Microsoft is closing down its Africa Development Centre in the continent's most populous nation Nigeria, which will lead to job losses, a spokesperson said on Wednesday. The centre, based in the commercial capital Lagos was opened in 2022 as part of Microsoft's push to deliver high-end engineering and innovation solutions for the company. The company said it would, however, continue to operate in Nigeria, continuing to prioritize and invest in strategic growth areas...

The company has been on a global spending spree, trying to build infrastructure and goodwill for artificial intelligence...

Tesla stock (TSLA) is being dragged down lower after US Department of Justice (DOJ) officials are focusing their attention on alleged securities and wire fraud in their ongoing investigation of the EV maker's full self-driving features. In its first-ever quarterly report since going public in March, Reddit (RDDT) beat earnings estimates, noting daily active user growth as the site continues to optimize its AI model across the platform. Uber (UBER), Shopify (SHOP), and Affirm (AFRM) are also taking a hit in Wednesday's session after reporting earnings. Morgan Stanley Global Head of Corporate Credit Research Andrew Sheets joins The Morning Brief to discuss whether market trends are the result of micro or macro drivers. This post was written by Luke Carberry Mogan...