Companies halt ad spending on X over anti-Semitism claims

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including Nvidia’s huge earnings report and why some companies are taking their ads off of X.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what

00:03 we are watching on the street today.

00:06 Stocks snapped a five-day winning streak Tuesday after the Federal Reserve indicated it may

00:10 need to keep interest rates higher for longer, with no hints of any rate cuts in the near

00:15 future.

00:16 Markets are still pricing in a 30% chance of rate cuts as soon as March.

00:21 Meanwhile, investors are reacting to a blowout earnings report from Nvidia.

00:25 The company saw its revenue triple as demand for its AI chips continues to boom.

00:30 But the company is wary just a bit moving forward.

00:33 The chipmaker warned of a potential negative impact next quarter due to China's export

00:38 restrictions.

00:39 In other news, at least a half a dozen companies have halted their ad spending on Elon Musk's

00:44 X.

00:45 Big names including IBM, Disney, Paramount and Paris Hilton's media company have all

00:50 suspended ads on the platform.

00:53 And while not all of the organizations are specifying their reasoning for suspension,

00:58 the moves come after concerns arose over pro-Nazi content on X, as well as Elon Musk seeming

01:04 to be in favor of an anti-Semitic conspiracy theory on the platform.

01:08 Additionally, the National Football League says it is "aware of instances of hate speech

01:13 on X and have expressed our concerns directly to X both in the past and again in the last

01:19 few days."

01:20 As for Elon Musk, X has now filed a lawsuit against non-profit Media Matters over what

01:25 the CEO calls an "intentionally deceptive report" about anti-Semitism on the platform.

01:31 That will do it for your daily briefing.

01:32 From the floor of the New York Stock Exchange, I'm JD Durkin with The Street.

01:35 -

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