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.
Britain is Tata’s pick for £4bn plant
Jaguar Land Rover (JLR)-owner Tata [TATAMOTORS.NS] has chosen the UK as the home for its new £4bn battery plant. Due to come online in 2026, the factory will be able to produce batteries for some 500,000 electric vehicles (EV) per year; its primary customers will be JLR and Tata Motors. Elsewhere, Vietnamese automaker VinFast, part of the Vingroup conglomerate [VIC.HM], has announced it will build a $4bn EV factory in North Carolina.
ASML reports 37.6% Q2 profit jump
Dutch chipmaker ASML [ASML.AS] has reported a boost in revenue and profit in Q2, with net profit totalling €1.9bn, a 37.6% year-on-year increase, while sales were up 27%, to €6.9bn. The company raised its 2023 outlook, and now expects net sales to grow 30% year-on-year. The company said that the positive results were partly due to strong revenue from its deep ultraviolet lithography machine, but CEO Peter Wennink warned of “continued macro-economic uncertainties”.
Microsoft shares jump on AI announcement
The Microsoft [MSFT] share price jumped by as much as 6% on Tuesday following an announcement that the tech giant is to charge $30 per month for generative artificial intelligence (AI) features — a higher price than many expected. This surge has extended a rally which has already exceeded 50% this year. Meanwhile, Meta Platforms [META] is making its large language model Llama 2 available through partnerships with cloud providers, among them Microsoft and Amazon [AMZN].
India iPhone sales up 50%
India became the fifth-largest consumer of Apple [AAPL] iPhones in Q2, after sales in the country leapt 50% year-on-year. Temasek is looking to put up to $5bn annually into public entities in India, through a mix of partnerships and investment. Foxconn [2354.TW] has been ramping up its operations in the country, having reportedly purchased $33m of Apple equipment for its local plant in the past year.
LG launches updated AI software
South Korea’s LG [003550.KS] has launched Exaone 2.0, an updated version of its AI software, which can comprehend images and information in both Korean and English. Morgan Stanley announced plans to move more than 200 of its technology developers out of China after the government declared it will be tightening regulations for accessing data within its borders. Meanwhile, the country’s Ministry of Industry and Information Technology has pledged to support the computational needs of generative AI development.