Google-parent Alphabet has long been an investor favorite among tech stocks, but one portfolio manager says he’s now steering clear. “We’ve been big fans of Alphabet’s Google now for many years. However, we think with the introduction of AI, SearchGPT has become a direct competitor to Google[‘s] search business,” Jordan Cvetanovski, from Sydney-headquartered Pella Funds, said, adding that its advertising business is also under threat. SearchGPT is a prototype developed by the Microsoft -backed OpenAI which combines traditional features of a search engine with generative AI. Speaking to CNBC’s “Street Signs Asia” on Monday, Cvetanovski, Pella Funds’ founder, chief investment…
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Mashabuba | Getty | Getty ImagesThe video was seen millions of times across social media but some viewers were suspicious: It featured a young Black woman who claimed Vice President Kamala Harris left her paralyzed in a hit-and-run accident in San Francisco 13 years ago.In an emotional retelling from a wheelchair, the alleged victim said she “cannot remain silent anymore” and lamented that her childhood had “ended too soon.”Immediately after the video was posted on Sept. 2, social media users pointed out reasons to be wary. The purported news channel it came from, San Francisco’s KBSF-TV, didn’t exist. A website for the…
It’s a weekly challenge for college football fans: Let’s not make sweeping declarations after one game. It becomes even more challenging when the quarterback position is at the center of the conversation. It’s the most important position, in a game and the trajectory of a program. As we look across the country, several situations have fan bases on opposite sides of overreaction or underreaction.The most notable story of the weekend was Texas quarterback Quinn Ewers’ abdominal strain and Arch Manning’s relief duty, which included five touchdowns in a 56-7 win over UTSA. Naturally, when an injury happens and a highly…
Steven Cohen, founder of Point72 and majority owner of the New York Mets, attends a news conference at Citi Field, the home stadium of MLB’s New York Mets, in Queens, New York, on Feb. 10, 2021.Brendan McDermid | ReutersBillionaire investor Steve Cohen is retiring from the trading floor at his hedge fund Point72.The prominent hedge fund investor, who also owns the New York Mets, will continue his role as the co-chief investment officer at Point72, which Cohen converted from S.A.C. Capital Advisors in 2014 after lofty insider-trading settlements.”He is taking a break from trading his own book and he feels…
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via EmailFast MoneyJared Holz, Mizuho, joins ‘Fast Money’ to talk how possible Medicare price negotiations are impacting Novo Nordisk shares.04:3445 minutes ago Source link
A trader works, as a screen broadcasts a news conference by Federal Reserve Chair Jerome Powell following the Fed rate announcement on the floor of the New York Stock Exchange in New York City, June 12, 2024.Brendan Mcdermid | ReutersStock futures were flat in overnight trading Tuesday as Wall Street anticipated a long-awaited rate cut from the Federal Reserve following an aggressive multi-year hiking campaign aimed at tamping down hot inflation.Futures tied to the Dow Jones Industrial Average added 15 points, while S&P 500 futures hovered near the flatline. Futures tied to the Nasdaq-100 edged up 0.05%.Wall Street is coming…
Sopa Images | Lightrocket | Getty ImagesShares of Trump Media closed down 6.6% on Tuesday, ending the day at $16.14 a share. The dip came just 48 hours before “lockup” restrictions that have so far barred the company’s majority shareholder, Donald Trump, and other insiders from selling their stakes, are set to expire.Until this week, the former president and early investors who received stock in the company when it merged with a special purpose acquisition company in March and began publicly trading have been prohibited from selling their shares under a “lockup agreement.”Those restrictions expire Thursday.Last week, Trump said he…
PHILADELPHIA — Kirk Cousins didn’t want to say it, but Jessie Bates III finally admitted it.This is what the money is for.The Atlanta Falcons upset the Philadelphia Eagles 22-21 at Lincoln Financial Field on “Monday Night Football” on the backs of their most expensive free-agent acquisitions from the last two offseasons.Cousins orchestrated a 70-yard game-winning drive that took only 1:05 and was capped by a 7-yard touchdown pass to Drake London with 34 seconds left. Bates intercepted a final desperation pass from Eagles quarterback Jalen Hurts with 19 seconds left to ensure Philadelphia didn’t retake the lead.The Falcons (1-1) signed…
Microsoft CEO Satya Nadella speaks during the company’s Build developer conference in Seattle on May 21, 2024.Jason Redmond | AFP | Getty ImagesMicrosoft and BlackRock are part of a group of companies collaborating to pull together up to $100 billion to develop data centers for artificial intelligence and the energy infrastructure to power them.The companies are part of the Global AI Infrastructure Investment Partnership (GAIIP), which was announced in a press release on Tuesday. The other participants are Global Infrastructure Partners (GIP), an infrastructure investor that’s being acquired by BlackRock, and MGX, a tech investor in the United Arab Emirates.…
DoubleLine Capital CEO Jeffrey Gundlach said Tuesday that the Federal Reserve needs to ease policy swiftly amid the current economic slowdown, seeing a half-point interest-rate reduction this week. “The Fed just follows the two-year Treasury and the two-year Treasury is down at 3.6% so the Fed needs to cut rates [by] 150 [basis points] pretty quickly,” Gundlach told CNBC’s Scott Wapner at the Future Proof Conference in Huntington Beach, California. “I think they are going to start with 50 [basis points] tomorrow.” Markets currently are pricing in a 60% chance that the Fed will approve a 50 basis point reduction at the…
