🚀 Musks' xAI raising $6B

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. General Motors laid off approximately 1,000 employees on Friday, primarily at its global technical center in Warren, Michigan, as part of ongoing efforts to cut costs and refocus priorities amid evolving market dynamics. While some layoffs stemmed from performance reviews, others were part of broader organizational changes aimed at boosting efficiency and competitiveness. This follows a similar layoff of over 1,000 salaried workers in August. GM, which employs around 76,000 salaried workers globally, emphasized its commitment to "speed and excellence" in a challenging industry environment. The United Auto Workers union has yet to comment on the move.

2. Elon Musk’s AI company xAI is reportedly raising $6 billion at a $50 billion valuation, according to CNBC. The funding includes $5 billion from Middle Eastern sovereign funds and $1 billion from other investors, with a closing expected next week. The capital will likely go toward acquiring 100,000 Nvidia chips, essential for scaling xAI's capabilities and supporting Tesla’s Full Self-Driving system on the Memphis supercomputer.

3. Shares of major vaccine makers plunged Thursday after President-elect Donald Trump announced Robert F. Kennedy Jr., a vocal vaccine skeptic, as his pick for Secretary of Health and Human Services. Moderna dropped over 5%, Novavax fell more than 7%, and Pfizer slid over 2%, with further losses in after-hours trading. Health policy experts warn Kennedy’s appointment could amplify anti-vaccine rhetoric, potentially undermining public trust in vaccines, including Covid shots already facing declining uptake. Companies like Pfizer, Moderna, and Novavax, still grappling with reduced vaccine demand, may face heightened challenges in a Kennedy-influenced regulatory environment.

4. Headlines

   1. Ron Baron is predicting a $5T value for Tesla in 10 years.

   2. US treasury yields are up after commenters from Jerome Powell that the Fed might not be aggressive in lowering interest rates moving forward.

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