Global Market developments include China’s property crisis resolution, OpenAI’s Superalignment team dissolution, Nio’s Tesla challenge, and ByteDance’s TikTok lawsuit expedition.
Boeing re-elects CEO Dave Calhoun amid stability efforts, China revives property market, OpenAI dissolves Superalignment team, Nio challenges Tesla’s Model Y, and GameStop shares plunge.
Boeing CEO re-elected
Boeing shareholders have re-elected CEO Dave Calhoun to the board of directors, following a safety crisis. Calhoun announced his resignation in March following a mid-flight panel failure, highlighting the company’s stability.
Chinese property market
Xi Jinping’s government has launched a significant initiative to revive the Chinese property market, including relaxed mortgage rules, increased government purchasing of unsold homes, reduced down-payment requirements, and central bank funding.
OpenAI dissolved its Superalignment team
OpenAI dissolved its Superalignment team, which was established in July 2023 to mitigate AI risks, including the threat of rogue AI.
Nio Target Tesla
Chinese EV maker Nio introduces its budget brand, Onvo, with the L60 SUV, priced over 10% cheaper than Tesla’s Model Y, following US President Biden’s announcement to quadruple import tax on Chinese electric cars.
GameStop falls
GameStop stock fell over 20% after the company announced plans to issue up to 45 million additional shares and reported a decline in net sales from the same quarter a year ago.
Tiktok Issue
ByteDance Ltd. seeks an appeals court’s speedy consideration of a US law requiring it to sell TikTok or face a ban, arguing for preventative action.
Apple’s Antitrust Argument
Apple faces setbacks in its antitrust argument as US District Judge Yvonne Gonzalez Rogers questions an executive about a study suggesting a half-rate fee is more reasonable. The judge is examining whether Apple is complying with a 2021 court order.
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