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01-26-2024

TECH

• Intel's stock fell more than 10% in extended trading after the company delivered a disappointing forecast for Q1 2024. The chipmaker expects revenue of $16 billion for the quarter, missing analysts' estimates of $17.35 billion. Intel also reported Q4 2023 revenue of $19.2 billion, slightly below expectations, and EPS of $0.54, beating estimates by $0.03. The company cited weaker demand for data center chips and increased competition in the AI market as reasons for the disappointing forecast.

• Apple is making changes to the App Store in the European Union (EU) in response to the EU's Digital Markets Act legislation. The changes include allowing app sideloading, alternative app stores, and reduced commission fees for developers. The new features will be available in iOS 17.4 beta and will take effect in March.

• Crown Castle's stock rose 5% after reporting solid Q4 earnings, with increased site-rental revenues and beating estimates for adjusted funds from operations (AFFO) per share.

• The UK's Competition and Markets Authority (CMA) has launched an antitrust probe into the planned $19 billion merger between Vodafone and Three UK, citing concerns about reduced competition.

• Generative AI, like ChatGPT, is set to reach a value of $2 trillion by 2030, benefiting industries with increased productivity. Biases and ethics are important considerations. Generative AI, like ChatGPT, is transforming customer service with accurate chatbots and personalized recommendations. Octopus Energy and John Hancock are already utilizing this technology.

• ASML stock surges after strong Q4 results, beating expectations with net income of 2 billion euros and revenue of 7.2 billion euros. Demand is driven by AI infrastructure.

• 23andMe detected a data breach after 5 months, where hackers stole data from nearly 7 million customer accounts.

• Apple has updated its App Store policies to allow game streaming services like Xbox Game Pass and Google Stadia, as well as in-app purchases for mini-apps and chatbots.

MEDIA

• The International Court of Justice is expected to issue an interim ruling on South Africa's allegation of genocide in Gaza.

• Microsoft is laying off approximately 1,900 employees, about 8-9% of its gaming division workforce, including Activision Blizzard. They have also canceled the development of Blizzard's unannounced survival game after six years.

• Skydance Media is considering taking Paramount Global private, while Paramount Global and other media companies are planning layoffs and cost-cutting measures.

CONSUMER

• Superdry's CFO, Shaun Wills, is stepping down as the fashion brand's losses widen and revenue drops by 23.5% in H1 2024.

• Shares of MarineMax (NYSE: HZO) fell after reporting lower earnings and reducing guidance for the year due to lower margins and profits.

• Email service providers implementing new spam protection requirements may impact retailers' customer retention efforts, but Novel Commerce's wallet pass technology offers alternative communication channels.

• GorillaDesk is a top field service app in 2024, providing solutions for job management, team coordination, and client security.

REAL ESTATE

• US pending home sales surged 8.3% in December as mortgage rates fell, indicating a thawing housing market.

• A plane crash near the Russia-Ukraine border sparks accusations and disputes over the presence of prisoners of war.

ECONOMIC

• Crude oil prices surged to their highest levels this year, rising by about 3% due to strong U.S. economic growth and ongoing global disruptions in the Red Sea. UK consumer confidence reached a two-year high, while German consumer confidence is expected to decline. European stocks had a positive week, with LVMH reporting strong sales growth.

• JPMorgan Chase has announced an executive reshuffle, combining its major wholesale businesses and appointing new co-CEOs for the Commercial & Investment Bank.

• PayPal introduces six innovations, including faster checkout and personalized recommendations, in an effort to boost its share price.

• The UK has suspended trade talks with Canada due to disagreements over agricultural market access, particularly regarding beef and cheese.

CRYPTO

• The SEC has postponed its decision on Grayscale and BlackRock's spot Ethereum ETF applications for further analysis.

• AltLayer, a decentralized protocol, has conducted an airdrop, providing eligible community members with tokens worth over $100 million.