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.
Siemens/Microsoft Partnership on Industrial AI
Siemens [SIE.DE] has teamed up with Microsoft [MSFT] to develop an AI-powered Industrial Copilot, which uses generative artificial intelligence (AI) to improve collaboration between humans and machines. Microsoft has pioneered AI copilots in its own products, and is now expanding into industry. Elsewhere in the space, hype is mounting around the new Advanced Micro Devices [AMD] AI accelerator chip, with which it hopes to challenge Nvidia [NVDA], while Samsung [SSNLF] has said that AI will drive a recovery in chip demand in 2024.
Chinese Tech Giants Join Forces
Amid an economic slowdown, Chinese e-commerce giants Alibaba [9988.HK] and Tencent [0700.HK] have moved away from competition and towards cooperation, jointly investing in AI start-ups and dropping forced exclusivity terms that obliged retailers to choose between their respective platforms. They also agreed to work together for this year’s Singles’ Day shopping festival, during which Alibaba is encouraging merchants to offer items at aggressively low costs.
Big Chip Moves in Asia
Taiwan’s Powerchip Semiconductor Manufacturing Corp. [6770.TW] is to build a $5.3bn factory in Japan, which is racing to develop its chip ecosystem: the plant will be financed in part by the Japanese government. Meanwhile, Vietnam is moving to boost semiconductor investment and possibly build its first chipmaking plant; the country already hosts Intel's [INTC] largest semiconductor packaging and testing facility. Lastly, Reuters reported that China's state-backed chip fund invested nearly $2bn in a memory chip company called Changxin Xinqiao.
X Value More Than Halved Since Takeover
X, formerly known as Twitter, is valued at $19bn, one year after Elon Musk acquired it for $44bn, according to stock grants distributed to employees on Monday. Over 80% of the company’s employees were laid off or have quit since the takeover. Musk is scheduled for a live interview with UK Prime Minister Rishi Sunak on Thursday after he attends a global summit on AI.
New Apple Line Up
Apple [AAPL] released a new series of MacBook Pro and iMac computers on Tuesday, along with three new chips. The M3 chips are the newest Apple silicon custom chips; prior to 2020, Apple used processors from Intel. The new computers will have a secure screen-sharing feature to allow users to access their computers remotely. Reuters has reported that Nvidia plans to enter the personal computer market as early as 2025.