Musk Steps Up OpenAI Challenge
Elon Musk has urged a federal court to block OpenAI’s transition to a for-profit model, according to Bloomberg, accusing the ChatGPT creator of abandoning its founding purpose in order to secure billions in funding from Microsoft [MSFT]. Musk, who co-founded OpenAI with Sam Altman in 2015, claims its dominance threatens rivals, including his own AI startup, and the public interest. He argues that OpenAI is a “behemoth” that, without immediate intervention, will stifle competition.
“Strongest-Ever” Chip Curbs
The US has implemented a third round of export controls aimed at limiting China’s advanced semiconductor and artificial intelligence (AI) development. The measures restrict US and foreign firms using US technology from exporting key chipmaking tools and advanced high-bandwidth memory components. Commerce Secretary Gina Raimondo said they were “the strongest controls ever enacted by the US to degrade the People’s Republic of China’s ability to make the most advanced chips that they’re using in their military modernisation,” the Financial Times reported.
Big Software Stocks Reporting This Week
Earnings season may be running out of steam, but there are some major names still to report, among them several leaders in the broader software space. After Zscaler [ZS] on Monday, tech highlights this week include Salesforce [CRM], DocuSign [DOCU], Okta [OKTA], SentinelOne [S] and Marvell Technology [MRVL], Seeking Alpha reported. The list is rounded out by Synopsys [SNPS], UiPath [PATH] and clean energy leaders ChargePoint [CHPT] and Canadian Solar [CSIQ].
Bullish China Shopping: What Did Michael Burry Buy in Q3?
In his 13F filing for Q3 2024, Michael Burry — who rose to fame by predicting, shorting and profiting from the 2008 sub-prime US mortgage crisis — doubled his portfolio’s value to $129.75m. In the quarter he exited holdings in a cancer biotech and real estate firm, reduced his stake in two other companies and upped his holding in six more firms, including fintech darling Shift4 [FOUR]. Chinese e-commerce stocks, however, continue to dominate his portfolio, despite mounting US-China trade tensions. Join OPTO for a deep dive into what Burry was buying and selling in Q3 2024.
XRP is Now the Third-Biggest Cryptocurrency
A $100bn rally has pushed the token, which is linked to Ripple Labs, to overtake rivals and become the third-largest cryptocurrency, behind bitcoin and ether. Meanwhile, crypto ETFs are seeing record inflows, driven by optimism over President-elect Donald Trump’s pro-crypto regulatory stance. Bitcoin ETFs attracted $6.5bn in November, while ether ETFs garnered $1.1bn, according to Bloomberg data.
BYD Smashes Sales Record (Again)
The electric vehicle giant [BYDDF] achieved a record-breaking 506,804 new energy vehicles (NEV) sales in November 2024, marking a 67.87% year-over-year increase and its second month surpassing 500,000 units. Passenger NEVs drove the growth, with battery electric vehicle sales up 4.46% to 198,065 units and plug-in hybrid electric vehicles surging 133.13% to 305,938 units, despite a slight sequential dip.
Stellantis Drama
Carlos Tavares, the carmaker’s [STLA] CEO, has stepped down, effective immediately, following a dispute within the company’s boardroom, the BBC reported. This comes after the firm’s profit warning issued two months ago and its recently announced plans to close a manufacturing plant the UK. This latest drama thus adds to a growing list of woes for the company and its share price, as OPTO recently detailed.
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