General Motors (GM) hires former Google exec Lin-Hua Wu as CCO

General Motors (GM) updates pricing and specs for Silverado EV

Detroit automaker, General Motors (NYSE: GM) revealed updated pricing a specs for their upcoming Chevrolet Silverado EV after announcing that they have decided to scrap plans to offer a base version of the Silverado EV with a $39,000 price tag.

"A lot has changed in the last year and a half, a lot of economic and industry pressure, we are going to increase that price," said Amy Masica, head of... More

AI not just hype, BofA sees strong LLM adoption

BofA analyst Justin Post maintained a Buy rating and $128 price target on Alphabet (NASDAQ: GOOGL) in a note Monday, stating AI is not just hype, and their user survey suggests strong LLM adoption.

Post said that ChatGPT usage is strong among... More

General Motors (GM) signs supply chain deal with Element 25

Australian mining company, Element 25 revealed Monday that they have been chosen to supply manganese sulphate to General Motors (NYSE: GM). Manganese sulphate is an important raw material needed to make batteries for electric vehicles.

According to a news release by GM, Element 25 will supply the Detroit automaker with enough manganese sulfate needed to scale electric vehicle capacity in North America to 1... More

UBS Downgrades Alphabet (GOOG) to Neutral, 'Limited Upside and NT Monetization Risk'

UBS analyst Lloyd Walmsley downgraded Alphabet (NASDAQ: GOOG) from Buy to Neutral with a price target of $132.00 (from $123.00).

The analyst comments "We downgrade Alphabet (GOOGL & GOOG) to Neutral (from Buy) given: (1) it's difficult to see upside to our current high-single-digit Sites growth estimates... More

Active options: GOOGL RIVN BAC GOOG F NKLA NFLX PFE

Active options: GOOGL RIVN BAC GOOG F NKLA NFLX PFE

Rivian (RIVN) owners poll shows overwhelming support for NACS adoption

American electric vehicle maker Rivian (NASDAQ: RIVN) announced earlier this week that the company will be joining fellow automakers Ford (NYSE: F) and General Motors (NYSE: GM) in adopting Teslas (NASDAQ: TSLA) North American Charging Standard (NACS).

A look at the companys owners forum reveals a strong consensus among owners and enthusiasts of the electric vehicle manufacturer's trucks in... More

Alphabet (GOOG) option IV near low end of range

Alphabet (NASDAQ: GOOG) 30-day option implied volatility is at 26; compared to its 52-week range of 23 to 47.

Ford (F), SK joint venture to receive $9.2B federal loan for EV battery plants

The U.S. department of energy revealed Thursday their intention to loan up to $9.2 billion in federal funds to a joint venture of Ford Motor (F) and SK On to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.

The government's Advanced Technology Vehicles Manufacturing (ATVM) loan... More

Active options: GOOGL MSFT NIO BABA TSM PYPL INTC SOFI GOOG RIVN

Active options: GOOGL MSFT NIO BABA TSM PYPL INTC SOFI GOOG RIVN

Stock market today: Dow ends lower as Powell's hawkish testimony keeps tech on ice

By Yasin Ebrahim

Investing.com -- The Dow closed lower Wednesday as investors continued to hit pause on tech after Federal Reserve Chairman Jerome Powell talked up the need to resume rate hikes later this year.

The Dow Jones Industrial Average fell 0.3%, or 102 points, the Nasdaq fell 1.2%, and the S&P 500 fell 0.5%.

The Feds projections, released last week, calling for a further two rate hikes this year are a pretty good guess for the path of monetary policy should inflation continue to trend above the Feds 2%... More

Tech companies including Google gripe about unfair cloud practices

(Reuters) -Technology trade groups as well as Alphabet's Google have griped to the Federal Trade Commission about allegedly unfair business practices in the cloud, including by the industry's No. 2 by market share Microsoft.

The comments, which were due Wednesday, respond to a March request from the U.S. agency for information on security issues and competition in the lucrative market for data storage and computing power in the so-called cloud.

They also follow scrutiny worldwide, including a recent probe by Europe's... More

Google (GOOGL) Accuses Microsoft (MSFT) Of Anticompetitive Cloud Practices In Complaint To FTC - The Information

Google (GOOGL) Accuses Microsoft (MSFT) Of Anticompetitive Cloud Practices In Complaint To FTC - The Information

A Railcar shortage is slowing auto deliveries

A recent report from the Detroit Free Press highlighted the challenges faced by automobile manufacturers in delivering new vehicles, attributing the constraints to difficulties in sourcing rail cars. According to the article, by the end of May, approximately 70,000 new vehicles were awaiting shipment from production facilities across the industry. Additionally, due to the widespread challenges, the stall in production resulted in the... More

Rail car constraints present concerns around trapped inventory - Barclays

Barclays analyst Dan Levy weighs in on the report about issues with sourcing rail cars for shipping new vehicles.

"We believe this warrants flagging as a potential risk into 2Q for our coverage OEMs in the event that timing of shipments creates a large set of vehicles... More

BTC Power joins rivals in adopting Tesla's (TSLA) NACS

In an exclusive story, Reuters reports Tuesday that privately-owned BTC Power will add Tesla's (NASDAQ: TSLA) North American Charging Standard (NACS) connection to its electric vehicle chargers starting next year.

The move follows several rival charging companies like ChargePoint (NASDAQ:... More

GM investing $920 million in Ohio diesel engine plant

By David Shepardson

WASHINGTON (Reuters) - General Motors on Tuesday said it was investing $920 million to expand operations at its Ohio diesel engine plant for production of future internal combustion engine (ICE) heavy-duty truck powertrain products.

In total, the largest U.S. automaker has announced in June more than $3.2 billion in investments to support next-generation ICE production, even as it vows to stop the sale of new gasoline- and diesel-powered vehicles by 2035 in favor of electric vehicles.

Rivian (RIVN) a Buy at Canaccord Genuity on management optimism

Canaccord Genuity reiterated a Buy rating and $40.00 price target on Rivian Automotive (NASDAQ: RIVN) following recent statements from CEO, RJ Scaringe and CFO Claire McDonough. They described a material improvement in the broader supply chain environment and said that the companys R1 demand remains healthy and described their backlog as extending into 2024.

Analyst George Gianarikas wrote in a note, Over... More

Hyundai considers adopting Tesla (TSLA) charging standard

Hyundai held its 2023 CEO Investor Day on Tuesday where CEO Jaehoon Chang revealed that the South Korean automaker is considering the adoption of the Tesla (NASDAQ: TSLA) designed North American Charging Standard (NACS) charging connector for their vehicles, but still needs to determine if the switch would be in the customers best interest.

One... More

Gannett (GCI) Files Federal Lawsuit Against Google (GOOGL)

Gannett Co., Inc. (NYSE: GCI) the largest publisher in the United States including USA TODAY and over 200 local publications, today filed a federal lawsuit in U.S. District Court for the Southern District of New York against Google (NASDAQ: GOOGL) for monopolization of advertising technology markets and deceptive... More

Rivian (RIVN) will adopt Tesla's (TSLA) charging standard

Reuters reports in an exclusive story Tuesday that American electric automaker Rivian (NASDAQ: RIVN) said it has agreed to adopt Tesla's (NASDAQ: TSLA) charging standard. Adding momentum to Tesla's bid to set the industry standard.

Tesla struck simular deals in recent weeks with General Motors (NYSE: GM) and Ford (NYSE: F),... More

Gannett sues Google, alleges online ad monopoly

By Jonathan Stempel

NEW YORK (Reuters) -Gannett, the largest U.S. newspaper chain and publisher of USA Today, on Tuesday sued Google for trying to corner the market for online advertising by monopolizing ad technology.

In a complaint filed in Manhattan federal court, Gannett, which has more than 200 daily newspapers, said Google's control over tools for buying and selling online ads forces publishers to sell more cheap ad space to the Alphabet Inc unit.

Gannett said this leaves Google with "exorbitant monopoly profits," and "dramatically less revenue" for publishers and its ad technology rivals.

"Digital... More

Gannett (GCI) files lawsuit versus Alphabet (GOOGL) for deceptive commercial practices

Gannett (NYSE: GCI) filed a civil action against Google LLC and Alphabet Inc. (NASDAQ: GOOGL) in the U.S. District Court in the Southern District of New York seeking injunctive relief and damages for the anticompetitive monopolization of advertising... More

Hyundai increases annual EV investment to $28B

Hyundai Motor announced Tuesday that the Korean multi-national automaker plans to raise its average annual investment in electrification by nearly two thirds to $28 billion over the next decade to restructure its business in China and boost electric vehicle (EV) sales.

Hyundai CEO Jaehoon Chang told investors that China, the world's largest vehicle market, had been very profitable up until 2016 but it was now the biggest risk as the automaker had lost market share to... More

Citi cuts estimates on EV charging stocks

Citi research updated their estimates on electric vehicle charging stocks Allego (NYSE: ALLG), ChargePoint (NYSE: CHPT) and EVgo (NASDAQ: EVGO) after meeting with management following the companies recent financial results.

Analyst Itay Michaeli wrote in a note, Despite the recent pullback in EV charging stocks, we remain selective with continued preference for Europe exposure (Allego). Though we dont think recent U.S. NACS developments (GM/Ford Tesla) dramatically change the LT fundamental picture for EVgo and ChargePoint, it does introduce NT headline risk while... More

Google seeks suppliers to move some Pixel production to India - Bloomberg News

NEW DELHI (Reuters) -Alphabet Inc's Google has begun early conversations with domestic suppliers to move some production of its Pixel smartphone to India, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Global tech giants are eyeing India as a manufacturing hub, shifting away from China... More