OpenAI’s Chrome Dream
Nick Turley, Head of Product for OpenAI’s ChatGPT, took the stand at the US Department of Justice’s (DOJ) ongoing antitrust trial of Alphabet’s [GOOGL] Google. The DOJ claims the Chrome browser is core to Google’s anticompetitive predominance, and as such ought to be divested. Were that to happen, Turley said, OpenAI would aim to buy it, with a view to converting it into an “artificial intelligence-first (AI)” experience, Reuters reported.
Nuclear Stock Drops on Altman Exit
In more OpenAI-related news, Oklo [OKLO] fell 13.5% post-market after OpenAI CEO Sam Altman stepped down as chairman. Altman cited Oklo’s push for strategic partnerships in AI-related energy deployment as the reason for his exit. Oklo said Altman’s departure opens the door for potential partnerships with OpenAI or other hyperscalers, previously complicated by his board role.
Time to Get Out of DOGE?
Tesla [TSLA] missed Q1 expectations, with EPS of $0.27 versus an estimated $0.42; revenue was down 9% to $19.34bn. Automotive revenue dropped 20%, though energy and services grew. The firm pulled 2024 guidance but reaffirmed plans for cheaper models, as well as the Cybercab. Following the release, CEO Elon Musk promised to “significantly” reduce his political role.
Can India Catch Up in the AI Race?
In the AI spending race, the US and China have outpaced other countries. India is in fourth place globally. However, tech companies are beginning to recognize India’s potentially central role in the development of AI, thanks to its large market and high level of talent. OPTO examines the role Indian IT providers Infosys [INFY], Wipro [WIT] and Tata Consultancy Services [TCS:NS] could have in achieving the country’s AI goals.
CEO Swings Axe at Intel
Intel [INTC] plans to cut over 20% of its staff in a major restructuring move under new CEO Lip-Bu Tan, Bloomberg reported. The lay-offs aim to reduce bureaucracy and tighten the firm’s focus on engineering. This follows an August 2024 cut of 15,000 jobs, bringing headcount to 108,900 by end-2024. Legacy firm Intel has been struggling to catch up with upstart rivals, Nvidia [NVDA] among them.
New SoftBank-Backed Crypto Vehicle
Brandon Lutnick, chair of Cantor Fitzgerald and son of US Secretary of Commerce Howard Lutnick, is launching a multibillion-dollar bitcoin investment vehicle with backing from SoftBank [SFTBY], Tether and Bitfinex, the Financial Times outlined. Called Cantor Equity Partners, the vehicle raised $200m in January and will create a new firm, 21 Capital, aiming to mirror Strategy’s [MSTR] crypto-focused approach.
China Copper Demand Stays Robust
Despite trade tensions and China’s property woes, copper demand in the country has held firm, with buyers quickly snapping up supply during price dips. Jiangxi Copper Co [JIAXF] noted a surge in spot orders after prices slid near $8,000/ton. Stay tuned for an upcoming article on Foresight, the OPTO Substack channel, detailing five copper stocks that could similarly benefit from copper tariffs.
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