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.
Fifth Bad Day in a Row for Apple
The Cupertino company’s [AAPL] share price is “at a crossroads”, Rosenblatt Securities analyst Barton Crockett told MarketWatch, after the stock logged losses for five days straight. It is down nearly 12% in 2024, while the broader tech space continues on a major rally. Apple is facing a range of challenges, among them regulatory pressures: earlier this week, the EU issued the firm a €1.8bn fine for breaking competition laws. Apple has said it will appeal.
Yet More Good News for Novo Nordisk
A large, late-stage study has found that the Danish drugmaker’s [NVO] Ozempic delayed progression of chronic kidney disease in diabetes patients. This is the latest piece of evidence that the drug has medical benefits for conditions beyond type-2 diabetes and weight loss, Reuters reported. Elsewhere, data released on Monday showed that semaglutide reduced by 31% the amount of liver fat in people with HIV and a severe type of liver disease.
Paytm Losing Customers as Curbs Loom
On Wednesday the National Payments Council of India said on its website that the value of Paytm [PAYTM:NS] payments made on the country’s state-backed transactions system fell 14% to 1.7trn rupees in January. The two largest players in India’s growing fintech space — namely, Walmart-owned [WMT] PhonePe and Google’s [GOOGL] GPay — are both absorbing customers from Paytm, even before regulatory curbs take effect on 15 March.
OpenAI vs. Musk: Further Shots Fired
The OpenAI/Elon Musk showdown rumbles on, with the latter late on Tuesday publishing emails from Musk that seem to show that he had supported its for-profit business plans. This comes after Musk filed a lawsuit in San Francisco last week, accusing the artificial intelligence (AI) trailblazer of sacrificing their founding goals in order to raise funds. “We’re sad that it’s come to this with someone whom we’ve deeply admired,” wrote OpenAI CEO Sam Altman in a blogpost.
Airship AI Rockets 200% on Government Deal
Shares of Airship AI [AISP] jumped 200% on news that the company had signed a contract with the US Department of Justice (DoJ). Having gone public last December via a SPAC, Airship uses AI to help law-enforcement, defence and public sector clients leverage data. Its contract with the DoJ is for a “video and data-management platform supporting emerging public-safety and investigative requirements”, according to a press release.
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