Nvidia unveils plans to sell new CPU processors, challenging Intel and AMD
Nvidia Corp., known for making premium GPU processors, announced plans to manufacture its first CPU, expanding into the most lucrative market of Intel and AMD. The news sent Intel and AMD shares down, while Nvidia rose 4%. The new CPU based on Arm technology, named Grace, is designed to work closely with Nvidia graphics chips to handle new computing problems, including AI supercomputing. Systems working with Grace will be faster than those using a combination of Nvidia graphics and Intel CPUs.
Coinbase Global Inc. Makes Nasdaq debut amid virtual currencies frenzy
Cryptocurrency exchange Coinbase Global Inc. made its highly anticipated stock market debut on Nasdaq. The company was set to be valued at more than $94 billion. The company stock opened at 44% up from the reference price of $250 per share. The valuation of the firm rose rapidly this year in line with bitcoin gains. The cryptocurrency hit a record high of over $ 63,000 as enthusiasm for the emerging asset surged.
IMF takes a more positive view of Asian markets
The IMF expects Asia’s economy to expand 7.6% this year, up from the 6.9% increase projected in October, as advanced economies such as Japan, Australia and South Korea enjoy solid growth on the back of strong U.S. and Chinese demand; however, if U.S. yields rise faster than expected, or if there is a lack of communication about future U.S. monetary policy, adverse spillover effects could present challenges by compromising macro-financial stability.
Grab Holdings Inc., Southeast Asia’s most valuable startup, to list in the U.S.
The Singapore-based startup will have a market value of about $39.6 billion after the combination with Altimeter Growth Corp, the special purpose acquisition arm of Altimeter Capital Management, Grab is raising more than $4 billion from investors including BlackRock Inc, Fidelity International and T. Rowe Price Group Inc. The deal would make the transportation and food delivery giant, the first Southeast Asian tech unicorn to go public through a SPAC.
American Airlines Bets on Travel Resurgence With Summer Schedule
Confident in the resumption of travel with the advance of vaccination in the USA, American Airlines announced the creation of 150 new routes during the summer of the northern hemisphere (July-August). During the holiday period, the company. expects to operate at 85% of pre-pandemic capacity. According to Allegiant low-cost company, the reservations made in March were higher than those obtained in the same month of 2019.
Record Alibaba Fine Shows China’s Big Tech Can’t Fight Back
Chinese regulators announced a $ 2.8 billion fine to Alibaba (~ 4% of the company’s annual revenues) for allegedly adopting anti-competitive practices. According to regulators, the company punished sellers who decided to advertise their products on rival platforms (such as JD.com, for example). In addition to the payment of the fine, the company commits itself to an internal index of compliance with the authorities. Recently, a regulatory threat is a constant for Alibaba, and it has certainly contributed to a 27% drop in shares in the last 6 months.
Brazil must show Amazon Forest protection is working before support payments resume
Following the fires in the Amazon rainforest, the United States and Norway demand Brazil demonstrate its efforts to reduce the ongoing deforestation are working. The above before resuming payments for its protection. Earlier this month Brazil asked for $1 billion in foreign aid claiming it will help reduce deforestation by 40%, but support will only come if results and a display of political will from President Bolsonaro are seen, said Rotevatn, Norway´s Minister of Climate and Environment.
AMC stocks under attack from short-sellers
After bordering bankruptcy amid the Covid pandemic, the CEO of AMC said the movie chain is under attack from short-sellers. A statement based on the 50% rise that the short sales volume saw in March. Adam Aron said the company is in process of rebuilding in order to avoid a permanent closure like the ones of Pacific Theaters and ArcLight Cinemas. AMC has the authorization to sell 43 million new shares to gain flexibility and buy back debt or acquire another chain.