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With just one trading session left before the U.S. presidential election, Wall Street is closely monitoring the race between Republican Donald Trump and Democrat Kamala Harris. While traders are speculating on potential outcomes and their economic implications, actual investment activity in the stock market remains subdued.
The upcoming US election will significantly impact the economy, influencing taxation, trade policies, immigration, and energy supply. The contrasting visions of Democrat Kamala Harris and Republican Donald Trump will affect consumer prices and borrowing costs for households and businesses.
Nearly 100 companies in the S&P 500 are set to report their earnings, with a particular focus on three firms involved in artificial intelligence. This wave of earnings announcements is anticipated to provide insights into market trends and company performances.
Dominion Energy is collaborating with tech companies, including Amazon, to develop small modular nuclear reactors, following a recent agreement to explore this next-generation technology. The proposed reactor near North Anna nuclear station in Virginia aims to deliver 300 megawatts of carbon-free power, catering to the energy demands of data centers. Despite the promise of reduced costs and simpler deployment, small modular reactors have yet to achieve commercial operation in the U.S.
Amazon shares surged 6% after reporting better-than-expected earnings, driven by growth in cloud computing and advertising. Revenue rose 11% to $158.9 billion, with earnings of $1.43 surpassing estimates. The company plans to invest $75 billion in capital expenditures for 2024, primarily to enhance technology infrastructure and capitalize on generative AI opportunities.
At a recent all-hands meeting, Google executives faced employee concerns over impending cost cuts, following comments from CFO Anat Ashkenazi about further efficiencies. While the company reported strong earnings, executives acknowledged a shift in hiring practices and the potential for more layoffs, emphasizing the need for increased productivity through AI. CEO Sundar Pichai reassured employees that decisions regarding workforce changes are not solely made at the top level and highlighted the importance of investing in talent.
The Brics summit in Kazan highlights the growing geopolitical influence of the group, which now represents nearly half of the global population and a third of GDP. This flexible alliance, characterized by diverse political systems, seeks to challenge Western dominance while fostering strategic cooperation among its members. Russia, in particular, benefits from increased intra-Brics trade and diplomatic support, positioning itself as a key player within this evolving network.
Tech giants are poised to invest $200 billion this year in the pursuit of artificial intelligence, despite previous setbacks that led to Wall Street's skepticism over their spending. In response to earlier criticism, these firms are doubling down on their AI development efforts.
OpenAI CEO Sam Altman announced that the release of the next major AI model, likely GPT-5, will not occur this year as the company focuses on refining existing models. He highlighted challenges in resource allocation and the need for safety and performance improvements for upcoming features like Sora and DALL-E updates. Amidst competition from Google and other startups, OpenAI recently launched a real-time search feature in ChatGPT, enhancing its capabilities against traditional search engines.
Google has integrated real-time search capabilities into its Gemini AI platform, allowing developers to enhance applications with current information from Google Search. This feature, called "Grounding with Google Search," comes as OpenAI launched its consumer-focused ChatGPT Search, marking a competitive shift in how users access information online. Both companies are navigating challenges related to accuracy, publisher compensation, and the sustainability of their AI-driven services.
Google Inc.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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