Apple Music Could Outpace Spotify, Tech Giants Prepare to Release Earnings
Apple Music is on track to overtake Spotify. According to The Wall Street Journal, Apple is growing its U.S. subscriber base by 5% every month, compared to only 2% growth from Spotify. If Apple continues to grow at this pace, it could overtake Spotify in the U.S. by the summer.
In our weekly Grab & Go segment, we preview earnings reports from Twitter, Snap, and Tesla. Investors will be looking to see if Twitter can return to growth. Snap hopes its app redesign will turn things around. And Tesla's revenue is likely to grow while profitability will take a hit due to higher than expected production costs for the Model 3.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
