Meta partners with IBM on AI

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Meta Platforms and IBM are spearheading an ambitious new venture, assembling over 50 AI-focused companies and research bodies to forge a coalition advocating for an 'open AI model'. This alliance, which includes prominent members like Intel, Oracle, Cornell University, and the National Science Foundation, is geared towards capturing a significant share of the booming AI market. Their united mission centers around pooling resources and advocating for open innovation and science in the AI sector, reflecting a collaborative approach to shaping the future of artificial intelligence.

2. Apple has triumphantly reclaimed a market cap of $3 trillion, a testament to its enduring financial strength, as its stock price climbed to $193.42 per share. This remarkable feat, first achieved in June 2022 and briefly matched in December 2022, underscores Apple's status as the most valuable publicly traded U.S. company. Despite a challenging year marked by a slight dip in total revenue and tempered growth expectations, Apple's stock has surged over 48% this year. Investors remain confident in Apple's robust cash flow, globally acclaimed products, and strong shareholder returns, even as it navigates growth slowdowns and market challenges, particularly in China. Looking ahead, Apple anticipates launching its Vision Pro virtual reality headset next year, marking its first major new computing platform since the Apple Watch in 2014.

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4. Headlines

   1. Elon Musk plans to raise $1B for X.AI.

   2. Nikki Haley’s campaign gained significant traction with Wall Street donors as she’s viewed as the most likely alternative to Trump for the Republican nomination.

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