What's up, Market Movers! Welcome to the podcast where we serve up a curated, snackable summary of the latest news, trends and financial models, giving you all the intel you need to make better decisions when it comes to thinking about your money, protecting your money, and building wealth. For more, visit us at MarketMoversDaily.com And now for your Market Mover's Daily update, today, Monday, February 13th, 2023. Amazon poses threat to Facebook's ad dominance.
With Amazon's increasing investment in its ad products and a growing edge in targeted capabilities, brands are shifting their ad budgets towards the e-commerce giant. Amazon's ad business, which has skyrocketed to third place among digital ad companies, saw 19% growth in Q4, while Facebook's parent company Meta reported its third straight drop in revenue. Ford to build EV battery plant in Michigan. Ford Motor Co and Contemporary Amperex Technology Co. Ltd.
are set to revolutionize the industry with their plans to build a multi-billion dollar battery plant in Michigan. The facility located just 100 miles west of Detroit is expected to create 2,500 jobs and make a significant impact on the industry. A formal announcement of the agreement is expected to be made next week. Nikola constructs hydrogen fuel network for zero emissions trucks.
Nikola is set to revolutionize the transportation industry with its planned hydrogen fuel network, crucial for the assembly of its hydrogen fuel electric trucks. Unlike battery electric vehicles that can be recharged with electricity, these trucks require hydrogen to stay on the road making this network a critical component of Nikola's strategy. You asked, so here it is. Here's what's happening with home prices.
In December, home prices saw a national increase of 6.9% year over year, according to Core Logic. This was the smallest increase since the pandemic's impact on the housing market in summer 2020. Despite this, the rate of decline from November to December was much smaller than monthly. Decline seen last summer. Artificial intelligence changes the landscape for media production.
With the cost of making a $10 million movie, potentially dropping to just $10,000 or even just a thousand dollars of compute time, anyone in their basement can now start making their own movies using AI. This disruptive technology has the potential to break the monopoly of big production houses, creating new opportunities for consumers to create and enjoy their own media, including movies, music, and video games. What to watch this upcoming week... L'Oreal sees growth in Q4 sales, thanks to US.
demand. L'Oreal reported 8.1% sales growth in the fourth quarter in line with expectations driven by strong demand in the US despite cost of living pressures. The CEO reports that beauty remains an "affordable indulgence" for customers. With China's reopening on the horizon, L'Oreal is poised for even more growth this coming year. Apple's services segment, a key metric to watch.
The services segment of Apple is expected to grow quarter over quarter, and the good news is that it rose nearly 7% in Q1 thanks to record revenues in its cloud and payment services. However, the cost of sales for the segment rose 12% in the quarter, nearly double the rate of increase in service sales. It's important for investors to keep an eye on how Apple balances growth and profitability in this segment. Meta's future remains unclear. Despite Q4 success.
Although Meta's fourth quarter was impressive, investors are advised to proceed with caution while the company is undergoing cuts and restructuring. CEO Mark Zuckerberg remains optimistic about the metaverse. Meta shipped its first mainstream mixed reality device at the end of last and still aims to become the go-to standard for metaverse life, but these investments have yet to pay off.
SpaceX's financial future looks bright with Starlink as funds generated from services like Starlink are being invested into the company's development projects. SpaceX president predicts a profitable year. The investments includes the development of the highly anticipated starship vehicle, which is set to take on its first test, launch, and handle a moon landing mission with NASA astronauts. Is there an economic rebound on the horizon?
Despite the rapid rise in interest rates, the economy appears to be thriving, and some economists believe in a growth rebound. January's addition of a half a million jobs serves as evidence of the economic strength, despite concerns about paying for past excesses. This may cause a shift in perspectives and outlook for the future. And that caps off your snackable new summary for the day. But now what? What can you do with this new found intel?
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