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☆ SoftBank-backed startup Improbable outlines plan for metaverse to rival Microsoft, Meta
▼ + stars: | 2023-06-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

MSquared, which is a separate business entity from Improbable, raised $150 million from investors last year. "The purpose of the metaverse is to enable new interactive entertainment experiences," Herman Narula, Improbable's co-founder and CEO, told CNBC. Entities will be able to build metaverse experiences using Improbable's Morpheus technology, which is designed to host mass-scale multiplayer online games, Improbable said. What Improbable is buildingImprobable said there will be four categories of participants that take part in MSquared: metaverse owners, content creators, service providers and users. WATCH: SoftBank-backed startup Improbable launches MSquared metaverse

Persons: Herman Narula, Improbable's, Narula Organizations: Meta, Microsoft, Google, Nvidia, Netflix, Developers, CNBC, Yuga Locations: Lisbon, British, MSquared

☆ China eyes Blinken's visit this week with deep distrust toward the US
▼ + stars: | 2023-06-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +9 min

“The coverage of Blinken’s visit in China is not nearly as extensive or enthusiastic as it has been in the West,” said Yun Sun, director of the China Program at the Stimson Center, a think tank in Washington. (Chinese experts say it was because the US failed to lift sanctions on Li, imposed in 2018 over China’s purchase of Russian weapons.) China cut off talks with US military commanders following former US House Speaker Nancy Pelosi’s visit to Taiwan last August. Zhao said China has adopted “a brinkmanship policy” to highlight the risk of military confrontation to the US. Wang, the expert at Peking University, said Blinken’s long-delayed visit is the “last chance” to repair ties with China before the US election next year.

Persons: Antony Blinken, Washington, Blinken, Qin Gang, State Department –, ”, Yun Sun, “, “ We’re, ” Daniel Kritenbrink, Trump, Wang Yong, Biden, Joe Biden, ” Wang, Tong Zhao, Lloyd Austin, Li Shangfu, Li, Nancy Pelosi’s, Zhao, ” Zhao, ‘, Blinken’s, Janet Yellen, John Kerry, Sun, ” lockdowns, Xi Jinping’s, Xi, Wang Organizations: Hong Kong CNN, China’s, State Department, Biden, China Program, Stimson, State, Peking University, Foreign Ministry, Carnegie Endowment, International, Defense Locations: China, Hong Kong, Beijing, Washington, East Asia, Taiwan, South China

☆ Cathie Wood builds a $47 million bet on Meta after exiting A.I. winner Nvidia too early
▼ + stars: | 2023-06-13 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Ark Invest's Cathie Wood built a sizable stake in Meta Platforms Monday after the innovation investor missed out on the recent rally in artificial intelligence winner Nvidia . Wood snapped up 150,459 shares of the Facebook parent for her flagship ARK Innovation ETF in the previous session. META YTD mountain Meta Platforms Meta has been a popular tech and AI play for hedge fund investors, including David Tepper, Daniel Sundheim and Philippe Laffont. Meta recently announced AI computer chips, which will power more advanced metaverse-related tasks, such as virtual reality and augmented reality, as well as generative AI. Wood revealed that her reason for dumping Nvidia was its high valuation as the stock was "priced ahead of the curve."

Persons: Wood, David Tepper, Daniel Sundheim, Philippe Laffont, Meta Organizations: Nvidia, Tesla, Taiwan Semiconductor, ARK Autonomous Technology & Robotics Locations: ARKK

☆ SpaceX to launch the first test payload for a bold new drug development company
▼ + stars: | 2023-06-12 | by ( Jackie Wattles | ) edition.cnn.com time to read: +17 min

Its research, company officials hope, could lead to better, more effective drugs — and hefty profits. Varda Space industriesHow it worksVarda’s vision is straightforward: The company’s capsule will launch with an experiment already on board. Varda Space IndustriesDrugs in spaceMuch of the legwork for Varda’s drug experimentation can be done on the ground. The exorbitant price tag of drug research is often passed on to consumers in the form of eye-popping prices, which frequently draws critical headlines. “You’ll see like this entire ecosystem coming up to create this fertile ground for commercialization of space,” Bruey said.

Persons: El, Varda, “ It’s, ”, Will Bruey, ” Varda, what’s, Merck, Keytruda, Varda’s, Covid, that’s, Gabe Ramirez, ” Bruey, Elon Musk, Peter Thiel, “ I’ve, ” Asparouhov, Asparouhov, “, who’s, You’re, Nicholas Cialdella, Bruey, Jon Barr, Mark Herbert, there’s, Eric Lasker, ” Lasker, Varda isn’t, It’s, Paul Reichert, Merck hasn’t, Reichert, Herbert Organizations: El Segundo , California CNN, Citigroup, Varda Space Industries, SpaceX, Vandenberg Space Force, Big pharma, Merck, Bristol Myers Squibb, ISS, Laboratory, Space Station, Rocket, CNN, NASA, Company, Founders Fund, PayPal, Pharmaceuticals, Fortune, Space Industries, US Air Force, Utah Test, pharma, “, Congressional, International Locations: El Segundo , California, California, Los Angeles, Delian, Salt Lake City, ”

☆ UBS just reshuffled its leadership ranks after buying Credit Suisse. See the new power players in charge of the $1.7 trillion Swiss banking behemoth.
▼ + stars: | 2023-06-12 | by ( Michelle Abrego | Kaja Whitehouse | ) www.businessinsider.com time to read: +11 min

The merger between Credit Suisse and UBS creates a new Swiss banking behemoth with $1.7 trillion in assets. Investment bank leadersThe president of UBS's investment bank, Robert Karofsky, circulated a memo on Monday announcing his new leadership team. Ebert, co-head of markets at Credit Suisse, was also named head of Credit Suisse for the Investment Bank, reporting to Karofsky. UBS global wealth management president Iqbal Khan revealed the appointments to its critical wealth business in an internal memo titled "Becoming a global wealth powerhouse." Members of the current Credit Suisse wealth management leadership team will report to both Yves-Alain and to their respective UBS global wealth management regional leader.

Persons: Yves, Alain Sommerhalder, Michael Ebert, Robert Karofsky, Ebert, Karofsky, Marco Valla, Valla, Javier Oficialdegui, Mike, I've, George Athanasopoulos, Jason Barron, Ros L'Esperance, Dan Dowd, Taichi Takahashi, Chris Leone, Julie Beavan, Tricia Hazelwood, Jeff Hinton, Kurt Anthony, Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Iqbal Khan, Francesco De Ferrari, Khan, Reuters Yves, Alain, Wiwi Gutmannsbauer, Benjamin Cavalli, Cavalli, Kinner, Amy Lo, Jin Yee Young, Young, Hatecke, UBS's Anton Simonet, Christl, Jason Chandler, Sergio Ermotti, Ralph Hamers, Ermotti, MICHELE LIMINA, Todd Tuckner, Sarah Youngwood, Michelle Bereaux, Stefan Seiler, Christian Bluhm, Damian Vogel, Ulrich Körner Organizations: UBS, Credit Suisse, Suisse, Credit, Wall Street, Investment, Investment Bank, Barclays, Global Banking, Investment Bank Management, Global Markets, Global Research, IB, Resource Management, Staff, MUFG Securities, Reuters, Yves, Deutsche, Switzerland, Swiss Re, Getty Locations: Switzerland's, Swiss, Americas, Asia, Singapore, Switzerland, Europe, Middle East, Africa, America, AFP

☆ Jeff Bezos bought Amazon stock for the first time in more than 2 decades. He may be engaging in Elon Musk-style trolling.
▼ + stars: | 2023-06-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

In a surprising move, Jeff Bezos bought a single share of Amazon for about $115 in late May. Amazon stock has surged 47% this year, boosting the market capitalization of the ecommerce and cloud-services giant to $1.3 trillion. Bezos' recent purchase is notable because he's overwhelmingly been a seller of Amazon stock in the past 20 years. A broader rally of Big Tech stocks has lifted Amazon shares this year, as investors wagered that leading US tech companies would profit from the artificial-intelligence boom. Bezos' stock purchase was disclosed in an SEC filing on May 26 but has attracted fresh attention in recent days following a Bloomberg report.

Persons: Jeff Bezos, Bezos, hasn't, —, Elon, Elon Musk, Musk, he's Organizations: Elon, Service, Securities and Exchange, SpaceX, Weed, Twitter, Bloomberg, Origin, Big Tech, SEC

☆ The recycling idea at Levi's, Adidas, Zara to stop trillions in fast fashion from going to waste
▼ + stars: | 2023-06-11 | by ( Carolyn Chun | ) www.cnbc.com time to read: +8 min

The multi-trillion dollar fashion industry contributes significant greenhouse gas emissions, between 8% to 10% of total global emissions, according to the United Nations. With the majority of textiles in the fashion industry blended, it is harder to recycle one fiber without harming another. Spinnova partnered with the world's largest pulp and paper company this year, Suzano, to turn wood and waste into recycled textile fiber. Textile waste, by some measures, is a bigger issue than plastics waste, and it has a similar problem. Late last year it worked on a limited collection with fast fashion clothing giant — and consumer consumption flashpoint — Zara, using its recycled textile waste material.

Persons: LEVI, Alexander Donka, Paul Dillinger, Levi Strauss, Spinnova, Chloe Songer, Songer, Victor J, Levi's Levi Strauss, Dillinger, You've, we're, —, Stacy Flynn, Flynn, Levi's, Stella McCartney, — Zara Organizations: McKinsey, United Nations, McKinsey Sustainability, Co, Shoppers, Blue, Bloomberg, Getty, Adidas, CNBC Locations: Sweden, Africa, Zara, New York

☆ America has lost half its public companies since the 1990s. Here’s why
▼ + stars: | 2023-06-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Why it matters: The count of publicly listed companies traded on US exchanges has fallen substantially from its peak in 1996. It’s not that America has half as many companies as 30 years ago – it’s that companies are increasingly staying private, largely outside the scrutiny of the public eye. Publicly listed companies are subject to regulatory oversight and disclosure requirements, which help ensure transparency and maintain investor confidence. “I think it’s natural that companies would delay going public when valuations get halved and investors are not enthusiastic about investing in new companies,” said Kennedy. Some private equity funds have even taken advantage of the bear market to buy up publicly traded companies.

Persons: Matthew Kennedy, “, ”, Kennedy, Torsten Slok, Janet Yellen, Matt Egan, Yellen, Antony Blinken, Elon Musk, Laxman Narasimhan, Jamie Dimon Organizations: CNN Business, Bell, New York CNN, Center for Research, Renaissance, Apple, Microsoft, Party, Apollo Global Management, “ Companies, Wells, China, CNN, China Business Council, FedEx, Pepsi, Walmart, Ford, JPMorgan Chase, America ., Marshall Locations: New York, America, Wells Fargo, United States, China, Washington, Beijing

☆ AI Tech Like ChatGPT Will Make Americans More Lonely
▼ + stars: | 2023-06-07 | by ( Daniel Cox | ) www.businessinsider.com time to read: +14 min

And there are definitely areas where AI chatbots could be useful — especially when it comes to business. Artificial IntimacyThe shift toward AI relationships isn't just a theoretical possibility: Some entrepreneurs and companies are already working to create chatbot-driven connections. While it has garnered a lot of attention, CarynAI isn't the first attempt at providing people with companionship through an AI chatbot. Snap recently deployed its own AI chatbot, called My AI, aimed at supplementing social interactions on the app. In researching new AI chatbots, I was struck by the missed opportunity for disconnected people to forge new connections.

Persons: ChatGPT, Derek Thompson, —, you've, Eric Klinenberg, Jenny Leigh, isn't, Caryn Marjorie, Marjorie, Caryn, CarynAI, Replika, Evan Spiegel, Joshua Bote, Zers, Brent Orrell, Daniel Cox Organizations: Pew Research Center, University of Pennsylvania, Software, New York, Washington Post, San Francisco Chronicle, Brown University, Hasbro, Science Foundation, Survey Center, American Enterprise Institute Locations: New York City

☆ ChatGPT, AI Tech Will Worsen America's Loneliness Crisis, Friendship Recession
▼ + stars: | 2023-06-07 | by ( Daniel Cox | ) www.businessinsider.com time to read: +14 min

☆ Ark Invest's flagship fund sold Nvidia before its big rally. Here's why
▼ + stars: | 2023-06-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

However, Ark Invest's flagship Ark Innovation ETF (ARKK) exited its position in Nvidia entirely in early January —before the chipmaker enjoyed a powerful rally that propelled it to a $1 trillion market capitalization. We saw this potential for deep learning and enjoyed a lot of that ride," said Frank Downing, a research director at Ark Invest. The growth of the industry and the urgent need for powerful AI hardware has led to an increase in the number of companies entering the market. Ark Invest hasn't been alone in trimming an Nvidia stake. However, despite exiting a portion of their Nvidia positions, both Ark Invest and Damodaran maintain a favorable outlook for the company.

Persons: Ark, —, We've, Frank Downing, Downing, CNBC's, we've, Aswath, University's Organizations: Tech, Nvidia, AI, Innovation, Ark Invest, ARK Autonomous Tech, Robotics, Google, Amazon, AWS, AMD, Intel, University's Stern School of Business, NYU's Stern School of Business, Ark, Damodaran Locations: New

☆ Convicted spy Robert Hanssen dies in prison
▼ + stars: | 2023-06-05 | by ( Michelle Watson | ) edition.cnn.com time to read: +1 min

CNN —Robert Philip Hanssen, who received payments of $1.4 million in cash and diamonds for the information he gave the Soviet Union and Russia, has died, the Federal Bureau of Prisons announced Monday. Hanssen had been in custody at Colorado’s USP Florence ADMAX since July 17, 2002. “On Monday, June 5, 2023, at approximately 6:55 am, inmate Robert Hanssen was found unresponsive at the United States Penitentiary (USP) Florence ADMAX in Florence, Colorado,” a release from the Federal Bureau of Prisons said. In 2001, Hanssen pleaded guilty to 15 counts of espionage and conspiracy in exchange for the government not seeking the death penalty. Investigators accused him of compromising dozens of Soviet personnel who were working for the United States, some of whom were executed.

Persons: Robert Philip Hanssen, Hanssen, USP Florence ADMAX, “, Robert Hanssen, Florence ADMAX, ”, Mr Organizations: CNN, Federal Bureau of Prisons, USP Florence, United States, Staff Locations: Soviet Union, Russia, USP, Florence , Colorado, United States, Soviet

☆ These may be the world’s best warships. And they’re not American
▼ + stars: | 2023-06-02 | by ( Brad Lendon | ) edition.cnn.com time to read: +12 min

A challenger for China’s world-beating Type 055sThe Pentagon estimates China’s navy to have around 340 warships at present, while the US has fewer than 300. Take China’s Type 055, in many eyes the world’s premier destroyer. The three Sejongs, which cost about $925 million each, are the pride of the South Korean fleet. All these Japanese and South Korean vessels are designed to incorporate US technology, weapons, spy radars and the Aegis command and control system. But then if the US, Japanese and South Korean ships use similar technology and can operate together, why does the law prevent the US from building some of its ships in Japanese and South Korean shipyards?

Persons: South Korea CNN —, China’s, Lloyd Austin, Li Shangfu, ”, Blake Herzinger, Carl Schuster, –, Schuster, Herzinger, it’s, Arleigh Burke, ., Kim, Sejong, ” Kim, Alessio Patalano, Arleigh Burkes, ” Patalano, Japan’s, ” Schuster, It’s, Travis Callaghan, “, Nick Childs, There’s, Childs, ” Herzinger Organizations: South Korea CNN, United, US Navy, US, CNN, Beijing doesn’t, United States Studies Center, Pacific Command’s Joint Intelligence Center, South Korea’s Sejong, South Korean, South Korean Navy, country’s Defense Media Agency, South, Korea Association of Military Studies, King’s College, Arleigh, Aegis, Maritime Administration, US Coast Guard, Shipbuilding, USNI News, Navy Locations: Seoul, South Korea, China, South, Taiwan, Singapore, Austin, Washington, Beijing, Japan, Australia, Hawaii, Xianyang, South Korea’s, London, Asia, Washington’s, United States, America

☆ C919: Why China's answer to Boeing and Airbus isn't as 'homegrown' as it seems
▼ + stars: | 2023-06-02 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —China is claiming a historic win this week after its answer to Boeing and Airbus, the C919, took to the skies for its first commercial flight. But instead of boosting China’s global stature in technology innovation, experts say the C919 is a symbol of its continued reliance on the West. COMAC’s first commercial plane, by comparison, is a much smaller regional jet called the ARJ21, which can only fly up to 3,700 kilometers (2,300 miles) and accommodate up to 97 passengers. Technicians working on a COMAC C919 aircraft under assembly at the COMAC Shanghai Research and Development Center in 2017. Boeing and Airbus also depend on “high-quality global suppliers,” state-run newspaper China Daily said in an editorial Wednesday.

Persons: ”, Scott Kennedy, Scott, Shukor Yusof, it’s, Kennedy, “, Qilai Shen, Yusof, VCG, Parker, Rockwell Collins, America’s, COMAC, COMAC hasn’t, there’s, ” Yusof Organizations: Hong Kong CNN, Boeing, Airbus, Center for Strategic, International Studies, Commercial Aircraft Corporation of China, Endau, CNN, China Eastern Airlines, Shanghai Research, Development Center, Bloomberg, China, Global Times, GE, CFM, China Daily, America’s Boeing, US, TransNusa, “ Airlines Locations: Hong Kong, China, Beijing, North America, Europe, Washington, Shanghai, Russia, Ukraine, Russian, Asia, United States, European, Malaysia, Indonesia

☆ A Week With the Wild Children of the A.I. Boom
▼ + stars: | 2023-05-31 | by ( Yiren Lu | ) www.nytimes.com time to read: +4 min

Maybe in a few decades from now, we’ll look back at all these seminal A.I. As two analysts at N.E.A., an investment firm, put it in a recent report, generative A.I. But with large language models, incumbents like Google and Microsoft have had a huge head start in both developing the technology and acquiring market share among consumers. Moreover, the capital-intensive nature of training large language models means that smaller companies like OpenAI and Anthropic creating their own large language models have few alternatives beyond making Faustian “partnerships” with tech giants. Beyond the incumbents, one beneficiary might well be the indie hacker, the kind of coder for hire who does niche A.I.

Persons: Mark Cuban, ChatGPT, Diego Basch, “, Sahil Lavingia, ” Organizations: Dallas Mavericks, Twitter, Google, Microsoft, N.E.A Locations: whiteboards, Hillsborough, HF0, S.A.S

☆ China can continue to outgrow the US economy, and Americans shouldn't delude themselves, former Treasury official says
▼ + stars: | 2023-05-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China has demonstrated its economy can continue outgrowing the US, Steven Rattner wrote. "Most important, we should not delude ourselves with the fantasy that China is going to fall under its own weight." The former counselor to the Treasury secretary during the Obama administration acknowledged that China's rebound following the end of China's strict COVID policies has fallen short of high expectations. In fact, fresh manufacturing data Wednesday added to fears over China's economy. "Most important, we should not delude ourselves with the fantasy that China is going to fall under its own weight," Rattner concluded.

Persons: Steven Rattner, That's, —, Obama, Rockefeller International's Ruchir Sharma, Rattner Organizations: Service, Privacy, China, The New York Times, Trump, Biden Locations: China, South, America

☆ Cathie Wood's Ark Invest misses out on Nvidia's powerful rally — dumped stock too early, citing high valuation
▼ + stars: | 2023-05-30 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Ark Invest's Cathie Wood, known for her investments in next-generation technologies, missed out on the jaw-dropping rally in Nvidia — the biggest winner in artificial intelligence this year. Her flagship Ark Innovation ETF (ARKK) exited Nvidia entirely in early January, before the chipmaker went on to enjoy a powerful rally that propelled it to a $1 trillion market capitalization. She even trimmed Nvidia holdings in her smaller funds on Thursday when the stock spiked 26% on a huge forecast beat driven by AI chip demand. & Robotics ETF (ARKQ) now has 4.4% in Nvidia, while its biggest holding is Tesla with a 14% weighting. In its base case, Ark believes Exact Sciences could compound at an average annual rate of 25%, reaching $140 by 2027.

☆ These are the best ETFs to ride the A.I. trend
▼ + stars: | 2023-05-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The ARK Autonomous Technology & Robotics ETF (ARKQ) , on the other hand, had Nvidia as its ninth-largest position, with its stake in Tesla four-times larger as of Wednesday's close. There will likely be more AI ETFs hitting the market in coming months to meet the trend. Some small new funds include the Roundhill Generative AI & Technology ETF (CHAT) , which launched last week, and the VanEck Robotics ETF (IBOT) , which launched in April. Other places to look Another tactic for investors could be to look for actively managed growth funds, which will be looking for ways to play the AI boom. To bet on AI without doubling down on megacap tech, investors could look for other thematic plays that could benefit from the new technology.

Persons: Jay Jacobs Organizations: Nvidia, Microsoft, Global, Robotics, Intelligence, Autonomous Technology & Robotics, Technology, VanEck Robotics, Blackrock, CNBC Locations: U.S

☆ China's tech feud with the US is heating up
▼ + stars: | 2023-05-21 | by ( Joe Mcdonald | Associated Press | ) www.businessinsider.com time to read: +4 min

China is clamping down on the use of computer chips from US tech giant Micron Technologies. China's government claims Micron products have unspecified "serious network security risks." It's the latest development in the United States' tech feud with China. They import more than $300 billion worth of foreign chips every year. Beijing is pouring billions of dollars into trying to accelerate chip development and reduce the need for foreign technology.

☆ Russia warns West of 'enormous risks' if Ukraine supplied with F-16 jets
▼ + stars: | 2023-05-20 | by ( Darya Tarasova | ) edition.cnn.com time to read: +2 min

CNN —Russia’s deputy foreign minister has warned Western countries of “enormous risks” if Ukraine is provided with F-16 fighter jets, Russian state media TASS reported Saturday. The comments come after US President Joe Biden gave his backing for Ukrainian pilots to be trained to fly F-16s, reversing his previous position. Responding to the move, Alexander Grushko said: “We see that the Western countries are still adhering to the escalation scenario. In any case, this will be taken into account in all our plans, and we have all the necessary means to achieve the set goals.”Earlier this week, the UK and the Netherlands were reportedly building an “international coalition” to help Ukraine procure F-16 fighter jets. After saying Kyiv did not need the fighter jets earlier this year, US President Joe Biden reversed his objections by signaling to European allies that they would allow F-16 exports to Ukraine.

☆ Biden told G7 allies the US will support joint F16 training effort for Ukrainians
▼ + stars: | 2023-05-19 | by ( Natasha Bertrand | ) edition.cnn.com time to read: +2 min

CNN —President Joe Biden informed G7 leaders on Friday that the US will support a joint effort with allies and partners to train Ukrainian pilots on fourth generation aircraft, including F-16s, a senior administration official tells CNN. The training is not expected to happen in the US, the official said, and will likely happen entirely in Europe. But US personnel will participate in the training alongside allies and partners in Europe, the official said. “As the training takes place over the coming months, our coalition of countries participating in this effort will decide when to actually provide jets, how many we will provide, and who will provide them,” the official said. But the US would have to approve that third-party transfer because of the jets’ sensitive US technology.

MUMBAI, May 19 (Reuters) - Investors are looking beyond the U.S. technology sector's bounceback this year for longer-term returns, as higher interest rates and an uncertain macroeconomic picture could present further headwinds, fund managers and strategists said. "The tendency is that ... the sector that leads in one cycle doesn't tend to lead in the following cycle," Yoder told the Reuters Global Markets Forum. "We are staying away from the more interest rate-sensitive sectors such as tech," said Jonathan Mondillo, head of North American fixed income at abrdn. Anticipating an economic slowdown in the second half, more cautious and selective positioning across fixed income portfolios is a better bet, said Jonathan Duensing, head of U.S. fixed income at Amundi. "We've always felt that the tech sector in general is one where you need to be very selective," Duensing said.

☆ Mega-cap tech stocks are 'overbought' and their rally may be getting closer to stalling out, Fundstrat's Mark Newton says
▼ + stars: | 2023-05-19 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Mega-cap tech stocks are overbought and their rally may be closer to stalling, Fundstrat's Mark Newton said. Investors are optimistic about the group 'for a lot of the right reasons' like AI, he added. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Still, investors have been optimistic about high-growth tech group stocks 'for a lot of the right reasons' like the advancements in artificial intelligence, and they're thought of as safer stocks that can weather risks better, according to him. Nvidia, Microsoft, Alphabet, all these names have really shown tremendous strength and it really helped this market along when other sectors haven't worked so well," he said.

☆ China's economy is growing again. So why are investors dumping stocks?
▼ + stars: | 2023-05-19 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Investors trimmed their exposure to China amid economic uncertainty in the country, rising geopolitical tensions and Beijing’s crackdown on international consulting firms. The Nasdaq Golden Dragon China Index has lost more than 5% since April 18. Another concern for global investors is the country’s “fundamental investability,” he said, referring to geopolitical and Chinese policy risks. Ontario Teachers’ Pension Plan, one of the world’s largest pension funds, has closed its Hong Kong-based China equity investment team. “The more cracks appear in Western economies,” the more global investors will need to put money into Chinese assets, he added.

☆ Why Montana’s TikTok ban may not work
▼ + stars: | 2023-05-19 | by ( Brian Fung | ) edition.cnn.com time to read: +7 min

The TikTok ban immediately prompted one lawsuit from TikTok users who allege it violates their First Amendment rights, with more legal challenges expected. How can a state ban TikTok? Montana’s new law, SB419, makes it illegal for TikTok and app marketplaces to offer the TikTok service within state lines. How can Montana enforce a TikTok ban? But internet providers are not named as a type of entity subject to the TikTok ban.

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