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(Reuters) -Lam Research forecast second-quarter revenue above Wall Street estimates on Wednesday, as chipmakers ordered more of its equipment used to manufacture semiconductors for artificial intelligence applications. Shares of the Fremont, California-based company rose 2.2% in trading after the bell. The stock has doubled so far this year, supported by strong demand for AI semiconductors as chip designers seek equipment to create processors capable of meeting growing computing needs. A boom in demand for AI-powered chips has bolstered demand for companies that provide wafer fabrication equipment (WFE), which are sophisticated and expensive tools to make chips, helping firms including Lam. Lam develops tools essential for semiconductor manufacturing. Its products are primarily used in a wide range of wafer processing and wiring of semiconductor devices. The company faces stiff competition from Analog Devices, Applied Materials and the Netherlands' ASML, among others. The company expects revenue of $5.20 billion, plus or minus $300 million, for the ongoing quarter ending December 28, compared with analysts' estimate of $4.81 billion, according to data compiled by LSEG. It expects adjusted net income per share of $1.15, plus or minus 10 cents, compared to an estimate of $1.04. Lam posted revenue of $5.32 billion for the three months ended September 28, compared with market estimates of $5.23 billion. Excluding items, the company reported a profit of $1.26 per share, compared with estimates of $1.22. (Reporting by Juby Babu in Mexico City; Editing by Shreya Biswas and Maju Samuel)

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(Reuters) -IBM recorded a slowdown in growth in its key cloud software segment, overshadowing booming AI-driven demand for the company's new mainframe that drove third-quarter sales and profit above Wall Street estimates on Wednesday. Slower growth in IBM's hybrid cloud segment, housed within its software unit, raised alarm bells across investors betting heavily on Big Blue's ability to benefit from booming demand for cloud services, as artificial intelligence adoption rises. The company's shares, which have risen about 30% so far this year, fell nearly 4% in extended trading. IBM recorded third-quarter revenue of $16.33 billion, beating analysts' average estimate of $16.09 billion, according to data compiled by LSEG. The company's adjusted profit of $2.65 per share for the September quarter also came in above estimates of $2.45. However, sales in the hybrid cloud unit, also known as Red Hat, grew about 14%, decelerating from 16% growth in the previous quarter. The software segment grew 10% to $7.21 billion, coming in just slightly above estimates. "Although IBM beat expectations handsomely on earnings and revenue … a slowdown in Red Hat revenue and software sales from 16% to 14% will disappoint some that were hoping for accelerating growth in what is a high-margin segment," said Michael Ashley Schulman, chief investment officer at Running Point Capital. Still, the infrastructure segment, housing its mainframe, saw revenue rise 17% to $3.56 billion in the quarter. The new mainframe, which is powered by chips specialized for AI applications, is being widely used by the financial industry, allowing for the maintenance of strict data residency and encryption rules as they work on adopting AI tech, CFO Jim Kavanaugh told Reuters. "Addressing client pain points, around AI, around sovereignty … that is driving the client buying behavior overall." IBM's AI book of business grew to $9.5 billion, up $2 billion from the second quarter. IBM also raised its outlook for the current fiscal year, expecting revenue to grow more than 5% at constant currency, up from its prior forecast of at least 5% growth. (Reporting by Arsheeya Bajwa; Editing by Maju Samuel)

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(Reuters) -OpenAI, along with Oracle and Vantage Data Centers, will develop a data center campus in Wisconsin, as part of the Stargate project, to keep the U.S. ahead in the global artificial intelligence race, the companies said on Wednesday. The new Port Washington campus is part of OpenAI and Oracle's partnership announced in July to develop another 4.5 gigawatts of data center capacity. The Stargate initiative, a project of up to $500 billion and 10 gigawatts, also includes Japanese technology investor SoftBank Group and is setting up its first AI data center in Abilene, Texas. OpenAI, as well as its backer Microsoft, are among the technology companies pouring billions of dollars on data centers to power generative AI services such as ChatGPT and Copilot, which require huge amounts of computing power. The growing use of AI in sensitive sectors such as defense, as well as China's push to catch up, has made the nascent technology a top priority for U.S. President Donald Trump, who unveiled Stargate at the White House in January. The construction of the Wisconsin campus, named Lighthouse, is scheduled to be completed in 2028. It is expected to create more than 4,000 skilled construction jobs, most of which will be union jobs. The campus, combined with other Stargate campuses in collaboration with Oracle, would deliver over 4.5 gigawatts of IT capacity. Vantage, backed by private equity firm Silver Lake and asset manager DigitalBridge, will invest over $15 billion in Port Washington. Once complete, Vantage and Oracle are expected to create more than 1,000 long-term jobs and thousands more indirect jobs. OpenAI, Oracle and SoftBank last month announced plans for five new AI data centers in the United States to build out the Stargate project. (Reporting by Juby Babu in Mexico City; Editing by Alan Barona)

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(Reuters) -Tesla reported record third-quarter revenue, beating Wall Street estimates on Wednesday, driven by the highest quarterly sales of its electric vehicles as car buyers rushed to lock in a key U.S. tax credit ahead of its expiry last month. The $7,500 tax credit had been a driver of EV sales, and the industry is bracing for a drop in demand through the rest of the year. Tesla did not provide a full-year forecast. "While we face near-term uncertainty from shifting trade, tariff and fiscal policy, we are focused on long-term growth and value creation," the company said in a shareholder update on Wednesday. Shares of the Austin, Texas-based company were down about  2% in extended trading.  The electric vehicle maker reported total revenue of $28.1 billion for the third quarter ended September 30, compared with analysts' average estimate of $26.37 billion, according to data compiled by LSEG. Profit per share in the third quarter was 50 cents, below analysts' estimates of 55 cents. Tesla reported gross margin of 18%, compared with estimates of 17.5%. Its closely watched automotive gross margin, excluding regulatory credits, was 15.4%, compared with an average estimate of 15.6%, according to 19 analysts polled by Visible Alpha. Tesla's limited rollout of its self-driving "robotaxi" service in Austin, Texas, earlier this year marked a key strategic pivot, underpinning investor expectations that the company will transition from pure vehicle sales to focusing on self-driving technology. While most of Tesla's current revenue is still derived from vehicle sales, its $1.45 trillion valuation largely reflects investor bets on robotics and AI. Tesla introduced lower-cost "Standard" variants of Model Y and Model 3 vehicles earlier this month as part of a volume-growth push, cutting features and prices to make the vehicles more accessible after the expiration of the U.S. tax credit on EV purchases. A rush in the U.S. to grab the federal incentive before it went away at the end of September resulted in the company delivering a record number of vehicles in the third quarter. While Tesla hopes the cheaper variants will drive higher volumes, analysts warn the move will squeeze margins as thousands of dollars of cost cuts per vehicle may not fully compensate for lower selling prices. Wall Street expects Tesla's deliveries in 2025 to fall 8.5% due to the expiry of the tax credit, reliance on older models and rising competition. Tesla CEO Elon Musk's embrace of right-wing politics has also alienated some potential buyers. Tesla is banking on the rollout of its lower-cost standard variants to revive volume growth, though some analysts remain skeptical of a strong rebound as the cheaper version could take away sales of more profitable premium vehicles. For years, Tesla has benefited from selling regulatory credits to other automakers as they worked to comply with emissions or zero-emission vehicle mandates, representing a meaningful supplemental revenue stream. That tailwind is rapidly fading. U.S. policy changes are expected to reduce this income stream significantly, and analysts now estimate revenue for the highly profitable regulatory credits could fall dramatically in the coming quarters. (Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; Editing by Anil D'Silva, Peter Henderson and Matthew Lewis)

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(Reuters) -IBM beat Wall Street estimates for third-quarter revenue and profit on Wednesday, driven by booming demand for its software and new mainframe as the rush to deploy AI models boosts sales for the underlying technology supporting them. Businesses have prioritized spending on improving their platforms as they upgrade their systems to develop data-intensive artificial intelligence tech, helping drive demand for IBM's high-margin software segment. The company's shares have risen nearly 30% so far this year, as investors bet on its potential to benefit from the AI boom. IBM recorded third-quarter revenue of $16.33 billion, beating analysts' average estimate of $16.09 billion, according to data compiled by LSEG. The company's adjusted profit of $2.65 per share for the September quarter also came in above estimates of $2.45. The software segment grew 10% to $7.21 billion, beating estimates. Big Blue also saw strong demand for its latest mainframe – an iteration of a high-performance computer- following a three-year cycle for its previous version. The new mainframe, which is powered by chips specialized for AI applications, is being widely used by the financial industry, allowing for the maintenance of strict data residency and encryption rules as they work on adopting AI tech, CFO Jim Kavanaugh told Reuters. "Addressing client pain points, around AI, around sovereignty … that is driving the client buying behavior overall." The infrastructure segment, housing its mainframe, saw revenue rise 17% to $3.56 billion in the quarter. However, IBM's AI book of business grew to $9.5 billion, up $2 billion from the second quarter, but did not include mainframe sales. Revenue and bookings from consulting made up about $7.5 billion of the book, which combines bookings and actual sales across various products, Kavanaugh said. Consulting revenue grew about 3% to $5.32 billion, as clients prioritized spending on big-ticket AI-linked consulting projects. IBM also raised its outlook for the current fiscal year, expecting revenue to grow more than 5% at constant currency, up from its prior forecast of at least 5% growth. (Reporting by Arsheeya Bajwa; Editing by Maju Samuel)

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By Akash Sriram and Abhirup Roy (Reuters) -Tesla is expected to post a surge in third-quarter results later on Wednesday, thanks to U.S. buyers rushing to take advantage of an expiring $7,500 federal electric vehicle tax credit. But investors and analysts may be more focused on Chief Executive Elon Musk's outlook, including whether new, cheaper versions of its Model 3 and Model Y Tesla can keep U.S. customers buying and attract new ones in Europe and Asia.  The new trims – called Standard – are $5,000 to $5,500 cheaper than their predecessors as Tesla shrank the battery, switched to a less-powerful motor and stripped out myriad features – from rear touchscreens to seat-back pockets. The company also temporarily has slashed lease prices on the higher-priced Premium versions. The cheaper Standard variants as well as Tesla's offers and discounts to stave off competition globally throughout the year have pressured the company's once-enviable margins, worrying investors. Sales of Tesla's aging lineup declined for the first time last year and analysts expect an 8.5% fall this year, in part because of Musk's far-right political rhetoric. The results are expected after 4 p.m. EDT and a conference call with analysts at 5:30 p.m. EDT. ROBOTAXIS ROLLOUT UPDATE Musk also will be expected to update on robotaxis, the project that he sees as the key to Tesla's next stage of growth. Musk has said Tesla's robotaxis will serve half the population of the U.S. by year-end. "What are the relevant metrics – fleet size, cumulative miles, and territories – you expect in Q4 and 2026?" was the top question for the CEO in a note by analysts at Cantor Fitzgerald on Tuesday.  While Musk has pivoted Tesla's focus to robotics and artificial intelligence and much of the company's $1.4 trillion valuation hangs on that bet, most of its current revenue and profit comes from vehicle sales.  Tesla shares, which were down 1% on Wednesday, have risen nearly 10% this year, propelled by a record-breaking $1 trillion pay package for Musk that the board proposed last month. The stock is still largely among the laggards in the 'Magnificent 7' group of mega-cap stocks. Analysts expect Tesla to report a revenue of $26.24 billion in the quarter ended September, up 4.2% from a year earlier, according to data compiled by LSEG. Tesla also will report on whether regulatory credits that it sold to makers of gasoline-powered cars to satisfy pollution standards have faded away after policy changes by the Trump administration. Automotive gross margin, excluding regulatory credits, is estimated to be 15.6%, according to 19 analysts polled by Visible Alpha. That is lower than 17.05%, a year earlier. (Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; editing by Peter Henderson and Stephen Coates)

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By Foo Yun Chee BRUSSELS (Reuters) -Apple was hit with a complaint to EU antitrust regulators by two civil rights groups on Wednesday over the terms and conditions of its App Store and devices for allegedly breaching landmark rules aimed at reining in Big Tech. The joint complaint by Article 19 and Germany's Society for Civil Rights to the European Commission could pose yet another headache for Apple, which was fined 500 million euros ($583 million) in April for violating the Digital Markets Act. Apple did not immediately respond to a request for comment. The EU executive, which acts as the bloc's competition enforcer, said it was aware of the submission. "Third party contributions are very important for the effective enforcement of the DMA," a Commission spokesperson said. "We are already looking into (some of) those issues, as we are currently seeking feedback from market participants in relation to Apple business terms and we are regularly supervising gatekeepers' compliance." The complaint, not previously reported, was shared with Reuters ahead of its publication. The DMA sets out a list of dos and don'ts for Big Tech firms aimed at allowing smaller rivals entry into markets dominated by the largest companies and giving users more choice. The complaint targets Apple's business terms and conditions for its App Store, iOS and iPadOS operating systems, saying that these prevent and impede interoperability for small businesses with Apple devices. It also takes aim at restrictions on the installation and use of third-party software apps and app stores which it said harm business users and end users in breach of the DMA. The civil rights groups singled out a stand-by letter of credit (SBLC) of 1 million euros required from developers who want to develop apps for distribution in Apple's App Store or who want to install a third-party app store as a native app in Apple's iOS and iPadOS. "A 1,000,000 euro SBLC can impose a recurring annual cost and collateral requirements that many SMEs cannot meet," said the 16-page complaint seen by Reuters. The groups urged the Commission to fine Apple. DMA penalties can be as much as 10% of a company's global annual revenue. ($1 = 0.8575 euros) (Reporting by Foo Yun Chee; Editing by Joe Bavier, Kirsten Donovan)

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By Greg Bensinger MILPITAS, California (Reuters) -In its relentless drive to bring everyday items to customers faster, Amazon has shifted expectations from two-day delivery to same-day and even within an hour. Now, with robots, artificial intelligence and even eyewear, it is working to pare seconds off each delivery. On Wednesday, Seattle-based Amazon showed off advanced eyeglasses for delivery workers for the first time publicly after Reuters exclusively reported the company was developing them last year. Known internally as Amelia, the glasses have a small screen that gives turn-by-turn directions, scans package codes and takes photos for proof of delivery. The glasses could replace the bulky handheld Global Positioning System devices drivers use today and give helpful navigation tips like which way to turn when leaving an apartment elevator or how to avoid an aggressive dog at a customer’s home. The glasses rely on a paired controller placed in a driver’s vest and Amazon solved the challenge of battery life by having swappable battery packs, the company said. The announcements made at Amazon’s annual “Delivering the Future” logistics event are part of the firm’s particular focus on the "last 100 yards," which contribute to the expensive final steps in a delivery’s journey to customers. Last year, it unveiled a delivery van scanner to direct drivers to packages for each stop by shining a green spotlight on them, shaving seconds off time usually spent reading labels. And in June, it showed reporters new digital maps that gave far more detail about neighborhoods, building shapes and obstacles, than, say, Google Maps. Beryl Tomay, Amazon transportation vice president, said hundreds of delivery drivers had already tested the glasses along their routes. "It reduces the need to manage a phone and a package," Tomay said at the event. "It helps them stay at attention, which enhances their safety." It was not immediately clear how Amazon planned to ensure the glasses are used by drivers, most of whom are contract employees.   Also on Wednesday, the online retailer showed off a robotic arm that it says can work in concert with warehouse employees picking items off shelves and sorting them for faster and more accurate order fulfillment. Amazon claimed the robot, dubbed Blue Jay, could reduce injury rates and work in a smaller space than equivalent robots that previously required three separate stations. The robot is in use already at a warehouse in South Carolina, Amazon said, and it plans to roll it out to more facilities in the coming months, particularly what are known as sub-same-day sites focused on delivery in a few hours or less. Additionally, Amazon said it plans to deploy an artificial intelligence system at warehouses, starting at one in Tennessee, that can help manage operations at a high level, to prevent gridlock and other challenges that can slow operations. It was not immediately clear how Amazon planned to institute the software or who would have access to it. "We now have a tool to analyze all the site data as it happens," said Tye Brady, chief technologist of Amazon robotics, at the event on Wednesday. "When it's fully implemented, we will be able to help operators with their daily planning." He said the company planned to offer the software across its warehouse network, but did not provide details on how it would be rolled out. The company's expansion of warehouse robots is expected to reduce its U.S. hiring by 160,000 workers over the next two years, the New York Times reported on Tuesday. Amazon said it planned to hire 250,000 temporary workers for the holiday season. Amazon shares were down 2.4% to $216.78 on Wednesday. It is the only one among the so-called Magnificent Seven technology stocks to record a year-to-date decline.  (Reporting by Greg Bensinger; Editing by Lisa Shumaker and Nia Williams)

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By Suzanne McGee and Arasu Kannagi Basil (Reuters) -T. Rowe Price is seeking regulatory approval to launch an actively managed exchange-traded fund tied to multiple digital currencies, according to a filing with the U.S. Securities and Exchange Commission on Wednesday. It is the first foray into the cryptocurrency space by the $1.77 trillion asset management firm, nearly two years after the SEC's approval of spot bitcoin ETFs. "It's a surprise to see them as a relatively late entrant, but they're planning to offer something differentiated to try and break into the space," said Bryan Armour, an ETF analyst at Morningstar. While asset managers have flooded the SEC with applications to launch ETFs tied to individual coins, it remains rare to see proposals for new multi-coin products that are actively managed, Armour added. The proposed ETF would offer investors exposure to anywhere from five to 15 coins that meet the fund's eligibility standards, a list that currently ranges from bitcoin and ether to solana, dogecoin and Shiba Inu, according to the prospectus. Managers would seek to outperform the FTSE Crypto US Listed Index and use fundamental, valuation and momentum factors to determine which assets to hold and their relative weights within the portfolio, a spokesman told Reuters.  As outflows continue from its traditional mutual funds, T. Rowe Price has been seeking to diversify into new areas, Armour said. It has launched 24 ETFs in recent years, and last month announced a new partnership with Goldman Sachs to explore ways to develop new private market products for retail investors. As part of that agreement, Goldman said it will buy up to 3.5% of T. Rowe shares, an investment that could top $1 billion. "This is a firm looking for new niches," said Armour. T. Rowe Price has been monitoring developments in the digital assets space closely and developed the ability to trade digital assets in recent years, the firm's spokesman said. In 2022, it hired Blue Macellari, a former crypto hedge fund executive, to become head of its digital assets strategy. "It's exciting to see them expand their ETF lineup beyond stock and bond exposure," said Todd Rosenbluth, head of research at VettaFi, an ETF market analysis firm. Scores of cryptocurrency ETFs await SEC approval in the midst of a government shutdown that has reduced the agency's staffing to skeletal levels. They are unlikely to get the green light until the shutdown ends, in spite of the SEC's adoption of new listing standards clearing the way for a host of new products such as the T. Rowe Price ETF. (Reporting by Suzanne McGee in Providence, Rhode Island, and Arasu Kannagi Basil in Bengaluru; Editing by Alden Bentley, Shilpi Majumdar and Matthew Lewis)

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(Reuters) -Social media platform Reddit sued artificial intelligence startup Perplexity in New York federal court on Wednesday, accusing it and three other companies of unlawfully scraping its data to train Perplexity's AI-based search engine. Reddit said in the complaint that the data-scraping companies circumvented its data protection measures in order to steal data that Perplexity "desperately needs" to power its "answer engine" system. The case is one of many filed by content owners against tech companies over the alleged misuse of their copyrighted material to train AI systems. Reddit filed a similar lawsuit against AI startup Anthropic in June that is still ongoing.  "Our approach remains principled and responsible as we provide factual answers with accurate AI, and we will not tolerate threats against openness and the public interest," Perplexity said in a statement. "AI companies are locked in an arms race for quality human content—and that pressure has fueled an industrial-scale 'data laundering' economy," Reddit chief legal officer Ben Lee said in a statement.  Reddit, which features thousands of interest-based "subreddit" web communities, said in the lawsuit that it is the most commonly cited source for AI-generated answers to user questions. It has licensed its content to Google, OpenAI and others for their AI training.  Reddit said that Lithuania-based Oxylabs, Russia-based AWMProxy and Texas-based SerpApi scraped Reddit data from billions of search results without permission and that Perplexity, which does not have a license to use Reddit content, worked with at least one of the data-scraping companies to obtain Reddit material. Spokespeople for Oxylabs and SerpApi did not immediately respond to requests for comment on the case. AWMProxy could not be reached for comment. Reddit said it sent Perplexity a cease-and-desist letter last year, after which it "increased the volume of citations to Reddit forty-fold." Reddit asked the court for unspecified monetary damages and an order blocking Perplexity from using its data. (Reporting by Blake Brittain in WashingtonEditing by Nick Zieminski)

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