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☆ EU looks to take lead in metaverse world, avoid Big Tech dominance
▼ + stars: | 2023-07-11 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 11 (Reuters) - The European Commission on Tuesday set out a plan in a bid to take the lead in the metaverse - shared virtual worlds accessible through the internet - and to prevent Big Tech dominating a nascent sphere that could boost economic growth. The EU initiative comes as Facebook owner Meta Platforms (META.O), Microsoft (MSFT.O) and Apple (AAPL.O) work on metaverse products or services, prompting fears that the companies may get an unfair advantage over smaller rivals. "We need to have people at the centre and shape it according to our EU digital rights and principles, to address the risks regarding privacy or disinformation. Last week, she said that there are no plans to regulate the metaverse for now but expects the raft of rules enacted in recent years, including privacy, market power and the upcoming artificial intelligence regulation to apply to the new field. Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Margrethe Vestager, Foo Yun Chee Organizations: European Commission, Big Tech, Meta, Microsoft, Apple, EU, Thomson Locations: BRUSSELS, EU

☆ Goldman says Chinese EV maker Xpeng can rally almost 30% on the back of new launch
▼ + stars: | 2023-07-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Goldman Sachs initiated coverage of Xpeng with a buy rating, calling for nearly 30% upside for the Chinese electric-vehicle maker. The firm said it's confident on the competitiveness of Xpeng's latest car — the G6 Ultra Smart Coupe SUV — as well as the company's capability to launch more compelling products going forward. Goldman said the Guangzhou, China-headquartered company could capture the EV market overseas in the long run. "As a pure EV maker at its volume ramp-up stage, XPeng currently prefers to sell into overseas markets through exports only per its latest strategy," Goldman said. "In the longer term, we believe the pure-EV setup makes the company well positioned to seize the overseas markets' EV demand."

Persons: Goldman Sachs, Goldman, it's, XPeng, Xpeng, Michael Bloom Organizations: EV Locations: Guangzhou, China

☆ Berkshire Hathaway takes control of LNG facility as Buffett ups bet on energy infrastructure
▼ + stars: | 2023-07-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Berkshire Hathaway Energy has agreed to purchase a 50% stake in the Cove Point liquefied natural gas facility for $3.3 billion in cash. Warren Buffett's big energy and utility division bought the stake from Dominion Energy and will now own a 75% limited partnership stake in Cove Point LNG located in Lusby, Maryland. The Cove Point LNG Terminal has a storage capacity of 14.6 billion cubic feet and a daily send-out capacity of 1.8 billion cubic feet. Berkshire Hathaway first bought a stake in Dominion's gas pipeline and storage assets for $4 billion in 2020. Abel is now vice chairman for noninsurance operations at Berkshire Hathaway and the successor to the 92-year-old "Oracle of Omaha."

Persons: Warren Buffett's, Bill Stone, Buffett, Berkshire Hathaway, Greg Abel, Tom Farrell, Abel, Stone Organizations: Berkshire Hathaway Energy, Dominion Energy, Brookfield Infrastructure Partners, Glenview Trust, Sumitomo Corp, CNBC, Berkshire Hathaway, Oracle, Occidental Petroleum, Chevron Locations: Point, Lusby , Maryland, Berkshire, U.S, Glenview, Omaha, Iowa

☆ EU seals new US data transfer pact, but challenge likely
▼ + stars: | 2023-07-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

BRUSSELS, July 10 (Reuters) - The European Commission announced a new data transfer pact with the United States on Monday, seeking to end the legal uncertainty plaguing thousands of companies that transfer personal data across the Atlantic. The move was immediately criticised by non-profit group noyb, led by privacy activist Max Schrems, which said it would challenge the agreement. U.S. President Joe Biden welcomed the data transfer pact and said it reflected a "joint commitment to strong data privacy protections." Earlier this year, the EU's privacy watchdog, the European Data Protection Board, said the latest data agreement still fell short and urged the commission to do more to protect Europeans' privacy rights. Europe's top court scuppered the previous two deals after challenges by Schrems because of concerns about U.S. intelligence agencies' accessing European citizens' private data.

Persons: Max Schrems, Joe Biden, Didier Reynders, Schrems, Cecilia Bonefeld, Dahl, Foo Yun Chee, Kanishka Singh, Philip Blenkinsop, Christina Fincher, Leslie Adler Organizations: European Commission, Atlantic, European Court, Justice, Airbus, Apple, Ericsson, Nokia, Philips, Samsung, Data Protection, Thomson Locations: BRUSSELS, United States, Washington

☆ EU seals new US data transfer pact but challenge ahead
▼ + stars: | 2023-07-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

BRUSSELS, July 10 (Reuters) - The European Commission announced a new data transfer pact with the United States on Monday, seeking to end the legal uncertainty plaguing thousands of companies which transfer personal data across the Atlantic. However, the move was immediately criticised by non-profit group noyb, led by privacy activist Max Schrems, which said it would challenge the agreement. The EU executive said measures taken by the United States ensured an adequate level of protection for Europeans' personal data transferred across the Atlantic for commercial use. It said new binding safeguards, such as that limiting U.S. intelligence services' access to EU data to what is "necessary and proportionate" and the setting up of a Data Protection Review Court for Europeans, address the concerns raised by Europe's top court. Earlier this year, EU privacy watchdog the European Data Protection Board said the latest data agreement still fell short and urged the Commission to do more to protect Europeans' privacy rights.

Persons: Max Schrems, Didier Reynders, Schrems, Cecilia Bonefeld, Dahl, Foo Yun Chee, Philip Blenkinsop, Christina Fincher Organizations: European Commission, EU, Atlantic, European Court, Justice, Airbus, Apple, Ericsson, Nokia, Philips, Samsung, European Data Protection, Commission, Thomson Locations: BRUSSELS, United States, EU

☆ Stocks making the biggest premarket moves: Advance Auto Parts, Icahn Enterprises, Meta, Fisker and more
▼ + stars: | 2023-07-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

An exterior view of the Advance Auto Parts store at the Sunbury Plaza. Check out the companies making the biggest moves before the bell:Advance Auto Parts — Advance Auto Parts declined 2.4% in the premarket after Atlantic Equities on Monday downgraded the stock to underweight, and cut its price target to $50. Meta Platforms — Shares of the social media company rose about 1% in premarket trading. Fisker — The electric vehicle maker's stock rose less than 1% after the company announced a $340 million convertible note offering, with the potential to increase it to $680 million. Charles Schwab — Shares of the brokerage firm rose 1.9% in premarket trading after JMP upgraded Schwab to market outperform from market perform.

Persons: Sam Hudson, Carl Icahn, Mark Zuckerberg, Fisker, Charles Schwab —, JMP, Schwab, Morgan Stanley, Yun Li, Sarah Min, Jesse Pound Organizations: Advance, Journal, Shockwave Locations: Sunbury

☆ Stocks making the biggest moves midday: Carvana, Icahn Enterprises, Novavax, Fisker and more
▼ + stars: | 2023-07-10 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Carvana — Shares soared 10% in midday trading. The company said on Monday it expected exponential growth within its used electric vehicle segment as consumer demand for EVs skyrocket. Lucid — The luxury electric vehicle company added 3.4%. Fisker — Fisker rose 2% after the electric vehicle maker said it's issuing a $340 million convertible note offering. On Friday, the company disclosed in a securities filing that it would receive $350 million from Canada for unused Covid-19 vaccines.

Persons: EVs skyrocket, Morgan Stanley, Jefferies, DraftKings, Carl Icahn's, Fisker, Jesse Pound, Sarah Min, Yun Li, Samantha Subin Organizations: EVs, Shockwave, JPMorgan, Cava, Icahn Locations: Cava, Canada

☆ Citi downgrades U.S. stocks, sees S&P 500 pull back 9% to 4,000
▼ + stars: | 2023-07-10 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Strategists at Citi downgraded U.S. equities after a strong first half of 2023, saying an economic slowdown will weigh on company earnings. The Wall Street firm slashed the rating to neutral from overweight Monday and said the S & P 500 will pull back 9% to end the year at 4,000. "After a solid 1H, US outperformance may go on pause," Citi strategists said in a note. The market ended the first half of the year with a bang as the S & P 500 popped 15.9% for its best first half since 2019. The S & P 500 shed 1.2% last week.

Organizations: Citi, US Strategy, Nasdaq, Federal Reserve, Wall Street, CNBC

☆ Travel agency Booking to defend ETraveli deal at July 7 EU hearing
▼ + stars: | 2023-07-06 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

Booking announced its bid for peer Etraveli, owner of the brands Gotogate and Mytrip and operator of airline content distribution services provider TripStack, in November 2021. The European Commission said last month the deal will make it harder for rivals to compete with market leader Booking, by reinforcing its position in hotels and further expanding its reach into travel services like flights and car rentals. Booking will attempt to address regulators' concerns at a closed hearing in Brussels on Friday, Booking told Reuters via email. Senior officials from the EU competition watchdog and national antitrust agencies, as well commission lawyers, will participate in the hearing. Booking may have to offer remedies following the hearing to prevent a veto on the deal.

Persons: Foo Yun Chee, Emma Rumney Organizations: Holdings, European, Sweden's, Booking, TripStack, Capital, European Commission, EU, Thomson Locations: BRUSSELS, Brussels

☆ Amazon's iRobot deal in EU antitrust crosshairs
▼ + stars: | 2023-07-06 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, July 6 (Reuters) - Amazon's (AMZN.O) $1.7 billion acquisition of robot vacuum cleaner maker iRobot (IRBT.O) may reduce competition and strengthen Amazon's position as online marketplace provider, EU antitrust regulators warned on Thursday. The European Commission opened a full-scale investigation and will decide by November 15 whether to clear or block the deal. The acquisition announced in August last year would add iRobot's Roomba robot vacuum to Amazon's portfolio of smart devices, which include the Alexa voice assistant, smart thermostats, security devices and wall-mounted smart displays. IRobot made its first Roomba robot vacuum in 2002. The EU competition enforcer's decision confirmed a Reuters story last month and came a month after the UK antitrust agency cleared the deal unconditionally after a preliminary review.

Persons: IRobot, Dow Jones, Foo Yun Chee, Benoit Van Overstraeten Organizations: European Commission, Amazon, Reuters, Antitrust, Big Tech, Dow, Thomson Locations: BRUSSELS

☆ South Korea to help Africa cut dependence on rice imports - minister
▼ + stars: | 2023-07-06 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +2 min

SEOUL, July 6 (Reuters) - South Korea is set to sign an agreement next week with eight African nations to help boost rice production and cut their dependence on imports, Agriculture Minister Chung Hwang-keun told Reuters, amid concerns over food security on the continent. The minister said during several visits to Africa starting late last year officials told him they desperately needed help. Rice prices had almost doubled due to supply chain disruptions," Chung said, noting how food imports had squeezed the countries' foreign exchange reserves. South Korea has been able to produce enough rice to meet more than 90% of local demand, though still depends heavily on some other food imports. "The K-Rice project will bring outstanding rice varieties and hope to the small farmers in Africa suffering from the climate crisis," Marian Sunhee Yun, the director of WFP Korea Office, said.

Persons: Chung Hwang, keun, Yoon Suk Yeol, Chung, Rice, Yoon Suk, Marian Sunhee Yun, 1,302.3500, Soo, hyang Choi, Ed Davies, Sonali Paul Organizations: Agriculture, Reuters, Economic, West African States, United Nations, Food, WFP Korea Office, Thomson Locations: SEOUL, South Korea, Ghana, Guinea, Bissau, Gambia, Senegal, Cameroon, Uganda, Kenya, Africa, West Africa, Seoul

☆ Metaverse has set off no alarms or need for controls yet - EU's Vestager
▼ + stars: | 2023-07-06 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, July 6 (Reuters) - The metaverse, shared virtual worlds accessible through the internet, has not triggered any concerns so far or the need for legislation to rein it in, EU antitrust chief Margrethe Vestager said on Thursday. An initiative that she will present on the metaverse next week aims to help competition regulators understand the industry's dynamics, Vestager said. "Actually we see that there is a lot of innovation when it comes to virtual worlds. The initiative to be announced next week proposes a toolbox with guidelines on taking part in virtual worlds and one to fight counterfeiting, according to a document seen by Reuters. It also proposes standards for open and interoperable virtual worlds to avoid the dominance of a few and the introduction of regulatory sandboxes.

Persons: Margrethe Vestager, Vestager, Foo Yun, Ros Russell, Devika Organizations: Facebook, Meta, Microsoft, Apple, Reuters, Commission, Big Tech, Thomson Locations: BRUSSELS, Europe

☆ U.S. Big Tech says it meets EU gatekeeper status, TikTok criticises label
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

Samsung and TikTok owner ByteDance also unexpectedly said they would meet the criteria, although TikTok disputed whether it should be included on the list. "Europe is completely reorganising its digital space to both better protect EU citizens and enhance innovation for EU startups and companies," Breton said in a statement. Booking.com (BKNG.O) said it expected to meet the gatekeeper threshold by the end of the year and will then notify the EU executive. It fell short of the quantitative threshold ahead of Monday's notification to the Commission due to the pandemic. ($1 = 0.9173 euros)Reporting by Foo Yun Chee Editing by Louise Heavens and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Thierry Breton, ByteDance, Booking.com, Breton, TikTok, Foo Yun, Louise Heavens, Mark Potter Organizations: Amazon, Apple, Google, Facebook, Meta, Microsoft, Samsung, Union's, EU, European Commission, Thomson Locations: BRUSSELS, Europe, EU

☆ Amazon, Google, Apple, Meta, Microsoft say they meet EU gatekeeper status
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 4 (Reuters) - Alphabet's (GOOGL.O) Google, Amazon (AMZN.O), Apple (AAPL.O), Meta Platforms (META.O) and Microsoft (MSFT.O) have notified the European Commission that they qualify as gatekeepers under new EU tech rules, EU industry chief Thierry Breton said on Tuesday. Samsung and TikTok owner ByteDance also said they meet the EU thresholds, Breton said. "Europe is completely reorganising its digital space to both better protect EU citizens and enhance innovation for EU startups and companies," Breton said in a statement. They will then have six months to comply with the DMA rules. Booking.com (BKNG.O) said it expects to meet the gatekeeper threshold by the end of the year and will then notify the EU executive.

Persons: Thierry Breton, ByteDance, Breton, Foo Yun Chee, Louise Heavens Organizations: Google, Apple, Microsoft, European Commission, Digital Markets, Samsung, EU, Companies, Thomson Locations: BRUSSELS, Europe

☆ EU Commission revamps procedures to speed up Big Tech privacy probes
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, July 4 (Reuters) - Stung by criticism of tardy privacy investigations and the Irish privacy regulator's outsized role in overseeing Big Tech, the European Commission on Tuesday announced new rules to help watchdogs work on cross-border cases at a faster clip. Critics say investigations take too long and fines are too low to deter privacy breaches by Big Tech companies, undermining the goal of landmark EU rules known as the General Data Protection Regulation which came into force in 2018. "The harmonisation of these procedural aspects will support the timely completion of investigations and the delivery of swift remedies for individuals," the Commission said. Privacy activist Max Schrems who has filed complaints against Meta Platforms (META.O) and Alphabet's (GOOGL.O) Google criticised the new procedures. "The Commission proposal seems to be technically and materially flawed and rather strips citizens of existing rights than ensuring their enforcement," he said.

Persons: Max Schrems, Foo Yun Chee, Susan Fenton Organizations: Big Tech, European Commission, General Data, Irish Data Protection, Meta, Google, Tech, Computer & Communications Industry Association, Thomson Locations: BRUSSELS, EU, Ireland

☆ German antitrust watchdog can add privacy breaches to Meta probe, EU court says
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 4 (Reuters) - Antitrust authorities can check whether companies such as Meta Platforms (META.O) comply with EU data protection rules during their investigations, Europe's top court said on Tuesday, a move likely to broaden regulators' scrutiny of Big Tech. At issue is whether the German antitrust agency overstepped its authority by using its antitrust power to address data protection concerns, which are the remit of national data protection authorities. Meta, owner of Facebook, Instagram and WhatsApp, challenged the finding, prompting a German court to seek advice from the CJEU. The CJEU however said antitrust regulators must "take into consideration any decision or investigation by the competent supervisory authority pursuant to that regulation." The case is C-252/21 Meta Platforms and others (User conditions for a social network).

Persons: Foo Yun Chee, Charlotte Van Campenhout, Louise Heavens Organizations: Antitrust, Big Tech, Justice, European Union, Facebook, Thomson Locations: BRUSSELS, Luxembourg, German, Amsterdam

☆ EU antitrust regulators set Aug. 7 deadline for Adobe, Figma deal
▼ + stars: | 2023-07-03 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 3 (Reuters) - EU antitrust regulators will decide by Aug. 7 whether to clear Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma after a preliminary review, according to a European Commission filing on Monday. Photoshop maker Adobe sought EU approval last Friday. A request made a month before the summer holidays suggests the company expects the EU competition enforcer to open a full-scale investigation following its initial scrutiny. The Commission earlier this year warned the deal threatens to significantly affect competition in the market for interactive product design and whiteboarding software. Britain's competition watchdog on Friday gave Adobe a week to offer remedies to address its concerns or face a deeper investigation.

Persons: Foo Yun Chee, Marguerita Choy Organizations: Adobe, Zoom Video Communications, Thomson Locations: BRUSSELS

☆ Exclusive: Microsoft faces EU antitrust probe after remedies fall short, sources say
▼ + stars: | 2023-07-03 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

Microsoft added Teams to Office 365 in 2017 for free, with the app eventually replacing Skype for Business. Slack alleged that its rival had unfairly integrated workplace chat and video app Teams into its Office product. Microsoft kicked off talks with the European Commission last year in a bid to stave off an investigation. It recently offered to cut the price of its Office product without its Teams app. The European Commission has been seeking a deeper price cut than that offered by the U.S. software giant, the people said.

Persons: Slack, Foo Yun, Mark Potter, David Evans Organizations: Microsoft, EU, Salesforce, Skype, Business, European, European Commission, Thomson Locations: BRUSSELS, EU, U.S

☆ Stocks making the biggest moves midday: Tesla, Rivian, XPeng and more
▼ + stars: | 2023-07-03 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Electric vehicles — Electric vehicle makers such as Rivian Automotive surged following Tesla's better-than-expected second-quarter production and delivery numbers. The Chinese electric vehicle maker returned to growth for car deliveries. Tesla — Shares of the the Elon Musk-led electric vehicle company jumped 6% after delivery and production numbers beat analysts' expectations. Chinese internet stocks — China-based technology names rose on Monday. Solar stocks — Solar stocks SolarEdge Technologies and Enphase Energy rose more than 2% and 1%, respectively, on Monday.

Persons: Rivian, XPeng, Tesla, JD.com, Apple —, drugmaker, — CNBC's Michelle Fox, Yun Li Organizations: of Manhattan, Rivian Automotive, Lucid Group, Elon, CSI China, SolarEdge Technologies, Enphase Energy, Semiconductors —, Marvell Technology, Micron Technology, Apple, Apple — Apple, Financial, AstraZeneca —, Cambridge, AstraZeneca Locations: Meatpacking, New York City, U.S, China, England

☆ Fundstrat's Tom Lee raises S&P 500 target, sees all-time high before year-end
▼ + stars: | 2023-07-03 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Fundstrat founder Tom Lee has grown more bullish on stocks, seeing the S & P 500 reaching a record high before the end of 2023. The widely followed strategist raised his year-end target for the S & P 500 to 4,825, from 4,750. Lee's forecast is also well above the average year-end forecast of 4,227 from Wall Street strategists, according to CNBC Pro's market strategist survey , which rounds up the top 15 strategists' predictions. .SPX YTD mountain S & P 500 The market just ended the first half of the year with flying colors. The S & P 500 popped 15.9% for its best first half since 2019.

Persons: Tom Lee, Lee, Dow Organizations: Wall Street, CNBC, Nasdaq

☆ 100 million Squishmallows sold in a year — How the toy sensation joined Warren Buffett's conglomerate
▼ + stars: | 2023-07-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Shrewd business legend Warren Buffett has a whimsical side, buying companies whose products he personally enjoys like Dairy Queen and See's Candies. Berkshire inherited Squishmallows parent Jazwares through its acquisition of Alleghany in the fourth quarter of 2022. Jazwares founder and president, Judd and Laura Zebersky, now report to and are in regular communication with Greg Abel, Berkshire's vice chairman for non-insurance operations and Buffett's successor. We're thrilled to be part of it," Laura Zebersky said in an interview. Often Buffett admires the business' management and expects it to continue to grow and remain profitable.

Persons: Warren Buffett, Squishmallows, Charlie Munger, Judd, Laura Zebersky, Greg Abel, Berkshire's, Buffett, Abel's, he's, Abel Organizations: Berkshire Hathaway, Berkshire Locations: Omaha , Nebraska, Omaha, Charlie Munger . Berkshire, Alleghany, South Florida

☆ South Korea LGBT festival proceeds, bumped from prime spot by Christian group
▼ + stars: | 2023-07-01 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

SEOUL, July 1 (Reuters) - Tens of thousands attended South Korea's largest annual LGBT festival on Saturday, vowing to continue fighting for gay rights after the Seoul city government denied them a prime spot and gave it to an anti-LGBT Christian group. "You can see a lot of hateful banners behind me as well as those that support us on our right," said Yang Sun-woo, chief organiser of the Seoul Queer Culture Festival. "South Korea is enjoying a rise in global status but LGBT rights here are at rock bottom," she said. The Christian group CTS, which has vocally opposed homosexuality, said it was not trying to thwart LGBT people. "Some ask why we need this queer festival, but it is the only time a year where we can all enjoy ourselves out in the open."

Persons: Yang Sun, ”, Cho Jong Yun, Kim Kyu Jin, Kim Saeyeon, Kyu Jin Kim, Nicole Kim, Hong Joon, Daewoung Kim, Hyunsu Yim, William Mallard Organizations: South, Christian, Seoul Queer Culture, CTS, LGBT, Gallup, Minwoo, Thomson Locations: SEOUL, Seoul, COVID, Korea, South Korea, Daegu

☆ Euclid mission: A journey aiming to unravel the universe’s biggest mysteries has begun
▼ + stars: | 2023-07-01 | by ( Ashley Strickland | ) edition.cnn.com time to read: +5 min

The European Space Agency’s Euclid space telescope launched at 11:12 a.m. The Euclid space telescope is seen right before its installation in the nose of the SpaceX Falcon 9 rocket on Tuesday. Investigating cosmic mysteriesEuclid’s primary goal is to observe the “dark side” of the universe, including dark matter and dark energy. While dark matter has never actually been detected, it is believed to make up 85% of the total matter in the universe. Both dark matter and dark energy also play a role in the distribution and movement of objects, such as galaxies and stars, across the cosmos.

Persons: NASA’s James Webb, Georges Lemaître, Edwin Hubble, Euclid, Nancy Grace Roman, ”, Jason Rhodes, Rhodes, Roman, Yun Wang Organizations: CNN, SpaceX, Cape Canaveral Space Force, NASA’s James Webb Space Telescope, ESA, NASA, Jet Propulsion Laboratory, Euclid, California Institute of Technology Locations: Alexandria, United States, Canada, Japan, Pasadena , California

Source: NYSEThe majority of Wall Street investors believe stocks have entered a new bull market and the U.S. economy will skirt a recession in 2023, according to the new CNBC Delivering Alpha investor survey. Zoom In Icon Arrows pointing outwardsSixty-one percent of respondents believe the market has entered a new bull run, while 39% think this is a bear market rally. Technically speaking, some have already declared a brand new bull market after the S&P 500 met the most simplistic standard by closing up 20% from its October bear market low. However, many investors do not consider it the end of a bear market until the S&P 500 reaches a new high. The S&P 500 is about to end the first half with flying colors, up nearly 15% after four straight winning months in a row.

Persons: Carol Schleif, Jason Draho Organizations: NYSE, Wall, CNBC Delivering Alpha, CNBC, BMO Family Office, UBS Global Wealth Management Locations: U.S

Most Wall Street investors believe the best way to take advantage of the artificial intelligence boom is to buy Big Tech stocks, according to the new CNBC Delivering Alpha investor survey. Forty-seven percent of respondents said big-cap tech companies are the best way to invest in AI, while 37% believe there's too much hype around the space. The chipmaker has been at the center of an AI craze on Wall Street. Investors piled into the AI enabler after the company recently made a shockingly strong forecast of future demand. Alphabet's AI capabilities and ambition attracted buying from big investors recently, including Stanley Druckenmiller 's Duquesne Family Office, Dan Loeb's Third Point and Bill Ackman's Pershing Square Capital Management.

Persons: Buzzy chatbot ChatGPT, Stanley Druckenmiller, Dan Loeb's, Bill Ackman's Organizations: Big Tech, CNBC Delivering Alpha, CNBC, Nasdaq, Microsoft, Google, Duquesne Family Office, Bill Ackman's Pershing, Capital Management

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