Technology stocks experienced a downturn on Wall Street Wednesday, contributing to the S&P 500's fifth loss in six days, according to Fortune. The Nasdaq composite sank 1.5%, while the S&P 500 fell 0.5%. The Dow Jones Industrial Average, however, rose 260 points, or 0.5%.
Advanced Micro Devices (AMD) experienced a significant drop, falling 17.3%, despite reporting a stronger profit for the latest quarter than analysts anticipated. The chip company also provided a revenue forecast for the start of 2026 that exceeded expectations, but this was not enough to satisfy investors after the stock had doubled over the previous 12 months, according to Fortune.
In other news, Lawhive, a British startup focused on using AI to transform the business model of law firms, raised $60 million in new venture capital funding to expand in the U.S., Fortune reported. The Series B funding round was led by Mitch Rales, cofounder of Danaher Corporation. Other investors included TQ Ventures, GV (formerly Google Ventures), Balderton Capital, and Jigsaw. This funding round comes less than a year after Lawhive raised a $40 million Series A round. Lawhive operates as a legal services firm, employing a network of human lawyers assisted by its technology platform.
Meanwhile, in Nevada, Assemblymember Howard Watts said that the legislative committee he chairs will pursue an independent audit into the alteration of a key public record following a Nevada OSHA inspection of Elon Musk's Boring Company, according to Fortune. The issue arose after Fortune reported in November that a document in Nevada OSHA's inspection file was altered after the agency withdrew citations issued to the Boring Company related to a safety incident at one of its tunneling sites.
Disney also made headlines with Bob Iger's announcement of Josh D'Amaro's promotion to CEO and Dana Walden to President and Chief Creative Officer, Fortune reported. These promotions are part of a succession plan, grooming leaders from within the company. Iger's tenure at Disney has been marked by transforming the company into a dynamic force across entertainment, experiences, and sports.
Lastly, a New York Fed report indicated that a college degree continues to be a significant factor in determining wealth in America, according to Fortune. The report highlights the increasing divide between the wealthy and lower-income households, with the former benefiting from rising stock prices and home values, while the latter are impacted by inflation.
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