Business and Finance News - 6.11.24

Apple Partners with OpenAI to Integrate ChatGPT 4o into New Operating Systems, Unveils AI Initiative at WWDC

• Apple (AAPL) partners with OpenAI to integrate ChatGPT 4o into iOS 18, iPadOS 18, and macOS Sequoia.

• Announcement made during Apple’s Worldwide Developers Conference (WWDC).

• Apple unveils new AI initiative, Apple Intelligence, at WWDC.

• AI-powered updates will be added to Siri and various native Apple apps.

• Craig Federighi mentions early AI plans include access to "external models."

• Siri can use ChatGPT’s expertise for free when needed.

• Apple aims to leverage the best external AI models, starting with ChatGPT.

-Apple Inc. is a multinational technology company known for its innovative products and services (iPhone, iPad, Mac Computers, etc.).

-OpenAI is an artificial intelligence research organization and company with a mission to ensure that artificial general intelligence (AGI) benefits all of humanity.

CrowdStrike to Replace Comerica in S&P 500 on June 24; Shares Jump 7% on Announcement

• CrowdStrike (CRWD) will replace Comerica in the S&P 500 effective June 24.

• CrowdStrike shares jumped 7% after the S&P 500 announcement.

• S&P Dow Jones Indices announced CrowdStrike's addition late Friday.

• CrowdStrike, KKR, and GoDaddy are joining the S&P 500, replacing Comerica, Robert Half, and Illumina.

• Fund managers often buy stocks added to the S&P 500, boosting share prices.

• CrowdStrike has been profitable for the last five quarters, meeting S&P 500 inclusion criteria.

• CrowdStrike's market cap exceeds $90 billion, more than double the median S&P 500 company.

- CrowdStrike is a cybersecurity company that provides various services and products to protect businesses and organizations from digital threats.

OpenAI Hires Sarah Friar as CFO, Kevin Weil as Chief Product Officer, Announces ChatGPT-Siri Integration with Apple

• OpenAI hired Sarah Friar as CFO and Kevin Weil as chief product officer.

• Friar was previously CEO of Nextdoor and finance chief at Square.

• Weil previously held senior positions at Planet Labs, Twitter, Facebook, and Instagram.

• OpenAI announced a partnership with Apple for ChatGPT-Siri integration.

• ChatGPT will be integrated into iOS, iPadOS, and macOS later this year.

• Siri will use ChatGPT's capabilities, including text generation and image creation.

• OpenAI aims to scale its operations and enhance product offerings amid industry growth and competition.

-OpenAI is an artificial intelligence research organization and company with a mission to ensure that artificial general intelligence (AGI) benefits all of humanity.

Elliott Management Acquires $1.9 Billion Stake in Southwest Airlines, Seeks Leadership Changes Amid Struggles

• Elliott Management has a $1.9 billion stake in Southwest Airlines (LUV).

• Elliott plans to push for leadership changes at Southwest.

• The stake makes Elliott one of Southwest’s largest shareholders.

• Elliott seeks to replace CEO Bob Jordan and Chairman Gary Kelly.

• Southwest shares rose 7% following the announcement.

• Southwest has struggled with Boeing 737 Max delivery delays.

• Elliott's campaign follows similar leadership change efforts at other companies.

-Southwest Airlines is a major American airline known for its low-cost carrier model.

JPMorgan Upgrades Walmart to Overweight, Raises Price Target to $81 Amid Strong Consumer Appeal and Improved Shopping Experience

• JPMorgan (JPM) upgraded Walmart (WMT) from Neutral to Overweight.

• The price target was raised from $66 to $81.

• Walmart has a strong balance of defense and offense amid consumer challenges.

• Higher-end consumers are shifting their spending to Walmart.

• Walmart benefits from consumers' cautious spending on staples.

• Walmart offers a better shopping experience compared to 10-15 years ago.

• Expanded online selection and in-store pickup enhance Walmart's appeal.

-JPMorgan Chase & Co. is a multinational investment bank and financial services holding company.

-Walmart is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.

Here’s how the markets closed yesterday:

• Dow Jones: 38,868.04 +69.05 (+0.18%)

• S&P 500: 5,360.79 +13.80 (+0.26%)

• Nasdaq: 17,192.53 +59.40 (+0.35%)

• Bitcoin (BTC): $69,406.60 (5:45PM PST on 6/10/24)

• Ethereum (ETH): $3,662.80 (5:45PM PST on 6/10/24)

Here’s how the THE SUPER SIX STOCKS did yesterday:

• Microsoft (3.18T): 427.87 +4.02 (+0.95%)

• Nvidia (3.001T): 121.79 +0.90 (+0.75%)

• Apple (2.961T): 193.12 -3.77 (-1.91%)

• Alphabet (2.183T): 176.63 +0.88 (+0.50%)

• Amazon (1.947T): 187.06 +2.76 (+1.50%)

• Meta Platforms (1.275T): 502.60 +9.64 (+1.96%)