Business and Finance News - 7.10.24

Athletic Brewing Raises $50M to Expand Production, Boosting Market Share and Doubling Valuation to $800M

• Athletic Brewing raised $50 million in equity financing led by General Atlantic.

• Investment will increase production capacity and expand offerings at global retailers.

• Athletic holds over 19% market share and drives 32% of nonalcoholic beer growth.

• Athletic Brewing is the 10th largest U.S. craft brewery and 20th largest overall.

• Company’s valuation doubled to $800 million with latest fundraising.

• Athletic sold over 3 million cases, generating over $90 million in revenue last year.

• Growing health trends drive consumer interest in nonalcoholic beverages, benefiting Athletic Brewing.

*Athletic Brewing - Athletic Brewing Company specializes in crafting high-quality, non-alcoholic craft beers. They focus on producing a range of flavorful brews that cater to those who want to enjoy the taste and experience of craft beer without the alcohol.

BYD to Build $1 Billion Factory in Turkey by 2026; Expansion to North America, South America, and Europe to Sidestep Western Tariffs

• BYD will build a $1 billion factory in Turkey, starting in 2026.

• The factory will produce 150,000 EVs and plug-in hybrids annually.

• BYD's Turkey plant will create up to 5,000 jobs.

• BYD plans to establish factories in North America, South America, and Europe.

• The expansion helps BYD avoid new Western tariffs on China-made EVs.

• BYD's new factory in Brazil will revitalize a former Ford manufacturing hub.

• BYD sold cars in over 50 countries, including Australia, UAE, and Japan.

*BYD (BYDDY) - BYD (Build Your Dreams) is a Chinese multinational company that specializes in the development and manufacturing of electric vehicles (EVs), batteries, and renewable energy solutions.

Dyson to Cut 1,000 UK Jobs Amid Fierce Global Competition, UK R&D Center to Remain Key Focus

• Dyson will cut around 1,000 jobs in the U.K., where it employs 3,500 people.

• The business review was due to increasingly fierce and competitive global markets.

• It is unclear if any global jobs will be affected at this stage.

• The U.K. will remain a key research and development center for Dyson.

• Dyson supports employees whose jobs are at risk through the process.

• Dyson operates in markets where the pace of innovation and change is accelerating.

• Dyson founder James Dyson criticized former Prime Minister Sunak's science policies.

*Dyson - Dyson Ltd is a British technology company known for designing and manufacturing innovative household appliances.

Oracle Drops 4.8% as Elon Musk's xAI Shifts from $10B Cloud Deal to Internal AI Training, Shares Hit Low of $138

• Oracle dropped up to 4.8% after Elon Musk's xAI shifted away from a cloud deal.

• xAI decided to build AI-training infrastructure internally for competitive speed advantages.

• The companies had ended talks on a potential $10 billion cloud agreement.

• Oracle was previously set to provide cloud infrastructure to xAI for AI model training.

• Musk's xAI Grok 2 model trained on 24,000 Nvidia H100 chips from Oracle.

• Internal AI-training highlights expansion challenges for cloud providers like Oracle, Microsoft, and AWS.

• Oracle shares fell to an intraday low of $138, closing at $145.03 Monday.

*Oracle (ORCL) - Oracle Corporation is a multinational technology company that specializes in developing and marketing database software and technology, cloud engineered systems, and enterprise software products.

*xAI - xAI, founded by Elon Musk, is an artificial intelligence startup that focuses on developing advanced AI technologies and applications.

Target to Stop Accepting Personal Checks Starting July 15 to Streamline Checkout Process Amid Policy Changes

• Target will stop accepting personal checks starting July 15.

• The decision is due to "extremely low volumes" of personal check usage.

• Target aims to streamline the checkout process with this new policy.

• Alternative payment methods include cash, digital wallets, SNAP/EBT, buy now, pay later services, and cards.

• Target has notified guests in advance about the policy change.

• Rival Walmart will continue to accept personal checks.

• Target is also limiting or eliminating self-checkout options and addressing theft issues.

*Target (TGT) - Target is a major American retail corporation that operates a large chain of discount department stores and hypermarkets, offering a wide variety of products.

Here’s how the markets closed yesterday:

• Dow Jones: 39,291.97 -52.82 (-0.13%)

• S&P 500: 5,576.98 +4.13 (+0.07%)

• Nasdaq: 18,429.29 +25.55 (+0.14%)

• Bitcoin (BTC): $57,778.65 (7:45PM PST on 7/9/24)

• Ethereum (ETH): $3,068.03 (7:45PM PST on 7/9/24)

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

• Apple (3.507T): 228.68 +0.86 (+0.38%)

• Microsoft (3.415T): 459.54 -6.70 (-1.44%)

• Nvidia (3.237T): 131.38 +3.18 (+2.48%)

• Alphabet (2.353T): 190.44 -0.04 (-0.02%)

• Amazon (2.074T): 199.34 +0.05 (+0.03%)

• Meta Platforms (1.344T): 530.00 +0.68 (+0.13%)