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 Here's your insider update for Thursday, February 2nd, 2023 Is ChatGPT the Google killer? Well, Google tests a potential ChatGPT competitor.
Google steps up the competition with its rival, taking the competition with AI-powered language model ChatGPT very seriously, with its new project "Atlas," under its cloud unit. This "code red" effort is designed to compete with ChatGPT. The Tech Giant is also testing a chatbot named "Apprentice Bard," which provides employees with detailed answers to their questions, much like ChatGPT.
As feedback continues to pour in from employees, Google remains committed to improving its offerings in this area. US home prices slip, market bottom in sight? US home prices have slipped for 5 consecutive months with the Case-Schiller Index posting a 7.7% annual gain in home prices down from 9.2% in October. Meanwhile, the FHFA index showed a 0.1% decline in prices between October and November.
Among the 20 cities, Miami, Tampa, and Atlanta, all reported the highest year over year gains in November. SNAP share's tumble on weak revenue. Snap shares took a dive following its third consecutive disappointing earnings report. The company attributes the challenging year to macroeconomic headwinds platform policy changes and increased competition. Snap expects the operating environment will remain challenging in the near term as these headwinds persist.
Peloton losses narrow as subscription revenue surges. Peloton's losses have narrowed as its subscription revenue continues to outpace equipment sales. The company CEO McCarthy, expects the trend to continue with the company ending the quarter with 6.7 million total members and 3.03 million connected fitness subscriptions, a 10% jump from the previous year. AMD's profit plummets on weaker PC sales.
AMD's net income saw a 98% decline in the fourth quarter due to higher operating expenses and weaker PC sales. The company's client segment revenue dropped 51% to $903 million due to lower processor shipments, while its gaming segment revenue declined 7% to $1.6 billion. What to watch this week: Iron ore prices could rally as leading producer holds.
Iron ore prices are forecasted an upward movement of 20% as India, the world's fourth largest producer reserves more of the commodity for domestic use, according to commodity intelligence reports. Exports from India are expected to remain low, fueling a potential rally in iron ore prices. The Midwest emerges as the next top real estate market. If you're looking for the next hot thing in real estate, look no further than the Midwest.
Seven of the country's top 10 emerging housing markets are smaller cities with strong economies and more affordable housing, according to the Wall Street Journal and its index for emerging housing markets. These markets are bargains for real estate relative to the other areas in the country. Instagram co-founders launched TikTok for text. Instagram.
Co-founders Mike Krieger and Kevin Systrom are back with a new venture, Artifact, a personalized newsfeed that uses machine learning to understand your interests, and soon lets you discuss articles with friends. Think of it as a TikTok for text or a mobile app version of Google Reader reborn. PayPal to lay off 2000 employees in the coming weeks. About 7% of its workforce, as CEO Dan Schulman addresses the challenging macroeconomic environment.
The company has made progress in focusing resources on core priorities in streamlining its cost structure, but more work remains to be done. Geely's Lotus goes public with a $5.4 billion valuation. Geely's Lotus is making a big move in the market with its public debut via SPAC, a special purpose acquisition company, valued at an impressive $5.4 billion.
The electric vehicle subsidiary of the British Car Group, acquired by Geely in 2017, will join forces with the L Catterton Asia Acquisition Corp in a strategic partnership. The SPAC is tied to Bernard Arnault, the wealthiest man in the world. And that caps off your snackable new summary for the day. But now what? What can you do with this new found intel? How can you wield this information to protect and grow your money?
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