Zscaler, a cybersecurity startup, reported profits, sales, and billings for its fiscal third quarter that above Wall Street expectations. Billings increased by 71% to $225 million, above projections of $183.3 million. Today's stock market trade saw a 12.7 percent increase to 194.67. In addition to the transaction, Zscaler announced the acquisition of Smokescreen Technologies, a specialist in active defense and deception technologies.

On Wednesday, stocks rose as investors temporarily set aside concerns about rising inflation. The S&P 500 is up 0.29%, Dow +0.23%, and Nasdaq +0.64% as of 9:36 am PST on Wednesday, reversing a day earlier's choppy session. Consumer confidence fell in April, according to new data released Tuesday, despite the lifting of more social distancing standards. "We've got a lot of momentum here," Greg Staples, DWS Group's head of fixed income North America, told Yahoo Finance. The Fed's stated goal is to keep inflation moderately above 2%.

Xiaomi Corp, a Chinese and the third largest smartphone manufacturer worldwide, reported a 55 percent increase in first-quarter revenue on Wednesday. Xiaomi has taken market share from former Chinese industry leader Huawei Technologies Co Ltd. Revenue increased to 76.88 billion yuan ($12 billion) in the fiscal quarter ended March 31, up from 49.70 billion yuan the previous year. CFO Alain Lam stated that the company's chip inventories remained "healthy," and that he did not expect a significant impact on business this year. Xiaomi also announced that it would formally begin manufacturing electric vehicles through a new division led by founder Lei Jun.

The Nikkan Kogyo newspaper reported on Wednesday that Japan wants Taiwan Semiconductor Manufacturing Co Ltd and Sony Group to invest $9.2 billion in the country's first 20 nanometre chip plant. The proposed factory would be located near Sony's image sensor plant in southwest Japan. A chip with 20 nanometres is more powerful because it packs more transistors into a smaller space. The report was false, according to TSMC's ministry spokesman, who declined to elaborate.

Tesla announces that Tesla is getting rid of the forward radar sensor in the Model 3 and Model Y starting this month. Radar will be removed from the Model S and Model X, as well as vehicles sold outside of North America, at a later date. Tesla Vision's Autopilot driver-assist system will be controlled by the car's cameras and onboard computer. Elon Musk, Tesla's CEO, has been hyping "pure vision" for months and appears confident that it will eventually get Tesla to Level 5 autonomy.

Ford has stated that it will invest $30 billion in electric vehicle development by 2025. Previously, the automaker stated that it would invest $22 billion in EVs by 2023. In addition, the company announced that it had received 70,000 reservations for its new F-150 Lightning in just one week. In pre-market trading on Wednesday, Ford shares rose 1.7 percent, and as of 10:51am PST the shares rose 7.84%.

Pinduoduo Inc's quarterly revenue surpassed Wall Street expectations on Wednesday, thanks to a sustained increase in online shopping following the COVID-19 pandemic. In the first quarter, total revenue more than tripled to 22.17 billion yuan ($3.47 billion). Analysts expected revenue of 20.2 billion yuan on average. Pinduoduo's stock rose more than 5% in pre-market trading on Wednesday, but is now down more than 6% at $122.51 as of 10:33 AM PST. It has dropped nearly 40% from its highs this year.

WhatsApp confirmed that the lawsuit was filed in the Delhi High Court on Tuesday evening. The case could be considered as early as this week. The lawsuit is an attempt to overturn Indian regulations that would require the company to provide access to encrypted messages. The rules would violate end-to-end encryption and "undermine people's right to privacy," according to WhatsApp. The Indian government is targeting companies ranging from Facebook to Twitter to Google.

Instagram, Facebook's primary social network, will allow users to hide "likes" on posts. On a per-post basis, users can hide their own like counts from themselves or others. According to tests, adding a likes option had no significant impact on how much people used the product. According to Instagram, some people are more active on the platform after hiding likes, while others are less active. Facebook will still keep follower counts as it is.

In the coming weeks, Facebook is likely to face its first EU antitrust investigation. Margrethe Vestager, the European Commission's Competition Commissioner, would make Facebook the latest U.S. tech giant to come under her scrutiny. Facebook's online marketplace, which launched in 2016, is used to buy and sell items by 800 million Facebook users in 70 countries.