Photo of OpenAI CEO Sam Altman.
Olivier Doulieri | AFP | Getty Images
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What you need to know today
Wall Street gains ahead of inflation data
US market advanced Although April’s producer price index came in higher than expected, a key inflation report is due on Wednesday.this Nasdaq rose to a record closing price, while Dow Jones Industrial Average An increase of 126 points.this S&P 500 Index Stocks rose nearly 0.5% despite Federal Reserve Chairman Jerome Powell saying the central bank needs to be patient with its monetary policy given stubborn inflation. 10-Year Treasury Bond Yield Ministry of Finance slipped reduceand oil price fall down.
Meme craze cools down
shares game station and aviation medical center rose on Tuesday, extend Monday’s gains followed “Roaring Kitten.” However, shares gave back some of their earlier gains, signaling waning enthusiasm for so-called meme stocks. decline. AMC managed Increase Meme stocks rose on Monday, bringing in $250 million in new capital. AMC closed up 32% on Tuesday, while GameStop soared 60%.
Alibaba sinks
profit In the e-commerce giant Alibaba Revenue in the fiscal fourth quarter fell 86% to 3.3 billion yuan ($456 million). The Hangzhou-based company faces increasing domestic competition and has been strengthening its overseas operations.Alibaba has one Rocky 2023 as it restructures its business. The company’s shares fell 6% in New York.
Biden imposes tariffs on China
Biden administration Dramatic increase The tariffs on $18 billion worth of Chinese imports are aimed at protecting U.S. industry and jobs. The tariff on imported electric vehicles from China will rise from 25% to 100%. Other affected products include medical needles, syringes and ship-to-shore cranes.
Powell: Inflation slowly declining
Fed Chairman Powell says inflation not slow down As soon as expected, the central bank will be required to maintain current interest rates for a longer period of time. “We didn’t expect this to be a smooth road. But these (inflation numbers) are higher than I think anyone expected,” Powell said in Amsterdam. “What this tells us is that we need to be patient and let restrictive policies work.”
(Pro) Hot Meme Stocks
Meme stocks are back in fashion with the advent of “roaring kitten.” This time, it goes beyond GameStop and AMC Entertainment. CNBC’s Li Yun comes to take a look stock Creating a frenzy on the Reddit forum “wallstreetbets”.
bottom line
Sam Altman’s OpenAI raises the bar Artificial intelligence assistant Monday — a move that could spell the end of Siri and Alexa. In demos, it effortlessly translated Italian to English on an Apple iPhone, even solving a difficult problem.
The demo caught the attention of analysts, especially apple Reportedly working with Google and OpenAI to incorporate their technology into their artificial intelligence arsenal.
“We suspect internally Apple is far from what OpenAI just demonstrated,” Rosenblatt analyst Barton Crockett wrote. “If Google fails to match OpenAI’s capabilities at I/O, Apple will be under intense pressure to Need to work with OpenAI to modernize Siri for the current state of AI.”
Under pressure from OpenAI, Google announced The most powerful AI model Tuesday.
This is a crucial test for Google as it goes head-to-head with OpenAI and its $10 billion backers. Microsoft. The AI market, estimated to be worth $1 trillion, is in jeopardy, ironically being caught flat-footed by Google, which has been funding and sharing much of its AI research.
Google CEO Sundar Pichai turns to British chess grandmaster and neuroscientist for help Demis Hassabis Lead the company’s AI deployment. Hassabis is the co-founder of DeepMind, the world’s leading artificial intelligence laboratory, which Google acquired in 2014 for approximately US$500 million.
Another co-founder of DeepMind, a fellow Brit Mustafa Suleiman Hired by Microsoft CEO Satya Nadella to lead the company’s consumer-facing AI products, including Copilot, Bing and Edge.
While the United States leads the way in artificial intelligence, it lags behind in electric vehicle technology.It has been widely reported that President Joe Biden levy tariffs About Chinese electric vehicles and other technology products.While China has yet to sell a single electric car in the U.S., Chinese luxury electric car brands Zekel Raised $441 million in the U.S. initial public offering last week.
Washington believes Beijing is subsidizing electric vehicle manufacturers. Before Biden’s announcement, Chinese Assistant Foreign Minister Hua Chunying said: release On
Hua Chunying responded: “Translation: We will support American industry through subsidies because it is strategic, but when others do this, it is unfair competition.”
—CNBC’s Jeff Cox, Alex Harring, Rebecca Picciotto, Yun Li, Sam Meredith, Arjun Kharpal, Jasmine Wu, Jennifer Elias and Deidre Bosa contributed to this report.
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