struck nuclear facilities and missile factories in Iran, escalating tensions in the Middle East and undermining global investor confidence. Oil prices surged nearly 7% on fears the conflict could disrupt crude supply from the Middle East. U.S. energy stocks rose in tandem, with Exxon up 2.2% and Diamondback Energy rallying 3.7%.
Google's $32 billion deal for Wiz gets antitrust review: Report
The deal, valued at about $32 billion, would be Alphabet's largest acquisition. It will integrate Wiz into Google's cloud unit, enhancing the company's cybersecurity solutions to help businesses mitigate critical risks.
US stock market: Nasdaq, Dow Jones, S&P 500 crash; Top gainers, top losers
US stock market closed in red as ten of the 11 S&P 500 sector indexes declined, led lower by financials, down 2.06 per cent, followed by a 1.5 per cent loss in information technology.
Dow Jones falls 400 points as Israel-Iran conflict hits risk appetite; oil, defence stocks rise
Wall Street indexes plummeted on Friday following Israel's strike on Iranian nuclear facilities, escalating Middle East tensions and triggering a global market sell-off. Oil prices surged, benefiting energy stocks while airline stocks suffered. Defense stocks rallied amid the geopolitical uncertainty, as investors grappled with domestic policy concerns and awaited the Federal Reserve's upcoming meeting.
Adobe shares slump 7% as investors skeptical of quicker AI-adoption returns
Adobe's stock experienced a 7% drop due to investor apprehension regarding the timeline for AI integration to yield profits, despite an increased annual revenue forecast. Concerns about competitive pressures and the monetization of AI initiatives have led to lowered price targets from several brokerages.
Adobe shares slide as investors skeptical of quicker AI-adoption returns
The San Jose, California-based creative software veteran is relied on by creatives for its tools including Photoshop and Premiere Pro. The company said in April that it would add AI models from OpenAI and Google to Firefly, its generative AI tool.
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US Share Market prediction: Stocks soar toward records — but will inflation and Trump’s Tesla feud trigger a crash?
Apart from inflation and earnings, Friday will bring an early reading of the University of Michigan’s consumer sentiment index for June. As inflation data trickles in and political noise grows louder, markets will continue to navigate a delicate balancing act between optimism and uncertainty.
'Beautiful Bill' moots decade-long pause on AI-related state laws
A bill passed by the House proposes a 10-year moratorium on state AI regulations, sparking debate over innovation versus addressing potential harms. Tech industry supports the move, citing concerns about conflicting state laws hindering AI development.
The Rs 1,200 crore paycheck mystery: How this Indian-origin CFO out-earned Sundar Pichai and Satya Nadella
In a year marked by tech cutbacks and waning EV sales, Tesla CFO Vaibhav Taneja quietly shattered salary records, earning a jaw-dropping $139 million in 2024. As Elon Musk took home nothing, Taneja’s rise—from Delhi classrooms to Silicon Valley stardom—has stunned corporate circles. From his Indian roots to Tesla’s top ranks, his story is shaking up pay scales and power narratives worldwide.
Trump's new tax remittance plan could drain billions of dollars from Indian Economy
India risks losing a key remittance lifeline as the US, under Donald Trump, tightens immigration policies and proposes a 5% tax on money transfers by non-citizens. Remittances, vital for India's economy, totalled $120 billion last year, with the US contributing $32 billion. The tax could cost Indians in the US $1.6 billion and reduce inflows by up to $18 billion.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
GIC’s Groww stake; Trump bites Apple’s India plans
Singapore’s sovereign wealth fund GIC has approached the Competition Commission of India (CCI) for approval to acquire a stake in Groww. This and more in today’s ETtech Top 5.
People who use AI will replace those who don't: Adobe CEO Shantanu Narayen
Adobe CEO Shantanu Narayen believes AI users will replace non-users, likening it to past shifts with automation and computers. He highlights AI’s rapid adoption as disruptive yet full of opportunity. During his India visit, he emphasised Adobe’s growth, India’s tech evolution, and long-term optimism amid global uncertainties.
‘Macro jolts a blip in long-term growth’
Despite tariffs being wielded as a weapon, “The relentless move towards allowing for free trade, whatever that free may mean between countries is the way it's going to go,” Adobe chief executive Shantanu Narayen said, adding, “I am a big believer in the American and Indian” economies.
ServiceNow, Nvidia expand partnership, launch new AI agent
ServiceNow and Nvidia unveiled Apriel Nemotron 15B, a new AI reasoning model, and launched the AI Control Tower and Workflow Data Fabric to optimise enterprise AI use. Deepening ties with partners like AWS and Microsoft, they aim to drive real-time, AI-powered business transformation across industries.
IBM CEO makes play for AI market and more US investment
IBM also announced in April that over the next five years, it would invest $150 billion in the United States, where it has manufactured mainframe computers for more than 60 years. It will make quantum computers in the United States as well, chief executive Arvind Krishna said.
Huge interest among global firms to collaborate with IICT: Ashwini Vaishnaw at WAVES event
Union Minister Ashwini Vaishnaw announced that global firms are eager to collaborate with the newly established Indian Institute of Creative Technology (IICT) to tap into India's youth's creative potential. Seven leading companies, including JioStar, Google, Adobe, Meta, Apple, NVIDIA, and Microsoft, have already signed Letters of Intent with the IICT.
From Satya Nadella to Sabeer Bhatia, here are the 24 grand keynote speakers at TiEcon 2025
The most prestigious AI conclave is just round the corner. Find out which C-suite executives, founders, academics, policymakers, and investors are headed to Silicon Valley, and why it matters.
TiEcon 2025: Who’s the organiser of Silicon Valley’s biggest AI event?
The stage is nearly set for the annual TiEcon event in California, featuring speakers such as Microsoft honcho Satya Nadella, Adobe chief Shantanu Narayen, and Intel CEO Lip-Bu Tan. Here’s what to know about its organisers.
RBI boost for gold loan fintechs; Blinkit dents Zomato’s profits
Happy Friday! The RBI is formalising the gold loan market, opening doors for fintechs in the space. This and more in today’s ETtech Morning Dispatch.
AI is not a threat to human creativity but a powerful ally, say tech leaders
At the World Audio Visual and Entertainment Summit (WAVES) 2025 in Mumbai, tech leaders emphasized that Artificial Intelligence (AI) is a powerful ally for human creativity rather than a threat. Adobe CEO Shantanu Narayen highlighted AI’s role in enhancing Indian creators’ capabilities, noting its impact on media, design, and regional language storytelling.
PM Narendra Modi pitches India as global M&E hub at WAVES 2025
India is becoming a global hub for creative industries. Prime Minister Narendra Modi inaugurated the World Audio Visual and Entertainment Summit (Waves). He highlighted the potential of India's creative economy. The government will launch Waves Awards. Ashwini Vaishnaw announced the Indian Institute of Creative Technology (IICT) in Mumbai. Several tech companies are partnering with IICT for training programs.
WAVES Summit: How creator economy is gaining clout
India's media and entertainment industry is set for a boost with the WAVES 2025 summit, inaugurated by PM Modi, attracting global participation and a $1 billion fund for the creator economy. The event aims to empower digital content creators through funding, skill development, and global market access.
India’s creative economy to lead next growth wave, says Adobe CEO at Waves Summit
At Waves 2025, Adobe CEO Shantanu Narayen said India’s next growth phase will be driven by creativity, not code, powered by AI. He emphasised local AI models, ethical tech, and creator-led innovation. Adobe also announced partnerships to boost creative education and expand its presence across India.
iPad Air M3 long-term review: A love letter to all the creatives
iPad Air is now powered by the M3 chip. iPad Air starts at Rs. 59,900 and the new iPad Air supports Apple Intelligence
Some Amazon sellers are pulling out of Prime Day amid Trump tariffs
The planned pullback, which hasn't been previously reported, is a way for sellers to protect profit margins amid the US-China trade war triggered by steep tariffs placed by US President Donald Trump on Chinese goods, according to four merchants and six consultants collectively advising hundreds of Amazon sellers.
Adobe adds AI models from OpenAI, Google to its Firefly app
Adobe is integrating AI image-generation models from OpenAI and Google into its Firefly app, extending its availability to mobile devices. This move allows users to experiment with diverse AI models, including Google Imagen 3 and OpenAI's ChatGPT, alongside Adobe's own Firefly. While Firefly ensures commercial safety, these integrations cater to users seeking broader creative options.
Real value in AI will be to create products and workflows around AI models: Synthesia CEO
Victor Riparbelli, CEO of Synthesia, says the real value in AI will come from building products and workflows around existing models, not just improving the models themselves. Synthesia’s AI video platform, used by half the Fortune 100, is growing fast and focuses on responsible, consent-based content
Figma confidentially files for much awaited US IPO after $20 billion Adobe deal collapse
Figma, a cloud-based design platform, has filed confidentially for an IPO in the U.S., following regulatory blockades on its $20 billion acquisition by Adobe. Despite market volatility, Figma, valued at $12.5 billion, is cash flow positive and expanding its collaborative platform with AI features, serving major clients like Google and Uber.
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