5 Top Stories

Adobe Launches AI; China EV Exports Jump; Astra Space Weighs Sale

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Adobe Launches AI Features

Desktop publishing leader Adobe [ADBE] is to release new artificial intelligence (AI) image-generation tools. One of these will be called Generative Match, whereby users will be able to generate images based on textual or visual prompts. In recent times, Adobe has been rushing to defend its market share from AI image generators such as Midjourney or Stable Diffusion. Meanwhile, according to Bloomberg, Google [GOOGL] insiders have been questioning the usefulness of Bard, the company’s AI chatbot.

107% Jump in China EV Exports

According to data from the Passenger Car Association, China’s clean vehicle shipments jumped to 91,000 in September, up 107% year-over-year. This includes pure electric vehicles (EVs) and plug-in hybrids, with US-based Tesla leading the pack, sending 30,566 units overseas from its Shanghai facility. BYD [1211.HK] and SAIC Motor [600104.SS] accounted for most of the rest. Last month, the European Commission initiated an investigation into Chinese EV makers; the US already imposes a substantial tariff.

Flailing Astra Space Weighs Sale

Rocket launch firm Astra Space [ASTR] is reportedly weighing the sale of a 51% stake in its in-space propulsion unit, which it would aim to value at more than $100m. The firm is also considering the sale of its rocket factory, Bloomberg reported. Astra Space has notched up a series of high-profile misfires including a failed NASA mission. The stock closed down 2.2% Tuesday at $1.31, giving it a market value of $24m, a fraction of the $2.1bn at which it was valued when it went public in 2021...

Delay on EU Big Tech 5G Payment Decision

Europe’s leading telecoms companies have been agitating for legislation that would oblige big tech firms such as Alphabet [GOOGL], Meta [META], Netflix [NFLX] and Amazon [AMZN] to contribute to the cost of 5G roll-out. Telecoms such as Telefonica [TEF.MC] and Deutsche Telekom [DTE.DE] insist this is fair, as big tech accounts for a large amount of traffic. Reuters reported that this will now be pushed back to 2025.

GSK Pays Up over Zantac

GSK [GSK.L] has agreed to settle a California lawsuit over its heartburn drug Zantac, which it has been alleged caused cancer. Citi analysts have predicted that GSK will settle all Zantac cases in the first quarter of 2024, at an estimated total cost of $5bn, according to Reuters. Meanwhile, Novo Nordisk [NOVO-B.CO] has said it will stop a trial to see if its blockbuster drug Ozempic can be used to treat kidney failure in diabetes patients because, it seems, it can.

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