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HomeLatest NewsGlobal NewsWall Street Update: Bitcoin Hits New Heights, Sony's Workforce Reduction, Apple's EV...

Wall Street Update: Bitcoin Hits New Heights, Sony’s Workforce Reduction, Apple’s EV Decision.

Wall Street Update

Recent global business events include OpenAI claiming NYT hacking, Bitcoin’s surge over $57,000, and Sony reducing a significant portion of its workforce.

Apple and Warner Bros. Discovery have halted their electric vehicles, while OpenAI claims the New York Times paid hackers for evidence. The US shale industry anticipates consolidation, increasing transaction value.

Oil Spill

The US shale industry’s consolidation has led to a surge in global M&A deals, reaching its highest first-quarter level in seven years. Enverus reports that deals totaling over $55 billion were reported in the first two months of 2024, as publicly traded companies leverage their high share price to acquire smaller firms.

Macro Signals

US-manufactured orders fell for the first time in nearly four years in January due to a decline in commercial aircraft bookings. The Commerce Department report reveals that the economy lost momentum at the start of the year, with mixed business expenditure on equipment and retail sales.

Realty Bites

Two major property businesses in Sweden reported multibillion-crown write-downs in 2023 due to a European property crisis. Despite the optimism that the crisis will soon be resolved, a steep rise in borrowing rates has sparked a surge in demand for property in Europe.

Crypto Capers

Bitcoin reached a two-year high of $57,000 due to significant player purchases, while smaller competitor ether reached $3,200 for the first time since 2022. Bitcoin surged over 10% in two sessions, supported by MicroStrategy’s acquisition of 3,000 bitcoins for $155 million.

Job Cuts

Sony Interactive Entertainment has announced the layoff of approximately 900 employees in its PlayStation subsidiary, accounting for 8% of its global staff. The decision was made after careful consideration and leadership discussions, as it was deemed necessary for the company’s growth and development, according to President and CEO Jim Ryan.

Apple puts the brakes

Apple has decided to end its decade-long electric car project, citing 2,000 employees who were unaware of the project’s development. The 2,000 employees will be shifted to the generative AI team, a priority for the company, according to sources. Chief Operating Officer Jeff Williams and vice-president Kevin Lynch made the decision.

Warner Bros press pause


Warner Bros Discovery has ended discussions on acquiring Paramount Global, a media business, after several months. Instead, Paramount Global organized a committee to search for potential buyers, while Comcast, the owner of NBCUniversal, chose to explore potential cooperation instead.

Big Claims?
OpenAI claims the New York Times paid to hack its products, claiming it used deceptive prompts to generate anomalous results. The judge was requested to dismiss key aspects of the complaint, as OpenAI tools like ChatGPT were hacked to provide evidence of copyright infringement. The NYT made tens of thousands of attempts.

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Wall Street Update

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