5 Top Stories

Apple Beats Samsung; CRISPR Treatment Approved; BYD Changes Battery

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.

Apple Steals Smartphone Throne

In 2023 Apple [AAPL] was the only major device maker to post annual unit growth, the Financial Times reported. According to research group IDC, Apple’s shipments were up 3.7% to 234.6 million, accounting for a fifth of the global market. This put it ahead of Samsung’s 226.6 million, making the Cupertino company the world’s biggest seller of smartphones — a position the South Korean giant has held since 2011.

CRISPR Treatment Approved in US

The Food and Drug Administration has approved Casgevy — a gene therapy developed by Vertex Pharmaceuticals [VRTX] and CRISPR Therapeutics [CRSP] — for use in treatment of a rare blood disorder. The treatment was approved in December for use against sickle cell disease, and will shortly become available for both indications, at a list price of $2.2m in the US, Reuters reported. Elsewhere in the space, GSK [GSK] said it raised £978m from a discounted stake sale in Haleon [HLN].

Nokia Splashes Cash on Microelectronics

On Wednesday Nokia [NOK] announced a €360m investment in software, hardware and chip design at its Ulm and Nuremberg sites in Germany. The funds will go towards advancing microelectronic technologies, considered key to the future development of artificial intelligence and 6G. Alongside competitive software and hardware, the two sites will develop high-performance systems-on-chips, based on 5G-Advanced and 6G standards.

BYD Ditches Pouch Cell Production

China’s BYD [BYDDY] is to stop producing pouch-type batteries for use in its hybrid cars by early 2025, prompted by concerns that they could leak, Reuters reported. Last month the blockbusting automaker switched two of its factories in Shaanxi and Zhejiang to producing prismatic batteries instead. A third factory in Qinghai province will make the switch soon.

Could Tesla Win a Price War Against Volkswagen?

A week after making similar moves in China, Tesla [TSLA] has cut the price of its Model Y vehicles in Germany; last year, Volkswagen [VWAGY] overtook Tesla as the biggest seller of electric vehicles there, with a 13.5% market share versus the latter’s 12.1%, Reuters reported. In another Germany-headquartered challenge to Tesla, remote-driving start-up Vay has launched its first commercial service in Las Vegas.

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