Reddit (NYSE:RDDT) – Reddit has partnered with
OpenAI to integrate its content with ChatGPT, boosting the
platform’s shares. This initiative aims to diversify beyond
advertising, following a similar collaboration with Alphabet to
train AI models. Investors see significant revenue potential in
data for AI. Reddit’s shares rose 13.7% in pre-market trading.
Microsoft (NASDAQ:MSFT), Advanced Micro
Devices (NASDAQ:AMD) – Microsoft unveiled plans to offer
cloud computing customers an AMD artificial intelligence chip
platform, directly competing with Nvidia
(NASDAQ:NVDA). The MI300X AI clusters will be available through
Azure, offering an alternative to Nvidia’s GPUs, while the Cobalt
100 processors will also be launched. In other news, the UK’s
second-largest grocery store, Sainsbury’s, has entered a five-year
partnership with Microsoft, using AI to enhance online shopping
experiences, improve search functions, and streamline processes in
physical stores.
Qualcomm (NASDAQ:QCOM) – Ampere Computing
revealed on Thursday a partnership with Qualcomm to produce chips
aimed at energy efficiency in artificial intelligence operations.
The collaboration seeks to optimize data center servers. This
action does not directly compete with Nvidia but aims for
efficiency after training AI models.
Taiwan Semiconductor Manufacturing Co
(NYSE:TSM) – The success of TSMC’s shares may face challenges due
to investment restrictions, leading some investors to seek
alternatives in the artificial intelligence field. Although the
stock has risen 42% this year, investment limitations may lead to a
search for rising tech companies.
Meta Platforms (NASDAQ:META) – EU regulators
announced on Thursday that they will investigate Facebook and
Instagram, both owned by Meta Platforms, for possible violations of
child safety rules. The European Commission has expressed concerns
about the risks to children and the influence of the platforms’
algorithms. Another Meta network, Threads, is testing its version
of TweetDeck, allowing users to pin up to 100 feeds on their
homepages, facilitating content viewing. Similar to TweetDeck, the
new experience is only available on the web and has no additional
cost.
Alphabet (NASDAQ:GOOGL) – Google, represented
by Alphabet, seeks a non-jury trial in the U.S. Department of
Justice’s lawsuit over anti-competitive practices in online
advertising. The department accuses the giant of abusing its market
dominance, seeking to force it to sell its ad management
bundle.
Amazon (NASDAQ:AMZN) – Amazon’s new cloud
chief, Matt Garman, will take over a $100 billion per year
business, more profitable than ever. He faces the challenge of
maintaining AWS’s leadership in the era of artificial intelligence,
succeeding Adam Selipsky, who will step down in June.
Disney (NYSE:DIS), Warner Bros
Discovery (NASDAQ:WBD), Fox Corporation
(NASDAQ:FOX) – Disney, Warner Bros Discovery, and Fox are joining
forces to launch the sports streaming service Venu Sports this
year, revealed Pete Distad, CEO of the venture. Venu Sports will be
accessible through a new app and can be bundled with Disney+, Hulu,
or Max. The joint venture awaits regulatory approval and the
finalization of definitive agreements, aiming to reach 5 million
subscribers in the first five years. The potential market is
estimated at 50 to 60 million users.
Spotify (NYSE:SPOT) – Spotify is at the center
of controversy with songwriters due to changes in its contractual
classification, now self-styled as a “bundle,” which may reduce
royalties for songwriters. The National Music Publishers’
Association (NMPA) sent a letter demanding the removal of
unlicensed songs in podcasts hosted on the platform.
Tesla (NASDAQ:TSLA) – Tesla is planning to use
Chinese data to train algorithms to develop its advances in
autonomous driving, including the possibility of a data center in
China. CEO Elon Musk is seeking approvals to transfer data and
discusses licensing the FSD. Additionally, Tesla received approval
from the local board to expand its factory in Germany despite
protests. The expansion aims to double the capacity to 100
gigawatt-hours of battery production and 1 million cars per
year.
Xpeng (NYSE:XPEV) – Xpeng expressed concerns
about new U.S. tariffs on Chinese electric vehicles, highlighting
obstacles to carbon neutrality. Additionally, the company plans to
expand into European markets despite barriers. The EU’s
anti-subsidy investigation and the U.S.-China trade war also affect
its global expansion strategies.
General Motors (NYSE:GM) – General Motors and
LG Energy Solution agreed to establish a $150 million fund to
compensate owners affected by the recall of defective Chevrolet
Bolt EV batteries. Eligible owners who received battery
replacements or software updates may receive up to $1,400.
Toyota Motor (NYSE:TM) – Toyota Motor faced
repeated shutdowns at its Tijuana factory in Mexico due to local
labor shortages and technical issues, halting production for 19
days in February and March.
Ford Motor (NYSE:F) – Ford has asked its
electric vehicle suppliers to cut costs, citing the need for
profitability. Liz Door, director of the supply chain, emphasized
the importance of affordable products, encouraging cost efficiency.
The company aims to reduce operational losses and focus on hybrids
before fully electric cars.
Boeing (NYSE:BA) – At today’s annual general
meeting, Boeing shareholders will vote on whether the outgoing CEO,
Dave Calhoun, should remain on the board, while the new president,
Steve Mollenkopf, will face his first public appearance. The
company’s crisis, including investigations and production declines,
makes the choice of the next leader crucial.
Spirit AeroSystems (NYSE:SPR) – Spirit
AeroSystems is reducing its workforce in Wichita, Kansas, due to a
slowdown in Boeing’s production. Although no exact number was
announced, an internal memo mentioned about 400 layoffs, with the
company committed to conducting the transition compassionately,
according to KSN.
United Airlines (NASDAQ:UAL) – On Thursday, the
Federal Aviation Administration (FAA) denied approval for United
Airlines to expand routes or fleets and required its supervision
during final inspections of new aircraft. The FAA is reviewing
safety following incidents, with the timeline depending on the
ongoing safety assessment.
Lockheed Martin (NYSE:LMT) – Lockheed Martin
faces delays in the F-35 fighter due to a problematic $1.8 billion
upgrade, postponing advanced missions until 2025, reported by the
Government Accountability Office. Additionally, problems with
software and hardware delay the delivery of TR-3 jets, while the
Pentagon withholds payments.
Hess (NYSE:HES), Chevron
(NYSE:CVX) – At a special meeting on May 28, Hess shareholders will
vote on Chevron’s $53 billion offer, stated Glass Lewis. While they
consider the offer reasonable, they note uncertainties regarding
arbitration between Hess and partners in Guyana. The merger awaits
regulatory approval. Additionally, Chevron plans to sell its
remaining North Sea oil and gas assets, marking its exit after more
than 55 years.
ABB Ltd (NYSE:ABB) – ABB agreed to acquire
Siemens’ wiring accessories business in China, expanding its market
reach and complementing its offerings in smart buildings. The deal,
whose price was not disclosed, includes a company that manufactures
wiring accessories and home automation products.
GSK (NYSE:GSK) – British GSK raised $1.52
billion (£1.25 billion) by selling its remaining stake in the
consumer health company, Haleon, to institutional investors. This
will allow GSK to reinforce its focus on vaccines, cancer, and
infectious diseases, aligned with CEO Emma Walmsley’s plans to
boost profits.
Johnson & Johnson (NYSE:JNJ) – J&J
announced the acquisition of Proteologix for $850 million in cash,
aiming to access experimental treatments for atopic dermatitis.
Proteologix’s antibodies PX128 and PX130 are in development for
moderate to severe eczema and asthma, complementing J&J’s
efforts. The transaction awaits regulatory approval and other
closing conditions.
JPMorgan Chase (NYSE:JPM) – Investors eagerly
await JPMorgan Chase’s succession plans after a year of record
profits, seeking insights into artificial intelligence and
opportunities beyond traditional banking. CEO Jamie Dimon will
highlight growth strategies and financial goals next Monday, as the
bank seeks innovation and leadership in a diverse market.
Goldman Sachs (NYSE:GS), United Parcel
Service (NYSE:UPS) – UPS has hired Goldman Sachs to manage
its pension fund assets in the U.S. and Canada, valued at $43.4
billion. This move reflects Goldman’s pursuit of growth in asset
management and allows UPS to focus on its core business.
Bank of America (NYSE:BAC) – Bank of America
strategists predict that long-term bonds will return at the end of
2024, driven by softer macroeconomic conditions. Michael Hartnett
and his team note a possible reversal of the “everything but bonds”
trade due to weak economic signals.
New York Community Bancorp (NYSE:NYCB) – NYCB
announced on Thursday the resignation of its chief operating
officer, Julie-Ann Signorille-Browne, effective from May 24.
Jefferies Financial Group (NYSE:JEF) – A
Jefferies risk manager, Jennifer Miranda, questioned the urgency of
withdrawing large sums from the Archegos Capital Management
account. She testified about the rush by Becker, the former head of
risk management at Archegos, to withdraw money, unaware of the
company’s frenzied trading campaign.
Mizuho Financial Group (NYSE:MFG) – Andy Laszlo
has been promoted to head of investment in technology, media, and
telecommunications and corporate banking at Mizuho Financial Group.
He succeeds Rich Gallivan, who will take over as the bank’s
technology president for the Americas, reporting to Laszlo.
Additionally, Mizuho recently completed the acquisition of
Greenhill & Co.
Blackstone (NYSE:BX) – Blackstone agreed to
acquire a majority stake in Priority Software, an Israeli
enterprise software company, for $800 million. Current investors,
Fortissimo Capital and TA Associates, will retain stakes. The
acquisition highlights the growing technological activity in
Israel, despite the ongoing conflict with Hamas in Gaza.
Carlyle Group (NASDAQ:CG) – Carlyle Group
agreed to acquire about $450 million in loans from Sungage
Financial, as traditional banks retreat. This includes a minority
stake in Sungage, helping diversify its financing. Sungage offers
financing for solar energy, roofing, and batteries.
Under Armour (NYSE:UAA) – Under Armour Inc. is
undergoing restructuring, focusing on men’s apparel and staff cuts,
as founder Kevin Plank retakes control.
Unilever (NYSE:UL) – Unilever will continue to
produce Cornetto and Carte D’Or in Russia, despite selling its
global ice cream unit. The Russian ice cream division will remain
intact, while the company faces pressures to exit the country due
to the Ukraine invasion. Unilever’s sales in Russia increased last
year.
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