Tesla Reveals Its Texas Robotaxi Fleet Is Dwarfed by Waymo’s
Tesla Inc. has just 42 vehicles operating as robotaxis in Texas almost a year after Elon Musk launched the service, a small fraction of the fleet commanded by rival Waymo. The official count was revealed for the first time in registration information Tesla submitted...
Gap Shares Plummet After Retailer Lowers Sales Outlook
Gap Inc. shares plunged after it lowered its outlook for net sales growth for the year. The retailer now sees net sales up as much as 2%, after previously forecasting as much as 3% growth. Overall comparable sales, as well as comparable sales for the Old Navy, Banana...
Anthropic Valued at $965 Billion After Latest Funding Round, Eclipsing OpenAI
Anthropic PBC raised $65 billion in a funding round that valued the artificial intelligence company at $965 billion including the new investment, eclipsing rival OpenAI’s value for the first time. The funding, announced Thursday, was led by Altimeter...
Bitcoin Falls to Six-Week Low Amid War Jitters, ETF Outflows
Bitcoin fell to its lowest level in more than six weeks as jitters over the US-Iran war and outflows from US exchange-traded funds weighed on the largest cryptocurrency. Bitcoin dropped as much as 3.3% to $72,643 on Thursday, its weakest since April 13. It was trading...
China Chip Giant CXMT’s IPO Revives Memories of Past Market Tops
The buzz surrounding ChangXin Memory Technologies Ltd.’s anticipated IPO is also triggering anxiety in parts of China’s market, where investors recall earlier mega-deals that absorbed vast amounts of liquidity and marked turning points for equities. Hefei-based CXMT,...
China’s Declining Appetite for Oil Laid Bare by Iran War
Chinese imports of crude oil are set to drop to levels not seen since the pandemic, as the war in Iran reveals the extent to which demand has disappeared and may not be coming back. Inbound shipments could fall to an average of 10.9 million barrels a day this year,...
KKR’s Nuttall Says Trading Private Credit Is ‘Likely to Happen’
KKR & Co.’s co-chief executive officer Scott Nuttall said it was likely that the alternative asset manager would eventually start trading private credit, following early efforts by Apollo Global Management Inc. to create a market for less liquid debt. “The...
JPMorgan and BofA CEOs Predict New Round of Trading Windfalls
Wall Street banks are predicting another banner quarter for their trading desks. Bank of America Corp. expects second-quarter revenue from sales and trading to increase about 15% from a year ago, Chief Executive Officer Brian Moynihan said Wednesday. And JPMorgan...
BOJ’s Ueda Warns of Oil Shock Impact on Entire Inflation Regime
Bank of Japan Governor Kazuo Ueda indicated the need for vigilance over the impact of oil price spikes on the underlying inflation trend without dropping a clear hint on how that dynamic might influence the outcome at next month’s policy meeting. “Japan’s experience...
US Consumer Confidence Slips Amid Widespread Price Worries
US consumer confidence edged down in May as views of current economic conditions settled back amid rising prices due to the war in Iran. The Conference Board’s gauge of confidence decreased 0.7 point to 93.1 after an upward revision to the prior month, data released...
SpaceX IPO: Should I Buy It, Or Wait?
🏛️ Market Brief – Warsh Takes The HelmThe week opened on the back foot and ended at a record high. The S&P 500 closed Friday at 7,473.47, up 0.37% on the day and 0.9% for the week, notching its eighth straight winning week. That’s the longest weekly win streak...
Human Urine Becomes Option for Farmers in Fertilizer Supply Crunch
The Iran war is driving up the cost of synthetic crop nutrients, pushing growers to embrace alternatives from microbes to manure. James Mills has spent a lot of time thinking about chicken muck lately. After the Iran war disrupted supplies of conventional nitrogen...
A stock-market plunge is the only thing that can stop bond yields from surging, a research firm says
Stocks need to see a "meaningful" drop to stop bond yields from surging further, BCA Research says. The research firm noted that higher bond yields have historically been negative for stock prices. The outlook for global stocks now looks "poor," it added. BCA Research...
Private Credit’s Unthinkable Becomes Reality as Trading Revs Up
Private credit managers are increasingly turning to the once-unthinkable: Trading in and out of loans to dump troubled assets and hunt for bargains amid the industry’s first stress test after years of breakneck growth. A number of business development companies are...