OpenAI May Be ClosedAI Shortly

It’s been a crazy weekend for ChatGPT-maker OpenAI and its largest shareholder, Microsoft. TechCrunch has a solid recap of the timeline and events, but it can be summarized like this. 📝

  1. OpenAI’s board fires CEO Sam Altman unexpectedly.
  2. Other OpenAI executives and employees begin to quit.
  3. Investors and other stakeholders push back.
  4. OpenAI board starts talks with Altman to return.
  5. The two sides are unable to reach an agreement.
  6. Altman & others join Microsoft to lead a new AI research team.
  7. The vast majority of OpenAI’s 770 employees threaten to resign.

It’s reported that Sam Altman could still return to OpenAI if the board resigns, among other things. That said, the situation is developing quickly as everyone chases the next headline. 😵‍💫

Despite the chaos, Microsoft’s stock hit a new all-time high today. As did Nvidia, ahead of its earnings report after the bell tomorrow. 

As for Microsoft investors, they’re trying to understand whether the company’s AI ambitions are better off if Sam Altman and his colleagues join Microsoft or if they go back to OpenAI with a new board. 🤔

As always, we’ll keep you updated as the story develops. For now, mega-cap tech stocks continue to party on. 🤷

Peloton’s New Partnership

With Peloton’s turnaround strategy not yet bearing the fruit it had anticipated, the company continues to lean on partnerships to grow market share. For example, in September, the company entered a 5-year strategic partnership with Lulemon to bring its content to the athleisure brand’s exercise app. It also made Lululemon Peloton’s primary athletic apparel partner. 👟

It’s still too early to tell whether or not that cooperative effort is working, but management seems to think further initiatives like it will help boost revenues. As a result, it’s partnering with TikTok to bring short-form fitness videos and other content to the social media platform.

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Pfizer’s Flop Continues

It’s been a rough ride for pharmaceutical giant Pfizer since the end of the pandemic, and that rollercoaster ride continues today. 🎢

The company last announced earnings in October but needed to update Wall Street on its 2024 forecast. It cited weak demand for its Covid products as the reason for a weaker-than-anticipated revenue and earnings forecast.

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Thailand Scores Major EV Win

Thailand has been helping lead the electric vehicle (EV) push, with the second-biggest economy in Southeast Asia looking to achieve carbon neutrality by 2050. ♻️

The country is known as the “Detroit of Asia,” serving as a major manufacturing hub. As part of that, it’s looking to make 30% of its car output electric by 2030 so that it doesn’t lose its leadership position in the EV transition. Its government is putting up major funds to help fund that, approving $970 million in tax cuts and subsidies to help encourage demand and boost local production. ⚡

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McDonald’s Outlines Its Big Bet

McDonald’s has been meandering near all-time highs for most of the last year, bucking the trend of other restaurant chains pinched by inflation. Despite its strong performance, some investors are concerned about how the company plans to continue its run into the future. 🤔

Today, the company revealed its big plans at its investor day. 

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