Tech 2.0 for Monday, January 27, 2014

Contributor: Matt Davenport
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Updated: 1/27/2014 1:29 pm

Tech giant Google says it bought an artificial intelligence firm. And the London-based DeepMind Technologies is just the latest in a series of start-up purchases by Google. The company specializes in machine learning and systems neuroscience. Google confirmed the acquisition Monday, but it wouldn't say how much the company paid to buy the firm.

Arts and crafts retailer Michaels has some bad news for customers. The company said on Saturday that it may have been hit by a security breach. Michaels said it recently learned of "possible fraudulent activity" on some of its customers' payment cards. CEO Chuck Rubin said the company has not confirmed a breach, but wanted to alert customers. The company didn't say how many customers may be affected, when they shopped at the store, or if the possible breach affected in-store or online shoppers. The news comes weeks after retailers Target and Neiman Marcus acknowledged security breaches. Michaels is advising customers to check financial statements for fraudulent activity.

South Korean electronics powerhouse Samsung says that for the first time in more than two years, its quarterly net profit declined from the previous quarter. The maker of the Galaxy smart phone said that its net earnings for the October-December period fell 11 percent from the third quarter to $6.8 billion. That's the first time in nine quarters that profits didn't grow from the previous quarter. Compared to a year earlier, earnings inched up 4 percent. The results fell short of market expectations.

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