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11-16-2023

TECH

• Microsoft has introduced its own custom-designed AI chips, Maia and Cobalt, to power its AI services and reduce costs. The chips will be deployed in Microsoft’s data centers next year.

• Microsoft rebrands Bing Chat as Copilot, adds note-taking capabilities, and introduces new offerings for Azure, Service, and Dynamics 365 Guides.

• TikTok and Meta (formerly Facebook) are appealing against their “gatekeeper” status under the EU’s Digital Markets Act.

• The Wireless Power Consortium announces Qi v2.0 devices will be available for the holidays, with over 100 in certification testing. Qi2 offers magnetic attachment, faster charging, and higher efficiency. Google Pixel and iPhone 15 will support Qi2. Belkin, Mophie, and Anker will offer Qi2 chargers. Qi2 promises faster and more reliable charging with MagSafe-like magnets and higher charging rates of up to 15W.

• Apple is extending the free access to the emergency SOS feature for iPhone 14 users by an additional year.

• Synopsys partners with Microsoft to develop an AI-powered Copilot for chip design, aiming to enhance accuracy and reduce costs.

• Lenovo, the world’s largest PC maker, experienced a 16% drop in sales for Q3 2023 due to slow PC demand.

• Meta, formerly known as Facebook, is urging US lawmakers to regulate app stores and require parental approval for teens’ app downloads.

• TikTok is increasingly popular for news consumption, with 43% of users regularly getting news on the app, up from 22% in 2020.

• Google Photos is launching AI-powered features like selecting the best photo, organizing screenshots, documents, and grouping similar photos.

• Senators demand documents from Meta CEO Mark Zuckerberg regarding harm to children caused by social media platforms.

• Jack Ma’s family trust is selling 10 million shares of Alibaba, worth around $871 million, causing an 8% drop in BABA stock.

• Microsoft has unveiled the ”Windows App,” enabling users to run Windows apps on Mac, iOS, and other platforms. It is currently in beta and available for multiple devices.

• Instagram has introduced new features including custom AI stickers, photo filters, a clip hub, and more for Reels and Stories. Users can create custom stickers using AI, and there are also meme-making tools available. Additionally, there are new filters, a streamlined drafts view, quicker access to the audio page in Reels, and more data for creators.

• Amazon has repurposed its Astro home robot as a security solution for small and medium-sized businesses, offering features like intelligent cameras and remote monitoring. The robot is priced at $2,350.

• Google is introducing AI-powered shopping tools, including generative AI in search and virtual try-on features for men’s tops.

• Meta’s messaging app, Threads, is introducing tags in Australia to identify popular topics in the app, using blue-text hyperlinks instead of hashtags.

MEDIA

• Lawmakers are seeking information from Apple regarding the cancellation of Jon Stewart’s show, amid concerns that China influenced the decision.

• Russian artist and musician Sasha Skochilenko has been sentenced to seven years in prison for protesting the war in Ukraine.

• Spotify is expanding its partnership with Google to use AI tools for personalized podcast and audiobook recommendations and to enhance metadata.

• YouTube is launching an AI tool called Dream Track that allows creators to make music using AI-generated vocals from popular artists like John Legend and Sia.

• Hunter Biden is seeking to subpoena Donald Trump and William Barr in his felony gun charges case, alleging political interference.

• Jennifer Aniston, Lisa Kudrow, Courteney Cox, and David Schwimmer pay heartfelt tributes to late ”Friends” co-star Matthew Perry.

• Berkshire Hathaway’s disclosure of a small stake in Sirius XM caused the stock to jump 9.1% and outperform competitors.

• President Biden emphasizes the need for a two-state solution in the Israeli-Palestinian conflict and warns against occupying Gaza.

• Comixology, the digital comic book platform, will merge with Kindle on December 4, allowing users to migrate their collections.

CONSUMER

• Clorox’s chief information security officer, Amy Bogac, has left the company after a cyberattack disrupted operations and supply chain.

• REI, the outdoor sports retailer, is facing allegations of labor law violations at eight unionized stores, with 80 complaints filed by workers.

• Speedo launches Fastskin LZR suits, claiming to be the world’s fastest, approved by World Aquatics, priced at £370 ($461) for women and £235 ($293) for men.

REAL ESTATE

• China’s real estate market continues to decline, with new home prices falling for the fourth consecutive month in October. Despite government support measures, the sector remains burdened by debt and consumer caution, posing a threat to the country’s economic recovery.

• Sweden’s financial watchdog has asked police to investigate potential corruption in Alecta’s $4.6bn investment in Heimstaden Bostad AB.

• Eagle Point Income Co Inc has outperformed benchmarks with a 45% return in the past 3 years, and reported strong Q3 earnings with increased cash flows and distributions.

• Crest Nicholson Holdings has reduced its adjusted pretax profit guidance and plans to streamline operations, including job cuts, due to weak housing demand and a deteriorating business environment.

• Healthpeak Properties (NYSE: PEAK) stock has declined 40% this year but has long-term potential due to healthcare real estate focus and aging population. However, large debt is a risk. Hologic Inc. stock rose slightly but underperformed the market and is $15.87 below its 52-week high.

• Swedish property group SBB is set to strengthen its balance sheet by buying back up to €600 million ($650.9 million) in debt through an auction.

ECONOMIC

• Senate Majority Leader Chuck Schumer is pushing for a quick vote on a short-term funding bill to prevent a government shutdown.

• Pedro Sánchez has narrowly won a second term as Spain’s prime minister, securing support from Catalan separatists through a controversial amnesty deal.

• Warren Buffett’s Berkshire Hathaway repurchased 3 million shares, made new investments in Liberty Live Group and Atlanta Braves Holdings, and sold stakes in General Motors and Activision Blizzard.

• Top Wall Street strategists, including Goldman Sachs, predict modest gains for the S&P 500 in 2024, with a year-end target of 4,700.

• UBS wins the right to have a €1.8 billion penalty reconsidered by a French court in a tax evasion case.

• Pakistan has received initial approval from the IMF for a $700 million loan tranche from a $3 billion bailout program. Kenya has reached a preliminary agreement with the IMF for an additional $938 million in financing. The IMF has also approved a $178 million loan for Malawi.

• Argentina’s bonds have lost $24 billion in value since 2020, causing concern among major investors. The upcoming presidential election is adding to investor worries due to social unrest and the need for fiscal adjustment. The winning candidate will face challenges such as high inflation, capital controls, and a looming recession. Different approaches to economic policy have been proposed by the candidates, with one favoring shock therapy and the other advocating for gradual change. Argentine stocks are expected to underperform regardless of the election outcome. In preparation for potential peso withdrawals, Argentine banks are increasing their holdings of liquid assets.

• San Francisco Fed President Mary Daly warns against prematurely ending rate hikes, leaves possibility open for another increase. JPMorgan CEO Jamie Dimon says it’s too soon to declare victory against inflation, suggesting the Federal Reserve may need to do more.

• Aegon, the Dutch insurer, has increased its full-year capital generation forecast to €1.2bn ($1.3bn) due to strong performance in the US market.

• Former British Prime Minister David Cameron, now UK’s foreign secretary, visited Ukraine to assure President Zelensky of continued military support.

CRYPTO

• Cathie Wood of ARK Invest predicts a spot Bitcoin ETF approval by the SEC in January, potentially driving the price to record highs. She also discusses institutional investment and wider acceptance of digital assets. Wood is partnering with 21shares to launch crypto-focused ETFs.

• Bitcoin’s recent rally has pushed it past $35,000, reaching 18-month highs and sparking interest in crypto stocks. Analysts predict further gains.

• Asset management giant BlackRock is actively seeking investors for an Ethereum trust, demonstrating its growing interest in cryptocurrencies beyond Bitcoin.

• The SEC has postponed its rulings on Grayscale’s Ethereum futures ETF and a spot Bitcoin ETF due to regulatory considerations.

• Bitcoin has surged 124% this year, driven by optimism over a potential SEC-approved Bitcoin ETF. Investors are closely monitoring the decision.

HEALTH

• The UK government’s plan to deport asylum seekers to Rwanda has been ruled unlawful by the Supreme Court, causing disarray.

• The Israeli military raided Al-Shifa Hospital in Gaza, claiming it was being used by Hamas as a command center and for storing weapons.

• ValueAct Capital has acquired undisclosed stakes in Expedia Group and Disney, while Catalent’s shares rise on strong sales figures.

• Eli Lilly will invest 2 billion euros in a new pharmaceutical plant in western Germany, creating over 1,000 jobs.

SPORTS

• South Africa chooses to bat against Australia in the Cricket World Cup semi-final. Australia dominates Bangladesh 7-0 in World Cup qualifier.

• Palestine’s coach aims to win World Cup qualifier amid Israel-Hamas conflict; Lebanon disappointed by neutral ground match.

• Deshaun Watson’s season-ending shoulder surgery devastates the Cleveland Browns, who were gaining momentum with a 6-3 record and playoff hopes.