Wall Street investors are particularly bullish on tech as AI transforms many companies' operations. Following its market debut, Reddit (RDDT) outperformed expectations after positioning itself as an AI play. Bedrock Founder & Managing Partner Geoff Lewis joins Yahoo Finance to give insight into how AI is disrupting various sectors in the market. Lewis focuses particularly on OpenAI and its possible future maneuvers. He compares the company's current legal situation to the "early days of Facebook" (META): "Facebook had a lot of lawsuits as well. I say bring on the lawsuits with respect to OpenAI. I think that's a strong bull signal. The reality is this is a company that's really only been monetizing for just over a year, predominantly with consumers. They've only recently launched offerings to enterprises. It's been publicly reported they're north of a $2 billion revenue run rate. I don't think we've ever seen either in the private markets a revenue ramp that's been this rapid." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
Wall Street investors are particularly bullish on tech as AI transforms many companies' operations. Following its market debut, Reddit (RDDT) outperformed expectations after positioning itself as an AI play. Bedrock Founder & Managing Partner Geoff Lewis joins Yahoo Finance to give insight into how AI is disrupting various sectors in the market.
Lewis focuses particularly on OpenAI and its possible future maneuvers. He compares the company's current legal situation to the "early days of Facebook" (META): "Facebook had a lot of lawsuits as well. I say bring on the lawsuits with respect to OpenAI. I think that's a strong bull signal. The reality is this is a company that's really only been monetizing for just over a year, predominantly with consumers. They've only recently launched offerings to enterprises. It's been publicly reported they're north of a $2 billion revenue run rate. I don't think we've ever seen either in the private markets a revenue ramp that's been this rapid."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Nicholas Jacobino
Reuters
Chinese industrial profits and Australian inflation top the Asian and Pacific economic calendar on Wednesday, against a backdrop of reasonably firm global equity markets and risk appetite ahead of key U.S. inflation data due later in the week. The economic, business and political spheres are also set to collide in Beijing, where Chinese President Xi Jinping will meet with U.S. business leaders, according to three sources with knowledge of the matter, in a follow up to his November dinner with U.S. investors in San Francisco. The audience with Xi follows Chinese Premier Li Qiang not meeting visiting foreign CEOs at the China Development Forum in Beijing on March 24 to 25, which reignited concerns over transparency in China's economy and deteriorating economic ties with the United States.
Reuters
Hershey, Mondelez and other confection-makers are employing promotions and pitching more non-chocolate Easter treats like cookies 'n' cream bunnies at a time when soaring cocoa prices threaten their profits and shoppers balk at high prices. With shoppers' "impulse buys" of chocolate and candy at convenience stores and in grocery checkout lines down, according to industry data, special occasions like Easter and Halloween are increasingly important to the companies' sales. Cocoa prices have tripled over the past 12 months thanks to bean disease in West Africa, which continues to worsen, meaning companies are not expected to get relief anytime soon.
Bloomberg
(Bloomberg) -- Apple Inc. plans to kick off its annual Worldwide Developers Conference on June 10, when the company is expected to unveil its long-anticipated artificial intelligence strategy. Most Read from BloombergTrump’s Net Worth Hits $6.5 Billion, Making Him One of World’s 500 Richest PeopleTrump Vows to Pay Fraud Trial Bond Cut by 68% to $175 MillionBiden Gains Ground Against Trump in Six Key States, Poll ShowsVital Baltimore Bridge Collapses After Being Struck by ShipAfter Exposing Realt
Bloomberg
(Bloomberg) -- Stocks wiped out gains in the final 30 minutes of Wall Street trading, with investors rebalancing their portfolios after a rally that’s already topped $4 trillion this year.Most Read from BloombergTrump’s Net Worth Hits $6.5 Billion, Making Him One of World’s 500 Richest PeopleTrump Vows to Pay Fraud Trial Bond Cut by 68% to $175 MillionBiden Gains Ground Against Trump in Six Key States, Poll ShowsVital Baltimore Bridge Collapses After Being Struck by ShipAfter Exposing Realtors,
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