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☆ The TikTok hearing is mostly lawmakers berating the CEO and loudly asking 'Yes or no?' to detailed questions
▼ + stars: | 2023-03-23 | by ( Dan Whateley | Aaron Mok | ) www.businessinsider.com time to read: +4 min

TikTok CEO Shou Chew appeared before the House Committee on Energy and Commerce on Thursday. Chew's remarks were often cut short as Congress members pressed him for "yes" or "no" responses. "Welcome to the most bipartisan committee in Congress," Republican Rep. Earl LeRoy "Buddy" Carter said, addressing Chew as "Mr. Chew's responses to questions were often cut short as members of Congress asked for shorter "yes" or "no" responses. In the days leading up to the committee hearing, TikTok helped arrange a press conference with Democratic Rep. Jamaal Bowman that it described as a push "in support of free expression."

☆ Snapchat and Meta lead social media stocks higher as TikTok CEO gives 'disaster' testimony to Congress
▼ + stars: | 2023-03-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Snapchat and Meta Platforms jumped on Thursday as the CEO of TikTok gave testimony to Congress. CEO Shou Chew sought to quell concerns that TikTok is a Chinese asset that could spy on its 150 million American users. "We would characterize today's testimony by TikTok CEO Shou Zi Chew in the Beltway as a 'disaster' moment," Wedbush said. Both President Biden and former President Trump have called for the social media app to be either banned or sold to a US-based company. According to Wedbush analyst Dan Ives, Chew failed at his objective of containing those concerns.

☆ I think tech continues to be the trade this year, says Wedbush's Dan Ives
▼ + stars: | 2023-03-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI think tech continues to be the trade this year, says Wedbush's Dan IvesDan Ives, Wedbush Securities, joins 'The Exchange' to discuss the tech rally.

New York CNN —Global banks just suffered their worst week since 2008. Credit Suisse and First Republic: Two more banks wobbled but remained upright through the week. Meanwhile, First Republic bank received a $30 billion lifeline on Thursday from some of the largest banks in the United States. US-traded shares of Credit Suisse were down nearly 7% and First Republic shares plunged by about 33% on Friday. That doesn’t mean that banks taking money from the FHLB and participating in the Federal Reserve’s emergency Bank Term Lending Program, which lent out $12 billion to banks this week, are in big trouble.

The Biden administration and CFIUS are pushing for a sale of TikTok in the US. The Chinese government could also block a TikTok sale outright before bidding kicks off. But the list of companies that would actually consider buying TikTok is small, experts told Insider. "I think Microsoft would be one of the only big money, big company possibilities." Ultimately, separating TikTok's US operations, whether in a sale to a big tech firm or a spin off, is complicated.

☆ Banning TikTok would be an early Christmas gift to Mark Zuckerberg
▼ + stars: | 2023-03-16 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

A TikTok sale or US ban could be a boon for Mark Zuckerberg and Meta. Instagram Reels could see a boost from a shift away from TikTok in the US, experts say. Zuckerberg has much to gain from a TikTok ban. It would be like Christmas coming early for Meta, which is looking to boost engagement of its rival service, Instagram Reels. In the short term, apps like Instagram Reels and YouTube Shorts could also see a boost.

☆ SVB's collapse completely screwed things up for companies with bad credit
▼ + stars: | 2023-03-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The SVB collapse is going to make it a lot more expensive for companies with bad credit to raise capital. But it's not just junk-rated companies that will face higher fund-raising costs. Credit spreads for investment grade companies have also risen in recent days as investors reprice risk across the spectrum of corporate credit quality. That's leading to more zombie companies, or companies that rely on low financing costs to fund their business, that could ultimately default. To blunt the rise in financing costs, companies need to take action, according Embarc Advisors' Jay Jung.

☆ SVB fallout: Is my money safe?
▼ + stars: | 2023-03-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +6 min

New York CNN —The question on so many bank customers’ minds in the aftermath of Silicon Valley Bank’s stunning collapse: Is my money safe? US customers held at least $151.5 billion in uninsured deposits by the end of 2022, SVB’s latest annual report said. But before markets opened this week, the Biden administration took an extraordinary step, guaranteeing that SVB customers will have access to all their money starting Monday, even uninsured deposits. Many SVB customers had much more than $250,000 deposited and now that they can’t get their money, some companies are struggling to make payroll. “I don’t think people should panic, but it’s just prudent to have insured deposits versus uninsured deposits,” Hatfield said.

☆ Tesla has declared a price war on electric-vehicle and traditional automakers alike. There are signs Elon Musk's company is making early gains.
▼ + stars: | 2023-03-09 | by ( George Glover | Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

The automaker has slashed Model 3, Model Y, Model X, and Model S prices in 2023. While it's too soon to call a winner in the price war, there are signs Tesla is making early gains. Tesla also lowered prices for its Model S sedan and Model X SUV in January, then reduced them again in early March. The basic Model S now retails at $89,990, down 14% from the start of the year, while the entry-level Model X costs $99,990, down 17%. "Price cuts also annoy customers," Caspar Rawles, the chief data officer at Benchmark Mineral Intelligence, a price-reporting agency, told Insider.

☆ Apple is showing no cuts to iPhone production, says Wedbush's Dan Ives
▼ + stars: | 2023-03-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple is showing no cuts to iPhone production, says Wedbush's Dan IvesWedbush Analyst Dan Ives joins 'Closing Bell' to discuss what's behind the rebound in iPhone demand, Apple's uptick from strong demand in China and the trajectory of the upgrade cycle.

☆ How best to invest in AI: What leading Wall Street firms and analysts are saying as the rally continues
▼ + stars: | 2023-03-07 | by ( Marley Jay | ) www.businessinsider.com time to read: +3 min

Experts at BofA and UBS recently wrote about their approaches for investing in the theme. Tech analyst Dan Ives doubled his price target on AI pure play C3.AI, which has soared almost 150%. One of the market's splashiest artificial intelligence newcomers is here to stay, says Wedbush tech stock analyst Dan Ives. On Friday Ives boosted his price target on AI software company C3.AI from $13 per share all the way to $24. "The company continues to experience increased demand for its AI solutions that are designed to increase a range of applications across industries fueling tailwinds in the market," Ives wrote.

☆ Warren Buffett's Berkshire Hathaway has quietly stashed $90 billion into investments over the last 3 years
▼ + stars: | 2023-03-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Berkshire Hathaway's latest annual report illustrates that the company has deployed nearly $90 billion in investments since 2020. In 2020, Buffett and co. had spent a then-unprecedented $25 billion on stock buybacks, and set a new record of $27 billion in 2021. But even after all that, Berkshire still ended last year with $129 billion in cash and short-term investments. Fundstrat expects the stock market to see its strongest rally of the year soon. Avoiding a recession would actually be bad news for the stock market.

☆ Microsoft is the market's top software stock because OpenAI offerings like ChatGPT will juice profits over the next 5-plus years, Credit Suisse says
▼ + stars: | 2023-03-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Microsoft is the market's top software stock, thanks to its investment in ChatGPT, Credit Suisse said. That could add $40 billion in revenue and $2 in EPS over the next 5-plus years, analysts predicted. The expanded partnership spurred a steep rally in Microsoft stock last month, with the company's market capitalization jumping back to $2 trillion. Credit Suisse analysts predicted Microsoft could gain $40 billion in revenue and $2 in earnings per share over the next five-plus years. Microsoft poured $10 billion in its investment earlier this year, on top of an existing $1 billion.

☆ AI stocks surge as investors bet on growth prospects
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

C3.a1 forecast better-than-expected revenue and profit for both the fourth quarter and fiscal year 2023, after its third-quarter results topped Wall Street estimates. Shares of the AI software provider were up 16% at $24.80, and were one of the top five trending stocks on StockTwits. Microsoft's investment in OpenAI's ChatGPT boosted AI firms' popularity further. Other major AI stocks also surged on Friday with BigBear.ai (BBAI.N), conversation intelligence firm SoundHound AI (SOUN.O), and Thailand's security firm Guardforce AI (GFAI.O) jumping between 5% and 20%. "AI could become the new gold rush on Wall Street," said Adam Sarhan, chief executive officer of 50 Park Investments in Florida.

☆ Investors don't want a cookie cutter earnings call from Salesforce, says Wedbush's Dan Ives
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors don't want a cookie cutter earnings call from Salesforce, says Wedbush's Dan IvesDan Ives, Wedbush Securities, joins 'Closing Bell' to discuss Salesforce and Snowflake ahead of earnings after the bell.

☆ There are growing expectations that Salesforce is readying a succession plan to appease activist investors. 'There's not a lot of people sitting on the bench,' one analyst said.
▼ + stars: | 2023-03-01 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +8 min

Analyst said any succession plan would be about giving investors "comfort" about the future. Company insiders, former employees and Wall Street analysts increasingly expect Salesforce to put a succession plan in place soon. 'If he's willing to work with the activists, then he can stay CEO'Analysts think that if a succession plan is announced soon, it won't include Benioff's immediate exit. "Benioff is Salesforce and Salesforce is Benioff," said Dan Ives, an analyst at Wedbush Securities. Bret Taylor, former Salesforce executive SalesforceTaylor's departure in late November left Salesforce with a limited bench of potential successors.

☆ Rivian is forcing some customers to wait years for their vehicle deliveries — and it risks alienating them at a critical time in its fight to become the next Tesla
▼ + stars: | 2023-03-01 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

Rivian runs the risk of alienating customers who have been waiting years for their vehicles. He's hedged his bet on Rivian with orders for the Tesla Cybertruck and the electric Ram 1500. Some feel embarrassed by their early support of Rivian while their wait times increase to nearly half a decade. Rivian has previously said timing of deliveries is "based on a number of factors, including delivery location, configuration and original preorder or reservation date." Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order holder?

☆ Rivian shares plunge again on weak sales, outlook
▼ + stars: | 2023-03-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Shares of upstart EV maker Rivian plunged more than 16% Wednesday after ithe company reported disappointing revenue and gave 2023 delivery guidance that fell short of Wall Street hopes. Ives, who has a buy recommendation on Rivian shares, cut his 12-month price target on the stock to $25 from $37. Shares of Rivian closed Tuesday at $19.30 before Wednesday’s latest plunge took it below $18 a share. In addition, there’s been slower demand in the face of growing EV competition and EV price cuts at Ford and Tesla. Shares of Rivian closed Tuesday down 89% from its all time high in the week following its IPO in late 2021, even before Wednesday’s further slide.

☆ Tesla's investor day brings hopes Elon Musk will reveal cheap cars, robotaxis, and a new Master Plan. Here's what people are watching for.
▼ + stars: | 2023-03-01 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

Hopes are building for big announcements from Elon Musk and Tesla at its investor day Wednesday. Master Plan 3, robotaxis, cheap EVs and solar power are thought to be high on Musk's list. Speaking on CNBC's "Squawk on the Street" on Monday, Ark Invest CEO and Tesla backer Cathie Wood said this would be a cornerstone of the Investor day. Solar PowerTesla may also continue to build out its symbiotic relationship with renewable energy generation at its investor day, targeting sustainable sources to pump electricity into its vehicles. In a tweet last month, the company teased the idea of a Tesla ecosystem: energy generation, energy storage & electric vehicles.

☆ How Elon Musk Ruined Tesla, Let Other Car Companies Catch up on EVs
▼ + stars: | 2023-02-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +12 min

"I feel stupid driving around with my brand-new Tesla Model Y," Mark told me. Tesla spent the past two decades defying expectations and disrupting the automotive industry, but in 2023 the once revolutionary car company did the seemingly unthinkable: It turned fanboys against it. But after years of rocketing ahead of legacy car companies' tech, the futuristic guts of Tesla's vehicles have started to go stale. Companies like Ford and Audi are changing their sales strategies to model Tesla's innovative direct-sales style. These companies have something Musk doesn't: nationwide networks of brick-and-mortar locations where customers can have their vehicles serviced and repaired.

☆ Why AI stocks could return outsized performance in the next 18 months, and 7 leading names with direct exposure, according to an ETFs analyst
▼ + stars: | 2023-02-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

There are mature, large-cap companies that investors could stick to for exposure to the sector. A sudden interest in artificial intelligence has brought the more than decade-old technology to the forefront of investors' minds. It has additional ETFs focused on sectors that will be heavily impacted by AI including the Cloud Computing ETF (CLOU) and Cybersecurity ETF (BUG). They are broken down into innovators, early adopters, early majority, late majority, and finally, the laggards. Mature companies like Microsoft that are developing AI use cases could move AI into a mature stage rapidly.

☆ We asked 4 expert tech investors how to invest in AI without getting sucked in by the hype. Here's what they told us.
▼ + stars: | 2023-02-22 | by ( Marley Jay | ) www.businessinsider.com time to read: +9 min

Insider spoke to four tech fund managers about their ideas and approaches to the theme. This year, Open AI's ChatGPT has attracted even more hype — and much more money — as Microsoft invested $10 billion in Open AI. "Fads and themes are really common in technology," mutual fund manager Matthew Moberg told Insider. "A lot of the leading AI companies are using Cloudflare today, and we think that will increase." Michael Loukas is the CEO of TrueMark Investments, which launched its Tech, AI, and Deep Learning ETF three years ago.

☆ Microsoft cofounder Bill Gates says the rise of AI poses a threat to Google's search engine profit
▼ + stars: | 2023-02-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Bill Gates said in a podcast Google's search engine profits could fall as Microsoft moves into AI. Gates said AI is the "biggest thing in this decade" and could reshuffle the tech space. Microsoft unveiled an AI-powered Bing in a challenge to Google's search engine dominance. His comments came two weeks after Microsoft unveiled an AI-powered version of its Bing search engine, which pits itself as a challenger to Google's dominance in the search space. Just as Microsoft launched Bing, Alphabet — Google's parent company — also unveiled an AI service called Bard.

☆ Fake ChatGPT tokens are flooding the market as crypto scammers take advantage of the AI craze
▼ + stars: | 2023-02-21 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Fake ChatGPT-branded tokens are hitting the market as scammers aim to capitalize on the AI tool's popularity. One issuer has created "dozens of tokens with a pump & dump scheme," said blockchain security firm PeckShield. The tech heavyweight worked with OpenAI, the nonprofit that created ChatGPT, to bring that technology to its search tool. "Deployer 0xb583 has already created dozens of tokens with a pump & dump scheme," PeckShield said, referring to an issuer's wallet address. Meanwhile, tokens carrying the ChatGPT name totaled 170 in a search on crypto trading platform DEXTools on Tuesday.

☆ The stock market has been flipped and investors are taunting the Fed
▼ + stars: | 2023-02-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

As my colleague Matthew Fox writes, the stock market has been completely flipped upside down so far in 2023. This is the type of trading behavior you'd expect to see when interest rates are closer to 0% than 5%. To Kolanovic, the errant investor behavior foreshadows a plunge in the stock market. US stock futures fall early Tuesday, as investors stay worried that persistent inflation means interest rates will stay higher for longer. SoFi's Liz Young warned that a lack of reserve funds could stop this year's stock market rally: "What the equity market is not pricing in at this point, or is not worried enough about, is consumer spending."

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