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Nvidia to invest $5 billion into Intel; Outpost plans to double truck terminal network; Jobless claims decline

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Nvidia to invest $5 billion into Intel

Nvidia plans to invest $5 billion into struggling chipmaking rival Intel, as the two Silicon Valley firms collaborate on technologies geared to high-demand data centers.

“Together, we will expand our ecosystems and lay the foundation for the next era of computing,” Nvidia CEO Jensen Huang said in a Thursday statement from the companies, both based in Santa Clara, California. Huang said artificial intelligence technology in particular “is powering a new industrial revolution” and “reinventing every layer” of computer processing technology.

Nvidia plans to invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share. The companies said the investment is subject to customary closing conditions, including required regulatory approvals. For data centers, the firms said Intel will build custom-made central processing units for Nvidia, which will integrate those into AI technologies for its own clients.

The federal government recently took a 10% equity stake in Intel, which has posted slowing sales spurred by shifting demand and intensifying global competition for the latest chip technologies. Intel, Nvidia and several other firms have announced significant planned developments of domestic chip manufacturing facilities over the past year. 

Outpost plans to double truck terminal network

National truck terminal operator Outpost and tech investment firm GreenPoint are teaming on a $1 billion expansion that would eventually double Outpost’s portfolio of trucking facilities and services.

“Outpost continues to grow even as freight markets remain deeply challenged,” Outpost cofounder and CEO Trent Cameron said in a statement this week. By teaming with New York-based GreenPoint, he said, Outpost is seeking to double its platform, which currently includes about 25 properties serving more than 3,000 national carriers, regional trucking fleets and other shipping customers.

Over the past six months, Austin, Texas-based Outpost said it has accelerated property acquisitions in major logistics hubs, including Las Vegas; Dallas; California’s Inland Empire; and Portland, Oregon. Outpost officials said those deals reflected plans to build a coast-to-coast national network of tech-enabled terminals serving high-demand freight corridors.

Many truck terminal operators have struggled since the pandemic due to supply chain disruptions, lowered demand and rising transportation costs. Several have faced financial struggles, such as one-time trucking giant Yellow, which declared bankruptcy and eventually shut down after selling off its terminals and related real estate.

Jobless claims decline

There were 231,000 initial U.S. claims for unemployment insurance in the week ended Sept. 13, dropping 33,000 from the prior week, when claims posted a notable spike by standards of the past year, according to the Labor Department.

Nancy Vanden Houten, lead U.S. economist at forecasting firm Oxford Economics, said the latest numbers showed initial claims falling more than expected. She said the decline was more noteworthy since claims in Texas, which drove much of the prior week’s jump, went down but remained elevated by historical standards.

“Sorting through the noise, initial claims are still consistent with a relatively low pace of layoffs,” Vanden Houten said in a statement Thursday. The economist noted continued claims have been trending lower in recent weeks but remain elevated, consistent with slowed hiring.

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