On the left is the iPhone 15 Pro, on the right is the iPhone 15 Pro Max.
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What you need to know today
Wall Street showed signs of losing momentum on Tuesday after a rapid rally last month, as two of its three major indexes closed lower for a second straight day. The Dow Jones Industrial Average fell 0.22%, while the S&P 500 fell 0.06%. The Nasdaq Composite gained 0.31% as technology stocks rose. Asia-Pacific markets rallied on Wednesday, led by Japan’s Nikkei 225, which rose 2.04%.
The most valuable Apple
Apple’s market capitalization has surpassed $3 trillion for the first time since August. The iPhone maker rose 2% to $193.42 a share on Tuesday, remaining the most valuable publicly traded U.S. company. It officially crossed the $3 trillion mark for the first time in June and briefly reached that mark on an intraday basis in December 2022. The company’s share price is up over 48% so far this year.
Elon Musk’s artificial intelligence startup, X.AI, has filed with the SEC to raise up to $1 billion in capital. So far, the company has raised nearly $135 million from four investors, with its first sale taking place on November 29th.
Job vacancies, a barometer of employers’ demand for workers, fell by 617,000 to 8.7 million in October, the lowest level since March 2021, the U.S. Department of Labor reported in a survey on Tuesday. Economists said the U.S. economy is now moving closer to a so-called “soft landing” after recent better-than-expected data.
Bitcoin bull run
Bitcoin surpassed $44,000 on Tuesday for the first time since April 2022. According to Coin Metrics, the price of the world’s largest cryptocurrency recently rose more than 4% to $43,794.99, extending gains from the previous day. The digital coin is now up more than 160% over the year.
[PRO] Eli Lilly vs. Novo Nordisk
Given the boom in weight-loss drugs, it’s been quite a year for both Eli Lilly and Novo Nordisk. Shares of both pharmaceutical companies have risen this year. Shares of Eli Lilly are up about 60% since the start of the year, while its Danish counterpart Novo Nordisk has gained about 50%. Here’s the whole story.
The final result
So far December has not been as slow as usual. Apple remains at the top of the food chain and Elon Musk is now raising fresh capital for his artificial intelligence startup.
As we approach the end of the year, this is another reminder that you can count on Big Tech to do its part in times when there really isn’t much else to pave the way.
Wall Street’s rapid run-up over the last month may be starting to show signs of slowing, but investors have no real reason to stop being optimistic as all the big buzzwords of the year continue to appear in the headlines – technology, AI, crypto.
Apple is resilient even as it struggles with slowing growth and problems in markets like China. On the other hand, newcomer X.AI will compete with companies like ChatGPT developer OpenAI. There are also graduates from DeepMind, OpenAI, Google Research, Microsoft Research, Twitter and Tesla all working to build it.
News highs for Bitcoin have been occurring more and more frequently in recent weeks. Bernstein predicted about a month ago that the price of the world’s most popular cryptocurrency could reach $150,000 by 2025 as excitement grows over a Bitcoin exchange-traded fund.
And from an economic perspective, things no longer look as bad as they did earlier in the year, as investors and economists debate whether we have finally achieved the much-discussed “soft landing.”
Economists at the Brookings Institution call a soft landing “‘Goldilocks’ porridge for central bankers.” In this scenario, the economy is “just right – neither too hot (inflationary) nor too cold (in a recession),” they said.
Source : www.cnbc.com