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.
Musk to launch new AI company
Elon Musk has announced the launch of a new AI company, called xAI, with the modest goal of deciphering “the true nature of the universe”. More details will be released on Friday. Meanwhile, Meta [META] is set to release a commercial version of its own AI model, and Google [GOOGL] has said that its chatbot Bard can now analyse images and give audio responses, and is available in 40 languages.
Recursion stock doubles after $50m Nvidia investment
The share price of Recursion Pharmaceutical [RXRX] — which uses AI to discover new medicines — surged as much as 78% this week following an investment from Nvidia [NVDA]. Elsewhere, Google’s Med-PaLM — a large language model-based AI that helps doctors rapidly access information — is in the testing phase, but research shows that it is more than 90% accurate. Lastly, UNESCO has warned that AI-driven neurotechnology urgently requires a “universal ethical framework”.
Tesla launches quadbike; Kia ramps up US production
Tesla [TSLA] is to launch a $1,670 electric quad bike in China. With a top speed of 8 km per hour and a battery life of 1.5 hours, it is aimed at children between eight and 12 years old. In other electric vehicle (EV) news, South Korea’s Kia [000270.KS] is to invest $200m in its assembly plant in the US state of Georgia, while Saudi Arabia-backed Lucid Group [LCID] has said its second quarter production dropped due to supply chain issues.
Amazon shopping event drives sales
Driven by significant discounts on a range of products including appliances and toys, Amazon’s [AMZN] Prime Day shopping event prompted a surge in online sales, which rose nearly 6% against last year, to $6.4bn. Adobe Digital Insights anticipates that the event will have netted Amazon as much as $13bn. Rival retailers, among them Walmart [WMT], Target [TGT] and Best Buy [BBY], have been piggybacking on the event by likewise offering large discounts.
Public.com aims to break into the UK
New York-based investing platform Public.com is expanding into the UK, its first new market outside the US. Considered a rival to Robinhood [HOOD], the firm will allow retail investors to access data and research services and to trade more than 5,000 stocks. The move is a prelude to further expansion within the EU. “The goal is to have the same product experience in all markets,” co-CEO Leif Abraham told Bloomberg.
Disclaimer Past performance is not a reliable indicator of future results.
CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
CMC Markets does not endorse or offer opinion on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.
*Tax treatment depends on individual circumstances and can change or may differ in a jurisdiction other than the UK.
Continue reading for FREE
- Includes free newsletter updates, unsubscribe anytime. Privacy policy
