headlines...by halloapp

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01-20-2024

TECH

• Super Micro Computer’s stock is surging as the company expects to exceed its original forecasts for the quarter by $800 million.

• Apple’s Vision Pro mixed reality headset is available for pre-order at $3,499, with delivery starting on February 2.

• Apple has proposed allowing third-party mobile wallet providers access to its tap-and-go mobile payment system to resolve an EU antitrust case. The European Commission is seeking feedback on the proposed commitments.

• Russian state-sponsored hackers from the group known as Midnight Blizzard breached Microsoft’s corporate email system in November 2020, stealing emails from senior leaders. The attack is currently under investigation and Microsoft is taking steps to improve security.

• Microsoft is investing in AI and may announce a stock split in 2024 due to its success in AI and potential growth.

• Meta (formerly Facebook) aims to stockpile over 340,000 Nvidia H100 GPUs by 2024, costing around $18 billion, to boost its AI capabilities.

• Meta Platforms, the parent company of Facebook, is investing in artificial intelligence (AI) and plans to develop artificial general intelligence (AGI). CEO Mark Zuckerberg emphasizes the importance of AI in the development of the Metaverse.

• Shares of Duolingo, Coursera, and Chegg dropped after Goldman Sachs downgraded the stocks due to competition from generative AI platforms and declining subscriber counts.

• Amazon Web Services (AWS) intends to invest $15.24 billion in Japan by 2027 to expand its cloud computing infrastructure in Tokyo and Osaka.

MEDIA

• Sports Illustrated is experiencing mass layoffs and an uncertain future after its license to operate was revoked by Authentic Brands Group.

• Progressive members of Congress criticize US support for Israel after Netanyahu opposes Palestinian state; Biden expresses hope for two-state solution.

• Prince Harry has dropped his libel claim against the publisher of The Mail on Sunday over an article about his security arrangements.

• Los Angeles Times employees stage walk-out in protest of expected layoffs, impacting at least 100 journalists or 20% of the newsroom.

CONSUMER

• Wayfair’s stock rose 8.1% after announcing a workforce reduction of 1,650 employees, aiming to save over $280 million in costs. Macy’s is also cutting 2,350 jobs and closing five stores.

• Centrica CEO, Chris O’Shea, admits it is “impossible to justify” his £4.5m salary while customers struggle to pay energy bills.

• Uniqlo is suing Shein for copyright infringement, demanding $1.1 million in damages for selling copycat versions of their viral shoulder bag.

• Police in Melbourne confiscated 74 boxes of Lego, including a $450 police station and a Millennium Falcon worth over $1,200, from an alleged drug trafficker. They also seized drugs, a gun, luxury watches, and $2m worth of chemicals used for drug production. The Lego and watches are believed to be proceeds of crime.

• Swiss luxury goods company, Richemont, saw a 4-8% increase in Q3 sales, driven by strong demand in Asia and China.

REAL ESTATE

• LoanDepot has restored operations and customer portals after a cyberattack on January 8, but disruptions to services remain.

• Airbnb’s stock price declined in Q4 2023 despite positive results, as reported by investment management company Polen Capital.

• Shares of Five Point Holdings surged 9.1% as Q4 profit doubled to $58.7 million, with revenue reaching $118.8 million.

ECONOMIC

• Unions threaten industrial action over Tata Steel’s plan to cut 2,800 jobs at its Port Talbot plant in Wales.

• Consumer stocks were mixed, with XLP down 0.1% and XLY up 1%. Arena shares sank 36%, Spirit Airlines surged 21%, Coursera shares dropped, and iRobot shares plunged 25%. The EU plans to block Amazon’s acquisition of iRobot.

• UK retail sales dropped 3.2% in December, the largest decline since January 2021, raising concerns about a potential recession.

• The Biden Administration has approved an additional $4.9 billion in student loan debt relief, bringing the total to $136.6 billion for over 3.7 million borrowers. The relief will benefit 74,000 borrowers, including teachers, nurses, firefighters, and low-income borrowers who have been repaying their loans for more than a decade or two. The forgiveness plan will begin next month and will have specific qualifications, such as attending community college and having a balance of less than $12,000. The plan also includes a new income-driven repayment option.

• US equity funds experienced outflows due to uncertainty around rate cuts and caution regarding earnings, while bond funds remained in demand.

CRYPTO

• Binance and Coinbase argue in court that the SEC failed to prove cryptocurrencies are securities, potentially impacting industry regulation.

• A federal appeals court has ordered an independent analyst to investigate the alleged misappropriation of $10 billion in customer assets at cryptocurrency exchange FTX.

• The BLOK ETF had a $146.1 million inflow, increasing outstanding units by 15.2%. The CGGO ETF had a $223.7 million inflow, increasing units by 8.9%. The DFSD ETF had a $117.3 million inflow, increasing units by 5.6%. The DFAC ETF had a $129.8 million inflow, increasing units by 0.5%.