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5 Top Stories

Palantir Defence Contract; OpenAI to Design Device; Micron Drops.

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.

Palantir Signs New Contract with Defense Department

Shares in Palantir Technologies [PLTR] rose 6% on Wednesday after the firm announced a new three-year, $250m contract with the US Defense Department. It will cover the development of artificial intelligence (AI) and machine learning. Palantir has been working with the Defense Department since 2018. Meanwhile, US intelligence agencies including the CIA and the FBI will be given their own ChatGPT-style tool to help process large volumes of data.

OpenAI To Develop Device

The ChatGPT creator is in advanced talks with SoftBank’s [9984.T] Masayoshi Son and former Apple [AAPL] designer Jony Ive to develop the “iPhone of AI”, reported the Financial Times. OpenAI CEO Sam Altman has had brainstorming sessions with Ives, while Son has offered $1bn in funding. In China, Tencent-backed [0700.HK] AI start-up Enflame on Thursday said it had raised $273.7m from investors, including a government authority in Shanghai.

Google Pixel Encroaches on iPhone in Japan

Alphabet’s [GOOGL] Google Pixel smartphone is catching up with Apple’s iPhone in the key Japanese market. In the most recent quarter it held a record 12% share of the market, a sixfold year-on-year increase, according to Counterpoint Research, while the iPhone fell to 46% from 58%. Elsewhere, users have been complaining that the new iPhone 15 Pro and Pro Max overheat during use or even while charging.

Micron Stock Drops on Projection

Micron Technology [MU] shares dropped up to 5.5% premarket Thursday after the chipmaker predicted a loss of up to $1.14 a share — 18.8% steeper than analysts had anticipated, reported Bloomberg. However, the company expects sales to increase to up to $4.6bn, relative to an analyst estimate of $4.2bn. CEO Sanjay Mehrotra said Micron has taken “decisive actions on supply and cost”, and should be ready to take advantage of improved market conditions over the next year.

Cohen Takes GameStop Reins

Billionaire Ryan Cohen is the new CEO of gaming chain GameStop [GME], replacing Matt Furlong, who was ousted in June. The GameStop share price rose 9% premarket on the news Thursday. Cohen acquired a stake in the company in 2020, and was chairman previous to the new appointment. The firm has been struggling since its ‘meme stock’ moment in January 2021, when its stock jumped 1,600%.

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