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Chinese EV maker NIO has announced that CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government would invest $738.5 million in the company by purchasing newly issued shares. Like fellow startup EV companies, NIO is battling perennial losses and cash burn and needs funds to keep its cash-guzzling operations running. UAE…
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Rivian took a novel approach to selling vehicles and yesterday held a one-day event at the parking lot of its Normal factory where customers could come and buy its cars. Like Tesla, Rivian sells its vehicles online where users place an order with their preferred specifications that are then later shipped. This is unlike legacy…
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Last week, speaking to BBC Radio in an interview broadcast, Palantir CEO Alex Karp hit out at those who are calling for a pause on AI saying that they are doing so because they still don’t have a product ready. Karp said that he believes that “many of the people asking for a pause, are…
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On Friday, the S&P 500 hit 4,300 for the first time since August 2022 ahead of the Fed’s upcoming meeting for June. The world’s most popular index has now closed with gains for four consecutive weeks. The broader markets traded on a flat note last week but built on their YTD gains with the S&P…
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Lucid Motors stock (NYSE: LCID) is trading sharply lower in US post-market price action today after the company announced a $3 billion capital raise – its second stock sale in less than a year. The company announced a public offering of 173,544,948 shares through which it would raise around $1.2 billion. It would raise another…
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Nvidia (NYSE: NVDA) is the best-performing S&P 500 stock this year with a rise of 167%. After its bumper earnings last week, analysts see further upside in the stock. Nvidia reported its earnings for the fiscal first quarter of 2024 last week. Its revenues came in at $7.19 billion – well ahead of the $6.52…
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Rivian stock (NYSE: RIVN) is trading higher in US price action today after it posted better-than-expected earnings for the first quarter of 2023 and also maintained its 2023 guidance. Here are the key takeaways. Rivian reported revenues of $661 million in the March quarter which were ahead of $652 million that markets expected. Rivian produced…
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As was widely expected the Fed raised rates by 25 basis points yesterday which took the Fed funds rate to 5.0%-5.25%. The US central bank also signaled that it might be the last hike of the current tightening cycle. It is the tenth-rate hike in the ongoing tightening that started in March 2022 with a…
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Ford (NYSE: F) stock is trading lower despite posting better-than-expected earnings for the first quarter of 2023. Here are the key takeaways from the earnings report. Ford reported revenues of $41.5 billion while the automotive revenues came in at $39.09 billion – way ahead of the $36.08 billion that analysts expected. Its adjusted EPS of…
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Meta Platforms has laid off around 4,000 employees as part of its second round of job cuts that it announced last week. The company’s CEO Mark Zuckerburg did not rule out more layoffs in the future. The layoffs are part of round two of layoffs that the Facebook parent announced last month when it said…
