Business and Tech News - 3.21.24

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Skool Projekt Staff
March 21, 2024

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Intel Awarded CHIPS Act Grant

The White House has announced Intel's preliminary award of up to $8.5 billion in CHIPS Act funding, with a potential additional $11 billion in loans, as part of a strategy to enhance U.S. semiconductor manufacturing. This funding, part of the CHIPS and Science Act of 2022, supports Intel's efforts in leading-edge semiconductor production in the U.S. Intel plans to use the funds across several states for fabs and research centers, aiming to fortify the U.S.'s position in technological innovation and reduce dependence on overseas chip production. The move is seen as a significant step in addressing supply chain vulnerabilities and boosting domestic manufacturing capacity.

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Buffett vs Banksy: The surprising winner

What’s one market that Warren Buffet probably hasn’t considered – even though its prices outpaced shares of his very own Berkshire Hathaway – growing at an annualized rate of 14.4% from 2007 to June 2023? The market for Banksy’s art. 

That's right, Banksy. And now, for the first time, everyday investors are getting in on the action. Thanks to Masterworks, the award-winning platform for investing in blue-chip art. Masterworks enables anyone to invest in paintings by artists like Banksy, Basquiat, and Picasso for just a fraction of the cost. When Masterworks sells a painting, investors can get a return. 

All of their offerings are limited, and shares can sell out in just minutes, but readers can skip the waitlist to join with this exclusive link. 

Past performance is not indicative of future returns, investing involves risk. See disclosures masterworks.com/cd.

 

Google Fined $270 Million In France Over AI Training Data

France's competition authority has fined Google $270 million for utilizing content from press agencies and publishers to train its AI chatbot, Gemini (formerly Bard), without proper notification or compensation. This infringement violated commitments to transparent and fair negotiations with publishers. Google, acknowledging the fine as part of a settlement agreement, criticized the lack of regulatory clarity and the disproportionality of the fine, while emphasizing their efforts to comply in a rapidly evolving digital environment.

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UK Inflation Falls to Lowest Level Since 2021

In February, the UK experienced a more significant than expected decrease in inflation, with rates falling to 3.4% from January's 4%, the lowest since September 2021, primarily due to slowing food price increases. This drop, surpassing analysts' predictions of a decline to 3.6%, has led to speculation that the Bank of England might lower interest rates in the coming months, despite inflation still exceeding the Bank's 2% target. This shift comes amidst hopes of alleviating the cost-of-living crisis and has implications for future economic policy and mortgage rates.

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Kering Shares Fall After Gucci Sales Slide

Kering's shares plummeted, marking their worst day on record with a 15% drop, after forecasting a 20% decline in Q1 sales for Gucci due to Asian market weaknesses. This significant decrease led to a 7.9 billion euro loss in market capitalization, also negatively affecting other luxury brands like LVMH and Hermes. The downturn reflects challenges in revitalizing Gucci amid economic difficulties in China, despite a design overhaul aimed at competing with luxury rivals. Kering anticipates a group sales decline of around 10% for the first quarter, underperforming consensus expectations.

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Biden Administration Announces New Rules On Gas Cars

The Biden administration finalized new tailpipe regulations for passenger vehicles, promoting a shift towards electric vehicles (EVs) and hybrids, though the implementation will be more gradual than initially proposed. This adjustment allows for greater flexibility in compliance, with plug-in hybrids playing a significant role. By 2032, EVs are expected to comprise 35% to 56% of new car sales, with plug-in hybrids accounting for 13% to 36%. The rule aims to halve passenger car pollution by 2032 from 2026 levels, maintaining significant environmental and public health benefits while offering automakers various compliance paths, including the use of more efficient gasoline engines and hybrid technologies.

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Here’s how the markets closed yesterday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.