Rivian Taps AI Pioneer

Rivian Taps AI Pioneer

The electric vehicle maker [RIVN] has appointed Cohere CEO Aidan Gomez to its board, TechCrunch has outlined, signaling its ambitions in automotive software and artificial intelligence (AI) integration. Gomez brings expertise from his work at Alphabet’s [GOOGL] Google Brain and Cohere, which builds AI models for enterprise clients like Oracle [ORCL]. His insights could be crucial as Rivian pursues its $5.8bn software joint venture with Volkswagen [VWAGY]. 

Tech Giants on Trial: Part 1

Now is the time “to tell Google and all other monopolists who are out there listening, and they are listening, that there are consequences when you break the antitrust laws,” according to US Department of Justice attorney David Dahlquist in his opening statement at the ongoing Google antitrust trial. Dahlquist emphasized that Google must not be allowed to use AI to increase its web search dominance. 

Tech Giants on Trial: Part 2

“Americans are tired of getting signed up for unwanted subscriptions that seem impossible to cancel,” said Chair Andrew Ferguson, announcing the US Federal Trade Commission is to sue Uber [UBER] over “false or misleading” claims about its subscription service, the Financial Times detailed. As may have been expected, Uber denied the claims, saying its cancellation processes are “clear, simple and follow the letter and spirit of the law”.

Rare Earths: What Will be the Impact of Export Curbs?

As the trade war between Washington and Beijing intensifies, China has upped the ante by slapping export restrictions on rare earth elements (REEs). China is responsible for 85–90% of global mine-to-metal refining for REEs, which are essential raw materials in a number of industries, including automotive and renewable energy. OPTO examines the potential winners and losers from a major shake-up in the global REE supply chain. 

New Solar Tariffs 

The US Department of Commerce plans to impose tariffs of up to 3,521% on solar panel imports from Cambodia, Thailand, Malaysia and Vietnam, the BBC reported, citing Chinese subsidies and dumping. Some Cambodian exporters face the steepest duties, at 3,512%, over alleged noncooperation, while JinkoSolar [JKS] products from Malaysia are set for duties of around 41%. A final ruling from the International Trade Commission is expected in June.

Good for Gold

The yellow metal surged to a record $3,500 per ounce on Tuesday following US President Donald Trump’s attacks on Federal Reserve Chair Jay Powell. The rally reflects a broader shift to haven assets, with the yen strengthening to ¥140 per dollar and the dollar index nearing a three-year low. The President “ratcheting up pressure on Powell to ease monetary policy is raising concerns about Fed independence, which has triggered a flight to haven assets,” Ewa Manthey, a commodities strategist at ING, told the Financial Times. 

China Food Delivery Battle Heats Up

A price war between JD.com [JD] and Meituan [MPNGF] is spooking investors. JD.com shares tumbled 8.1%, while Meituan dropped 8% to a seven-month low, dragging the Hang Seng Tech Index down. JD’s aggressive push into delivery has sparked discounting battles and higher delivery costs. David Tepper recently increased his stake in JD.com by 43%, as OPTO detailed; it will be interesting to see if he remains so bullish on the stock.