S&P 500 briefly breaches 5,000 level, Google’s new AI app to replace Bard
The S&P 500 reached a significant milestone on February 8, briefly surpassing the 5,000 level for the first time. While such milestones may not hold much mathematical significance, they can provide a psychological boost to the market. The rise in stock prices was driven by strong job market data, indicating a solid economy.
Meanwhile, Google has introduced a new artificial intelligence (AI) app called Gemini, aiming to revolutionize smartphone technology. Gemini will enable users to connect with a digital brain that can assist with writing, interpreting information, and managing tasks. As part of this development, Google will be phasing out its Bard AI tool, introduced last year, to compete with Microsoft’s ChatGPT chatbot.
In other news, Boeing is facing allegations related to the recent incident involving an Alaska Airlines flight. The lawsuit claims that a whistling sound was heard on a previous flight of the Boeing 737 Max 9, which experienced a door plug blowout during the Alaska Airlines flight. The new court documents argue that passengers reported the sound to flight attendants, who then informed a pilot. However, no further action was taken.
Despite recent layoff announcements, the number of Americans filing for jobless claims continues to decline. In the week ending February 3, jobless claims fell by 9,000 to 218,000, indicating a resilient job market. Furthermore, General Motors (GM) has hired former Tesla executive Kurt Kelty as its Vice President of Batteries. Kelty will be responsible for GM’s battery cell strategy, including research, technology development, and commercialization.
Microsoft CEO Satya Nadella recently addressed a gathering of Indian developers and emphasized the use of the company’s AI tools. With over 13.2 million Indian developers on GitHub, Microsoft aims to harness the power of AI to contribute to India’s GDP target of 10% by 2025. Microsoft plans to provide AI training programs for Indian developers and help build AI skills in 2 million Indians by 2025.
Japanese automaker Honda Motor Co. reported a 3.5% increase in profit for the October-December quarter, driven by strong demand in the US, Europe, and its home market. The company’s favorable exchange rate is expected to contribute to its overseas profits. However, Nissan Motor Co. experienced a 43% decline in profit during the same period, largely due to challenging market conditions in China. Nonetheless, Nissan maintains its annual projection for sales and profit.
Overall, the stock market continues to perform well, jobless claims are on the decline, and companies are embracing AI technology to improve their offerings in various sectors.
