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Tech stocks rise after earnings misses and Alphabet AI shake-up
Alphabet said DeepMind CEO Demis Hassabis is taking a new chair and chief scientist role, while Meta was ordered to pay $567 million into a New Mexico teen mental health fund.
Tech stocks climbed on Friday after a volatile week that included earnings from SpaceX and AMD that did not meet Wall Street expectations, and a major announcement from Google about its AI organization.
SpaceX shares rose in early trading, while Google and AMD shares fell slightly, according to Yahoo Finance.
Alphabet said DeepMind CEO Demis Hassabis is transitioning to a new role as chair of DeepMind and chief scientist for all of Alphabet. DeepMind CTO and Google chief AI architect Koray Kavukcuoglu will become senior vice president for DeepMind and report directly to Alphabet CEO Sundar Pichai, while chief scientist Jeff Dean will leave to help found a new company called Discovery Loop with Google senior fellow Sanjay Ghemawat.
Meanwhile, Meta fell slightly after a New Mexico court ordered the company to pay $567 million into a mental health fund for teens following lawsuits alleging its apps cause harm, Yahoo Finance reported.