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Apple (AAPL) unveiled an iPad Pro powered by its new M4 chip capable of running artificial intelligence (AI) applications locally, alongside a new Apple Pencil Pro and Magic Keyboard on Tuesday. The product announcement marks a key milestone in Apple's push into AI, with the iPhone maker becoming the latest tech giant to announce in-house AI chips.

Apple called the latest iPad Pro an "outrageously powerful device for artificial intelligence," that with the M4 chip features Apple’s "most powerful Neural Engine ever." Apple said the "Neural Engine in M4 is more powerful than any neural processing unit in any AI PC today."

The new iPad Pro models and accessories are available to order starting Tuesday and will be available in stores starting Wednesday, May 15.

The iPad Pro and M4 chip unveiling marks a key milestone in Apple's push into AI, with the iPhone maker becoming the latest big tech company to announce in-house chips to enable running AI locally.

Apple joins Meta (META), Alphabet's (GOOGL) Google, Microsoft (MSFT), and Amazon (AMZN) in making its own AI-capable custom chips. The companies' custom chips could help them manage the high costs associated with AI and lessen their Nvidia (NVDA) dependency.

Apple shares were little changed, edging 0.3% higher to $182.31 around 1:20 p.m. ET Tuesday. Even with Tuesday's gains and Apple's earnings-fueled surge, the stock has lost around 5% so far this year.

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Shares in Peloton (PTON) kicked into a high gear Tuesday after news reports that a number of private equity firms may be considering a buyout.

At least one firm has held talks with the company about plans to take it private, reported.

After the pandemic-era boom, Peloton has struggled to remain relevant. And that is weighing on the company's financial health as earnings skid and costs pedal higher.

Peloton shares slumped to an all-time low last week after reporting worse-than-expected third-quarter earnings for is fiscal 2024 and announcing the exit of CEO Barry McCarthy.

McCarthy took over the company in February 2022 from co-founder John Foley after the company struggled to hold onto a COVID-19 sales boom. McCarthy will be replaced by current Chair Karen Boone but will remain as a “strategic advisor” to the company, which has failed to turn a profit in its last three fiscal years. Peloton's fiscal year ends on June 30.

The fitness company has also announced a restructuring plan, including eliminating 15% of its staff, in a bid to cut its operating expenses back by up to $200 million by the end of fiscal year 2025.

Restructuring savings at the firm will be largely driven by layoffs, alongside marketing, research and development, IT, and software cuts. Executives said that the company will be able to generate free cash flow without the need for immediate sales growth. 

Peloton stock was up 14% at $4.03 at around 1:00 p.m. ET, but was down roughly 50% over the last 12 months.

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Ferrari (RACE) shares fell in intraday trading Tuesday after the luxury car maker's shipped vehicles were roughly flat in the first quarter, even as earnings topped expectations.

The Italian car manufacturer benefited from higher prices as shipments at 3,560 units were "substantially flat" versus the first quarter last year, it said in its earnings statement.

Ferrari posted increased revenue and profit that beat estimates, with revenue rising to 1.59 billion euros ($1.71 billion) from last year's EUR1.43 billion, just above the EUR1.57 billion expected by analysts compiled by Visible Alpha.

Ferrari reported an adjusted net profit of EUR352 million, or EUR1.95 per share, above estimates of EUR332 million and EUR1.84 per share, respectively.

Revenue from the sales of Ferrari's cars and parts increased by 11% year-over-year, while sponsorship and commercial revenue rose by 12%. The automaker said an improved product and country mix helped boost its car sales, along with more personalization of orders.

Ferrari said a higher number of new sponsorships offset lower advertising revenue from the company's lower finishing position in Formula One racing standings in 2023 compared with 2022. However, Tuesday's report is the first since Ferrari announced the surprise agreement to sign Lewis Hamilton, regarded as one of the best F1 drivers of all time, to a multi-year contract starting in 2025, which Ferrari noted as a first-quarter highlight.

The company also affirmed its full-year guidance, projecting revenue of at least EUR6.4 billion for fiscal 2024, along with a projected adjusted earnings per share (EPS) of at least EUR7.50.

Ferrari shares fell 5% to $406.49 as of 12:22 p.m. ET Tuesday, but are up 20% this year.

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The Nigerian government through the Corporate Affairs Commission has issued a two-month registration ultimatum to Point of Sales companies to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

This was stated in an agreement that was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja. According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.

Speaking at the meeting, the CAC boss stated that the legislation intends to protect the businesses of Fintech customers while also developing the economy. He further emphasised that the move was supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN recommendations on agent banking.

The CAC boss stated that the registration timetable, which will expire on July 7, 2024, was not intended to target any specific organisations or individuals, but rather to provide safety for businesses. A statement by the commission read, “The Corporate Affairs Commission and fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria. The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja.”

This new directive came against the backdrop of frequent fraud incidents involving POS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria. POS terminals accounted for 26.37 per cent of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc.

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UBS Group (UBS) shares soared in intraday trading Tuesday after the Swiss bank returned to a quarterly profit as it continued to integrate former rival Credit Suisse, which it absorbed in a government-backed bailout in March 2023.

UBS posted first-quarter net income of $1.76 billion—three times the consensus estimate by Visible Alpha—or $0.52 per diluted share. The gains came after two consecutive quarters of losses.

Total revenue jumped 45.7% year-over-year to $12.74 billion, also better than expected. The key global wealth unit saw revenue increase 28.3% to $6.14 billion.

The company noted that its Credit Suisse integration plans moved “at pace,” adding that it realized an additional approximately $1 billion in gross cost savings.

Chief Executive Officer (CEO) Sergio Ermotti said that the results were “a testament to the strength of our business and client franchises and our ability to deliver significant progress on our integration plans while actively optimizing our financial resources.”  

UBS said it plans to transition to a single U.S. intermediate holding company in the current quarter, and merge its Swiss entities in the third quarter.

UBS shares traded in the U.S. were up 6.6% to $29.42 around noon ET Tuesday.

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Days after their online f£ud, Nigerians has dug up an old tweet of Davido paying respect to Wizkid

The tweet was made in 2010, where he said “Respect @wizkidayo.

Click to watch

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