Nvidia (NVDA) teases its new AI processor chip and unveils its AI Workbench feature for customers to develop their own large language models. Nvidia's stock is up by more than 200 percent year-to-date in 2023. Nina Schick, Author, Advisor, and Speaker specializing in Generative AI, joins Yahoo Finance Live to discuss Nvidia's position in the artificial intelligence landscape, characterizing Nvidia CEO Jensen Huang as "the Michael Jordan of tech CEOs." Schick emphasizes Nvidia's dominance in the semiconductor space catering to AI demand and Meta CEO Mark Zuckerberg's own correction, shifting priorities away from the metaverse to AI adoption. Lastly, Schick addresses the important job lawmakers will have on understanding this new technology in order to regulate it accordingly.
Nvidia (NVDA) teases its new AI processor chip and unveils its AI Workbench feature for customers to develop their own large language models. Nvidia's stock is up by more than 200 percent year-to-date in 2023.
Nina Schick, Author, Advisor, and Speaker specializing in Generative AI, joins Yahoo Finance Live to discuss Nvidia's position in the artificial intelligence landscape, characterizing Nvidia CEO Jensen Huang as "the Michael Jordan of tech CEOs." Schick emphasizes Nvidia's dominance in the semiconductor space catering to AI demand and Meta CEO Mark Zuckerberg's own correction, shifting priorities away from the metaverse to AI adoption. Lastly, Schick addresses the important job lawmakers will have on understanding this new technology in order to regulate it accordingly.
Reuters
Li Auto said it aimed to outsell BMW, Mercedes-Benz and Audi in China in 2024 as the up and coming Chinese automaker accelerates rollouts of new models and ramps up production. "We would strive to become the no.1 premium car brand in China in 2024 in terms of sales," Li Auto's CEO Li Xiang told investors on Tuesday night, adding that the company could achieve a monthly delivery of 40,000 units in the fourth quarter after a production ramp-up. Founded in 2015, Li Auto will launch its first pure battery electric model MEGA at the end of this year and expects it to be the top-selling model among all cars priced above 500,000 yuan ($69,315) with all types of fuels in China, Li said.
Barrons.com
Palantir was a big AI winner and then August started. Palantir stock has fallen 8.75% to $15.55 on Wednesday, its lowest level since November 2022. Palantir stock peaked at $19.99 on Aug. 1, a move that put it up $211% since the start of the year.
Reuters
The average U.S. 30-year mortgage rate jumped to a nine-month peak on Wednesday and hit the second-highest rate since 2001, as interest rates reacted sharply to a downgrading of U.S. government debt. The average 30-year mortgage rate shot up to 7.09% for the week ending Aug. 4, a 16 basis point increase from the previous week's 6.93% rate, according to a weekly report released by the Mortgage Bankers Association. Potential borrowers adjusted promptly to the surging cost of borrowing: the mortgage applications index - a measure of total mortgage application volume - fell 3.1% to a six-month low of 194.5.
TipRanks
The S&P 500 has notched some very respectable returns this year, but there’s reason to believe it is only the beginning of a sustained multiyear rally. At least, that is the opinion of ‘Shark Tank’ star Kevin O’Leary, who believes that while various sectors of the US economy will be dealing with a series of difficulties, the S&P 500 is poised to ride the momentum of increased government expenditure in the upcoming years. O’Leary anticipates that the CHIPS and Science Act along with the Inflation
Reuters
(Reuters) -Wheels Up Experience said on Wednesday there was "substantial doubt" about its ability to continue operations, even as it disclosed short-term funding from Delta Air Lines, sending its shares plunging 42%. The company, which charters planes by the hour, has taken a slew of restructuring measures this year including job cuts and management changes as private jet traffic, which soared on demand from wealthy travelers during the pandemic, has slowed. Delta said in a statement that it was providing a short-term capital infusion in the form of a secured promissory note to Wheels Up, which is pursuing strategic partnerships.
American City Business Journals
Merging Dish Network and EchoStar Corp. creates a new kind of satellite and wireless data services company out of two Denver metro-area companies that are separately poised to grow, according to their founder Charlie Ergen. The Colorado billionaire and the executives running his companies on Tuesday explained to Wall Street analysts the reason behind the newly announced deal merging Dish Network (Nasdaq: DISH), a satellite TV and mobile phone company, with its sister company EchoStar Corp. (Nasdaq: SATS), which offers satellite internet access to consumers and sells business-to-business satellite services. The merger creates a mobile wireless, satellite internet and video distribution company at scale and with a global reach, he said.
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