5 Top Stories

GlobalFoundries’ New Fab; Tech Firms Sign Up on AI; Tesla to Invest $15bn

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.

GlobalFoundries Opens New Fab

GlobalFoundries [GFS] is to inaugurate a $4bn expansion to its fab in Singapore. The US-based firm is the world’s third-biggest chipmaker by revenue, after Taiwan Semiconductor Manufacturing Company [TSM] and Samsung [005930.KS], and produces chips for the likes of Qualcomm [QCOM]. The expansion is intended to meet growing demand: Thomas Caulfield, President and CEO of GlobalFoundries, told CNBC that “[A]utomotive seems to be staying strong. Cloud for artificial intelligence seems to be strong. Industrial is holding in there”.

Tesla to Invest $15bn in Mexico

Local authorities have announced that Tesla [TSLA] is to invest some $15bn in its gigafactory in the Mexican state of Nuevo Leon — triple what had previously been announced. Meanwhile, Australia’s Ionic Rare Earths [IXR.AX] has received funding from the UK government to construct a rare earths magnet recycling facility in Belfast, Northern Ireland. The reclaimed metals will go to producing magnets for Ford [F] electric vehicles.

Eight More Tech Firms Sign Up to AI Standards

A second wave of tech firms have signed up to White House artificial intelligence (AI) safeguards. Adobe [ADBE], Cohere [COHR], IBM [IBM], Nvidia [NVDA], Palantir [PLTR], Salesforce [CRM], Scale AI and Stability have all made voluntary commitments, while the government works on a comprehensive regulatory framework for the technology. Earlier in the summer, a first raft of major tech firms signed up to a similar set of commitments, which include ensuring users know when content is generated by AI.

FDA Authorises Updated Covid Jabs

Ahead of an autumn vaccination campaign in the US, the Food and Drug Administration (FDA) has approved two updated coronavirus vaccines, from Pfizer [PFE] / BioNTech [BNTX] and Moderna [MRNA]. The new jabs target a recently emerged Omicron variant. A third new vaccine, produced by Novavax [NVAX] is still under review. The US government transferred responsibility for Covid-19 vaccines to the private sector in May, causing a steep drop-off in demand.

MGM Stock Drops on Cybersecurity Shutdown

Casino and hotel operator MGM Resorts [MGM] shut down several computer systems due to a cybersecurity issue on Monday, the company announced in a post on X. This had an impact across the entire business, from hotel key cards to casino floors. Email systems were also taken offline. The MGM share price closed down 2.4% on Monday as a result.

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