TradeUP Thursday
June 13, 2024
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• What was the Fed's decision on interest rates?
• How did the market respond to Apple's new AI features?
• How are Tesla shareholders reacting to Musk's compensation package vote?
Dow Jones S&P 500 Nasdaq
38,568.74(-0.37%) 5,436.13(+0.28%) 17,734.18(+0.71%)
Opening price as of 06/13/2024 compared to last close
Fed Leaves Rates Unchanged, Foresees One 2024 Cut Amid Inflation Progress
The Federal Reserve has maintained interest rates within the 5.25%-5.50% range and postponed potential rate cuts until December, signaling a cautious approach to easing policy amidst ongoing efforts to curb inflation. Fed Chair Jerome Powell characterized the current policy as restrictive, emphasizing a wait-and-see strategy until clearer economic signals emerge, such as a substantial inflation decline or rising unemployment. Despite recent stability in inflation metrics, the Fed's latest projections anticipate only one rate cut this year, aiming for a gradual return to the 2% inflation target by 2026, underscoring the bank's reliance on evolving economic data. Read more

Apple Achieves Record High with Groundbreaking AI Launch
Apple Inc. shares soared to unprecedented levels following the debut of advanced artificial intelligence features at its Worldwide Developers Conference. The unveiling included the Apple Intelligence platform and Siri updates, showcasing capabilities such as text summarization, image creation, and data retrieval designed to elevate user interaction while prioritizing data security through Private Cloud Compute. In a strategic move, Apple also announced a collaboration with OpenAI, integrating ChatGPT into Siri at no additional cost. The stock surged by 7.3% post-announcement, marking Apple's first record high of the year and underscoring its renewed competitive stance in the AI landscape. Read more

Musk Says Tesla Shareholders Voting Yes for His $56B Pay Package
Tesla CEO Elon Musk revealed that shareholders are overwhelmingly backing his significant $56 billion compensation package and the company's relocation of incorporation from Delaware to Texas. Official results will be revealed at Tesla's upcoming annual shareholder meeting. Despite opposition from advisory firms and some major investors criticizing the package as excessive, Tesla has actively promoted its approval, including incentives such as factory tours personally led by Musk. The outcome hinges on the support from individual investors and Musk's steadfast supporters, with votes from institutional investors playing a critical role in determining the package's fate. Read more

Apple Is Paying OpenAI with Exposure, Not Cash?

Apple and OpenAI are currently collaborating to integrate ChatGPT functionality into Apple's ecosystem without any financial exchange between the two parties. In contrast to Google's expensive arrangement as the default search engine on iPhones, this partnership emphasizes mutual benefits through exposure.
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