Business and Finance News - 12.30.24

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OpenAI plans to restructure as a public benefit corporation in 2025 to raise more capital and expand commercial operations, while its nonprofit arm will focus on charitable initiatives. The move responds to increasing competition and high costs in AI development, driven by the need for significant investment in infrastructure and talent. (CNBC)

Key Insight → OpenAI’s shift to a public benefit corporation signals a crucial evolution in AI development, balancing profit and mission-driven goals. This move highlights the massive capital required to compete in the trillion-dollar AI race, positioning OpenAI alongside tech giants like Microsoft, Google, and Amazon. The restructuring reflects the growing tension between innovation, ethical AI advancement, and the financial realities of scaling transformative technologies.

President-elect Trump has asked the Supreme Court to delay TikTok's ban, seeking time to negotiate a resolution after taking office. He argues the ban raises First Amendment issues and suggests a potential deal involving ByteDance selling part of TikTok to a U.S. company. (The Verge)

Key Insight → Trump's request to delay the TikTok ban highlights the platform's significance in political communication and the broader social media landscape. This move signals the potential for high-level negotiations to reshape the app’s ownership, reflecting concerns over national security and free speech. For the market, it underscores how political dynamics can directly impact major tech platforms and international business operations.

President-elect Trump voiced support for H-1B visas, aligning with Elon Musk despite previous opposition to the program. This shift highlights a growing divide between Trump’s tech allies and his anti-immigration base, with figures like Steve Bannon criticizing the move as harmful to American workers. (Axios)

Key Insight → Trump’s backing of H-1B visas signals a shift in his stance, aligning with Elon Musk and tech leaders despite opposition from parts of his base. This highlights a growing divide between pro-immigration tech billionaires and traditional anti-immigration factions within the GOP. The outcome could reshape immigration policy, impacting tech industry talent pipelines and economic competitiveness.

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Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 42,992.21 -333.59 (-0.77%)

• S&P 500: 5,970.84 -66.75 (-1.11%)

• Nasdaq Composite: 19,722.03 -298.33 (-1.49%)

• Russell 2000: 2,244.59 -35.60 (-1.56%)

Here’s how The Magnificent Seven did on Friday:

• Apple (AAPL) [3.863T]: 255.59 -3.43 (-1.32%)

• Nvidia (NVDA) [3.355T]: 137.01 -2.92 (-2.09%)

• Microsoft (MSFT) [3.201T]: 430.53 -7.58 (-1.73%)

• Alphabet (GOOGL) [2.36T]: 192.76 -2.84 (-1.45%)

• Amazon (AMZN) [2.353T]: 223.75 -3.30 (-1.45%)

• Meta Platforms (META) [1.514T]: 599.81 -3.54 (-0.59%)

• Tesla (TSLA) [1.386T]: 431.66 -22.47 (-4.95%)

Here’s how Bitcoin and Ethereum did yesterday:

• Bitcoin (BTC): $93,765.79 (10:30PM PST on 12/29/24)

• Ethereum (ETH): $3,422.22 (10:30PM PST on 12/29/24)