Business news in brief
By The Associated Press
Judge signs off on $600M Ohio train derailment settlement
A federal judge has signed off on the $600 million class action settlement over last year’s disastrous Norfolk Southern derailment in eastern Ohio, but many people who live near East Palestine are still wondering how much they will end up with out of the deal.
Preliminary approval for the settlement came late Tuesday, so now lawyers involved in the case will return to the community to answer more questions about the deal Atlanta-based Norfolk Southern agreed to this spring.
“Our pitch to the community is please give us time to explain why we think this is fair,” said Mike Morgan, one of the lead attorneys for the plaintiffs.
Ramaswamy takes 7.7% stake in BuzzFeed
Former Republican presidential candidate and biotech entrepreneur Vivek Ramaswamy has purchased a minority stake in BuzzFeed. Shares of the company are rocketing higher before the opening bell Wednesday.
Ramaswamy acquired a 7.7% stake in BuzzFeed, according to a filing with the Securities and Exchange Commission. Ramaswamy said in the filing that he believes BuzzFeed’s stock is undervalued. He is looking to speak with the company’s board and management.
Nvidia’s profit soars, underscoring its dominance in chips for AI
SAN FRANCISCO | Nvidia overshot Wall Street estimates as its quarterly profit skyrocketed, bolstered by the chip-making dominance that has made the company an icon of the artificial intelligence boom.
Its net income rose more than sevenfold compared to a year earlier, jumping to $14.88 billion in the first quarter from $2.04 billion a year earlier. Revenue more than tripled in the quarter, rising to $26.04 billion from $7.19 billion in the previous year.
It also announced a 10-for-1 stock split, a move that it noted will make its shares more accessible to employees and investors.
The company, based in Santa Clara, California, carved out an early lead in the hardware and software needed to tailor its technology to AI applications.
—From AP reports
