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A man walks past a logo of Alibaba Group at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang Acquire Licensing RightsSHANGHAI, Sept 12 (Reuters) - New Alibaba Group CEO Eddie Wu has told staff the tech giant's two main strategic focuses going forward will be "user first" and "AI-driven", according to an internal letter reviewed by Reuters. The new CEO, one of Alibaba Group's founders and long-time lieutenant of former chief Jack Ma, is laying out his strategic priorities at a key moment for Alibaba, which is undergoing the biggest organisational restructure of its 24-year history. Late on Sunday Alibaba also announced that Wu would concurrently serve as CEO of its cloud computing unit, replacing Daniel Zhang. The cloud unit is Alibaba's second-biggest revenue source after domestic e-commerce and houses the group's generative artificial intelligence model, Tongyi Qianwen.

Persons: Tingshu Wang, Eddie Wu, Wu, Alibaba, Jack Ma, Daniel Zhang, Zhang, ByteDance's Douyin, Casey Hall, Gerry Doyle, Stephen Coates Organizations: Alibaba Group, REUTERS, Rights, Alibaba, Reuters, Cloud Intelligence Group, PDD Holdings, Huawei Technologies, Tencent Holdings, HK, Baidu, Thomson Locations: Beijing, China

☆ Eddie Wu: Alibaba's new CEO embraces AI and wants a younger management team
▼ + stars: | 2023-09-12 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba Group will embrace artificial intelligence (AI) and promote younger people to senior management, its new CEO says, as the e-commerce and cloud giant tackles its most ambitious restructuring in its history. “Times are changing, and so must Alibaba!” Eddie Wu, who stepped into the chief executive role on Sunday, said in a memo to staff seen by CNN. Wu replaced Daniel Zhang to become Alibaba (BABA)’s fourth CEO in its 24-year history. According to a plan announced in March, Alibaba will split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Top tech firms around the globe have been shifting their focus to AI, including Google (GOOG), Amazon (AMZN) and Microsoft (MSFT), especially after ChatGPT took the world by storm late last year.

Persons: Eddie Wu, Wu, Daniel Zhang, ’, “, Alibaba, ChatGPT Organizations: Hong Kong CNN — Alibaba, “, CNN, Google, Microsoft Locations: China, Hong Kong

☆ Alibaba CEO warns of being ‘displaced’ if the Chinese tech giant doesn’t keep up in AI
▼ + stars: | 2023-09-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023. Alibaba needs to be "user first" and "AI-driven," new CEO Eddie Wu told employees on Tuesday, as he laid out the strategic priorities for the Chinese tech giant. As the world progresses, Alibaba needs to evolve even faster!," Wu said in a letter to employees that was seen by CNBC. However, in a surprise move, Zhang this week quit as CEO of the cloud business with Wu taking over in the interim. It comes months after Alibaba split its company into six different business groups, the biggest shakeup in its history.

Persons: Eddie Wu, Wu, Jack Ma's, Daniel Zhang, Zhang, Alibaba Organizations: Alibaba, Holding, Smart, CNBC Locations: Chongqing, China

☆ Asia stock markets weaken amid ongoing retreat from Chinese property sector
▼ + stars: | 2023-09-11 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

A man walks past an electronic board showing Japan's Nikkei average and stock prices outside a brokerage, in Tokyo, Japan, March 17, 2023. Australian shares (.AXJO) reversed earlier losses to be up 0.12% and Japan's Nikkei stock index (.N225) slid 0.19%. The Hang Seng Property Index (.HSNP), a gauge of Hong Kong's top developers, shed almost 4% while the mainland property index (.HSMPI) was off 3.24%. "We need the property market to stabilize first in order for any meaningful kind of economic rebound to happen in China," said David Chao, Invesco's Asia Pacific market strategist. Those should put a floor under the property market some time soon."

Persons: Androniki, David Chao, Daniel Zhang, Brent, Scott Murdoch, Edwina Gibbs, Simon Cameron, Moore Organizations: Nikkei, REUTERS, Rights, Alibaba, HK, Index, Chevron, Thomson Locations: Tokyo, Japan, Asia, China, Pacific, Hong Kong, Asia Pacific, Beijing, Shanghai, Shenzhen, United States, Wells, Australia, Sydney

Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Zhang also handed over the role of group CEO to Wu on Sunday as scheduled. "Alibaba Cloud has lost some ground with government and state-owned enterprise clients, which were previously a stronghold for the company," Li said. "During his leadership tenure, Alibaba Cloud's business did not improve significantly despite his efforts. Zhang likely realised that the challenges facing Alibaba Cloud's lacklustre growth were beyond what he could influence or control as an individual executive."

Persons: Aly, Daniel Zhang, Alibaba, Eddie Wu, Zhang, Wu, Canalys, Li Chengdong, Li, Sern Ling, Union Bancaire Privee, Donny Kowk, Josh Ye, Yelin, Anne Marie Roantree, Brenda Goh, Muralikumar Anantharaman, Christopher Cushing Organizations: Artificial Intelligence, REUTERS, China's, Reuters, DAMO Academy, Huawei Technologies, Union Bancaire, HK, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, HK, Alibaba, Beijing, Yelin Mo

☆ Former Alibaba CEO Daniel Zhang quits cloud in surprise move amid landmark restructuring
▼ + stars: | 2023-09-11 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Daniel Zhang, the outgoing chairman and CEO of Alibaba, has stepped down from his position running the company’s cloud division in a surprise move announced just months after he assumed the pivotal role. Daniel Zhang, the then CEO of Alibaba, speaks at a conference in Shanghai in November 2022. Han Haidan/China News Service/Getty ImagesEddie Yongming Wu will succeed Zhang as acting chairman and CEO of its cloud unit, Alibaba said Monday. Significant restructuringIn March, Alibaba announced it would split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Analysts said Zhang’s departure from the cloud business came as a surprise, but should not affect a potential IPO of the unit.

Persons: Hong Kong CNN — Daniel Zhang, Zhang, “, “ Mr Zhang, Daniel Zhang, Han Haidan, Eddie Yongming Wu, Alibaba, Joseph C Tsai, Wu, Joe Tsai, Steven Ferdman, Tsai, —, ”, ” Tsai, Jacob Cooke Organizations: Hong Kong CNN, ” Citi, Alibaba, China News Service, Cloud Intelligence Group, Paley International, Paley Museum, CNN, Brooklyn Nets, New York Liberty, South China Morning, Alibaba Group, Analysts Locations: China, Hong Kong, Shanghai, New York, Alibaba

☆ Stocks making the biggest moves premarket: Qualcomm, Tesla, Hostess and more
▼ + stars: | 2023-09-11 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Alibaba — Shares lost 1% after outgoing CEO Daniel Zhang unexpectedly quit its cloud business. In June, the company had said Zhang was leaving as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit. Qualcomm — The semiconductor stock jumped 7.4% premarket after saying Monday it will supply Apple with 5G modems for smartphones through 2026. The Wall Street firm said the slide in the Band-Aid maker has created an attractive entry point. The Wall Street firm called software and services revenue the "biggest value driver" for Tesla.

Persons: Alibaba —, Daniel Zhang, Zhang, Tesla, Morgan Stanley, —, Smucker, Alex Harring, Hakyung Kim, Michelle Fox Theobald, Samantha Subin, Sarah Min, Kif Leswing Organizations: Tenable Holdings, JPMorgan, Alibaba Group, Qualcomm, Apple, Deutsche Bank, Oracle, Hostess Brands, Meta, Wall Street

☆ Shares of Alibaba tumble over 3% after outgoing CEO unexpectedly quits cloud business
▼ + stars: | 2023-09-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The move comes months after Alibaba said in June that Zhang was departing as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit. Stock Chart Icon Stock chart iconIn a surprise leadership reshuffle in June, Alibaba announced that Zhang was bowing out as both CEO and chairman on Sept. 10 to focus on the cloud intelligence business. Zhang was Alibaba Group CEO since 2015 and the group chairman since 2019. He has also been chairman and CEO of the Alibaba Cloud Intelligence Group since 2022. "The board of our Company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years," Alibaba said in the Sunday statement.

Persons: Daniel Zhang Yong, Daniel Zhang, Alibaba, Zhang, Eddie Wu, Wu, Joseph Tsai Organizations: Alibaba, Fund, Visual China, Getty, Alibaba Group, Cloud Intelligence Group, Company Locations: Lanzhou, Gansu Province, China, Hong Kong

☆ Stocks making the biggest moves midday: Tesla, Qualcomm, Meta, Moderna and more
▼ + stars: | 2023-09-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Tesla — Shares of the electric vehicle maker jumped 6% after Morgan Stanley upgraded the stock to overweight from equal weight. Kenvue — Shares of the Band-Aid maker gained 3% after being upgraded by Deutsche Bank to buy from hold on Sunday. The Wall Street firm called Kenvue a high-quality company and believes the stock's slide has created an attractive entry point. Nubank – The U.S.-traded shares of the Brazilian financial firm rose nearly 6% after JPMorgan upgraded Nubank to overweight from neutral. Discovery and Paramount also traded higher on the news, rising 2.2% and 1.9%, respectively,AstraZeneca — The pharmaceutical company's shares lost nearly 3% midday Monday.

Persons: Morgan Stanley, Adam Jones, — Smucker, Alibaba, Daniel Zhang, Zhang, Nubank, Warner, Pascal Soriot, Immatics, — CNBC's Alexander Harring, Samantha Subin, Yun Li, Jesse Pound, Michelle Fox, Tanaya Macheel Organizations: Artificial Intelligence, Hostess Brands, Tenable Holdings, JPMorgan, Deutsche Bank, Alibaba Group, Wall Street, Meta, Qualcomm, Apple, Media, Disney, Charter Communications, Warner Bros . Discovery, Paramount, AstraZeneca, Reuters, Mail, Moderna —, Moderna Locations: Shanghai, U.S, Brazil

SHANGHAI, Sept 10 (Reuters) - China's Alibaba Group (9988.HK) said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company announced he would leave his roles as group CEO and chairman to focus on the cloud unit. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. As scheduled, he handed over the role of group CEO to Eddie Wu on Sunday, who will also take charge of the cloud business after Zhang's departure, the company said in a statement. "Following careful consideration, the Alibaba board respected and accepted Daniel's decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately." Zhang will continue to contribute to Alibaba by "channeling his expertise differently," the letter added, saying that Alibaba will invest $1 billion in a technology fund that Zhang would establish.

Persons: Daniel Zhang, Zhang, Eddie Wu, Alibaba, Daniel, Joseph Tsai, Eddie, Brenda Goh, Hugh Lawson, Sharon Singleton Organizations: HK, Sunday, Cloud Intelligence Group, Reuters, Thomson Locations: SHANGHAI

☆ Alibaba says Daniel Zhang steps down from cloud business
▼ + stars: | 2023-09-10 | by ( ) www.cnbc.com time to read: 1 min

Daniel Zhang, chairman and chief executive officer Alibaba Group, said the company's financial year from April 2021 to March 2022 was impacted by the uncertainties around Covid, "new expectations" on China's internet sector and the "high frequency" of international geopolitical conflicts. Alibaba Group said on Sunday that Daniel Zhang will step down as chairman and chiefexecutive officer of its cloud business. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. He handed over the role of the group's CEO to Eddie Wu on Sunday, who willalso take charge of the cloud unit after Zhang's departure.

Persons: Daniel Zhang, Zhang, Eddie Wu Organizations: Alibaba

☆ Alibaba's grocery unit IPO put on ice amid disappointing valuation - Bloomberg News
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Alibaba said in May that Freshippo's IPO would be completed in six to 12 months and that it was also considering listing its logistic unit, Cainiao. Alibaba's capital management committee, which is overseeing the breakup of the company, recently decided to wait for a more favorable market before moving forward with a Freshippo IPO and will prioritize listings of other units, the report added. Reuters reported last year that Freshippo was seeking to raise funds at a valuation of about $6 billion, much lower than a hoped-for valuation of up to $10 billion earlier. The Freshippo business is a supermarket chain in China and also offers services like dine-in and 30-minute home delivery. Reporting by Shubhendu Deshmukh and Yuvraj Malik in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Alibaba, Freshippo, Shubhendu Deshmukh, Yuvraj Malik, Anil D'Silva Organizations: REUTERS, Holding, Bloomberg, Reuters, Thomson Locations: HK, Hong Kong, China, Bengaluru

☆ Alibaba's cloud division eyes state firms for up to $3 bln fundraising- Bloomberg News
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 4 (Reuters) - Alibaba Group Holding Ltd's (9988.HK) cloud division is weighing raising funds via a private round from Chinese state-owned enterprises ahead of the business' market debut in Hong Kong, Bloomberg News reported on Monday. The tech giant is working with advisers on a potential fundraise by its Cloud Intelligence unit that could mop up about 10-20 billion yuan ($1.38-$2.75 billion), the report said, citing people with knowledge of the matter. Earlier this year, Alibaba announced plans to restructure into six units following a two-year regulatory crackdown on China's tech sector. It approved a full spinoff of the Cloud Intelligence Group via a stock dividend distribution to shareholders, aiming to complete the public listing within the next 12 months.

Persons: Dado Ruvic, Alibaba, Shivani Tanna, Dhanya Ann Thoppil Organizations: REUTERS, Bloomberg, Cloud Intelligence, Cloud Intelligence Group, Ant, Thomson Locations: HK, Hong Kong, Alibaba, Bengaluru

SoftBank plans to sell about 10% of Arm's shares in the IPO at a valuation of $60 billion to $70 billion, Reuters has previously reported. SoftBank decided to sell fewer Arm shares in the IPO after buying the 25% stake in Arm it did not directly own from its Vision Fund unit. Arm and SoftBank have set aside 10% of the shares to be sold in the IPO for its clients. Arm's shares will be listed on the Nasdaq and trade under the ticker symbol 'ARM'. Bloomberg reported on Arm's IPO timeline earlier on Thursday.

Persons: Dado Ruvic, SoftBank, Goldman Sachs, JPMorgan Chase, Anirban Sen, David Gregorio Our Organizations: REUTERS, Arm Holdings Ltd, Labor, SoftBank Group Corp, Reuters, Vision Fund, Apple, Intel, Nvidia, Microsoft, Samsung Electronics, Alibaba Group, HK, Deutsche Telekom, Mobile U.S, Goldman, JPMorgan, Barclays, Mizuho Financial Group, underwriters, Nasdaq, Bloomberg, Thomson Locations: New York

☆ Stocks making the biggest moves midday: RPT Realty, Mister Car Wash, Boston Scientific, 3M and more
▼ + stars: | 2023-08-28 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

RPT Realty — RPT Realty shares surged 17% after Kimco Realty, an operator of open-air shopping centers, said it would acquire the real estate investment trust in a roughly $2 billion all-stock deal. Mister Car Wash — The car wash stock advanced 6.1% on the back of an upgrade to overweight from neutral by Piper Sandler. Alibaba Group , JD.com — Alibaba and JD.com each added more than 2% after the Chinese government announced measures to boost its stock market, including reducing a tax on trading. Xpeng — Shares of the Chinese electric car company jumped 5.3% after the firm said it is buying Didi's smart electric car development business in an exchange of shares worth $744 million. Meanwhile, Xpeng said it plans to develop an electric car for launch next year under a new mass market brand.

Persons: Conor Flynn, Piper Sandler, — CrowdStrike, Morgan Stanley, —, Xpeng, Wells, Sarah Akers, Micron Technology — Stocks, — CNBC's Alexander Harring, Hakyung Kim, Yun Li, Jesse Pound, Pia Singh, Samantha Subin Organizations: RPT, Realty, Kimco Realty, Boston, Boston Scientific, Bloomberg, 3M, Akero Therapeutics, Therapeutics, UBS, Alibaba, Micron Technology —, Micron Technology, Marvell Technology, Semiconductors Locations: Xpeng

☆ Alibaba launches AI model that can understand images and have more complex conversations
▼ + stars: | 2023-08-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

An Alibaba Group sign is seen at the World Artificial Intelligence Conference in Shanghai, July 6, 2023. Alibaba on Friday launched a new artificial intelligence model that the company says can understand images and carry out more complex conversations than the company's previous products, as the global race for leadership in the technology heats up. Alibaba said that Qwen-VL can respond to open-ended queries related to different images and generate picture captions. Qwen-VL-Chat meanwhile caters to more "complex interaction," according to Alibaba, such as comparing multiple image inputs and answering several rounds of questions. The latest version of OpenAI's ChatGPT also has the ability to understand images and respond in text, much like Qwen-VL-Chat.

Persons: Alibaba, ChatGPT Organizations: Artificial Intelligence Locations: Shanghai

[1/2] The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. Among major movers of the day, Applied Materials (AMAT.O) rose 2.5% after the chip equipment maker forecast fourth-quarter profit above analysts' estimates and posted better-than-expected third-quarter earnings. Estee Lauder (EL.N) lost 2.9% after the cosmetics maker forecast its annual net sales and profit below Street estimates. Deere & Co(DE.N) added 0.4% after the construction equipment maker raised its annual profit outlook. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week.

Persons: Jason Reed, Estee Lauder, Russ Mould, AJ Bell, EL.N, Jerome Powell's, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Federal Reserve, Traders, Alibaba, Materials, Deere, Co, Federal, Nvidia, Dow e, Keysight Technologies, Thomson Locations: Washington, U.S

☆ Wall St slides as megacap growth stocks drag on rate jitters
▼ + stars: | 2023-08-18 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

The yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007. The communication services (.SPLRCL) and technology (.SPLRCT) sectors housing major growth stocks fell 1.6% and 1.0% respectively. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week as well as earnings from chip designer Nvidia (NVDA.O). Declining issues outnumbered advancers for a 1.08-to-1 ratio on the NYSE and for a 1.00-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and 17 new lows, while the Nasdaq recorded 10 new highs and 146 new lows.

Persons: Jason Reed, Estee Lauder, Hogan, EL.N, Jerome Powell's, advancers, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Riley, Apple, Microsoft, Nvidia, Alibaba, Federal, Dow Jones, Inc, NYSE, Thomson Locations: Washington, U.S, Maui

REUTERS/Aly Song Acquire Licensing RightsSHANGHAI, Aug 16 (Reuters) - Alibaba Group's (9988.HK) work communication and collaboration platform DingTalk will split from the company's cloud division, according to two sources close to the company. Alibaba's Cloud Intelligence Business Group did not immediately reply to a request for comment on the matter. Though the Slack-like DingTalk will split structurally from Alibaba's Cloud Business Intelligence unit, the sources said it would continue to work closely with the cloud division technology-wise. The tech giant announced the split of its business in March and has said the cloud division was likely to IPO by May next year. Alibaba Group last week reported better than expected results for its first quarter, but sales for its Cloud Intelligence Business Group, a major growth driver outside of e-commerce, reported the smallest revenue growth among the group's business units of 4%.

Persons: Aly, Group's, DingTalk, Casey Hall, Himani Sarkar, Conor Humphries Organizations: Alibaba, Holding, REUTERS, Rights, HK, Alibaba Holding, Cloud Intelligence Business Group, Cloud Business Intelligence, Thomson Locations: Hangzhou, Zhejiang province, China

REUTERS/Brendan McDermid/File PhotoSummaryCompanies Retail sales data due at 8:30 a.m. ETNvidia gains as UBS, Wells Fargo raise PTFutures down: Dow 0.67%, S&P 0.65%, Nasdaq 0.68%Aug 15 (Reuters) - U.S. stock index futures fell on Tuesday as government bond yields hit fresh highs ahead of July retail sales data that could offer clues on the Federal Reserve's interest rate path. ET (1230 GMT) is expected to show retail sales rose 0.4% last month after climbing 0.2% in June, likely adding to evidence that the U.S. economy remains on a strong footing. Rising Treasury yields have pressured equities after hotter-than-expected producer prices data last week stoked concerns the Fed could keep rates higher for longer than previously anticipated. ET, Dow e-minis were down 238 points, or 0.67%, S&P 500 e-minis were down 29.5 points, or 0.65%, and Nasdaq 100 e-minis were down 104.25 points, or 0.68%.

Persons: Brendan McDermid, Wells, Otunuga, Morgan Stanley, Wells Fargo, Bilibili, Neel Kashkari, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, UBS, Wells Fargo, PT, Dow, Nasdaq, Commerce, Treasury, Nvidia, Apple, Alibaba, Minneapolis Federal Reserve Bank, Traders, Fed, Dow e, General Motors, Berkshire, Warren, Thomson Locations: New York City, U.S, United States, China, Beijing, Minneapolis, Warren Buffett's Berkshire, homebuilder D.R

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The Commerce Department's report showed retail sales grew 0.7% last month against expectations of a 0.4% rise, suggesting the U.S. economy remains strong. "The retail sales number might indicate that the Fed would continue to raise rates." Home Depot (HD.N) added 1% after the home improvement chain posted a smaller-than-expected drop in quarterly same-store sales and topped profit estimates. Declining issues outnumbered advancers by a 5.29-to-1 ratio on the NYSE and a 2.90-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Wells, Fitch, jitters, Peter Andersen, JPMorgan Chase, Zions, Wells Fargo, Bilibili, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Shristi, Shashwat Chauhan, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, UBS, Wells Fargo, PT U.S, Dow, Nasdaq, U.S, Commerce, Andersen Capital Management, Fed, Federal Reserve, JPMorgan, Bank of America, PacWest Bancorp, Western Alliance Bank, Federal Deposit Insurance, Treasury, Alibaba, Dow Jones, General Motors, Berkshire, Warren, Lennar Corp, NYSE, Thomson Locations: New York City, U.S, Boston, China, Beijing, Warren Buffett's Berkshire, homebuilder D.R

REUTERS/Adrees LatifNEW YORK, Aug 14 (Reuters) - Michael Burry, the money manager made famous in the book and film "The Big Short," held bearish options against the broad S&P 500 and Nasdaq 100 Index at the end of the second quarter, according to securities fillings released on Monday. Put options convey the right to sell shares at a fixed price in the future and are typically bought to express a bearish or defensive view. Michael Lewis' nonfiction book "The Big Short" was released in 2010 and the movie version came out in 2015. The S&P 500 (.SPX) is up roughly 17% for the year to date while the Nasdaq 100 (.IXIC) is up nearly 39% over the same period. Burry, who frequently turns over his portfolio, drew wide attention last August when he dumped all of his long positions and bought a stake in prison company Geo Group Inc (GEO.N).

Persons: Adrees Latif, Michael Burry, Michael Lewis, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nasdaq, REUTERS, YORK, Scion Asset Management, U.S, Nvidia, HK, Alibaba Group Holdings, Western Alliance Bancorp, First Republic Bank, RealReal Inc, Warner Bros ., Warner Brothers, Scion, Management, Geo Group Inc, Thomson Locations: Square, Midtown New York, New York

If the negotiations lead to a deal, the Japanese tech investor would be delivering a major, immediate windfall to VF1 investors, including Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment. SoftBank, which took Arm private for $32 billion in 2016, sold a 25% stake in the company to VF1 for $8 billion in 2017.

Persons: Dado Ruvic, Abu Dhabi's Mubadala, Didi Global, VF1, SoftBank, Masayoshi Son, Raine, VF2, Son, Echo Wang, Anirban Sen, Greg Roumeliotis, Mark Porter Organizations: REUTERS, SoftBank Group Corp, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund, WeWork Inc, Alibaba Group, HK, Deutsche Telekom, Mobile U.S, Amazon.com Inc, Reuters, Nvidia Corp, Thomson Locations: Arm, New York

☆ A hedge fund manager shares 2 ChatGPT prompts and the AI plugin he used to filter top stock picks
▼ + stars: | 2023-08-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

He fed the LLM data from a terminal and asked it to filter its findings through top academic literature and fund managers. Building on the knowledgeIn his earlier experiments, Patel and his team manually pasted increments of stock data into ChatGPT's text box. Using Julius AI, Patel was able to input data for over 6,800 stocks to see if the outcomes or accuracy would change. The metrics Patel chose to input were based on company fundamentals that he felt were important when picking stocks. Patel concluded that whether it's a human analyst or AI that's picking stocks, there are no guarantees in the stock market.

Persons: Alpesh Patel, it's, Patel, Julius AI, Julius, Price, ChatGPT's, Warren Buffett, Cisco Systems Inc Patel, Johnson, Eli Lilly, Rahul Sonwalkar, you've Organizations: NYSE, Nasdaq, US Securities and Exchange Commission, FTSE, New York Stock Exchange, Alpha, Broadcom, Cisco Systems Inc, Apple Inc UnitedHealth, Johnson, Johnson Exxon Mobil Corp Visa Inc Tesla, Walmart, Taiwan Semiconductor Manufacturing Procter, Gamble, Chevron Corp Mastercard, Depot Inc, Pfizer, AbbVie Inc Merck, Co Inc, Cola Co, Pepsico, Broadcom Inc Alibaba

☆ Stocks making the biggest moves midday: News Corp, Alibaba, Applied Materials and more
▼ + stars: | 2023-08-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

News Corp — The media company's shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth quarter. Meanwhile, the company's revenue of $2.43 billion missed analysts' forecast of $2.49 billion. Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The decline comes after shares rose nearly 3% in the previous session on the back of the company's earnings announcement. Kura Oncology — The biotech company's shares rose 4% after Bank of America initiated coverage of Kura with a buy rating in a Friday note.

Persons: Refinitiv, Alibaba, Krispy, Morgan Stanley, DigitalOcean, —, Alex Harring, Yun Li Organizations: Artificial Intelligence, News Corp, News, UBS —, UBS, Credit Suisse, Swiss National Bank, — Semiconductor, VanEck Semiconductor, NXP, Lam Research, Materials, Nvidia, Semiconductor, FactSet, Wynn Resorts, Caesars Entertainment, JPMorgan, Mizuho, Capri Holdings, Kura Oncology, Bank of America, Holdings Locations: Shanghai, China, U.S, Coinbase, Kura

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