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.
Microsoft Stock Hits Record High
The Microsoft [MSFT] share price hit a record high of $360.53 at Tuesday’s close, following updates from artificial intelligence (AI) partner OpenAI, which on Monday highlighted new functionality that will allow users to customise ChatGPT. Elsewhere, Samsung Electronics [SSNLF] is testing a generative AI model called Gauss, alongside other tools including a coding assistant. It hopes to integrate AI into a variety of its devices soon, according to Bloomberg.
Japan Goes All-in on Chips
The Japanese government is to allocate almost ¥2trn to its semiconductor industry, Bloomberg reported. Of this total, some ¥760bn could be spent on a second Taiwan Semiconductor Manufacturing Co. [TSM] factory in Kumamoto, in the south-west of the country. A further ¥640bn is slated to go towards research, and could be assigned to homegrown Rapidus Corp. The figures will be finalised when the budget is approved on Friday.
Zelda Movie; GTA VI; Xbox AI
Nintendo [NTDOY] said that it is planning to develop a live-action Legend of Zelda movie. Since it was released in April, The Super Mario Bros. Movie has made more than $1bn at the box office. Rockstar Games, a division of Take-Two Interactive Software [TTWO], is set to announce Grand Theft Auto VI, the latest instalment in its blockbuster franchise. Lastly, Microsoft is partnering with Inworld AI to develop AI functionality on the Xbox...
Lay-offs At Virgin Galactic
Virgin Galactic [SPCE] is to cut staff as it doubles down on space travel, specifically its Delta Class spaceships. “The Delta ships are powerful economic engines. To bring them into service, we need to extend our strong financial position and reduce our reliance on unpredictable capital markets,” CEO Michael Colglazier wrote in an email to all employees, seen by Seeking Alpha. The announcement came ahead of quarterly earnings on Wednesday.
Hero EU Expansion
India’s leading motorcycle manufacturer Hero MotoCorp [HEROMOTOCO:NS] announced on Tuesday that it is to roll out its electric vehicles in the UK and European markets, beginning with Spain and France. The firm says it plans to launch its electric scooter brand VIDA V1 in those markets by the middle of next year, before expanding its premium range throughout the region.