Nvidia unveils next-generation chips. Codenamed Ada Lovelace, the new type of graphics chip will use enhanced artificial intelligence to create more realistic images in games. The top-of-the-line RTX 4090 will cost $1,599 and go on sale Oct. 12. Other versions that come in November will retail for $899 and $1,199.
SPAC king Palihapitiya shutters two SPACs as deal hunt fails. Social Capital Hedosophia VI, his largest ever special purpose acquisition company which raised $1.15 billion, and Social Capital IV, which pulled in $460 million from investors, will be shut down, according to regulatory filings. Last month, the two SPACs launched by Palihapitiya said they needed to push back the October deadlines they had set to make acquisitions.
Spotify offers an audiobook service with 300,000 titles. Spotify users will be able to purchase and listen to a catalog of more than 300,000 audiobooks from independent authors and major publishers, including titles by horror writer Stephen King, journalist Malcolm Gladwell, and romance novelist Abby Jimenez. This comes as the streaming giant aims to expand beyond music and podcasts. Read more here.
Gap is cutting 500 corporate jobs. The jobs are mainly at Gap’s main offices in San Francisco and New York as well as in Asia. The company is laying off staff and eliminating positions that are currently open across a range of departments. Some employees have been notified of the layoffs in recent days. The company has endured years of slumping sales at the flagship Gap brand and, more recently, problems at the Old Navy chain.
Peloton is launching a line of rowing machines. The pricing will start at $3,195. The Peloton Row machines are now available for pre-order, and the company expects to start delivering the machines by December. The new product comes as Peloton has been executing a restructuring plan as losses have mounted for the company. Deliveries are expected to begin in December.
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WHAT TO WATCH
GM to sell up to 175,000 electric vehicles to Hertz through 2027. The deal calls for GM to start supplying electric vehicles such as the Chevrolet Bolt EV and Bolt EUV to the rental car giant starting early next year. Those vehicles are expected to be followed by newer EV models on the company’s Ultium battery technology, such as the Chevrolet Blazer and Chevrolet Equinox. Read more here.
Goldman says copper demand is about to surge. Along with the “green transition” driving a surge in demand for copper, Goldman noted that new supply from approved projects will peak in 2024. After this, there are no significant copper projects planned until 2027 or 2028. Demand is likely to accelerate given the push towards a low-carbon economy and growing green copper demand. Read more here.
Ford's supply chain challenges continue to hurt the company. The automaker expects it will have to build between 40,000 and 45,000 high-margin trucks and SUVs on a "vehicles on wheels" basis, holding them back until Ford receives the parts necessary to complete them. In addition, suppliers are complaining about the higher costs they face in coming out with vital parts and components.
BeReal plans to add paid features. Photo-sharing app BeReal is exploring the addition of in-app payments for extra features to avoid Instagram-style advertising, as the French start-up grapples with technical glitches caused by this summer’s massive surge in its popularity among Gen Z users. The free app’s rapid rise to prominence has already drawn copycat features from TikTok, Instagram, and Snapchat. Source(16:38)
Ralph Lauren targets operating margins of at least 15% by 2025. The luxury retailer unveiled a new three-year strategic plan that leans heavily on the strength of luxury consumers. The company also issued a long-term financial outlook during its first investor day since 2018, remaining upbeat even in the face of rising inflation and slowing consumer spending trends.