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Apple's market cap passes $3 trillion in early trading
  + stars: | 2023-06-30 | by ( Hayden Field | ) www.cnbc.com   time to read: +1 min
Apple CEO Tim Cook speaks during Apple's Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California, on June 5, 2023. Apple 's market cap topped $3 trillion during premarket trading on Friday as shares climbed about .93% to new a new high and passed the $190.73 price required to hit the milestone, according to CNBC's most recent share count. Apple was the first company to hit a $3 trillion market cap during intraday trading in Jan. 2022, but it failed to close at that level. It shows investors remain bullish on the stock and Apple's portfolio of products and services, despite the company's warning in May that its current quarter revenue is expected to fall about 3%. Investors see the company as one of the bright spots during a year of turbulence in tech, with tech giants committing to "do more with less" amid a "year of efficiency" and laying off thousands of employees.
Persons: Tim Cook, Apple, Wedbush's Dan Ives Organizations: Apple, Apple's Worldwide, Investors Locations: Cupertino , California, Cupertino
Citigroup's Atif Malik initiated research coverage of Apple late Thursday with a buy recommendation and a $240 price target, the highest on Wall Street among more than 30 analysts who cover the iPhone maker, according to FactSet. Apple rose another 0.2% postmarket Thursday after closing at a record $189.59 and approaching a $3 trillion market capitalization. Malik's price target implies further appreciation of another 27% on top of the 46% advance the stock has already scored in the first half of 2023. Apple already exceeds Wall Street's consensus price target of $187.19, according to FactSet. The prior Street-high price objective was Wedbush Securities analyst Dan Ives' $220, FactSet shows.
Persons: Citigroup's Atif Malik, Malik, Dan Ives, — CNBC's Michael Bloom Organizations: Apple, Wall, Citigroup, Wedbush Securities
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA.I. is not in a hype cycle, it's 'transformational technology,' says Wedbush Securities’ Dan IvesDan Ives, managing director and senior equity research analyst at Wedbush Securities, says A.I. is not just hype but is something that will "change the tech space for the next 20-30 years."
Persons: Dan Ives Dan Ives Organizations: Wedbush, Wedbush Securities
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Australia's S&P/ASX 200 added around 1% after May's inflation reading was lower than expected. The fourth industrial revolutionGenerative artificial intelligence isn't hype — it's the "fourth industrial revolution playing out," said Dan Ives, managing director of Wedbush Securities. [PRO] Seth Klarman on marketsLegendary investor Seth Klarman of Baupost Group spoke with CNBC Tuesday in an exclusive interview.
Persons: Australia's, Christine Lagarde, Lagarde, Dan Ives, Ives, Seth Klarman, Klarman Organizations: CNBC, China's Shanghai, HSBC Asset Management, HSBC, Reserve, European Central Bank, Wedbush Securities, Unity, Baupost Locations: U.S, Asia, Pacific
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's not a ton of fundamentals driving Apple's climb to $3 trillion right now: Cleo's Sarah KunstDan Ives, Wedbush managing director, and Sarah Kunst, Cleo Capital managing director, join 'Last Call' to talk Apple inching towards being the first $3 trillion company in history.
Persons: Sarah Kunst Dan Ives, Wedbush, Sarah Kunst Organizations: Cleo Capital, Apple
Generative artificial intelligence is all the rage now but the A.I. boom is not just all hype, said Dan Ives from Wedbush Securities, who calls it the "fourth industrial revolution playing out." The fourth industrial revolution refers to how technological advancements like artificial intelligence, autonomous vehicles and the internet of things are changing the way humans live, work and relate to one another. "I think this is really transformational changes to technology that I think would change the tech space for the next 20-30 years," said Ives. technology surged after ChatGPT — OpenAI's viral chatbot — went viral due to its ability to generate humanlike responses to users' prompts, which amazed researchers and the general public.
Persons: Dan Ives, CNBC's, Ives, ChatGPT Organizations: Wedbush Securities
A honky-tonk twang echoes across a fairground as cowhands wrangle cattle inside a dirt-floored stadium. The scene would be typical in Texas, but this rodeo is happening about 8,000 miles away, on an island in the Philippines. Nearly every spring for 30 years, the best wranglers in the country have traveled to the island province of Masbate to test their skills at the Rodeo Festival in Masbate City. It’s both a sporting event and a celebration of Philippine cowboy and cowgirl culture. “Where there’s cattle, there’s rodeo,” said Leo Gozum, 51, a livestock farmer who directs the festival’s rodeo events.
Persons: , Leo Gozum Organizations: wranglers, Rodeo Locations: Texas, Philippines, Masbate, Masbate City, Philippine
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWedbush's Dan Ives expects a 'tidal wave' of growth in tech after earnings seasonDan Ives, Wedbush managing director, joins 'Closing Bell' to discuss big cap tech stocks, the tech rally, the A.I. boom and where the sector goes from here.
Persons: Dan Ives, Wedbush
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Wedbush's Dan Ives and New York Life Investment's Lauren GoodwinDan Ives, Wedbush and Lauren Goodwin, New York Life Investment, join 'Closing Bell' to discuss big cap tech stocks, A.I. and where the sector and greater markets go from here.
Persons: Wedbush's Dan Ives, Investment's Lauren Goodwin Dan Ives, Wedbush, Lauren Goodwin Organizations: New York, New York Life Investment Locations: New
Technology analyst Dan Ives sees the rally in the industry's shares continuing in the second half, despite many calls on Wall Street that the gains are getting ahead of themselves. Ives disagrees and doesn't see this as a Dotcom Bubble moment but a "1995 Internet moment" with the boom from artificial intelligence only just beginning. "The 2nd, 3rd, and 4th derivatives of this AI Gold Rush are just starting to evolve for the tech landscape based on our recent work in the field." XLK YTD mountain S & P 500 tech sector so far in 2023 Ives sees tech stocks up another 12% to 15% in the second half. The analyst's two favorite stocks going into the second half are Microsoft and Nvidia, which are up 40% and 189%, respectively, so far this year.
Persons: Dan Ives, Ives, Rush Organizations: Communications, Microsoft, Nvidia, Wall
The risk of too great a concentration in big cap tech stocks is again back in focus. Many have been saying that a 5%-10% pullback is overdue, certainly for big cap tech. The correction may already be starting: many big tech names, particularly semiconductors, were down in the high- to mid-single digits last week. (market cap vs. country GDP) Apple $2.9 trillion France $2.9 trillion Source: Wells Fargo Microsoft bigger than Italy? "Using 1999 as our example, we wonder how much longer the current chart (Apple > France and Tesla > Taiwan) is sustainable," he writes.
Persons: Today's Russell rebalance, Wells, Chris Harvey, Harvey —, Russell, There's, David Faber, Wells Fargo's Chris Harvey, Tesla, Harvey, Dan Ives, Ives Organizations: NYSE, Nasdaq, Intel, AMD, Broadcom, Apple, Microsoft, Nvidia, Wells, today's Tech, General Electric, Cisco, Walmart, Nokia, Pfizer, ExxonMobil, IBM, Citigroup, Tesla, Big Tech Locations: France, Italy, Mexico, Taiwan, Wedbush
What’s happening in Russia? Here’s what we know.
  + stars: | 2023-06-24 | by ( Mike Ives | ) www.nytimes.com   time to read: +1 min
Russian generals on Friday accused a Russian mercenary tycoon of trying to mount a coup against President Vladimir V. Putin. There were reports overnight of military movements in an area of southern Russia near the border with Ukraine. And on Saturday morning, the tycoon, Yevgeny V. Prigozhin, claimed to have control of parts of the military command headquarters in southern Russia. But the confrontation already amounted to the biggest challenge to Mr. Putin’s authority since Russia invaded Ukraine 16 months ago. In an address to the nation, Mr. Putin called the Wagner forces’ actions “a stab in the back of our country and our people” and vowed “decisive actions.”
Persons: Vladimir V, Putin, Wagner, Yevgeny V, Prigozhin, Locations: Russian, Ukraine, Russia
Image Mr. Prigozhin and President Vladimir Putin at one of Mr. Prigozhin’s factories in St. Petersburg in 2010. Mr. Prigozhin accused the Russian military of attacking his forces, vowed to retaliate, on Friday. In an earlier videotaped speech, Mr. Prigozhin did not explicitly impugn Mr. Putin, instead casting him as a leader being misled by his officials. But, during the battle for Bakhmut, Mr. Prigozhin also emerged as a populist political figure, excoriating Russia’s military leadership for corruption. Others theorized that the Kremlin had orchestrated Mr. Prigozhin’s tirades against Mr. Shoigu, the defense minister, to deflect blame from Mr. Putin himself.
Persons: Yevgeny V, Vladimir V, Putin, Prigozhin, Wagner, Mr, ” Gen, Vladimir Alekseyev, ” Mr, Prigozhin’s Wagner, Russia’s, , , , GOH, Volodymyr Zelensky, Mykhailo Podolyak, Adam Hodge, Vladimir Putin, , Sergei K, Shoigu, Dmitri S, diatribes, excoriating, Prigozhin’s, Igor Girkin, Girkin, ” Julian E, Barnes, Cassandra Vinograd Organizations: Russian, ., Reuters, Russian Defense Ministry, Russia’s, Defense Ministry, Telegram, Twitter, National Security, Associated Press, Bakhmut, Kremlin Locations: Ukraine, Moscow, Rostov, Don, Russia, White, St . Petersburg, St, Petersburg, Syria, Africa, Ukrainian, Bakhmut, Prigozhin, Russian, Ukraine’s,
The Canadian Parliament has passed a law that will require technology companies to pay domestic news outlets for linking to their articles, prompting the owner of Facebook and Instagram to say that it would pull news articles from both platforms in the country. With some caveats, the new Canadian law would force search engines and social media companies to engage in a bargaining process — and binding arbitration, if necessary — for licensing news content for their use. The law, the Online News Act, was modeled after a similar one that passed in Australia two years ago. It was designed to “enhance fairness in the Canadian digital news marketplace and contribute to its sustainability,” according to an official summary. Exactly when the law would take effect was not immediately clear as of Friday morning.
Organizations: Facebook, Google Locations: Australia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Evercore's Mark Mahaney and Wedbush's Dan IvesDan Ives, Wedbush Securities managing director, and Mark Mahaney, Evercore ISI head of internet research, join 'Squawk on the Street' to discuss the potential fight between Elon Musk and Mark Zuckerberg, whether or not Mahaney saw Meta and Tesla as the preeminent showdown in tech, and more.
Persons: Evercore's Mark Mahaney, Wedbush's Dan Ives Dan Ives, Mark Mahaney, Elon Musk, Mark Zuckerberg, Tesla Organizations: Wedbush Securities, Elon
Market Movers rounded up the best reactions from an investor and an analyst on Tesla . Dan Ives of Wedbush Securities and investor Ron Baron discussed the electric-vehicle maker after recent downgrades from Barclays and Morgan Stanley . The chairman and CEO of Baron Capital said on CNBC's " Squawk Box" Friday that he sees huge upside for Tesla, predicting the stock will hit $500 in 2025 , a potential gain of 89%. Baron also forecast shares will reach $1,500 in 2030 . Ives added that he sees big potential in the EV giant and artificial intelligence space.
Persons: Dan Ives, Ron Baron, Morgan Stanley, Baron Capital, Baron, Ives Organizations: Tesla, Wedbush Securities, Barclays, Baron
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis beef between Musk and Zuckerberg will ultimately be settled in the cage, says Wedbush's IvesDan Ives, Wedbush Securities managing director, and Mark Mahaney, Evercore ISI head of internet research, join 'Squawk on the Street' to discuss the potential fight between Elon Musk and Mark Zuckerberg, whether or not Mahaney saw Meta and Tesla as the preeminent showdown in tech, and more.
Persons: Zuckerberg, Wedbush's Ives Dan Ives, Mark Mahaney, Elon Musk, Mark Zuckerberg, Tesla Organizations: Wedbush Securities, Elon
This week’s attempt to rescue the five individuals trapped in the submersible, includes both the U.S. Navy and the Coast Guard. But, she said, when the cost of search and rescue efforts “crosses a certain threshold, funds may be diverted from N.P.S. The Coast Guard did not immediately respond to questions about the expense of past extensive search and rescue efforts. Credit... U.S. Coast Guard, via Associated PressMr. Derreumaux said he was thankful to the Coast Guard for saving his life, along with the lives of many others in need of its help. “I would not have called the Coast Guard if it weren’t a life-threatening situation,” he said.
Persons: , Chris Boyer, , Boyer, Cynthia Hernandez, Peter Anderson, Cyril Derreumaux, kayaker, Derreumaux, , ” Claire Fahy Organizations: U.S . Navy, Coast Guard, National Association for Search, National Park Service, OceanGate Expeditions, Abercrombie, Kent, The Coast Guard, San Francisco Chronicle, Coast Guard helicopter, . U.S . Coast Guard, Associated Press, Guard Locations: United States, New Hampshire, N.P.S, California, Hawaii, Marin County, Calif, . U.S
The Tesla Supercharger network could remove the last barrier to EV ownership. Long-standing barriers to EV ownership like battery range and price are finally being addressed, leaving one last obstacle for many would-be EV-owners: access to public fast-charging stations. Tesla has the largest fast-charging network in North America, with about 20,000 Superchargers that previously only connected to Tesla vehicles. A recent study of EV infrastructure done by iSeeCars found that of the 150,000 EV chargers in the US, only about 30,000 are fast chargers (including the Tesla Supercharger network). Only about 11,000 of those fast chargers are non-Tesla chargers so opening up the Supercharger network does make a difference – but doesn't solve the problem.
Persons: Tesla, Long, Karl Brauer, We've, Brauer, iSeeCars, Rivian, Dan Ives Organizations: EV, Morning, Ford, GM, Tesla EV, Tesla Locations: North America
Mark Zuckerberg and Elon Musk say they are ready to face off in a "Vegas Octagon." Elon Musk is apparently ready to find out, with the world's richest man having challenged Mark Zuckerberg to a "cage match" — an offer that the martial arts-loving Facebook co-founder quickly agreed to. "I think we've entered the Twilight Zone," Ives added. I think we've entered the Twilight Zone. "I don't use FB and never have," Musk tweeted at the time, adding: "Just don't like Facebook.
Persons: Mark Zuckerberg, Elon Musk, Dan Ives, It's, we've, Ives, Zuckerberg, Musk, I'm Organizations: Facebook, Wedbush Securities, CNBC, Bloomberg, , SpaceX, Meta Locations: Cambridge, tweeting
A powerful storm struck the northern Texas town of Matador on Wednesday night, killing at least four people, damaging about a dozen buildings and prompting a search for residents who might have been injured or trapped by debris, the authorities said. At least nine people were hurt. The storm swept through the small town of about 600 residents as thousands of people across the region were sweltering in a triple-digit heat wave that may not ease until the Fourth of July, and as other storms earlier in the week spawned deadly tornadoes and punishing hail across the South. A tornado warning was issued for Matador, roughly 300 miles northwest of Dallas, as the storm barreled through around 8 p.m., said William Iwasko, a National Weather Service meteorologist. He said the damage suggested there was “most likely” a tornado, but that had not been confirmed as of early Thursday morning.
Persons: William Iwasko Organizations: Matador, National Weather Service Locations: Texas, Matador, Dallas
But Titan, the lost submersible from the company OceanGate, is a technological maverick based on novel concepts that differ from standard designs. “I’ve had three people ask me about making a dive on it,” he said in reference to the lost submersible. Private vessels — those used on superyachts, exploratory craft, tourists jaunts — are not formally regulated by any governmental or intergovernmental agency. Nor do they meet the rigorous standards that are applied to deep-sea craft used by the United States Navy and other government agencies. “We are proud that every submersible delivered remains in active service and certified to its original design depth,” it says on the company’s website.
Persons: , Bruce H, Robison, Alfred S, McLaren, Navy submariner, “ I’ve, , OceanGate, submersibles, jaunts, Jennifer, Dr Organizations: Aquarium Research, Explorers Club of New, United States Navy, Lloyd’s, American Bureau of Shipping, ” Triton, Triton Locations: Monterey, California, Navy, Explorers Club of New York City, British, Everett, Wash, Houston, American
Tesla stock is on track for the biggest two-month rally since 2020 as the company secures more charging deals. The shares have surged almost 60% since end-April, buoyed by the EV maker' collaborations with GM, Ford, and Rivian. Tesla also bagged another win after Texas approved the company's charging plugs as the state's industry standard. Simultaneously, Texas said it would mandate Tesla's charging plugs as the standard for the state's electric vehicle charging companies, according to Reuters. In recent weeks, the carmaker announced partnerships with General Motors and Ford, allowing both companies to use Tesla's charging stations by 2024.
Persons: Tesla, , Elon, Rivian, RJ Scaringe, Dan Ives, bullishness Organizations: GM, Ford, Texas, Service, EV, Tesla, American, Adventure, Reuters, General Motors, Federal Reserve Locations: , Texas, China
EV maker Rivian to adopt Tesla's charging standard
  + stars: | 2023-06-20 | by ( Abhirup Roy | ) www.reuters.com   time to read: +4 min
SAN FRANCISCO, June 20 (Reuters) - Electric vehicle maker Rivian (RIVN.O) said on Tuesday it has agreed to adopt Tesla's (TSLA.O) charging standard, giving Rivian customers access to the biggest U.S. charging network and adding momentum to Tesla's bid to set the industry standard. Rivian also said it will make a Tesla-style charging port standard on its vehicles starting in 2025. While other automakers get access to Tesla's charging network, Tesla stands to profit from selling power to a bigger group of electric vehicle drivers. Tesla's charging standard had been proprietary until November, when it made the design and specifications public and rebranded the technology as the North American Charging Standard (NACS). "It's great to see the industry coming together to adopt the North American Charging Standard," Tesla's senior director of charging infrastructure, Rebecca Tinucci, said in a statement.
Persons: Rivian, Tesla, paring, Dan Ives, Tesla's, Mike Blake, RJ Scaringe, Joe Biden's, Rebecca Tinucci, Abhirup Roy, Akash Sriram, Kevin Krolicki, Will Dunham, Stephen Coates Organizations: FRANCISCO, General Motors, Ford, carmaker, EV, Wedbush Securities, Reuters, U.S . Department of Energy, REUTERS, Mike Blake Services, American, ABB, America, Toyota, Nissan, Thomson Locations: United States, Canada, Irvine , California, Carlsbad , California, U.S, Swiss, China, Japan, San Francisco, Bengaluru
The U.S. Navy’s deep-diving rescue vehicle can reportedly reach depths of just 2,000 feet. The missing Titan submersible was aiming to go far deeper into the North Atlantic. Numerous complications could hinder the effort to rescue the five people aboard the deep-diving submersible Titan, which failed to return from a dive on Sunday to the wreck of the Titanic on the floor of the Atlantic Ocean. The U.S. Navy has one submarine rescue vehicle, although it can reportedly reach depths of just 2,000 feet. That vehicle, called CURV-21, can reach depths of 20,000 feet.
Persons: Organizations: U.S, U.S . Navy Locations: South, Newfoundland
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