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The Nasdaq surged firmly on Monday as Tesla soared on artificial intelligence optimism and investors awaited inflation data due later this week. Morgan Stanley upgraded Tesla to "overweight" from "equal-weight," saying its Dojo supercomputer could increase the company's market value by over $600 billion. Other large-cap stocks increased as well, with Amazon up 3.5% and Microsoft up 1.1%. Meta Platforms rose 3.25% following news on Sunday that the social networking platform was developing a new, more powerful AI system.
Volume on US exchanges was low, with 9.3 billion shares traded, compared to an average of 10.0 billion shares for the previous 20 sessions.
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Tesla, suppliers to invest $15 bln in Mexico factory
A state governor in Mexico announced on Monday that Tesla and its suppliers will invest $15 billion over the next two years in a factory that is still under construction, in excess of the sum previously announced by Mexican officials. Tesla CEO Elon Musk said in March that his company would build a gigafactory in northern Nuevo Leon state as part of its global expansion strategy. Musk did not specify Tesla's investment at the time, but Mexican officials indicated the factory would cost $5 billion.
Tesla jumps as analyst predicts $600 billion value boost from Dojo
Tesla rallied 6% on Monday after Morgan Stanley said its Dojo supercomputer could power a near $600 billion surge in the electric-car maker's market value by helping speed up its foray into robotaxis and software services. Tesla, already the world's most valuable automaker, started production of the supercomputer to train artificial intelligence (AI) models for self-driving cars in July and plans to spend more than $1 billion on Dojo through next year.
Arm’s IPO Orders Are Already Oversubscribed by 10 Times
According to persons familiar with the matter, Arm Holdings Ltd.'s initial public offering has already been oversubscribed by ten times, and bankers aim to stop taking orders by Tuesday afternoon.
SoftBank Group Corp.-controlled Arm will close its order book a day early on Tuesday but plans to price its shares on Wednesday, according to people who asked not to be identified because the subject matter is confidential. It's not uncommon for an IPO's books to close early, indicating strong demand.
Arm filed for its IPO at $47 to $51 a share, which could value the company at $54.5 billion at the high end of the range.
Qualcomm to supply Apple with 5G chips until 2026 under new deal
Qualcomm said on Monday it had signed a deal with Apple to supply 5G chips until at least 2026, at a time when the iPhone maker faces increased challenges in China and looks to reinforce its supply chains elsewhere.
The deal extends a relationship worth billions of dollars to Qualcomm for at least three years beyond what was expected and indicates Apple is not rushing out its own modem, despite moving all its computers to processing chips of its own design.
In a research note on Aug. 3, UBS analysts estimated that Qualcomm sold $7.26 billion of chips to Apple in 2022.
Disney and Charter strike last-minute ‘transformative’ deal
Disney and Charter Communications announced on Monday that the companies had struck a“transformative agreement” to end a closely watched carriage dispute, a move that will restore access to channels like ESPN and ABC to the nation’s second largest cable television provider’s nearly 15 million subscribers.
As part of the agreement, Disney will in the coming weeks provide the advertiser-supported offering of Disney+ to select Charter television packages. ESPN+ will be included for more premium subscriptions, as will ESPN’s forthcoming direct-to-consumer service.
New Alibaba Group CEO lays out strategic priorities for staff
New Alibaba Group CEO Eddie Wu has told staff the tech giant's two main strategic focuses going forward will be "user first" and "AI-driven", according to an internal letter reviewed by Reuters.
Wu, who issued the letter on his third day as CEO, also stated that Alibaba would prioritize promoting young employees, notably those born after 1985, to form the foundation of its business management teams over the following four years.
This would help maintain a "start-up mindset" and prevent the company getting "stuck in our old ways", he said.
The new CEO, one of Alibaba Group's founders and long-time lieutenant of former chief Jack Ma, is laying out his strategic priorities at a key moment for Alibaba, which is undergoing the biggest organisational restructure of its 24-year history.
Riddle
Question
If the distance to Ostend is 400 miles,
the distance to Prague is 500 miles,
Salzburg is 700 miles
and Toronto 1500 miles,
how many miles is it to Zagreb?
Stocks on the radar
WestRock Co
Packaging companies WestRock Co. and Smurfit Kappa Group Plcagreed to combine in an $11.2 billion deal that creates an industry powerhouse domiciled in Ireland.
Shareholders of Atlanta, Georgia-based WestRock will receive the equivalent of $43.51 a share in cash and stock, according to a statement on Tuesday. Investors in Dublin-based Smurfit Kappa will own about 50.4% of the combined company.
Oracle Corporation
Oracle projected current-quarter revenue below Wall Street targets on Monday and narrowly missed expectations for the first quarter as a tough economy pressured cloud spending by businesses, sending its shares down 9% in extended trading.
After a surge in cloud demand during the pandemic, businesses are rethinking their digitization plans, hurting Oracle as it plays catch-up in a segment dominated by larger rivals such as Amazon Web Services and Microsoft. The stock is down about 10% in pre open.
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FDA Approves Newest Covid-19 Boosters
The Food and Drug Administration authorized updated Covid vaccinations from Pfizer and Moderna on Monday, putting the shots on track to reach Americans within days as hospitalizations from the virus surge in the United States.
According to an FDA release, the new vaccinations, which target the omicron variation XBB.1.5, are licensed for persons 12 and older and are authorized for emergency use for youngsters 6 months to 11 years old.
Pfizer and Moderna's enhanced vaccinations will not be available to Americans for some time.
A CDC advisory panel will meet on Tuesday to vote on a recommendation for the use of such vaccines. The doses can be provided at pharmacies, health clinics, and other vaccination distribution facilities once the CDC director approves the recommendations.
Kim Jong Un Crosses Into Russia for Rare Summit With Putin
Kim Jong Un’s heavily armored private train has crossed into Russia ahead of an expected and closely-watched summit with Russian President Vladimir Putin, state media reported Tuesday, amid warnings from the United States that the two leaders could strike an arms deal.
The North Korean leader departed the capital, Pyongyang, on Sunday afternoon accompanied by top party officials and members of the government and armed forces, North Korean news agency KCNA reported Tuesday.
MTV Video Music Awards return Tuesday
The MTV Video Music Awards return Tuesday night, and for the first time, only women are nominated in the show's artist of the year category. Taylor Swift, Beyoncé, Doja Cat, Nicki Minaj, Karol G and Shakira are contending for the night's top prize.
The 2023 MTV Video Music Awards, scheduled for Sept. 12, will have a record-breaking 35 first-time nominees including Petras, and Metro Boomin’ and Rema, who boast three each.
The VMAs, which takes place at the Prudential Center in Newark, New Jersey — just outside of New York City — will be hosted by Minaj. Last year, she emceed alongside Lil Wayne and Jack Harlow; this year, she's solo.
Libya: Around 2,000 people have died and thousands more are missing after Storm Daniel dumped so much rain on Libya’s northeast that two dams collapsed sending water flowing into already inundated areas.
Morrocco: The number of people killed in Morocco’s deadly earthquake has reached 2,862, according to the health ministry. Another 2,562 people were injured.
English Premier League: Everton F.C. is said to be close to an agreement to be acquired by 777 Partners, with an announcement possibly due today. A sale would bring the number of US-owned Premier League teams to 10 out of 20. Current owner Farhad Moshiri is expected to exit with only a fraction of the hundreds of millions of pounds he invested.
Riddle Answer: 200. The alphabetical value of the last letter is multiplied by 100 to give the miles.
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