Business and Finance News - 7.4.24

Apple Secures Board Observer Role at OpenAI, Taps Phil Schiller, and Integrates ChatGPT with Siri

• Apple will get an observer role on OpenAI's board under a new AI agreement.

• Phil Schiller, Apple's head of App Store, was chosen for the observer role.

• Schiller has not yet attended any OpenAI board meetings.

• Observers can attend board meetings but cannot vote or exercise director powers.

• Apple announced integrating OpenAI's ChatGPT with its devices in June.

• Apple's "Apple Intelligence" technology will integrate across its apps, including Siri.

• OpenAI appointed new board members in March, including CEO Sam Altman.

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

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

Ford's Q2 Sales Up 1%, Truck and EV Sales Hit Records, Outpacing Industry Expectations

• Ford sales rose 1% in the second quarter compared to the previous year.

• Truck sales totaled 308,920 vehicles, best second-quarter performance since 2019.

• Ford's electric vehicle sales increased by 61% to 23,957 in the second quarter.

• Hybrid vehicle sales reached 53,822, up 56%, setting a new quarterly record.

• F-Series sales totaled 199,463 vehicles in the second quarter.

• EVs like Mustang Mach-E and F-150 Lightning attract new customers to Ford.

• Ford's sales growth outpaced industry expectations for a flat second quarter.

*Ford (FORD) - Ford Motor Company is a global automotive manufacturer that designs, produces, markets, and services a full line of cars, trucks, SUVs, electrified vehicles, and luxury vehicles under the Ford and Lincoln brands.

Microsoft Settles $14.4M Over Protected Leave Claims, Training and Compliance Measures to Follow

• Microsoft will pay $14.4 million to settle claims of unfair treatment over protected leave.

• Most of the settlement money will go to affected California employees.

• Managers and HR workers will receive training if a judge approves the settlement.

• The settlement covers employees who took protected leave from 2017 to present.

• Microsoft disputes the allegations but aims to support employees taking protected leave.

• A consultant, APTMetrics, will monitor compliance with the settlement.

• Microsoft employs around 6,700 people in California out of its 221,000 total workforce.

*Microsoft (MSFT) - Microsoft Corporation is a global technology company that develops, manufactures, licenses, supports, and sells a wide range of software products, hardware devices, and related services.

National Amusements and Skydance Reach Preliminary Deal to Pass Control of Paramount

• National Amusements reached a preliminary deal with Skydance to pass control of Paramount.

• Paramount’s special committee is currently reviewing and voting on the new deal.

• Redstone will receive a reduced consideration of $1.75 billion under the new terms.

• Skydance will acquire roughly half of Paramount’s controlling shares at $15 per share.

• Skydance will contribute $1.5 billion towards Paramount’s balance sheet.

• The deal was resurrected after Redstone initially killed it over financial concerns.

• CEO Bob Bakish's departure earlier this year led to a three-headed office running Paramount.

*Paramount (PARA) - Paramount Global is a multinational media and entertainment conglomerate. It operates a broad portfolio of media and entertainment assets, including television networks, film production, streaming services, and content licensing.

Threads Hits 175M Monthly Users Amid X's 250M Daily, Gains 100M in First 3 Months, Taylor Swift Drives Engagement

• Threads has over 175 million monthly active users since its launch a year ago.

• X/Twitter has about 250 million daily users and 550 million monthly users.

• Elon Musk claimed U.S. usage of X reached an all-time high, but estimates suggest otherwise.

• Threads launched during a tumultuous period for X, amidst Musk's controversial decisions.

• Meta gained nearly 100 million monthly active users for Threads in the first three months.

• By early 2024, Threads' monthly active users grew to over 150 million.

• Entertainment and music-related news, especially Taylor Swift content, drive engagement on Threads.

*Threads (META) -  Threads is a social media platform developed by Meta (formerly Facebook), designed to serve as a companion app to Instagram. It focuses on text-based conversations and is often positioned as a competitor to Twitter.

Here’s how the markets closed yesterday (the markets are closed today):

• Dow Jones: 39,308.00 -23.85 (-0.06%)

• S&P 500: 5,537.02 +28.01 (+0.51%)

• Nasdaq: 18,188.30 +159.54 (+0.88%)

• Bitcoin (BTC): $60,047.25 (2:45PM PST on 7/3/24)

• Ethereum (ETH): $3,284.86 (2:45PM PST on 7/3/24)

Here’s how the THE SUPER SIX STOCKS did yesterday (the markets are closed today):

• Microsoft (3.425T): 460.77 +1.49 (+0.32%)

• Apple (3.397T): 221.55 +1.28 (+0.58%)

• Nvidia (3.161T): 128.28 +5.61 (+4.57%)

• Alphabet (2.316T): 187.39 +0.78 (+0.42%)

• Amazon (2.056T): 197.59 -2.41 (-1.21%)

• Meta Platforms (1.294T): 509.96 +0.46 (+0.09%)