Here is a rundown of Cheddar News' top trending market stories of the day.
AI RIVALRY INTENSIFIES
Google parent Alphabet said its own version of a chatbot, called Bard, will soon be available to the general public. The announcement comes as Microsoft-backed OpenAI's ChatGPT rises in popularity. Google has been developing artificial intelligence technologies for years, but has stressed the importance of proceeding "responsibly" given its size and influence. Now that the competitive stakes are rising, however, the tech giant is picking up the pace.
AMC'S TIERED SEATS
Movie theater chain AMC has announced that it is launching tiered pricing for seats based on sightline. That means those usually empty front row seats will be cheaper, while the middle of the house will be more expensive. AMC said the decision offers "another way for moviegoers to find value at the movies," while others say it's the end of an era. Just ask actor Elijiah Woods, who tweeted that the system "would essentially penalize people for lower income and reward for higher income."
https://twitter.com/elijahwood/status/1622724743995719681
RIVIAN E-BIKE
EV maker Rivian might be getting into the market for two-wheeled vehicles. According to a Bloomberg report, CEO RJ Scaringe told employees that an e-bike was in the works during a staff meeting last week. The nature of said bike is still unclear, but given Rivian's line of business, some kind of motorcycle or battery-assisted ride is likely. Rivian has previously hinted that it might get into "micromobility" and currently has patents for e-bike components.
Europeans upset with Elon Musk still aren’t buying his electric cars, adding to a long losing streak for his company.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
