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5 Top Stories

Netflix subscriber boost; TSMC slashes forecast; Apple develops AI

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. 

Subscriber boost vindicates Netflix strategy

Netflix’s [NFLX] changes to password rules have been vindicated as subscriber numbers jumped 5.9 million to 238 million over the past quarter. However, the writers’ and actors’ strike will see less content produced this year. Rival streamer Viaplay Group AB [VPLAY-B.ST] shares fell 39% on an announcement that the entire group is being put up for sale following a 5.89bn kroner ($574m) quarterly loss.

TSMC slashes 2023 revenue forecast

Taiwan Semiconductor Manufacturing Co (TSMC) [TSM] cut its 2023 revenue projections to a 10% decline, having previously forecast a low-to-mid single digit fall, as it announced its first quarterly profit drop for four years. Executives warned that the boom in interest around training chips for AI may not be sustainable. TSMC also pushed back production at its planned Arizona facility from late 2024 to 2025, citing labour shortages and elevated expenses.

Apple GPT to challenge OpenAI and Google

Apple [AAPL] is entering the generative AI race, and has created its own framework, “Ajax”, to produce large language models capable of challenging OpenAI and Alphabet’s [GOOGL] Google. While executives have yet to decide how to release the products to consumers, Apple has created its own internal chatbot service, referred to by engineers as “Apple GPT”.

Musk teases more cuts as Tesla margins squeezed

Price cuts continue to weigh on Tesla’s [TSLA] margins, with warnings of factory downtime and reduced production sending shares down 4% during an analyst call. Elon Musk, however, hinted at future cuts, and announced plans to spend $1bn on its “Project Dojo” supercomputing project. The cuts are impacting Tesla’s rivals, with Volvo’s [VOLV-A.ST] electric vehicle margins squeezed by price competition and high lithium prices.

Amazon brings BBC to India

BBC shows will be streamed in India via Amazon [AMZN], as the partnership challenges Mukesh Ambani, Asia’s richest man, and his JioCinema platform. Amazon has a rocky relationship with India’s government, while the BBC strained its relations by airing a documentary that was critical of Prime Minister Narendra Modi. The NSE Nifty IT Index gained 18% since its April low, adding $46bn in value, fuelled by renewed optimism for India’s IT sector.

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