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5 Top Stories

New Nio Partnership; Broadcom/VMware Green Light; Chaos at OpenAI

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.

EV Makers Prioritise Batteries

Chinese electric vehicle (EV) maker Nio [NIO] announced on Tuesday that it has entered into a collaboration with Chongqing Changan Automobile [000625:SZ]. Among other areas, the partnership will cover the maintenance and financing of swappable EV batteries. Elsewhere, Stellantis [STLA] has signed a preliminary agreement with Chinese battery firm Contemporary Amperex Technology Co [300750:SZ], covering the EV maker’s operations in Europe.

Green Light at Last for Tech Tie-up

Beijing has finally approved the $61bn merger of US chipmaker Broadcom [AVGO] and cloud software firm VMware [VMW]. The EU, UK, South Korea and Japan had already signed off on the deal, but the companies had to meet a list of conditions related to how they sell their products in China, including compatibility issues with local hardware. The firms have said they aim to close the deal on Wednesday.

Chaos at OpenAI

Microsoft shares closed at a record high Monday, as the future of OpenAI remained unclear, with the Financial Times reporting that 95% of employees had signed a letter pledging resignation if the board does not reverse its decision to fire former CEO Sam Altman. The paper also said rivals including Anthropic and Cohere had seen an uptick in interest on Monday. According to Bloomberg, key investors are moving to have Altman reinstated.

Tesla in India?

The Indian government is close to finalising an agreement with Tesla [TSLA], under which the automaker would be able to ship its EVs to the country starting next year, and to build a plant there within two years, Bloomberg reported. According to unnamed sources, Tesla would make a $2bn investment in the plant. Elsewhere, Tesla announced Tuesday that it has hiked the price of its Model Y in China by RMB2,000, to RMB304,400.

Bitcoin ETF Race Hots Up

Cathie Wood’s ARK Invest and digital asset firm 21Shares have listed a management fee of 80 basis points for the ARK 21Shares Bitcoin ETF. Competitors including BlackRock [BLK] and Invesco [IVZ] have yet to reveal a fee. Meanwhile, HANetf and Tidal have agreed to a tie-up which will allow their respective customers to launch ETFs in both the US and Europe.

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