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☆ An AI agent may soon be at your beck and call, but it might cost you a bit of your privacy
▼ + stars: | 2024-05-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at Google's big event that's pitching all the ways AI agents can make our lives easier . Google I/O, the tech giant's biggest developer conference, was heavy on the rise of so-called AI agents , writes Business Insider's Hugh Langley, who was there in person. AdvertisementGoogle's faithful, old search engine got a noticeable facelift with the help of AI , writes BI's Geoff Weiss. Steven Puetzer/Getty, Tyler Le/BIThe stakes for Google are high, as nailing AI agents opens up a massive business opportunity. For AI agents to be so intuitive, they'll need access to seemingly every aspect of our lives.

Persons: —, Tyler Le, you've, OpenAI's ChatGPT, Hugh Langley, Sundar Pichai, Geoff Weiss, Hugh, Alistair Barr, Gregory Wayne, Steven Puetzer, hasn't, Alistair, Demis Hassabis, Minchillo, Keith Gill, Naz Vahid, Andy Sieg's, Noah Berger, Jia Feng, Tingting Ji, Jenny Chang, Rodriguez, BI's Peter Kafka, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Google, Astra, GameStop, AMC Entertainment, JPMorgan, Citi, Amazon Web Services, Walmart, UPS, Nielsen, Cisco Systems, Warner Bros, Discovery Locations: New York, Dublin, London

☆ GameStop, AMC extend gains but broader meme stock rally shows signs of fizzling
▼ + stars: | 2024-05-15 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +1 min

GameStop and AMC logged further gains in premarket trading as the broader meme stock frenzy fizzled early on its third day, with Blackberry shares flat and Koss edging lower. Brick-and-mortar video game retailer GameStop was up 10.16% at 6:40 a.m. The meme stock craze resurged on Monday, seemingly reignited by a rare social media update from "Roaring Kitty." The return of the meme stock phenomenon brought GameStop and AMC shares up over 70% on Monday, with the stock extending gains into Tuesday. Speaking on CNBC's "Street Signs Europe" on Tuesday, Smead Capital Management CEO Cole Smead described the meme stock craze as "frankly stupid."

Persons: Keith Gill, Gill, Cole Smead, —, Yun Li Organizations: GameStop, AMC, BlackBerry, Massachusetts Mutual Life Insurance, Smead Capital

☆ Roaring Kitty's tweet sent GameStop spiking. The company's cofounder shares his outlook on where the stock is headed and advises hedge funds on how to navigate it.
▼ + stars: | 2024-05-15 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

There's no sense in this, said Gary Kusin, the cofounder of Babbage, the company to which GameStop traces its roots. Imagine if Taylor Swift's brand or company went public, and all the Swifties bought stock, the shares would be overvalued. What Wall Street doesn't understand is that there are Swifties in the video game industry. "If I worked on Wall Street, I would find some other stocks and some other places to go; I wouldn't touch GameStop." And I believe that's exactly what's ailing Wall Street right now," Kusin said.

Persons: Michael Burry, Keith Gill, Gary Kusin, Babbage, Kusin, It's, Taylor, Swifties, Shorting, doesn't, Citron, Brooks, Macy's Organizations: GameStop, Melvin Capital Management, Technology, S3 Partners

☆ Royal Mail owner IDS set to agree $4.4 bln Kretinsky takeover bid
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

IDS owns UK's Royal Mail, which is loss making, and international parcels network GLS. Royal Mail was privatised in 2013 in one of Britain's biggest state sell-offs in decades. It is expected the commitment to offer these contractual undertakings to the British government would be reflected in the cooperation agreement between the parties if a firm offer is made, it added. EP Group now has until May 29 to make a formal offer or walk away. EP is a 100% shareholder in VESA Equity investment which owns Kretinsky's IDS stake of nearly 28%.

Persons: Daniel Kretinsky, Keith Williams Organizations: International, Services, IDS, Royal Mail, UK's, Royal, National Security and Investment, Reuters, Equity Locations: Czech, London, Britain, British

☆ Live Updates: Cohen Will Continue Testifying at Trump Trial After Steady Turn on Stand
▼ + stars: | 2024-05-14 | by ( Michael Wilson | ) www.nytimes.com time to read: +5 min

Mr. Cohen said that, according to Mr. Trump, she recommended calling it “locker-room talk” to explain it away. Mr. Cohen brought many of those moments to life, describing Mr. Trump’s micromanagement and his campaign’s panic after the release of the “Access Hollywood” tape. Mr. Cohen also bolstered testimony by David Pecker, the former National Enquirer publisher, establishing a deal to suppress unflattering stories about Mr. Trump. “Once I received the money back from Mr. Trump, I would deposit it and no one would be the wiser,” Mr. Cohen said. He also held a news conference blasting Democrats, whom he and Mr. Trump blame for the case, and Mr. Cohen.

Persons: Michael D, Cohen, Donald J, Trump’s, ”, Stormy Daniels, Trump, Daniels, Melania, “, Todd Heisler, ” Mr, Karen McDougal, ” Cohen, Mr, Trump’s micromanagement, David Pecker, Keith Davidson, Daniels’s, ‘, ’, Allen Weisselberg, J.D, Vance of, Vance, Rick Scott of, Ken Paxton, Tommy Tuberville, Michael Cohen, — Organizations: ., New York Times, Playboy, National Enquirer, Republican, Prosecutors Locations: Manhattan, Lower Manhattan, Vance of Ohio, Rick Scott of Florida, Texas, Alabama

☆ How China Rose to Lead the World in Cars and Solar Panels
▼ + stars: | 2024-05-14 | by ( Keith Bradsher | ) www.nytimes.com time to read: 1 min

For decades, China has moved methodically to dominate ever more industries, from toys and clothing in the 1980s to semiconductors and renewable energy today. China now produces a third of the world’s manufactured goods — more than the United States, Germany, Japan, South Korea and Britain combined. Its trade surplus in these goods is equal to a tenth of the entire Chinese economy. Top leaders in the United States and Europe have begun calling on China to dial back how much it sells to the world, and to increase its imports. On Tuesday, President Biden is expected to raise U.S. tariffs sharply on imports from China of electric cars, solar panels and other high-tech manufactured goods.

Persons: Biden Locations: China, United States, Germany, Japan, South Korea, Britain, Europe

☆ AMC's meme stock windfall may help it pay down a massive debt load
▼ + stars: | 2024-05-14 | by ( Sarah Whitten | ) www.cnbc.com time to read: +1 min

Cars drive near an AMC Theater in New York City on March 29, 2023. The stock, alongside GameStop , surged this week after "Roaring Kitty," the man who inspired the massive short squeeze of 2021, posted online for the first time in nearly three years. The return of Roaring Kitty, whose legal name is Keith Gill, has led AMC shares to more than double since Friday's close. The last time these retail investors rallied around AMC and its stock surged, the movie theater chain was able to avoid bankruptcy. While the acquisitions bolstered the size AMC's theater network, they also levered the company's balance sheet, Handler said.

Persons: Roaring Kitty, Keith Gill, Adam Aron, Eric Handler, Roth, Handler Organizations: AMC, GameStop Locations: New York City

☆ ‘Frankly stupid’: Fund manager weighs in on reignited meme stock frenzy as GameStop soars
▼ + stars: | 2024-05-14 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +1 min

Fund manager Cole Smead has described the meme stock craze as "frankly stupid," as day traders once again pile into GameStop and AMC . The jump was seemingly prompted by a post on social media platform X by "Roaring Kitty," who in 2021 encouraged an army of day traders to pile into GameStop. In premarket trading on Tuesday, shares in GameStop and AMC were up 47% and 51% respectively at 6 a.m. E.T. Quoting "the late, great Charlie Munger," Smead said the day traders were "just taking in rat poison." Munger, who passed away last year, was the vice chairman of Berkshire Hathaway and famously described cryptocurrency as "rat poison."

Persons: Cole Smead, You've, Roaring, Kitty, Keith Gill, E.T, Charlie Munger, Smead, Munger, Berkshire Hathaway, Yun Li, Fred Imbert Organizations: GameStop, AMC, Smead Capital Management, Massachusetts Mutual Life Insurance, Berkshire

☆ Meme stocks extend short-squeeze rally to massive 100%+ gains with GameStop and AMC leading the way
▼ + stars: | 2024-05-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

GameStop and AMC Entertainment extended their gains on Tuesday to more than 100%. AMC Entertainment took advantage of the massive rally by selling shares to raise capital. AdvertisementWhat began with a Sunday evening tweet from Keith Gill, AKA Roaring Kitty, has materialized into a massive short-squeeze rally that has taken shares of GameStop and AMC Entertainment up 74% and 78% on Monday alone. Before the opening bell, shares of GameStop and AMC soared as much as 158% and 132%, respectively. The rallies have pushed a massive short-squeeze in the stocks, not unlike the 2021 rally that caught Wall Street short sellers off guard and sank a prominent hedge fund.

Persons: Keith Gill, —, Wall, DataTrek, Nicholas Colas, Colas Organizations: GameStop, AMC Entertainment, Service, AMC

☆ Recent college grads are doing shockingly well. Can it last?
▼ + stars: | 2024-05-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

And recent grads aren’t just finding any job, they’re finding good jobs. Not all is well: The EPI study found that racial and gender wage gaps still remain large among recent grads. GameStop shares tripped multiple circuit breakers — a temporary and mandated halt in trading to let investors cool off for a bit. Robinhood denied claims on social media on Monday that it had once again halted GameStop stock purchases on its platform. Robinhood has not shut down the purchase of Gamestop shares,” Robinhood spokesperson Anupriya Ghate said in a statement to CNN.

Persons: it’s, —, Katherine deCourcy, Elise Gould, “, Z, Z’ers, Krystal Hur, Keith Gill, Roaring Kitty, Gill, Robinhood, ”, Anupriya Ghate, ” Shein, Shein, CNN Shein Organizations: CNN Business, Bell, New York CNN, Economic Policy Institute, Stanford Institute for Economic Policy Research, Employers, GameStop, AMC, Partners, AMC Entertainment, Gamestop, CNN, Workers, Public, Public Eye Locations: New York, Black, Swiss, Guangzhou, China

☆ GameStop, AMC shares jump another 40% in premarket trading as meme stock craze returns
▼ + stars: | 2024-05-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Shares of GameStop and AMC jumped around 40% in premarket trading on Tuesday, on track to extend gains after "Roaring Kitty," the man at the center of the meme stock craze, posted online for the first time in roughly three years. Shares of video game retailer GameStop traded 40% higher at 4:50 a.m. GameStop on Monday climbed a whopping 74.4%, while AMC soared 78.4% in the previous trading session. Roaring Kitty, whose legal name is Keith Gill, is a former marketer for Massachusetts Mutual Life Insurance. Also known as DeepF------Value on Reddit, Gill drew an army of day traders who cheered each other on and piled into the brick-and-mortar video game stock and in GameStop call options between 2020 and 2021.

Persons: Kitty, Keith Gill, Gill, Yun Li, Fred Imbert Organizations: GameStop, AMC, Massachusetts Mutual Life Insurance Locations: New York

☆ Revival of Meme Stock Mania Continues for GameStop and AMC
▼ + stars: | 2024-05-14 | by ( Bernhard Warner | More About Bernhard Warner | ) www.nytimes.com time to read: +1 min

Wall Street is feeling meme stock déjà vu. The shares of the movie theater chain AMC Entertainment were similarly buoyant, and obscure cryptocurrencies named after Roaring Kitty and GameStop posted huge gains. Retail traders have been spurred on by the return of Roaring Kitty to social media after a three-year hiatus. Aside from Roaring Kitty’s return to social media, the rally was not driven by any evident news about GameStop or AMC. “Given my past experience in analyzing the periodic bouts of meme stock activity, consider me suspicious,” Sosnick wrote in a research note.

Persons: Keith Gill, Roaring, Gill, Steve Sosnick, ” Sosnick Organizations: GameStop, Netflix, AMC Entertainment, Retail, AMC, Interactive

☆ GameStop is surging for a second day — but one market guru calls the Reddit-fueled rally a 'speculation orgy'
▼ + stars: | 2024-05-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

GameStop shares soared once again ahead of Tuesday's opening bell. Other meme stocks like AMC and BlackBerry have also racked up big gains this week. Market gurus like Jim Chanos and Larry McDonald aren't convinced by the Reddit-fueled rally, though. AdvertisementGameStop and other big-name "meme stocks" kept rising ahead of Tuesday's opening bell — but some of the best-known voices in the market are highly skeptical about the rally. AMC, BlackBerry, and several other meme stocks — notable for their popularity on retail investing forums such as Reddit's r/WallStreetBets — also racked up major gains in early-morning trading.

Persons: Jim Chanos, Larry McDonald aren't, —, Keith Gill's, Gill, Kitty, Keith Gill, Roaring, Lol, Ferris, Larry McDonald, Jerome, Powell's Organizations: GameStop, AMC, BlackBerry, Service, Pirates

☆ GameStop, AMC attracting a fraction of retail trader interest seen during 2021's meme mania
▼ + stars: | 2024-05-14 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

GameStop and AMC are seeing big buying from mom-and-pop investors, but the purchases pale in comparison to the meme stock explosion seen three years ago. The video game seller and movie theater chain saw more than $15.8 million and $37.5 million, respectively, in net retail trader inflows on Monday, data from Vanda Research shows. But that is dwarfed by peak daily inflows of about $87.5 million for GameStop and $170 million for AMC seen in late January 2021. AMC and GameStop, along with other names associated with 2021's blitz including BlackBerry and Koss , were well off session highs in Tuesday afternoon trading. Still, GameStop and AMC on Tuesday were up more than 55% and 40%, respectively, as of 2:15 p.m.

Persons: Keith Gill Organizations: GameStop, AMC, Vanda Research

☆ Trump Media has reawakened the meme stock monster as GameStop surges
▼ + stars: | 2024-05-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —We in the financial press tend to talk about the meme stock revolution (or craze, or frenzy, or mass delusion) in the past tense. Another meme stock, Trump Media and Technology Group, the Donald Trump-owned media company that controls Truth Social, brought back memories of the 2021 GameStop bonanza. With Trump Media, Trump supporters and other speculative traders pumped up the stock not for its (extraordinarily lousy) fundamentals, but more as a vote of support for the former president’s campaign and even a barometer of his winning chances. We’re not quite as exuberant today as we were then, but we’re still within spitting distance of all-time highs on major stock indices, Sosnick notes. In some ways, the arrival in the spring of Donald Trump’s media company reawakened the meme stock monster.

Persons: CNN Business ’, Wall, Keith Gill, Kitty, DeepF, Steve Sosnick, who’ve, Gill, Donald Trump, Donald Trump’s, DJT, ” Sosnick, Michael Pachter, David, Melvin Capital, Gabe Plotkin’s, ”, Plotkin, “ Organizations: CNN Business, New York CNN, GameStop, Interactive Brokers, Trump Media, Technology Group, AMC, Trump, Wedbush Securities Locations: New York

☆ Reddit shares close near record after two-day rally driven by meme stocks
▼ + stars: | 2024-05-14 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Traders work as Reddit's logo is displayed, at the New York Stock Exchange (NYSE) in New York City, U.S., March 21, 2024. Reddit shares popped 7% on Tuesday, climbing for a second straight day after retail traders kicked off a buying frenzy of so-called meme stocks. The stock closed at $62.34, Reddit's second-highest close since its IPO in March. The rally began Monday when "Roaring Kitty," aka Keith Gill, the man who inspired meme stock mania in 2021, resurfaced online, sending shares of GameStop and AMC soaring. Other stocks that have been bunched in with the meme group rose, including BlackBerry , Koss and SunPower .

Persons: Reddit's, Keith Gill, Gill, Reddit Organizations: New York Stock Exchange, GameStop, AMC, BlackBerry Locations: New York City, U.S

☆ Stock market today: Indexes edge up as traders digest wholesale inflation data
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Major indexes were slightly higher after the data as investors assessed the impact on rate cut outlooks. April's producer price index data beat estimates, gaining 0.5% for the month against 0.3% consensus estimates. The PPI data comes a day before Wednesday's consumer price index and will give investors a broader frame of reference. If CPI data is equally hot, the stuttering stock rally could face even more negative consequences. The 10-year Treasury briefly topped 4.5% after the PPI data before slipping by about one basis point to 4.465.

Persons: Jerome Powell, —, Chris Zaccarelli, Keith Gill Organizations: Service, PPI, Independent, Federal, GameStop, AMC, Treasury, Here's

☆ GameStop stock surges over 70%—but investors should still be wary of 'meme stocks'
▼ + stars: | 2024-05-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Between 2020 and 2021, he became one of the key internet personas who encouraged an army of day traders to heavily invest in GameStop, kicking off the "meme stock" frenzy. And in 2024, it appears that meme stocks are rallying again. Short sellers are individual investors or hedge funds who believe a certain stock's price will decline. If the stock price doesn't fall the way the short sellers anticipated, they can lose money, as happened with GameStop. Investors should also be wary of chasing meme stocks with the expectation of earning a profit.

Persons: Keith Gill, he's, Gill isn't Organizations: GameStop

☆ Roaring Kitty is back on social media — and meme stock GameStop is soaring
▼ + stars: | 2024-05-13 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Gill, better known as Roaring Kitty, was the face of GameStop's surprise surge in 2021. The meme stock skyrocketed Monday as his return sent WallStreetBets into a frenzy. Keith Gill posted on X for the first time in nearly three years on Sunday, sending the meme stock sharply higher and sparking excitement on the Wall Street Bets subreddit. AdvertisementIt's unclear exactly what is signified by Gill's cryptic X post of a sketch showing a man leaning forward in his chair. Nevertheless Gill's return still sent r/wallstreetbets, whose users piled into meme stocks like GameStop, AMC, and Bed Bath & Beyond during the pandemic, into a frenzy.

Persons: Keith Gill, Gill, Kitty, WallStreetBets, —, Paul Dano, Gill's, Paul Atreides, Vince McMahon Organizations: Service, GameStop, Financial Services Committee, AMC

☆ Priced Out of Housing, Communities Take Development Into Their Own Hands
▼ + stars: | 2024-05-13 | by ( Keith Schneider | ) www.nytimes.com time to read: +1 min

“Traverse City is becoming Myrtle Beach meets Hilton Head — a place catering to a population outside the region,” Mr. Treter said. What sets this project apart from others like it is how it’s paid for. Mr. Treter developed the space with Kate Redman, a lawyer who works with nonprofit organizations, and several other entrepreneurs who were dealing with similar challenges. They created a crowdfunding campaign that recruited nearly 500 residents to invest $1.3 million as a down payment to help finance the project’s construction and earn up to 7 percent annually in dividend payments. Roughly 500 more residents contributed $50 each to join the project as co-op members.

Persons: Chris Treter, Mr, Treter, “, Kate Redman Organizations: Trading, “, Myrtle Beach Locations: CITY, Mich, —, “ Traverse, Michigan

☆ A flood of crypto tokens with names referencing GameStop and famed trader Roaring Kitty have been created in the last 24 hours as developers try to ride a meme-coin resurgence
▼ + stars: | 2024-05-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The social media return of Keith Gill, aka "Roaring Kitty," has sparked a flood of crypto meme tokens. Microcap meme tokens with names like "GME" and "Roar" have soared more than 1,000%. Most of the tokens were created in the past 24 hours as developers try to capitalize on the spike of interest. Another meme token created on the Solana network is "GIL", which was created early Monday morning and soared more than 4,000% on total volume of about $7 million. "ROAR" is another Solana-based meme token that was created Sunday evening and is trading up 1,856% on total volume of about $12 million.

Persons: Keith Gill, —, Keith Gill's, GIL, KITTY, Gill Organizations: Service, Solana, GameStop, AMC Entertainment Locations: Solana

☆ GameStop short sellers have already lost $1 billion from Monday's monster rally
▼ + stars: | 2024-05-13 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The jaw-dropping rally in GameStop on Monday has already caused losses of $1 billion for short sellers, according to data from S3 Partners. "Expect short covering in this stock as it already had a 100/100 squeeze score prior to today's trading," said Ihor Dusaniwsky, S3 managing director of predictive analytics. Currently, the short position in GameStop shares amounts to more than 24% of all its shares that are freely available to trade, also known as the float, according to FactSet. Including Monday's losses, short sellers in GameStop have lost $1.43 billion in May alone, according to S3. "Short sellers may be in for a bumpy and bloody ride in these stocks," Dusaniwsky said.

Persons: Ihor, Roaring, Keith Gill, Dusaniwsky, Reddit, — CNBC's Scott Schnipper Organizations: GameStop, New York Stock Exchange, S3 Partners, Partners, AMC

☆ Stock market today: Dow ends 8-day win streak as market braces for inflation data
▼ + stars: | 2024-05-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks were mixed on Monday, with the Nasdaq higher while the Dow ended its 8-day win streak. Investors are bracing for the release of two inflation data points this week: PPI and CPI. The inflation data will help inform investors when the Fed might cut interest rates. AdvertisementUS stocks were mixed on Monday, with the Nasdaq 100 higher while the Dow declined slightly, ending its 8-day win streak. The inflation data will help investors determine when the Federal Reserve might cut interest rates.

Persons: —, Dow, Keith Gill, Jerome Powell Organizations: Nasdaq, Dow, PPI, CPI, Service, Dow Jones, GameStop, AMC Entertainment, Federal Reserve

☆ GameStop's 118% spike is its biggest in 3-plus years after Roaring Kitty returns with a meme
▼ + stars: | 2024-05-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

GameStop stock soared as much as 118% on Monday, representing its biggest intraday gain in more than three years. The stock soared after Keith Gill, aka "RoaringKitty," posted on social media for the first time in years. AdvertisementGameStop stock soared as much as 118% on Monday, representing its biggest intra-day gain in over three years. The stock soared after Keith Gill, also known as "Roaring Kitty" and "DeepF---ingValue" posted to X for the first time in three years. GameStop stock isn't the only meme stock soaring on Monday.

Persons: Keith Gill, —, Gill Organizations: GameStop, Service, S3 Partners, AMC Entertainment

☆ GameStop Shares Surge After ‘Roaring Kitty’ Re-emerges
▼ + stars: | 2024-05-13 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

GameStop’s share price skyrocketed on Monday after the man who became the face of “meme stock” mania in 2021 with his enthusiastic promotion of the struggling video game retailer emerged from a three-year hiatus. On Sunday evening, Keith Gill, the trader known on some social media platforms as Roaring Kitty, posted an illustration of a person holding a video game controller while leaning forward on a chair on X. On no other news, GameStop’s stock more than doubled in early trading, prompting several temporary volatility-related halts by the New York Stock Exchange. The company’s shares approached a two-year high, adding billions in market value in a matter of hours. But even after Monday’s surge, GameStop’s stock remained well below the heights it reached in 2021.

Persons: Keith Gill, Kitty, Gill, Ferris, Ludacris Organizations: New York Stock Exchange, GameStop, AMC Entertainment

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