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Why OpenAIโs Long-Term Gamble Could Pay Off
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Below are Today's Key Takeaways.
Top News Move the Market
Wall Street's main indexes closed lower on Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the U.S. economy and the path for interest rates.
$AMD(AMD)$ - AMD was down 4% even after CEO Lisa Su said at the companyโs Advancing AI event in San Francisco that demand for artificial-intelligence had exceeded the companyโs expectations over the past year. Su said that the chip maker had the โbest portfolio in the industry to address end-to-end AI.โ The company also launched its latest data center AI chip.
$First Solar(FSLR)$, $Enphase Energy(ENPH)$ - First Solar dropped 9.3% to $205.04. Analysts at Jefferies cut their target price on shares of the solar company to $266 from $271, but maintained a Buy rating. โUtility scale solar continues to be challenged by delays due to long interconnection queues, supply-chain, and labor shortages,โ the analysts wrote in a research note. Peer Enphase Energy was down 5.8%.
$10x Genomics(TXG)$ - 10x Genomics fell 24.7% after the life-sciences technology company said it expects third-quarter revenue of about $151.7 million, down 1% from a year earlier, and below analystsโ estimates for $162.2 million. CEO Serge Saxonov said in a statement that modifications made to the companyโs commercial processes and organization โto increase effectiveness represented a significant change in how we engage with customers. The transition โwas more disruptive than we anticipated, especially in the Americas.โ
The consumer price index increased a seasonally adjusted 0.2% for the month, putting the annual inflation rate at 2.4%. Both were 0.1 percentage point higher than forecast.
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BUY MSTR #BTC