MARKET RECAP → The Dow (DIA) closed 200 points higher on Monday as Microsoft (MSFT) jumped 2%, lifting the major averages higher. Bitcoin (BTC) rose again as crypto extends its rally.
OPENAI DRAMA → ? In a dramatic AI industry shuffle, ousted OpenAI head Sam Altman joins Microsoft (MSFT) to lead a new AI team, amidst OpenAI’s leadership overhaul and soaring $86 billion valuation talks.
NVIDIA EYS 2024 AI DEMAND → ? Nvidia (NVDA) is set to report its Q3 earnings on Tuesday, offering investors a crucial glimpse into AI demand for 2024, amidst its market cap eclipsing Meta (META) and Tesla (TSLA) and growing rivalry with AMD (AMD) in the AI sector.
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| Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
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? Sam Altman, recently ousted as OpenAI’s CEO, is set to lead a new advanced AI research team at Microsoft (MSFT). Microsoft CEO Satya Nadella announced this move, highlighting the tech giant’s ongoing investment in OpenAI and its commitment to advancing AI technology.
? The shake-up at OpenAI saw Altman and Greg Brockman, former OpenAI president, leaving their roles amid claims of Altman not being fully candid with the board. Despite this, Altman’s expertise in AI is still highly valued, as evidenced by Microsoft’s quick move to bring him and his colleagues on board.
? OpenAI, known for its popular ChatGPT chatbot, has been a key player in the AI space, with talks of an $86 billion valuation. The company’s leadership changes, including bringing former Twitch CEO Emmett Shear on board, signal a significant shift in the AI industry, with Microsoft poised to play a major role. |
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NVIDIA EYS 2024 AI DEMAND |
? Nvidia’s (NVDA) third-quarter results, expected to show revenue growth of over 170%, are eagerly awaited by Wall Street as a barometer for AI demand into 2024. The company’s stock has soared 237% in 2023, outstripping other S&P 500 members, with a market cap now exceeding $1.2 trillion, surpassing giants like Meta (META) and Tesla (TSLA).
? Analysts are keenly watching for signs of generative AI enthusiasm cooling, potential shifts to AMD’s (AMD) processors, or impacts of China restrictions on Nvidia’s business. Bank of America analysts anticipate a strong earnings report but are wary of competitive dynamics, especially with AMD’s growing presence in the AI GPU market. ? Amidst leadership changes at OpenAI, a major Nvidia GPU customer, and Microsoft’s backing, Nvidia’s data center group, which includes AI chips like the H100, has seen staggering growth. The company’s new H200 GPU, aimed at powering generative AI models, is set to further cement Nvidia’s dominance in AI, despite concerns over high prices and international market challenges. |
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Yellen says high food and rent prices key factors in voters’ negative economic outlook (CNBC) U.S. to offer another round of free at-home Covid tests starting Monday (CNBC)
SpaceX’s Starship rocket reaches space but is intentionally destroyed mid-flight (CNBC) Apple’s Vision Pro may take a little longer to launch (Mashable)
Meta disbanded its Responsible AI team (The Verge)
Average 401(k) account balance fell in the third quarter (CNN) From Sin City to Sports Central: How Las Vegas is betting big on a lucrative industry (CNN)
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And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife) |
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