Robot startup Physical Intelligence has raised $400 million at a $2.4 billion valuation, with investments from Jeff Bezos, OpenAI, and others. The company aims to integrate general-purpose AI into robotics, aspiring to develop artificial general intelligence that allows users to command robots for various tasks.
Tesla's Shanghai factory reported a 5.3% decline in deliveries for October, shipping 68,280 Model 3 and Model Y vehicles. This drop follows a record quarter for the company and marks a significant 23% decrease from September, according to preliminary data from the China Passenger Car Association.
CarePoint Health Systems has initiated a financial restructuring by filing for Chapter 11 bankruptcy to enhance its capital structure and ensure uninterrupted patient care. The organization has secured $67 million in new financing to maintain operations at its three hospitals in Hudson County, which serve a significant portion of the uninsured and underinsured population. Dr. Achintya Moulick will lead the transition, emphasizing the commitment to employees and the communities served.
Elon Musk's significant financial support for Donald Trump, exceeding $100 million, positions him as a key ally for Xi Jinping should Trump reclaim the presidency. Musk's extensive business interests in China, including Tesla's unique ability to wholly control its local subsidiary, underscore this influence, with half of Tesla's electric vehicles now produced in China.
Tesla Inc. has successfully sold $499 million in bonds backed by loans for customers purchasing solar equipment. The five-tranche deal, marketed by Deutsche Bank, received investment-grade ratings from Fitch, reflecting the strong credit profiles of the borrowers involved.
BlackRock has launched the iShares Top 20 U.S. Stocks ETF (TOPT) to provide investors with a diversified option beyond the 'Magnificent Seven'—the largest tech stocks. This ETF includes the 20 largest U.S. stocks by market capitalization, aiming to capture growth while addressing concerns over the concentration of mega-cap companies. Since its launch on October 23, the ETF has seen a 2% decline.
MicroStrategy Inc. has announced plans to sell $21 billion in new shares, aiming to bolster its Bitcoin holdings. This move surpasses the previous record set by Tesla and follows a trend of companies with strong retail investor support, similar to recent actions by GameStop and AMC.
California faces a significant budget deficit as traditional sin taxes decline. Revenues from fuel, cigarette, and alcohol taxes are plummeting, with cigarette taxes down by $500 million since 2017, jeopardizing nearly half of the funding for higher education. Local laws complicate efforts to raise taxes, requiring a two-thirds majority.
Apple Inc. and Amazon.com Inc. are set to report earnings, which will be pivotal in determining the overall success of this Big Tech earnings season. Their results follow disappointing reports from Microsoft Corp. and Meta Platforms Inc., which negatively impacted their stock prices and the broader market. In contrast, Alphabet Inc. and Tesla Inc. delivered better-than-expected results earlier in the week.
Li Auto Inc. reported a strong third-quarter performance, achieving an adjusted net income of 3.9 billion yuan ($541 million), surpassing analysts' expectations of 3 billion yuan. The automaker's cost controls and efficiency measures contributed to this profitability, making it the third new-energy vehicle manufacturer to reach this milestone after Tesla and BYD.
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