headlines...by halloapp

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01-22-2024

TECH

• London-based AI voice technology firm ElevenLabs has raised $80 million in a Series B funding round, bringing its valuation to over $1 billion. The funds will be used for product development, hiring more staff, and expanding the team. The company has also launched a dubbing studio and a voice library marketplace.

• OpenAI has banned a developer for violating its policies by creating an AI-powered bot impersonating US presidential candidate Dean Phillips.

• Apple’s Vision Pro headset sold 160,000 to 180,000 units during the first pre-order weekend, but analyst Ming-Chi Kuo expects declining demand.

• China has stockpiled $40 billion worth of chip-making equipment, including high-end machines from ASML, to overcome US export controls.

• Nvidia CEO Jensen Huang visited China for the first time in four years amidst concerns about US chip restrictions and the tech race between Washington and Beijing.

MEDIA

• Sony has terminated its $10 billion merger deal with Zee Entertainment in India due to unmet conditions and leadership disagreements.

• UN Secretary-General António Guterres condemns Israel’s military operations in Gaza as the death toll surpasses 25,000, mostly women and children.

CONSUMER

• Macy’s rejects a $5.8 billion takeover bid from Arkhouse Management and Brigade Capital Management due to financing and value concerns.

• Resale companies like myGemma, HEWI, and M.M. LaFleur find success by specializing in high-end products and prioritizing customer service.

REAL ESTATE

• Choice Hotels has nominated a slate of directors to replace Wyndham Hotels’ board in its $8bn hostile bid, including industry veterans.

• Marriott and Hilton both experienced strong room growth in 2023, with Marriott exceeding expectations and Hilton achieving a record-setting quarter.

ECONOMIC

• The average Social Security benefit for January 2024 is estimated to be $1,907, with a 3.2% cost-of-living adjustment.

• B. Riley Financial’s shares dropped 12% due to an SEC investigation into its deals with a client involved in securities fraud.

• The top 20 hedge funds, including TCI, Citadel, Viking, and Pershing Square, made a record $67 billion in profits in 2023. TCI Fund Management topped the list, making $12.9 billion.

• Credit Agricole has acquired a 7% stake in payments company Worldline to strengthen their joint venture and support the struggling partner.

CRYPTO

• Coinbase faces revenue decline as investors choose low-fee Bitcoin ETFs, but benefits as custodian for 8 of the 11 approved ETFs. BlackRock and Fidelity see significant inflows in Bitcoin ETFs. JPMorgan predicts $36 billion investment in Bitcoin ETFs by 2024. Morningstar predicts cryptocurrency market to grow to $6.4 trillion by 2032, with spot Bitcoin ETFs attracting more investors. iShares Bitcoin Trust recommended as top choice.

• Crypto company Terraform Labs, responsible for the collapse of its stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the US.