Cisco faces fallout from a massive data leak exposing critical files, while China accuses the U.S. of cyber espionage amid rising tech tensions. AI governance sparks debate as Europe enforces strict rules, and ASIC sues HSBC for $23M scam failures. Global cyber affairs take center stage this week.
ASIC is suing HSBC Australia over $23M in scam losses, alleging systemic failures in fraud detection and delays in resolving complaints. Meanwhile, Singapore's proposed anti-scam law aims to freeze accounts of scam victims to prevent further losses, sparking debate on privacy and autonomy.
Broadcom joins Nvidia in the $1 trillion club, reshaping the AI chip race with a 51% revenue surge in Q4 2024 and VMware's $69B acquisition. As China invests $25B to boost semiconductor self-reliance, U.S.-China tensions escalate, redefining global innovation and geopolitical power dynamics.
Salesforce saw an 8.3% revenue rise to $9.44 billion, driven by its AI tool, Agentforce, while Intel’s CEO Patrick Gelsinger exited with a $10M package amid struggles to reclaim its chip-making dominance. Both companies reflect the pressures of competing in a rapidly evolving AI-driven market.
Salesforce Inc. reported a robust quarterly revenue of $9.44 billion, exceeding analysts’ estimates of $9.35 billion and marking an 8.3% increase for the period ending October 31. The adjusted operating margin stood at 33.1%, surpassing the average forecast of 32.2%. The announcement boosted investor confidence in Salesforce’s AI-driven strategy, with shares climbing more than 8% in extended trading.
“The higher-than-expected profit margin is the standout number in results,”
said Anurag Rana, an analyst at Bloomberg Intelligence, during an interview on Bloomberg Television.
The company’s pivot to artificial intelligence has been anchored by Agentforce, a new product launched in October and priced at $2 per agent conversation. Agentforce automates tasks such as customer support and sales development, marking a significant step in Salesforce's AI evolution. CEO Marc Benioff expressed confidence in the product, declaring,
“I’m so confident in Agentforce that we’re adding 1,000 employees to sell it.”
This hiring spree comes after two years of cost-cutting measures, including layoffs, as the company worked to improve profitability under pressure from activist investors. Executive Vice President Mike Spencer noted,
“We’ve signed a good number of deals related to Agentforce,”
though he acknowledged these are initial rollouts and will take time to impact financial results.
Salesforce’s shares have rebounded more than 50% this year after hitting a low in May, driven by growing enthusiasm for its AI strategy. Citigroup analyst Tyler Radke observed, “Agentforce has overtaken the CRM narrative by storm,” emphasizing the transformative role of the new AI tools. On a conference call, Benioff downplayed the quarterly numbers, saying,
“As I’m sure everybody knows on the quarter — these numbers are not what we’re really excited about. And while the quarter numbers are fantastic, the real excitement is really what is hitting with the technology.”
The company’s strong earnings, combined with optimism for its AI initiatives, have positioned Salesforce as a leader in redefining customer relationship management.
Intel’s top brass pulled a page straight out of the corporate drama playbook this weekend, delivering CEO Patrick Gelsinger an ultimatum: resign or be fired. After a turbulent tenure marked by ambitious promises and middling results, Gelsinger stepped down effective December 1, leaving Intel with a lot of soul-searching—and a hefty severance bill. For his “challenging year,” Gelsinger is walking away with a compensation package worth at least $10 million, proving that sometimes the AI race isn’t the only game in town—there’s also the game of golden parachutes. As he put it,
“It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.”
This isn’t just about one man’s fall from grace. Intel, once a Silicon Valley pioneer synonymous with innovation, is now navigating an identity crisis. Nvidia has lapped Intel in the AI chip race, and Wall Street whispers of a breakup or takeover are growing louder. The company’s turnaround hopes rested on Gelsinger’s ambitious pledge to leapfrog rivals by introducing five production processes in four years and catching up to Taiwan Semiconductor Manufacturing Company (TSMC) by 2025. But with manufacturing setbacks and an inability to cash in on mobile processors and AI chips, Intel seems more like the underdog in this tech saga.
While Intel scrambles to restore investor confidence, interim executive chair Frank Yeary is keeping the optimism alive, stating,
“We have much more work to do at the company and are committed to restoring investor confidence.”
For now, Intel will lean on its interim co-CEOs as it searches for a leader who can rebuild its legacy in an era dominated by AI-driven innovation. Whether Intel can reclaim its place in the semiconductor pantheon—or if it will remain a case study in missed opportunities—only time will tell.
Broadcom joins Nvidia in the $1 trillion club, reshaping the AI chip race with a 51% revenue surge in Q4 2024 and VMware's $69B acquisition. As China invests $25B to boost semiconductor self-reliance, U.S.-China tensions escalate, redefining global innovation and geopolitical power dynamics.
Nvidia’s stellar week featured $35B in Q3 earnings, a 195% YTD stock surge, and bold AI collaborations in Indonesia. With innovations like Blackwell chips and Sahabat-AI, Nvidia is driving the AI revolution into mid-decade, achieving a $3.6 trillion market cap and redefining global tech leadership.
Tech companies and banks are bringing employees back to the office in 2025 to boost face-to-face collaboration and innovation. While some miss remote work, workplaces are buzzing once more.
Tech giants Meta, Google, Apple, Microsoft, and Tesla are propelling the S&P 500's bull market ahead of the U.S. elections. Robust earnings from these companies have boosted investor confidence, driving gains despite election uncertainties and global tensions impacting the outlook.
