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☆ How Delta made itself America's luxury airline — and what United wants to do about it
▼ + stars: | 2024-06-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +16 min

Rival United Airlines — second to Delta in net profit margins — is circling. Delta plans to open Delta One lounges in Boston and Los Angeles later this year, and is studying airports where it could open others. Like other airlines, Delta accepted billions in federal aid to weather the pandemic. Luxury air travel and the United States didn't go together for many years — and might not still, if you ask well-heeled globetrotters. And at Delta and other airlines, many of the perks for luxury flyers come through lounges.

Persons: Benoit Tessier, Ed Bastian's, Bastian, Ed Bastian, John F, Raymond James, Savanthi Syth, Andrew Nocella, Patrick Quayle, Quayle, Richard Anderson, Anderson, Delta, Barack Obama's, They're, Shai Weiss, Claude Roussel, Joe Biden, United States didn't, Henry Harteveldt, Scott Kirby Organizations: Airbus, Delta Air Lines, Reuters Delta Air Lines, Transportation Department, Rival United Airlines —, CNBC, Delta Air Lines Inc, Bloomberg, Getty, American Express, Kennedy International Airport, United, Boeing, U.S, Labor, Southwest Airlines, U.S ., JetBlue Airways, Delta, Corporate, Northwest Airlines, Endeavor, Virgin, American, Sky Club, New, LaGuardia, Etihad Airways, Singapore Airlines, Atmosphere Research, Airlines, Sky Clubs, Los Angeles International Airport, JFK, American Airlines, JPMorgan, Consumer Electronics, Starbucks Locations: punctuality, New York, Delta, Chicago, Boston, Los Angeles, Dubrovnik, Croatia, Amman, Jordan, Cape Town , South Africa, Atlanta, U.S, Queens, N.Y, United, Tokyo, York, United States, Las Vegas

☆ The stock market is having its best election year ever
▼ + stars: | 2024-06-24 | by ( Nicole Goodkind | Matt Egan | ) edition.cnn.com time to read: +9 min

The S&P 500 alone has generated an average return of 7% during presidential election years since 1952, according to LPL Financial. If you limit that to election years in which the incumbent president is running for reelection, the average jumps to 12.2%. Yes, but: Market volatility in an election year tends to pick up in October and there are many months left in this cycle with potential surprises to come. “An autumn pullback fits well time wise with potential downside earnings revisions, make-or-break decision time for the Fed, and election uncertainty. The first round of the French election will be held on June 30, with a second round on July 7.

Persons: Goldman Sachs —, Ed Clissold, Ned Davis, they’re, It’s, Goldman Sachs ’ Scott Rubner, “, ”, Mark Hackett, Scott Chronert, Goldman Sachs, Joe Biden, Donald Trump, Jim Reid, There’s, Emmanuel Macron, Katie Nixon, Chris Isidore ., they’ve, Samantha Murphy Kelly, ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, — Organizations: London CNN — Traders, Investors, White, Ned, Ned Davis Research, Nasdaq, Citigroup, Goldman, Barclays, Deutsche Bank, UBS, Deutsche, Fed, United, Labour Party, Renaissance, Northern Trust Wealth Management, Alaska Airlines, Alaska —, Southwest —, Southwest, Railway Labor, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC Locations: United States, France, “, Alaska, China

☆ Jain Global, the most anticipated new hedge fund in years, is about to make its debut. An architect of the manager explains how it will be different.
▼ + stars: | 2024-06-24 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +12 min

The launch of Jain Global has dominated industry gossip since its founder left Millennium Management, where the 53-year-old Jain was Izzy Englander's right-hand man, in late 2022. And more specifically, scalability without incremental cost," Jonathan Barton, the firm's chief operating officer, said in an interview with BI. Starting from a clean sheet of paper gave Jain Global certain advantages, said one senior banker who worked closely with the new manager as it built out its teams and systems. 3Forge, a specialty-software provider, worked with Jain Global to build the interface that connects all the systems for PMs, the risk team, and management. In five to 10 years, Jain Global hopes it won't need a sprawling business-development function because a strong talent pipeline will have developed inside the firm.

Persons: —, Bobby Jain's, Jain, Izzy Englander's, It's, Morgan Stanley, Griffin's, Steve Cohen's Point72, Michael Gelband's, redemptions, Jonathan Barton, Barton, — Barton, it's, Bobby, Paul Enright, Sam Kellie, Smith, David Hochberg, Enright, Hochberg, there's, Jon Caplis, Caplis, they're Organizations: Service, Jain Global, Millennium Management, Business, UBS, Citadel, Bank of America, Meru Capital Group, Jain, Credit Suisse, Viking Global, Macquarie, Investors, Bloomberg Locations: Singapore, Balyasny, New York, Houston, London, Hong Kong, York, Lane, Meru, Asia, PivotalPath

☆ America’s housing crisis continues to worsen
▼ + stars: | 2024-06-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington CNN —Homeowners in America aren’t the only ones struggling with an unaffordable housing market. A report from Harvard University’s Joint Center for Housing Studies released last week showed that both homeowners and renters in recent years have become increasingly burdened by climbing housing costs. That’s all part of a broader struggle in the US housing market, and recent data shows that it hasn’t gotten any better. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China, reports my colleague Samantha Murphy Kelly. The Chicago Fed releases its National Activity Index for May.

Persons: ” Lael Brainard, ”, “, Brainard, Biden, ” Brainard, ChatGPT —, Siri —, Samantha Murphy Kelly, OpenAI, Siri, ChatGPT, Read, Christopher Waller, Lisa Cook, Michelle Bowman, General Mills, Levi Strauss, Tom Barkin Organizations: CNN Business, Bell, Washington CNN — Homeowners, America aren’t, Harvard University’s, for Housing Studies, Harvard, “, White, Economic Council, Urban Institute, Administration, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, FedEx, Chicago Fed, Global, Index, Board, Micron, General, US Commerce Department, Federal Reserve, Nike, McCormick, Walgreens, US Labor Department, National Association of Realtors, Richmond Fed, University of Michigan Locations: Washington, America, Congress, China

☆ Apple’s new China problem: ChatGPT is banned there
▼ + stars: | 2024-06-21 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

CNN —Apple is banking on its upcoming AI features to boost iPhone sales especially in China, where demand has been lagging. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China. But China is one of the first countries in the world to regulate the generative AI technology that powers these popular services. Resurgent competitorsMeanwhile, Chinese smartphone brand Huawei’s smartphone sales growth was 70% in the first quarter, according to Counterpoint Research. In other parts of the world, Samsung uses its own propriety AI technology, along with Google’s (GOOGL) AI model Gemini, which is also banned in China.

Persons: ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, —, ”, Nabila Popal, ” Popal, what’s, Reece Hayden, Apple wouldn’t, Jeff Fieldhack, they’d Organizations: CNN, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC, Research, IDC Research, ABI Research, China, Baidu Locations: China

☆ This startup wants to create software in minutes using AI. Here's the 11-slide pitch deck Proofs used to raise $2.6 million in funding
▼ + stars: | 2024-06-18 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Read previewProofs, a startup that builds software using AI agents, has raised $2.6 million in pre-seed funding. The startup, based in San Francisco and Warsaw, is utilizing AI to speed up the process of developing proof-of-concept software for companies. This story is available exclusively to Business Insider subscribers. Proof claims that using AI agents can drastically reduce the time taken to develop custom software to minutes at a much-reduced cost compared to traditional processes. Advertisement"Every year you have around $700 billion of software being sold, but unlike out-of-the-box SaaS products, the bar to build and integrate customized software is higher," Pucek told Business Insider.

Persons: —, Bartek, Pucek Organizations: Service, Business, EarlyBird, Expeditions Fund, RTP Global Locations: San Francisco, Warsaw

☆ What’s next for the stock market? Here’s one thing you could do if shares start sinking
▼ + stars: | 2024-06-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

The market has been on a tear in 2024, driven higher by robust corporate earnings and the artificial intelligence boom. Traders expect the Fed to begin easing rates in September at the earliest, according to the CME FedWatch Tool. If inflation is cooling down but the Fed is still expected to keep its key lending rate higher for longer, what does that mean for the stock market? The data will tell us that, but I think the big takeaway for us is [inflation] going in the right direction. Do you expect some of the cash that’s on the sidelines to enter the stock market?

Persons: Price, Wall, Bell, Jack Janasiewicz, Jerome, Powell, we’re, it’s, wouldn’t, you’re, Hilary Whiteman, Read, Sam Altman, Steve Wozniak, OpenAI, Altman, Samantha Murphy Kelly, Tim Cook, ”, Ben Wood, “ Apple, Siri Organizations: CNN Business, Bell, New York CNN, Federal, Nasdaq, Fed, Traders, Solutions, You’re, Apple, Insight, CNN, Apple Intelligence Locations: New York, United States, West Coast, Hawaii, California, San Jose , Los Angeles, San Francisco, San Diego, Honolulu, Australia, Sydney, Melbourne, Victoria, Adelaide, South Australia

☆ How Apple, Microsoft and 3 other tech giants can make money with AI geared to consumers
▼ + stars: | 2024-06-16 | by ( Morgan Chittum | ) www.cnbc.com time to read: +10 min

(Expected AI-driven device upgrades from Apple, Microsoft, and other personal tech makers is the reason we're invested in Best Buy . Microsoft, Apple and fellow Club name Nvidia have all eclipsed $3 trillion market values — and have been wrestling for the top spot as the most valuable U.S. company. META YTD mountain Meta Platforms (META) year-to-date performance Meta Platforms is monetizing consumer interest in AI by boosting user engagement. The Meta AI generative artificial intelligence assistant is currently free to use. AMZN YTD mountain Amazon (AMZN) year-to-performance Comparable to Meta, Amazon offers AI to consumers for free to increase engagement on its dominant e-commerce platform.

Persons: Tim Cook, Siri, Apple, WWDC, Piper Sandler, Jim Cramer, Bard, Missteps, Jim, Jim Cramer's, Eugene Mymrin Organizations: Apple, Apple Intelligence, Developer Conference, Microsoft, Services, Cook, Co, AI Party, Bloomberg, Microsoft's, Computing, Club, Nvidia, Gmail, Google, ChatGPT, Facebook, Citi, Meta, Amazon, Amazon Web Services, CNBC Locations: China, Cupertino, U.S

☆ Elevated interest rates are creating the best entry point in decades for a severely discounted index expected to see an explosive upside of up to 100% as rates drop
▼ + stars: | 2024-06-15 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

At the turn of the year, the market was banking on six rate cuts beginning in March. Advertisement"The valuation ratio from small caps to large caps right now is at a 24-year low. This is probably one of the best entry points into small and mid-cap stocks," Ewing said. He added that when the Fed starts cutting rates, small caps have historically outperformed. Morningstar holds steady to its expectation of two rate cuts of 25 basis points each for 2024.

Persons: Jerome Powell, James St . Aubin, Brett Ewing, you've, we're, Ewing, haven't, David Sekera, Russell, Sekera Organizations: Service, Federal, Market Committee, Sierra Funds, Fed, Morningstar

☆ The complicated partnership between Apple and OpenAI
▼ + stars: | 2024-06-14 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +9 min

Nearly an hour later, the iPhone maker announced a much-rumored partnership with OpenAI to bring its ChatGPT technology to devices later this year. “I think Apple will take a pragmatic approach to the OpenAI partnership,” Wood said. Apple said it will not share any personal user information with OpenAI, so inquiries made through ChatGPT won’t be linked to an Apple user’s account. So it came as no surprise when some industry watchers, including Elon Musk, were quick to react to Apple’s partnership with OpenAI. “When users do query ChatGPT, Apple will track the prompts and gather metrics to improve its own models,” he said.

Persons: Sam Altman, Steve Wozniak, OpenAI, Altman, Tim Cook, ”, Ben Wood, “ Apple, Siri, Apple, ” Wood, Jeff Chiu, It’s, ” Cook, it’ll, Wood, Reece Hayden, Elon Musk, Musk, ” Musk, Annette Zimmermann, ” Andrew Cornwall, Forrester, “ Organizations: CNN, Apple, Insight, Apple Intelligence, Nvidia, Microsoft, ChatGPT, ABI Research, Industry, OpenAI, SpaceX, Gartner Locations: China, Washington, Cupertino , Calif

☆ What is Apple’s AI doing with your data?
▼ + stars: | 2024-06-13 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

As much as possible, Apple will try to process AI prompts directly on your device using smaller AI models. After fulfilling a user’s AI request, Private Cloud Compute scrubs itself of any user data involved in the process, Apple said. For example, when you use ChatGPT, OpenAI discloses that it uses your data to further train its AI models. With Private Cloud Compute, you theoretically won’t have to take Apple’s word that it doesn’t use your data for AI training. Apple’s AI models didn’t spring up out of nowhere.

Persons: Washington CNN —, you’ve, Apple, ChatGPT, Siri, didn’t, OpenAI, ChatGPT’s, ”, Craig Federighi, —, ” “, Apple hasn’t Organizations: Washington CNN, Worldwide Developers, Apple, Apple Intelligence Locations: Apple’s

☆ Amazon has a secret workaround to scrape Microsoft's GitHub for AI model training data, leaked memo shows
▼ + stars: | 2024-06-13 | by ( Eugene Kim | ) www.businessinsider.com time to read: +8 min

Microsoft is likely to be unhappy when it discovers that its arch rival Amazon is leaning hard on GitHub for AI training data. "Our LLMs are trained on data from a variety of sources, including licensed and proprietary data, open-source datasets, and publicly available data where appropriate. It also said Amazon employees should create a "classic personal token," not a "fine-grained personal token," when signing up. Tech companies, hungry for even more training data, are also granting themselves new permissions to use a lot more of consumers' information. Though Amazon's legal team has approved the GitHub data scraping workaround, the move could put Amazon in a tricky position.

Persons: —, Rohit Prasad NurPhoto, Rohit Prasad, Amazon, Amazon's, Andy Jassy, Prasad, Matthew Butterick, Joseph Saveri, Joseph Saveri's, Butterick, Copilot Organizations: Service, Business, General Intelligence Group, Amazon, Microsoft, Google, Meta, GitHub, News Corp, Tech, Alexa Locations: GitHub

☆ Risky bet in this global hydrogen fuel cell maker could net investors 160%, says RBC
▼ + stars: | 2024-06-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of AFC Energy , a provider of hydrogen-fueled power generation technologies, is expected to more than double over the next year, according to RBC Capital. The London-listed company, founded in 2006, makes a range of proprietary hydrogen fuel cell systems aimed at off-grid and remote power generation for construction, mining, and transportation industries. U.K. shares are generally priced in pence, with 100 pence equal to one British pound ($1.28). The 30-kilowatt generators consume hydrogen for fuel and will be available to customers in the U.K. through its joint venture with equipment hire firm Speedy Hire . The three-year deal with Speedy Hire — under its Speedy Hydrogen Solutions brand — will target U.K. and Irish construction and emergency power markets.

Persons: Erwan Kerouredan, Victoria McCulloch, Saudi Arabia's Organizations: AFC Energy, RBC Capital, RBC, AFC, Saudi, Speedy Hire Locations: London, British, United States, Germany, East, North Africa, Saudi

☆ These stocks could survive Wall Street's summer lull and thrive, CFRA’s Sam Stovall says
▼ + stars: | 2024-06-12 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

June's historical average return comes out at just 0.1% while July typically sees a 1.2% gain, according to Stovall. Summer exception This summer could prove to be an exception to the typical summer lull, given the upcoming presidential election, Stovall said, noting that the broad market index has posted an average 3.7% summer increase during the 19 election years since World War II. Ahead of this year's election, Stovall expects a few aerospace and defense contractors to stand out. Other areas of the market that should survive and thrive during a slow summer period are consumer staples companies, tobacco names, health-care distributors and pharmaceuticals, Stovall said. Costco and Walmart shares are up roughly 29% and 2% this year, respectively, posting strong returns as consumers have become more motivated by price and value in a high-inflation environment.

Persons: Sam Stovall, Stovall, CFRA, Eli Lilly, Lockheed Martin, Morgan Stanley, Becton Dickinson, Christopher Horvers, FactSet Organizations: Day, Labor, Walmart, Lockheed, Dynamics, Republicans, Costco, JPMorgan

☆ Here are Tuesday's biggest analyst calls: Apple, Nvidia, Uber, Shopify, Tesla, Ford, Alphabet, Pepsi, Broadcom & more
▼ + stars: | 2024-06-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's sticking with its overweight rating following the company's Worldwide Developers Conference. Baird reiterates Tesla as outperform Baird said it's sticking with its outperform rating heading into Thursday's shareholder meeting. "We are initiating coverage of Bitdeer Technologies Group (BTDR) with an Overweight rating and $13 PT." We argue the former, initiating coverage with an Outperform rating and $50 TP." Barclays reiterates PepsiCo as overweight Barclays said it's sticking with its overweight rating on the stock despite a bumpy macro in the salty snacks category.

Persons: Morgan Stanley, Apple, WWDC, Oppenheimer, Ford, Baird, Tesla, Evercore, Cantor Fitzgerald, Cantor, Piper Sandler, Piper, it's, it's bullish, Bernstein, BTIG, D.A, Davidson, Citi, Uber Organizations: Nets, Apple, JPMorgan downgrades, JPMorgan, Nvidia, Bitdeer, Bitdeer Technologies, Citi, Broadcom, VMware, Barclays, DA, PepsiCo Locations: JPMorgan downgrades Cleveland, Cleveland, Delaware, China

☆ Elizabeth Holmes, Silicon Valley’s most famous convict, makes her long-shot appeal
▼ + stars: | 2024-06-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Holmes was sentenced to 11 years in prison for defrauding investors in her failed blood-testing company, Theranos. She is seeking a new trial, arguing that the judge in her case erred in several decisions during the 2022 proceedings. Since her conviction, her projected release date from prison has been moved up, shaving about two years off her sentence. Theranos’ unraveling, and Holmes herself, became the subject of a bestselling book, a Hulu scripted series and an award-winning documentary. Holmes knowingly concealed the technology’s problems, and still pushed to get the company’s Edison devices into pharmacies, prosecutors argued.

Persons: Elizabeth Holmes, Holmes, Stanford, Steve Jobs, Larry Ellison, Rupert Murdoch, Ramesh “ Sunny ”, “ Holmes, Balwani, Holmes ’, Theranos, “, Edward Davila, Balwani “, laywers, ”, Agustin Orozco, Crowell, Orozco Organizations: New, New York CNN, California’s, Circuit, Wall Street, Prosecutors, Moring Locations: New York, California, Texas

☆ Apple’s AI: We’ve seen some of this before
▼ + stars: | 2024-06-11 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

On the other hand, however, other AI tools look familiar from what we’ve seen on the market. Ahead of the demo, the company emphasized that the majority of the new tools are powered by Apple Intelligence. If you want your email to sound more professional, or more friendly, Apple says its AI will take a stab. Siri’s AI flexApple really flexes its AI muscle, however, when it comes to Siri, which Apple says is taking a massive step forward by becoming more contextually relevant and more personal. In the demo, Apple showed how someone could upload a picture of vegetables at a farmer’s market and ask what they could make for dinner.

Persons: “, they’re, –, Siri, Craig Federighi, It’ll, they’ve, OpenAI, Apple, Genmoji, Roger Federer, he’s, it’s Organizations: CNN, Developers, Apple, “ Apple Intelligence, Apple Apple Intelligence, Google, Samsung, Catering, Apple Intelligence

☆ FDA warns consumers against eating ‘microdosing chocolate bars’ after six were left hospitalized
▼ + stars: | 2024-06-10 | by ( Fabiana Chaparro | Nadia Kounang | ) edition.cnn.com time to read: +2 min

CNN —The US Food and Drug Administration is warning consumers and retailers to not “eat, sell or serve” any of Diamond Shruumz-brand’s microdosing chocolate bars after people across four states were left hospitalized. Eight people reported falling ill after eating Diamond Shruumz’s chocolates, the FDA said in an advisory. People who consumed the chocolate bars reported experiencing symptoms that include “seizures, central nervous system depression (loss of consciousness, confusion, sleepiness), agitation, abnormal heart rates, hyper and hypotension, nausea and vomiting,” said the FDA. CNN has reached out to Diamond Shruumz for comment but has not heard back by the time of publishing. If you or someone you know becomes ill after consuming Diamond Shruumz’s chocolate bars, the FDA recommends speaking to a health care provider and/or contacting the Poison Help Line at 1-800-222-1222.

Persons: Diamond, ”, Dr, Sanjay Gupta, Diamond Shruumz Organizations: CNN, Food and Drug Administration, FDA, People, CNN Health, US Centers for Disease Control, Centers Locations: Arizona, Indiana, Nevada, Pennsylvania

☆ Google cut Uncle Sam a $2 million check so it could avoid a jury trial. A judge just agreed
▼ + stars: | 2024-06-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +1 min

CNN —A US federal judge ruled on Friday that an antitrust lawsuit brought by the US government against Google will be decided by a judge and not a jury after Google wrote the government a check, paying back the full amount of monetary damages the lawsuit sought. The case regarding Google’s advertising technology is the first antitrust suit against a Big Tech company brought by the Biden administration. US District Judge Leonie Brinkema’s decision on Friday is a setback for the Justice Department, which sought a jury trial for the case. We’re glad the Court ruled that this case will be tried by a judge,” Schottenfels said. We look forward to making our case in court.”A hearing is set for June 21 on Google’s motion for summary dismissal, which would terminate the case without a trial.

Persons: Biden, Leonie Brinkema’s, Brinkema, —, Peter Schottenfels, “ DOJ’s, We’re, ” Schottenfels, we’ve, ”, Brian Fung Organizations: CNN, Google, Big Tech, Justice Department, DOJ

☆ Young job seekers are finding it tougher to find employment, despite a bustling labor market: 'It was brutal'
▼ + stars: | 2024-06-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +9 min

Larock's experience comes at a time when, at least on the surface, the jobs market has continued to glide along. But worries are growing that the labor market is beginning to show cracks. Welcome to the good news-bad news labor market, where the collective experience is positive but not as much for individuals in particular groups. "But the bad news is that new entrants to the labor market are faring less well," Peng added. While Peng characterized the jobs market as "strong overall," she said there are "soft soft spots" that are particularly hitting "new entrants to the workforce."

Persons: Samantha McCloud, Victoria Garcia, Jessel Rincon, Irfan Khan, Julianna Larock, Larock, Jacqueline Novogratz, Michael Novogratz, Julianna LaRock, nonfarm, It's, Goldman Sachs, Elsie Peng, Peng, Molly Huang, it's, Huang, David Pakula, Cory Stahle, Joanie Bily, Bily, grads, Ethan Mariano, Mariano Organizations: Temple City High School, Los Angeles Times, Investment Partners, University of Delaware, Fordham, Bureau of Labor Statistics, Goldman, Penn State University, Vanguard, Gettysburg College, American University, State Department Locations: Temple City , CA, Wilmington , Delaware, New York City, New York, Horsham , Pennsylvania, U.S, Washington ,, Hazleton , Pennsylvania

☆ Nvidia's 10-for-1 stock split is set for Friday. Here's what you need to know, plus what its fair value will be after, according to Morningstar's chief US market strategist.
▼ + stars: | 2024-06-05 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Nvidia is set to make a 10-for-one forward stock split on June 7, which means your one share will become 10 shares. A stock split won't change a company's economic value or the value you hold of it. It only changes the proportionate amount of ownership that each share represents, says Dave Sekera, Morningstar's chief US market strategist. After the stock split, its fair value would go to $105, Sekera noted. One notable impact that could result from a lower share price is Nvidia's increased potential of being included in price-weighted indexes, specifically the Dow Jones Industrial Average.

Persons: —, Dave Sekera, Sekera Organizations: Service, Nvidia, Business, Dow Jones

☆ Goldman-backed Starling says no plans to pursue EU bank license, expansion to come from software
▼ + stars: | 2024-06-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The company sought to expand abroad by applying for an Irish banking license, which would have given the bank access to the European Union market. AMSTERDAM — Digital bank Starling will not re-apply for a European Union banking license and instead pursue international expansion through its software business, the incoming CEO said, in a diverging approach to overseas growth from some of its rivals. Raman Bhatia outlined the company's international expansion plans on Wednesday, in his first public remarks since his appointment as CEO in March, taking over from founder Anne Boden. Bhatia said that the company has no plans to re-apply for the EU banking license to push into new countries. Instead, international expansion will be driven by Engine, a software platform that Starling sells to other companies, so they can set up their own digital banks.

Persons: Raman Bhatia, Starling, Bhatia, Goldman Sachs, Anne Boden Organizations: OVO Energy Ltd, European Union, AMSTERDAM —, CNBC, Salt Bank, AMP Locations: AMSTERDAM, Thailand, Salt, Romania, Australia

☆ Nvidia could be set for a 30% correction as it faces 3 major headwinds, including waning demand and competition, says a senior investment researcher
▼ + stars: | 2024-06-04 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

"The company made a massive switch in its consumer mix," said Sandeep Rao, a senior researcher at Leverage Shares, an investment management company. As for competition, even if Nvidia's contenders appear weak, more entrants will grab market share. Beth Kindig, the CEO and lead tech analyst for the I/O Fund, estimates that AMD's market share could reach 20%. Nvidia and AMD have similar production costs since neither makes their GPUs but uses the same supplier, Taiwan Semiconductor (TSMC). "So AMD is a little bit behind in terms of performance," Rao said.

Persons: Sandeep Rao, corporates, Rao, Nvidia's, Blackwell, Rubin, AMD'sRadeon, Beth Kindig, Nvidia's Blackwell Organizations: Service, Apple, Microsoft, Business, Nvidia, Semiconductor, Nvidia Investors, AMD, Taiwan Semiconductor, Intel, Baidu Locations: China, India

☆ Mizuho's top June contrarian picks, where research firm is more bullish than the rest of Wall Street
▼ + stars: | 2024-06-04 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Of those seven stocks, Mizuho said its investment rating on Lowe's and PayPal were also above the Street consensus. Mizuho analyst David Bellinger's $280 price target implies that the stock could rally 29% from its Monday closing price. "We view Lowe's as decisively well-positioned as home improvement demand recovers and unleashes outsized, double-digit earnings expansion in the process," the analyst wrote. Similarly, financial technology platform PayPal has risen only about 4% this year, leaving its valuation "compelling" at current prices, according to Mizuho analyst Dan Dolev. Dolev's $90 price target is 42% above the stock's current price.

Persons: Mizuho, David Bellinger's, Lowe's, Bellinger, Dan Dolev, Dolev, Dolev's, Siti Panigrahi's, Panigrahi, — CNBC's Michael Bloom Organizations: Mizuho Securities, Stocks, Dow Jones, Nasdaq, Wall Street, PayPal, Home, Oracle, Nvidia, Oracle Cloud Infrastructure Locations: Mizuho

☆ Re:cap, a German revenue-based financing startup, raised $14.6 million using this 13-slide pitch deck
▼ + stars: | 2024-06-04 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Read previewRe:cap, a German revenue-based financing startup, has raised $14.6 million in Series A funding. Borrowers can use financing on re:cap to borrow up to 5 million euros, or about $5.5 million, over terms of up to five years. This story is available exclusively to Business Insider subscribers. "Overall, the private debt market is growing tremendously, faster than most if not all alternative asset classes, so the opportunity generally is huge," Paul Becker, CEO and cofounder of Re:cap, told Business Insider. According to Atomico, funding for European startups dropped by 45% year-on-year to $45 billion in 2023, but investment in European fintech dropped well below the wider slump.

Persons: —, Paul Becker, Felix, Becker, European fintech Organizations: Service, HSBC Innovation Banking, Business, Felix Capital, Finch Capital, Channel Capital, Avellina Locations: Berlin, European

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