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.
Which AI Stocks Does ARK Prefer to Nvidia?
Nvidia [NVDA] has seen its share price leap by more than 180% this year. Despite — or because of — this, ARK’s Cathie Wood has said there are more interesting artificial intelligence (AI) stocks on the market. “Nvidia’s easy, but it’s also really expensive and very obvious,” said Wood at an investor conference in Munich. Wood named UiPath [PATH] and Twilio [TWLO] as more interesting alternatives, in particular highlighting the potential of UiPath’s platform: “It’s not sexy, but it’s very profitable.
Getty Partners with Nvidia on AI Tool
With a view to generating AI content that avoids copyright issues, Getty Images [GETY] is working with Nvidia on an AI tool that will create images using the firm’s library of millions of photos. However, the new tool will not draw on Getty’s bank of news photos, in order to militate against deepfakes. Elsewhere, French billionaire Xavier Niel is to invest €200m in an AI research lab powered by Nvidia, as well as funding start-ups in the field.
Novo Nordisk’s $2.7bn AI Programme
Having become Europe’s most valuable company off the back of the success of its weight-loss blockbuster Wegovy, Denmark’s Novo Nordisk [NOVO-B.CO] is to partner with US tech firm Valo Health on the use of AI to develop new drugs. The deal — which could be worth up to $2.7bn, according to Bloomberg — will see the two firms collaborate on 11 programmes, focused on heart and metabolic conditions.
Alibaba Set to List Cainiao in Hong Kong
The Chinese e-commerce behemoth announced Tuesday that it plans to spin off its logistics unit Cainiao on the Hong Kong Stock Exchange. In a regulatory filing, Alibaba [9988.HK] said it would hold more than 50% of the shares in the unit following the listing. Cainiao will be the first of six units that Alibaba has slated for potential IPOs, although Alibaba has underlined that there is “no assurance” that the spin-off will go ahead.
Tesla Under EU Scrutiny
Tesla [TSLA] shares opened 1.6% down on Tuesday following news that the firm was in the sights of the EU’s anti-subsidy probe into Chinese electric vehicles (EVs). Tesla sold some 93,700 made-in-China EVs in Western Europe in the first seven months of 2023, Bloomberg reported. Meanwhile, Nissan [7201.T] announced that all its new EU models will be fully electric, and by 2030 it will only be selling EVs in Europe. “There is no turning back now,” said CEO Makoto Uchida in a statement.