Weekend Business News Roundup February 24, 2024

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Image: Andrew Kelly (Reuters), Siddharth Cavale (Reuters), Photo: Jaap Arriens/NurPhoto (Getty Images), Scott Olson (Getty Images), Tayfun Coskun/Anadolu (Getty Images), Brendan McDermid (Reuters), Asanka Ratnayake (Getty Images), Marco Bertorello / AFP (Getty Images), David Paul Morris/Bloomberg (Getty Images), Nicolas Economou/NurPhoto (Getty Images)

Capital One bank

If the deal closes, Capital One shareholders would own 60% of the merged company.
Image: Andrew Kelly (Reuters)

Capital One announced Monday that it is acquiring the credit card company Discover in an all-stock deal valued at $35.3 billion. Combined, the two companies would form the largest credit card company in the U.S. by loan volume, according to Bloomberg. – Bruce Gil Read More

Google Gemini AI interface on an iPhone browser

Photo: Jaap Arriens/NurPhoto (Getty Images)

A sign at the entrance of the Discover Financial Services corporate headquarters

Photo: Scott Olson (Getty Images)

walmart store

Walmart’s fourth quarter net sales rose 5.7% year-over-year to $173 billion.
Image: Siddharth Cavale (Reuters)

American Airlines plane lands as ducks fly around below it

An American Airlines plane lands at San Francisco International Airport (SFO) in San Francisco, California on February 8, 2024.
Photo: Tayfun Coskun/Anadolu (Getty Images)

Luggage tags are about to come with a higher price tag at one airline. American Airlines is changing its checked bag fees for domestic and international flights for the first time since 2018, the company announced Tuesday (Feb. 20). – Britney Nguyen Read More

The Amazon logo is seen outside its JFK8 distribution center in Staten Island, New York, U.S. November 25, 2020.

Amazon, the everything store plus some AI.
Photo: Brendan McDermid (Reuters)

When it comes to generative AI, the companies that come to mind are Google, Meta, and OpenAI. But don’t count Amazon out of the AI race.

One of Amazon’s biggest focuses is in cloud computing, where the company’s Amazon Web Services is a market leader. The online tech and retail giant has also built in-house chips to power the cloud and has partnered with OpenAI rival Anthropic on infrastructure that enables large-scale AI modeling. – Michelle Cheng Read More

Holiday Inn at Melbourne Airport in Australia.

Holiday Inn at Melbourne Airport in Australia.
Photo: Asanka Ratnayake (Getty Images)

Holiday Inn’s parent company InterContinental Hotels Group (IHG) did very well last year — so well that its revenue per room (a measure of success in the hotel world) was up 11% from 2019. – Laura Bratton Read More

A photo that shows OpenAI's ChatGPT description on a computer screen.

“The trademark examining attorney is not convinced,” the U.S. Patent and Trademark Office said in response to OpenAI’s arguments.
Photo: Marco Bertorello / AFP (Getty Images)

Ever since OpenAI debuted its ChatGPT chatbot in November 2022, effectively piquing the world’s interest in the technology and setting off an AI arms race, the company has been trying to prevent other businesses from using the acronym “GPT.” This month, the U.S. Patent and Trademark Office said the answer was “no” (again). – Jody Serrano / Gizmodo Read More

Sam Altman, president of Y Combinator, walks the grounds after a morning session during the Allen & Co. Media and Technology conference in Sun Valley, Idaho, U.S., on Wednesday, July 12, 2017. The 34th annual Allen & Co. conference gathers many of America's wealthiest and most powerful people in media, technology, and sports

Sam Altman, the CEO of OpenAI.
Photo: David Paul Morris/Bloomberg (Getty Images)

Before leading OpenAI, Sam Altman was the president of Y Combinator, a startup accelerator that has launched companies including Airbnb, Instacart, and Dropbox. – Michelle Cheng Read More

A photo of a Virgin Atlantic Boeing 787 plane landing in London.

Two Boeing 787 planes surpassed 800 mph this weekend.
Photo: Nicolas Economou/NurPhoto (Getty Images)