Here are the top news items to kickstart your trading day:
1. Bulls continue their rally
The Dow Jones Industrial Average shows no signs of slowing down as it reached yet another record high. This positive momentum has boosted the index by 2.8% throughout the week, poised for its longest winning streak since 2019 with nine consecutive weeks of gains.
2. General Motors’ Cruise faces challenges
General Motors’ self-driving car subsidiary, Cruise, has announced significant layoffs, affecting nearly a quarter of its workforce, approximately 900 employees. These cuts primarily target commercial operations and related corporate functions. This decision comes after Cruise recently terminated nine key leaders due to ongoing safety investigations prompted by an accident in San Francisco last October, which caused Cruise’s robotaxi fleet to be grounded.
3. LinkedIn alters its plans
LinkedIn, the popular professional networking platform, has abandoned its project dubbed “Blueshift.” This initiative involved transitioning its data center technology to Microsoft Azure, its parent company. However, this development marks a setback for LinkedIn’s plans.
4. Intel enters the AI market
Intel, the renowned semiconductor manufacturer, revealed its new range of computer chips, including the Gaudi3 artificial intelligence chip specifically designed for generative AI software. While specific details about the chip remain undisclosed, it will likely compete with offerings from rival companies like Nvidia and AMD. Intel aims to challenge Nvidia’s dominant position in the AI market, which has experienced significant stock growth of nearly 230% this year. In contrast, Intel’s shares have risen by 68%.
5. EU-Ukraine negotiations pave the way for membership talks
Ukraine has moved closer to becoming a member of the European Union (EU) following an agreement by EU leaders in Brussels to initiate negotiations with the country. Ukrainian President Volodymyr Zelenskyy hailed this unexpected decision as a victory for Ukraine and Europe, highlighting the potential positive impact it could have on his country’s war-torn situation.
Source (CNBC)
