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Apple has abandoned its electric vehicle project in favour of a more concentrated effort on developing generative AI.

The SPX500 is overbought as per its weekly RSI (green rectangle), largely due to the artificial intelligence narrative. In this regard, some of the index’s top constituents by market capitalisation, not surprisingly, are also overbought, contributing to the overall heat of the index. Examples include Meta, NVidia, and Amazon.com amongst others.

The EV startup has been turning the corner against an adverse external environment, but its latest results and guidance that it will produce fewer EVs in 2024 compared to last year, spark fresh concerns

The tech heavy-index looks past the reserved approach of Fed officials in regards to rate cuts, as the AI leader Nvidia delivered blockbuster results and guidance

The SPX500 is hovering just shy of the 5,000 level. Goldman Sachs has set a new target for the index, the second time it has done so since December. The investment banks now estimate a year-end target for the SPX500 of 5,200 which is higher than its previous estimate of 5,100.

The situation in the Middle East is troubling to say the least, with a developing conflict since the Hamas attacks on Israel in early October. Since the attack occurred, and the subsequent response by the Israeli government, the world media has mainly covered the developments on the ground. But apart from the physical attack, which the world's attention has focused on, there have been cyber attacks on Israel too. Although…

Coinbase Global (COIN.us) reported results after yesterday’s close, posting well above Wall Street expectations. Revenue was $954m and EPS was $1.04. Expectations according to FactSet was for 2 cents per share in earnings and revenue of $826m.

US headline CPI printed at 3.1%, which was lower than the previous 3.4% but higher than the 2.9% expected. The headline month-on-month number was 0.3%, higher than the previous month’s 0.2%.

Nvidia CEO Jensen Huang, at the World Government Summit in Dubai, said that shifts to accelerated computing are likely to continue and that countries need to build on their AI infrastructure. In an interview Huang said that “There’s about $1 trillion worth of installed base of data centres around the world. And over the course of the next four or five years we’ll have $2 trillion worth of data centres…

The price of ARM Holdings shares jumped following its earnings release. For the December quarter, the company reported $824m in revenue, which crushed expectations of $726m. Adjusted EPS were 29 cents versus consensus of 25 cents.

The media giant posted solid results with continuing improvement in its streaming financials, announced a dividend hike and shared more details on its plans to take ESPN direct to consumer