5 Top Stories

Apple heads up mixed reality revival; Hyundai reports accelerating revenues; Big tech firms warn of rising AI costs

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 headset reinvigorates mixed reality

Virtual (VR) and augmented reality (AR) companies have received a boost following the release of Apple’s [AAPL] Vision Pro headset. US-based AR, VR and mixed reality start-ups raised $208m in June, close to the amount raised in the previous three months combined, according to data from PitchBook reported by the Financial Times. Ori Inbar, founder of the early-stage AR fund Super Ventures, said the data proved “that mixed reality is not a fad”.

Restructuring paves way for Ant IPO

Ant Group’s long-delayed flotation plans could be back in contention as the company plans a restructure that will see certain non-core divisions broken off. Its blockchain, database management services and international business will likely be spun out, enabling it to pursue a single Hong Kong listing, as opposed to the dual listing with Hong Kong and Shanghai it had previously attempted.

Hyundai sees revenues accelerating

Hyundai [005380.KS] raised revenue and profit targets after an earnings beat on Tuesday, with increased demand for its premium models driving the outperformance. The South Korean automaker anticipates sales rising as much as 15% year over year. Nissan [7201.T] has finalised plans to invest up to €600m ($663m) into Renault’s [RNO.PA] Ampere electric vehicle (EV) project.

Battery maker CATL reports supercharged profits

Elsewhere in EVs, battery maker Contemporary Amperex Technology Co. Ltd [300750.SZ] saw net income rise 63% year over year to ¥10.9bn ($1.5bn) in the latest quarter, according to Bloomberg calculations on its half year results announced Tuesday. Growing demand for EVs alongside stabilising lithium prices were credited for the rise, with revenues rising 56% to ¥100bn.

Big tech AI spending set to rise

Microsoft and Alphabet [GOOGL] both warned of rising investment costs on the horizon as demand for artificial intelligence (AI) services increases. Both companies displayed unexpected core business resilience in Tuesday’s second quarter earnings announcements, with Alphabet’s revenue exceeding expectations and delivering a 7.1% premarket share price bounce on Wednesday. A slowdown in cloud computing demand weighed on Microsoft’s sales growth, sending its stock down 4% in premarket trading.

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