Games are bad business right now

The world’s biggest games publisher is in discussions to cut some global studio investments. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Here’s your wrap of the latest must-read tech news. For more expansive and analytical coverage from around the globe, get the Tech In Depth newsletter. Market Snapshot Space Exploration Technologies Corp $154.60 -16% Alphabet Inc $349.68 -5.0% Meta Platforms Inc $563.85 -2.3% Market data as of 11:00 PM ET. Data is subject to provider delays. Your watchlist Top Stories WhatsApp’s new boss: Meta is putting $900 million into Indian fintech Cred and plans to appoint its founder, Kunal Shah, as the new head of WhatsApp. It’s the kind of deal that Meta has used before. Microsoft-Chevron agreement: The software company signed a 20-year deal to receive natural-gas power from Chevron for a proposed data center in West Texas. The plant is expected to start producing electricity by 2028. Qualcomm eyes chip startup: The San Diego chipmaker is in advanced talks to acquire AI chip designer Modular. A purchase would fit into Qualcomm’s ambition to broaden its markets. Must Reads SpaceX Falls for Third Day, Erases $600 Billion in Market Value SpaceX shares slipped for a third straight day, shedding hundreds of billions of dollars in market value, after the Elon Musk-led company said it is selling investment-grade bonds for the first time, part of what’s expected to be a massive borrowing spree to fund its artificial-intelligence ambitions. Alphabet Shares Drop After Second AI Star Departs for Rival Alphabet shares tumbled on Monday following the departure of another high-profile artificial intelligence leader to a rival. Amazon Prime Day Spending Expected to Rise 9% to $26.3 Billion Shoppers feeling the sting of higher gas prices are expected to snatch up deals on back-to-school clothes and household goods, pushing online spending to another record during Amazon’s 12th annual Prime Day sale that begins Tuesday. Beyond The Brief The games industry will not soon shake off its malaise, Takashi Mochizuki writes in today’s Tech In Depth essay. His latest report details how Tencent is pulling back or entirely exiting certain investments in global game studios, piling on pressure for an industry that is struggling to find its right size. Get the Tech In Depth newsletter for analysis and scoops about the business of technology from Bloomberg’s journalists around the world. This Week In Power On Incoming Apple CEO John Ternus should consider it his top job to rebuild the design team so it can again be the group that defines the company’s products and inspires employees to work toward the next big thing, Mark Gurman writes in this week’s Power On. Sign up for the Power On newsletter to get the inside scoop from Mark Gurman on all things Apple and consumer tech Before You Go... Nvidia Seeks to Make Humanoid AI Robots Safer Around Humans Nvidia is working to make humanoid robots safer around people, arguing that they’ll need to handle split-second decisions before they can be trusted to work closely with humans. Read more We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Tech In Brief newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |