CNBC Daily Open: AI to the rescue

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A picture taken on November 23, 2023 shows the logo of the ChatGPT application developed by the US artificial intelligence research group OpenAI on a smartphone screen (left) and the letters AI on a laptop screen in Frankfurt am Main, West Germany.

Kirill Kudryavtsev Afp | Getty Images

This report is from today’s CNBC Daily Open, our new international markets newsletter. CNBC Daily Open gives investors access to everything they need to know, wherever they are. Like what you see? You can subscribe here.

What you need to know today

Google’s answer to ChatGPT
Owner of Google Alphabet shares jumped 5% on Thursday, a day after the company announced its latest artificial intelligence model, Gemini, which will compete with OpenAI, Microsoft and Meta’s offerings. The company will begin to allow Gemini to customers through Google Cloud later this month – it was not clear whether Google intends to monetize Gemini through all its products in the long term.

Goodbye, losing streak
Wall Street’s main indexes rose on Thursday, with the Dow Jones industrial average and the S&P 500 spinning three day losing streaks. The Nasdaq Composite closed 1.37% higher, following gains on a technology-led rally. The 30-stock Dow added 0.17%, while the S&P 500 climbed 0.8% ahead of Friday’s all-important jobs report. Asia-Pacific markets were mixed, with Japan’s Nikkei 225 down 1.91% and Korea’s Kospi changed so far -1.02% compared to yesterday.

AMD is going up the stairs
AMD New artificial intelligence chips launched on Wednesday who competes against him Nvidia to power AI applications. Shares of the chipmaker rose 9.9% on Thursday to close at $128.37, marking the best day since May and the highest close since June. Nvidia has dominated the AI ​​chip market for the past year, but cloud providers and technology companies have been looking for a flexible alternative to save costs.

No yoga pants this Christmas
Lululemon, known for her yoga pants and belt bags, has released a quick fourth season look. The retailer said it expects sales of between $3.14 billion and $3.17 billion in the quarter, just shy of analysts’ estimates of $3.18 billion, according to LSEG. This is despite strong demand in the company’s third quarter and a good start to the holiday shopping season.

[PRO] These global stocks may be overbought
US stocks aren’t the only ones doing well – global markets have also rallied last month. These are a few global stocks that could be overbought but analysts still like them – giving one nearly 40% upside.

The bottom line

Oxford’s word of the year is “rizz”, which it describes as relating to someone’s ability to attract another person through style, charm, or attractiveness and comes from the middle part of the word ‘charisma’. On Wall Street, it might as well be “AI”.

Wall Street resumed its rally after a three-day hiatus as tech giants stepped up their AI arms race, lifting tech stocks.

When you have Google launching a new AI model and AMD previewing a chip of the AI ​​chip, there are few surer ways to turn investors upside down. Artificial intelligence, which may not have even been part of our daily vocabulary five years ago, is now becoming more integrated with our daily activities.

But it remains to be seen whether those gains could shine through Friday’s session, which will be driven by fresh evidence on the strength of the US labor market, which has been a key focus of the this week amid a series of mixed data calls left by traders. scratch their heads.

Weekly jobless claims released on Thursday missed economists’ expectations, indicating that the pace of layoffs has not picked up, and private payrolls data on Wednesday showed that employers added fewer positions than expected.

Meanwhile, the number of job openings in October fell to the lowest level since March 2021, according to the Department of Labor.

The official jobs report on Friday is expected to show that 190,000 jobs were added in November, according to economists surveyed by Dow Jones. Higher than the previous month.

Investors would be watching for analysts’ views on whether the latest data releases will allow the Federal Reserve to keep interest rates on hold at its meeting next week.

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