headlines...by halloapp

To provide feedback, please reply to this email.

Forwarded this email? Subscribe here for more.

12-04-2023

TECH

• The lawsuit alleges that Meta violated data protection laws by using personal data for advertising profiling without user consent.

• IBM announces the launch of Quantum System Two, a new quantum computing chip and machine, with plans to develop larger systems by 2033.

• Nvidia CEO pledges to prioritize supplying AI processors to Japan due to high demand and the country’s semiconductor infrastructure development.

• Generative AI, like OpenAI’s ChatGPT, has the potential to revolutionize healthcare and various sectors, with a market value of $1.3 trillion. OpenAI received significant investments and achieved impressive user and revenue growth with ChatGPT. The launch of ChatGPT has sparked debates about AI’s impact and safety, leading to regulatory actions and global AI strategies. OpenAI’s mysterious project Q* has generated speculation about potential breakthroughs.

• Three alternative stocks to consider instead of Nvidia are Dell Technologies, IBM, and Intel. Nvidia and Super Micro Computer are promising AI stocks. The ”Magnificent Seven” stocks, including Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, are safe investments. Nvidia, Microsoft, and IBM are top AI stocks to consider buying in November.

• US officials are scheduled to visit Taiwan next month to clarify new restrictions on advanced chip exports, primarily targeting China.

• CoreWeave, a cloud computing provider, has closed a minority stake sale led by Fidelity, valuing the company at $7 billion.

• US Commerce Secretary Gina Raimondo requests increased funding to prevent China from obtaining cutting-edge semiconductor chips and criticizes Nvidia’s redesign for the Chinese market.

• OpenAI is investing $51 million in chip startup Rain AI, which is backed by OpenAI CEO Sam Altman.

• Intel and Siemens have partnered for a three-year collaboration to enhance factory efficiency and automation, particularly focusing on energy efficiency and sustainability.

MEDIA

• Spotify’s stock surged over 6% after announcing plans to lay off 1,500 employees, reducing its workforce by 17% to cut costs.

• Verizon offers a $10/month bundle to its “myPlan” subscribers, including ad-supported Netflix and Max streaming services starting December 7.

• Beyoncé’s concert film ”Renaissance: A Film by Beyoncé” earns $27.4 million globally, with $21 million from the US, topping the box office.

• KISS debuted digital avatars of their younger selves at their final concert, created by Industrial Light & Magic and Pophouse Entertainment.

• AI’s emergence in 2023 promised progress in news summarization, but it still falls short compared to human editors. In 2024, expect more AI advancements and news on regulators catching up. The year will be defined by ongoing conflicts, China’s economic struggles, and the US presidential election.

• Florida GOP chairman Christian Ziegler is facing a rape allegation and investigation, but denies the accusations and refuses to resign.

• Workers at MGM Grand Detroit casino have ratified a new labor agreement, ending a 47-day strike. The agreement includes significant wage increases, job protections, and no healthcare cost increases.

• ”Rizz,” a Gen Z slang term meaning the ability to attract others through style, charm, or attractiveness, is Oxford’s Word of the Year for 2023.

CONSUMER

• Ross Stores Inc (NASDAQ: ROST) declares a dividend of $0.34 per share with a 1.00% trailing yield and a 12.90% annual dividend growth rate. Stock price up 9.0% in the last month, but low earnings growth despite high ROE.

• Estee Lauder’s shares have risen 11.6% despite a decline in net sales and earnings, while concerns about market share persist.

• Shein, the online fashion retailer, has filed for an IPO in the US, aiming to become one of the largest IPOs in recent years. The company has faced controversy over copyright infringements and forced labor allegations in China. The confidential IPO could value Shein at $80-90 billion, providing insight into its leadership and financials.

• La-Z-Boy will raise its dividend by 10% to $0.20, resulting in a 2.0% dividend yield. Q2 2024 results exceeded expectations, leading to an 11% increase in shares.

• Shiseido Co. is experiencing a decline in target price and shares due to weak demand in China affecting earnings forecasts.

• Consider selling fragile and valuable items, large furniture, exercise equipment, hobbies, and kid-unfriendly cars when starting a family.

REAL ESTATE

• China Evergrande Group has been granted an additional two months by a Hong Kong court to negotiate a restructuring plan and avoid liquidation. The company has total liabilities of $327 billion.

• Rising mortgage rates in the US have led to a decrease in the supply of homes for sale, causing home prices to rise. The construction of multifamily housing is expected to decrease, worsening the housing shortage. As a result, the cost of buying a home relative to renting has reached unprecedented highs in major US cities.

• Stamford Land Corporation Ltd shareholders have seen a 10% CAGR over the past 3 years, while MTQ shareholders have seen a 14% CAGR over the past 5 years.

• US home buyers are becoming more willing to purchase properties despite high interest rates, with 62% now willing to buy, according to a Bank of America study.

ECONOMIC

• Indian Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) has won key state elections, strengthening their position for the upcoming general elections.

• The US Supreme Court is set to consider the constitutionality of a wealth tax and its impact on tax regime, potentially affecting future wealth taxes and the entire tax code.

• 1. New Hoong Fatt Holdings Berhad to trade ex-dividend in 3 days, with a dividend of RM0.03 per share. 2. Dayang Enterprise Holdings Bhd’s stock to trade ex-dividend on Dec 7th, with a dividend of RM0.015 per share on Dec 20th. 3. Petronas Gas Bhd announces $0.18 per share dividend with a 4.38% trailing dividend yield, but sustainability is uncertain. 4. PBA Holdings Bhd to trade ex-dividend soon, with a dividend of RM0.018 per share on Jan 5th. 5. Dominant Enterprise Berhad (KLSE:DOMINAN) to trade ex-dividend, with a dividend of RM0.01 per share on Dec 21st.

• The Bank for International Settlements (BIS) acknowledges progress in battling inflation but warns central banks still face challenges, according to Bundesbank President Joachim Nagel.

• Chinese President Xi Jinping welcomed Belarusian President Alexander Lukashenko to Beijing to discuss political trust and international coordination. China aims to include Belarus in its Belt and Road Initiative, and the agenda includes trade, economic, investment, and international cooperation.

• Negotiations for an EU-Mercosur trade deal have stalled as Argentina’s incoming government needs to approve outstanding issues. French President Macron opposes the agreement, and the EU’s trade commissioner has canceled a trip to Brazil.

• Stagnant growth in the UK has cost households £8,300 a year, leading to low wages, inequality, and a lack of productivity. A new economic strategy is needed to reverse these trends.

CRYPTO

• Societe Generale issues a 10 million euro digital green bond on the Ethereum blockchain, fully subscribed by AXA Investment Managers and Generali Investments.

• CleanSpark, Inc. saw a 28% increase in revenue to over $168 million in fiscal year 2023, achieved a total hashrate of 10 exahashes per second, and reported strong liquidity of nearly $170 million. They also released positive updates on their Bitcoin mining operations.