• What caused Micron's stock surge?
• What are the highlights of Meta Connect 2024?
• What recent changes are taking place at OpenAI?
MARKET MOVEMENTS
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Opening price as of 09/26/2024 compared to last close
IN THE HEADLINES
Micron Sees Its Biggest Surge in 13 Years as AI Demand Boosts Outlook
Micron Technology, the largest memory chip maker in the U.S., experienced its most significant stock surge in nearly 13 years after providing strong sales and profit forecasts, driven by increasing demand for AI-related products. The company projects fiscal first-quarter revenue of $8.7 billion, exceeding analyst estimates. Micron has benefitted from high-bandwidth memory, which is crucial for AI systems, resulting in sold-out products for 2024 and 2025. Its stock rose by 20%, marking the largest intraday gain since 2011. Read more
Meta Connect 2024 Recap: Meta Quest 3S, Orion Smart Glasses, Meta AI & More
At Meta's annual Connect developer conference, CEO Mark Zuckerberg highlighted advancements in AI and the metaverse. The company previewed its Orion AR glasses and introduced new AI features for Ray-Ban smart glasses. Zuckerberg announced that Meta AI now serves nearly 500 million monthly users, with celebrity voice integrations coming soon. He also discussed the Quest 3 virtual reality headset, set to launch at a lower price, and the vision for a new computing platform. Read more
OpenAI Plans to Transition to a For-Profit Company as CTO and Two Senior Research Execs Depart
OpenAI is considering restructuring into a for-profit entity while retaining its non-profit segment following the departure of several top executives. CTO Mira Murati is stepping down after six and a half years, joined by Chief Research Officer Bob McGrew and VP of Research Barret Zoph. CEO Sam Altman confirmed their departures are independent but coordinated for a smooth leadership transition. The restructuring aims to simplify investment opportunities and provide liquidity for employees as the company seeks a $150 billion valuation in its ongoing funding round. Read more
TradeUP TIDBITS
Navigating the Recent Fed Rate Cuts: Effects on Your Savings and Cash Holdings
In recent years, higher interest rates have made high-yield savings accounts attractive, offering competitive returns. However, with the recent rate cut, savers may soon see those rates decline as banks adjust to the Fed’s decision. If your cash is in a high-yield savings account, now is a good time to evaluate whether it’s earning as much as possible. As bank rates decrease, consider exploring alternatives that may provide better value for your idle cash.
A short sale occurs when you sell stock you do not own. Investors who sell short believe the price of the stock will fall. If the price drops, you can buy the stock at the lower price and make a profit. If the price of the stock rises and you buy it back later at the higher price, you will incur a loss.
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This week's topic is: Are You Excited About the New Features in Meta's Orion Smart Glasses?
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