Here is a rundown of Cheddar News' top trending market stories of the day.
TECH EARNINGS AHEAD
It's going to be a busy week for Wall Street. The Federal Reserve is announcing its next rate hike on Wednesday, and Big Tech is dropping a slew of quarterly results. Meta is releasing earnings on Wednesday, and Amazon, Apple, and Google parent Alphabet are all releasing on Thursday. Traders are betting that the Fed delivers a modest 25 basis point hike, marking a deceleration of this tightening cycle. As for the earnings, investors will be tuned in for signs of how the tech sector might fare in the coming year after several high-profile rounds of layoffs.
MICROSOFT COPYRIGHT SUIT
Microsoft and OpenAI requested that a San Francisco court toss out a class-action lawsuit accusing the firms of improperly monetizing open-source code in their artificial-intelligence systems. The companies said the anonymous copyright owners who filed the complaint were not specific enough in their allegations. The plaintiffs maintain that they used the open source code in a program called Copilot without complying with licensing terms.
AMAZON ADD GROCERY FEES
Amazon is adding a fee to Fresh grocery orders that cost less than $150. It said the extra charge is designed to keep prices down across its services. The delivery fee is $9.95 for orders under $50, $6.95 for orders between $50 and $100, and $3.95 for orders between $100 and $150. “This service fee will help keep prices low in our online and physical grocery stores as we better cover grocery delivery costs and continue to enable offering a consistent, fast, and high-quality delivery experience,” the company said.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
