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5 Top Stories

Uber Eats’ chatbot; noco-noco’s IPO; is Nvidia cheap?

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.

noco-noco completes Nasdaq listing

Japanese electric vehicle battery maker noco-noco [NCNC] listed on the Nasdaq by merging with special purpose acquisition company Prime Number Acquisition I Corp. The company raised $150m through an equity line of credit, which CEO Masataka Matsumura told Bloomberg will be spent on developing and commercialising its products. Matsumura added that batteries fitted with noco-noco’s sensors will be available in 2024.

Say “hi” to Uber Eats chatbot

Uber Technologies [UBER] is developing an artificial intelligence chatbot that will offer recommendations to Uber Eats customers, enabling them to place orders more quickly. Developer Steve Moser noticed wording for the chatbot within the code and shared the discovery with Bloomberg News. OpenAI has launched ChatGPT Enterprise, a version of its GPT-4 model with boosted security and privacy features, in a bid to increase revenue.

After tripling year to date, is Nvidia cheap?

Despite tripling YTD, Nvidia’s [NVDA] shares hit their lowest level relative to projected earnings since December 2022, reported Reuters. Analyst upgrades to earnings forecasts leave Nvidia trading at approximately 33 times forecast earnings, down from 46 the previous week. Intel [INTC] claims that its new Sierra Forest chip will offer 240% better performance per watt than its currently available data centre chips. US Commerce Secretary Gina Raimondo raised the concerns of Intel and Micron [MU] over restrictions on US firms with China’s Commerce Minister Wang Wentao.

$1bn satellite could disrupt space insurance

Viasat’s [VSAT] $1bn ViaSat-3 Americas satellite is experiencing serious technical difficulties that could result in a $420m payout, making it more difficult and more expensive for companies to insure satellites. ViaSat-3 is such a major satellite that its insurance is likely spread among several providers, according to Bloomberg. By contrast, Elon Musk’s SpaceX provides coverage through large fleets of smaller, uninsured satellites, the loss of one of which is considered insignificant.

Judge retracts Google class action status

A judge retracted a ruling that gave class-action status to 21 million users who claim Alphabet’s [GOOGL] Google Play overcharged them, significantly reducing the potential damages the company is liable to face. This week, New Zealand will introduce legislation for a digital services tax on entities such as Google and Meta [META] that could come into effect by 2025, according to Bloomberg. CNBC reports that Google is planning to earn up to $100m by selling Google Maps data to renewable energy companies.

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