Day: June 2, 2023

Lululemon Announces Better than Expected Fiscal Q1 2023 Results, LULU Shares Up 13%

For the second quarter, Lululemon Athletica expects to report net revenue of between $2.140 billion and $2.170 billion, thereby representing growth of approximately 15 percent. Lululemon Athletica Inc (NASDAQ: LULU), a Canadian multinational athletic apparel retailer, announced the results for the first quarter (Q1) of fiscal 2023 on June 1. During the first quarter, Lululemon Athletica announced revenue of $2 billion, whereas analysts surveyed by REFINITIV expected $1.93 billion. Additionally, the company reported its earnings per share (EPS) for the first quarter came in at $2.28 versus the $1.98 expected…

Qatar gets slammed for not taking enough action against crypto companies

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The Financial Action Task Force (FATF) has slammed Qatar Central Bank (QCB) for making little effort to enforce its own regulations prohibiting virtual asset service providers. In a report published on May 31, the global money-laundering and terrorist financing watchdog highlighted that Qatar needs to advance its capabilities to effectively combat evolving forms of criminal activity, including sanctioning virtual asset service providers. “It needs to improve understanding of more complex forms of money laundering and terrorist financing,” it stated. In case you missed, find out more about the effectiveness of Qatar’s…

GameStop Partners with Telos Foundation to Support Web3 Gaming via Blockchain Technology

The partnership between GameStop and Telos Foundation will attract new users by leveling Web3 barriers preventing widespread adoption. Popular video game and merchandise retailer GameStop Corporation (NYSE: GME) plans to provide more Web3 games in collaboration with the Telos Foundation. The blockchain company powering the Telos blockchain will support GameStop’s plan by providing blockchain infrastructure via Telos. The partnership between both companies will see Telos link Web3 games on its blockchain via GameStop’s Web3 gaming launchpad Playr. According to an official press release, the plan is to attract new users with accessible…

Microsoft Reportedly to Invest Billions of Dollars in CoreWeave to Accelerate Availability of AI Technology

An unconfirmed report states Microsoft and CoreWeave have entered a business partnership worth billions of dollars, to support AI advancement. Microsoft Corporation (NASDAQ: MSFT) is reportedly diving deeper into the AI space and is partnering with specialized cloud provider CoreWeave on a deal worth billions of dollars. The tech giant is placing itself at the center of the increased demand and interest for services powered by artificial intelligence. A CNBC report referencing persons familiar with the matter states that over the coming years, Microsoft will spend billions of dollars to ensure that…

Coinbase Derivatives Exchange set to roll out BTC and ETH futures

As the cryptocurrency industry faces regulatory challenges in the United States, public crypto exchange Coinbase is moving forward with its futures contracts. Coinbase, on June 1, revealed its plans to introduce Bitcoin (BTC) and Ethereum (ETH) futures contracts on June 5 through its Commodity Futures Trading Commission (CFTC)-regulated derivatives exchange. The futures contracts will be targeted toward institutional investors. According to Coinbase, the newly announced institutional-sized contracts will have a specific size of 1 Bitcoin and 10 Ethereum. This sizing is intended to enable clients to effectively manage their exposures…

Losses from crypto rug pulls outpaced DeFi exploits in May: Beosin

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The amount of cryptocurrency lost to “rug pull” or “exit scams” — where founders suddenly up and leave with investors’ money — had outpaced the amount stolen from decentralized finance (DeFi) projects in May, a blockchain security firm has revealed. A June 1 report from Beosin said in May total losses from rug pulls and scams reached over $45 million across six incidents. Meanwhile, there were 10 attacks on decentralized finance (DeFi) protocols that netted only $19.7 million. The amount is a nearly 80% decrease from April and losses from…

Crypto markets ‘lackadaisical’ as institutional buying slows — Novogratz

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Galaxy Digital CEO Mike Novogratz has described the broader crypto market as being “lackadaisical” — or lacking enthusiasm — due mainly to a shying away of institutional investors from cryptocurrencies. In a June 1 interview with CNBC, Novogratz said that while the relatively small retail buyers add some stability to the market with their modest holdings, the lack of large-scale buyers is becoming a concern. Mike Novogratz on CNBC Market Alert  Source: CNBC“There’s a constant bid from retail. We’re seeing it through all the platforms, and there’s just not a…

Floki joins Binance Pay team to promote coin payments

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Floki has announced a strategic marketing partnership with Binance Pay. The meme coin is now available at the service. The partnership seeks to create targeted exposure for floki and strengthen its position as a utility token within the crypto community. Starting June 1, a special marketing campaign will be launched to reward users who spend at least $1 worth of goods using FLOKI through Binance Pay. The campaign will run throughout June, allowing floki enthusiasts to…

Bitcoin mining firms keep building despite BTC mining profitability slump

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Despite a 44% decline in Bitcoin (BTC) mining profitability over the last year, some Bitcoin mining companies have continued to build and increase production, according to recent announcements. On June 1, American Bitcoin mining firm CleanSpark announced that it had purchased 12,500 brand-new Antminer S19 XP units for $40.5 million. The deal worked out at $23 per terahash per second (TH/s) which is lower than the average market price. Hot off the press! More miners have been purchased by $CLSK for lower than the current average market price. Approximately 12,500…

AI search interest on Google reaches fever pitch

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Global search interest for the term “AI” has reached a new all-time high on Google, though it’s yet to hold a candle to peak Bitcoin (BTC) mania in 2017, data has revealed. Artificial intelligence has dominated headlines over the past few months, with some suggesting that it’s the latest “tech fad” after crypto and the metaverse. Most recently, OpenAI executives warned in a May 23 blog post that within the next 10 years, AI will exceed expert skill level in “most domains” and be as productive as “one of today’s…