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David Paul Morris/Bloomberg via Getty ImagesThe U.S. stock market has become dominated by about a handful of companies in recent years. Some experts question whether that "concentrated" market puts investors at risk, though others think such fears are likely overblown. The so-called "Magnificent Seven" — Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — make up about 31% of the index, it said. Why stock concentration may not be a concernThe S&P 500 tracks stock prices of the 500 largest publicly traded companies. When there were big market crashes, they generally don't appear to have been associated with stock concentration, he added.
Persons: Jensen Huang, David Paul Morris, Morgan Stanley, Charlie Fitzgerald III, John Rekenthaler, Rekenthaler, Elroy Dimson, Paul Marsh, Mike Staunton, We've, Goldman Sachs, Fitzgerald, Moisand Fitzgerald Tamayo, Charlie Fitzgerald Organizations: Nvidia Corp, Blackwell, Nvidia, Technology, Bloomberg, Getty, Microsoft, Tesla, U.S, Finance, Morningstar, Big U.S, Goldman, Goldman Sachs Research Locations: Orlando , Florida, U.S, Switzerland, France, Australia, Germany, South Korea, United Kingdom, Taiwan, Canada
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 16 (Reuters) - OpenAI said on Wednesday it had acquired digital products company Global Illumination, in what comes as the first known acquisition by the storied artificial intelligence firm. "The entire (Global Illumination) team has joined OpenAI to work on our core products including ChatGPT," OpenAI said. New York-based Global Illumination was founded in 2021 by Thomas Dimson, Taylor Gordon and Joey Flynn, all of whom have previously worked at Meta Platforms' (META.O) Instagram. Global Illumination most recently worked on open-source technology related to online game production. Dimson is credited with drafting some of the original code for Instagram's content ranking algorithms, according to his personal website.
Persons: Dado Ruvic, OpenAI, Thomas Dimson, Taylor Gordon, Joey Flynn, Dimson, Yuvraj Malik, Maju Samuel Organizations: REUTERS, Meta, Thomson Locations: New York, Bengaluru
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