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.
Alphabet in the Dock Again
The US government launched a trial against Alphabet [GOOGL] on Monday, accusing the company of illegally monopolizing the ad tech market. Alphabet, which made over $200bn last year through advertising, argues its success stems from its “effectiveness”. However, the US Department of Justice’s view is that the company has used its dominance to suppress competition. This is the second major antitrust case Alphabet has faced this year, following an August ruling that deemed its search dominance illegal.
Panasonic to Start Production of Next-Gen EV Batteries
The Japanese electronics giant [PCRFF] is set to start producing its next-generation 4680 lithium-ion batteries at a revamped facility in Wakayama, Japan. The 4680 battery promises to be lighter, more efficient and cheaper than the previous 2170 model, Bloomberg reported. “Storage batteries are a crucial resource for the nation,” CEO Yuki Kusumi said. “We believe these batteries will contribute to the proliferation of electric vehicles (EVs).”
China Car Sales Fall; NEVs Buck Trend
Passenger vehicle sales in China dropped 1.1% in August, marking the fifth consecutive month of declines, according to data from the China Passenger Car Association. However, new energy vehicle (NEV) sales surged 43.2%, making up a record 53.5% of total sales. Local EV leader BYD [BYDDY] hit a sales record, while Tesla [TSLA] also logged its best month of 2024.
Nvidia-Backed AI Start-up Eyes Japan Expansion
“We think that a strong economy like Japan would want to advance their own artificial intelligence (AI) ecosystem, and we want to be part of that,” Sakana AI CEO David Ha told Bloomberg TV on Monday. The Tokyo-based startup, which recently raised over $100m with backing from Nvidia [NVDA], will work with the chip giant on research and AI infrastructure in the country. Sakana espouses a more energy-efficient approach to building out AI, which has been welcomed in resource-poor Japan.
2.7 Million to Try Tri-fold
Huawei has secured over 2.7 million pre-orders for its groundbreaking Mate XT trifold smartphone, CNBC reported. Pre-orders for the device opened Saturday, ahead of Apple’s [AAPL] iPhone 16 launch, which is scheduled for Tuesday morning in Beijing. Although Huawei has not revealed the Mate XT’s price, official sales will begin on September 20. Meanwhile, Apple fell out of the top five smartphone vendors in China in Q2, according to research firm Canalys, marking the first time local brands held all top spots.
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