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1. IBM exceeds Q4 expectations, forecasts strong 2024 growth
IBM’s Q4 performance surpasses estimates, driven by AI-related deals, including SAP SE. The company’s consulting strength in AI positions it competitively. Despite economic uncertainties, IBM anticipates mid-single-digit revenue growth in 2024, exceeding Wall Street expectations. (Reuters)
2. Binance founder denied UAE travel despite $4.5B equity offer
A federal judge rejects Binance founder Changpeng Zhao’s plea to travel to the UAE for a personal emergency, despite offering $4.5 billion in Binance equity as security. Zhao, who faces sentencing in a money laundering case, sought permission for a brief visit, revealing the equity’s valuation from two years ago. (CNBC)
3. Crypto hackers hit with 54% decrease, stealing $1.7B in 2023
In 2023, cryptocurrency hackers pilfered approximately $1.7 billion, marking a 54.3% decrease from the previous year, as revealed in a Wednesday Chainalysis report. Despite the substantial drop, the crypto industry faced 231 individual hacking incidents, highlighting persistent cybersecurity challenges. (Reuters)
4. Microsoft surpasses $3 trillion market cap, second only to Apple
On Wednesday, Microsoft achieved a historic milestone with a market value exceeding $3 trillion, solidifying its position as the world’s second most valuable company, closely trailing Apple. The ongoing rivalry for the top spot on Wall Street between Microsoft and Apple continues, with both tech giants experiencing fluctuations in market cap dominance. (Reuters)
5. Tesla aims for 2025 EV production amid sales slowdown
Tesla plans to commence production of its highly anticipated electric vehicle in the second half of 2025 at its Texas factory, according to CEO Elon Musk. Despite the milestone, Tesla’s shares fell by 6.5% in premarket trading as Musk acknowledged production challenges and forecasted a significant sales growth slowdown in 2024. The company anticipates lower margins and faces increasing competition in the evolving electric vehicle market. (U.S. News)
6. Google settles $1.67B AI chip lawsuit
Google resolves a patent infringement lawsuit over AI-related chips, avoiding a $1.67 billion claim by Singular Computing. The settlement, reached on the day of scheduled closing arguments, remains undisclosed. Singular alleged Google misused its computer-processing innovations in AI features across various services. Both companies confirm the settlement without providing further details. (U.S. News)
7. Tesla targets mid-2025 for affordable ‘redwood’ EV launch
Tesla plans to start production of its budget-friendly electric vehicle, codenamed “Redwood,” in mid-2025, aiming for a weekly volume of 10,000 units. Positioned as a compact crossover, this aligns with Elon Musk’s pursuit of affordable electric vehicles. Challenges in cost-effectiveness and production efficiency persist. (Nasdaq)
8. Microsoft teams Integrates 3D and VR meetings with Mesh
Microsoft Mesh integrates immersive 3D meetings into Teams, allowing virtual gatherings with or without VR headsets. It offers customizable environments and spatial audio, currently supporting Meta’s Quest devices. While a Teams feature, Mesh’s potential as a standalone platform is uncertain. Key features are available for Teams business plans, with premium licenses needed for custom immersive spaces. (The Verge)
9. Meta’s record rally: Surpasses $1 trillion market cap
Meta’s market cap surpasses $1 trillion, closing at $390 per share in a record rally. The surge follows a 200% increase in 2023, driven by CEO Mark Zuckerberg’s cost-cutting measures. Shareholders are optimistic as Meta strengthens its AI position, with recent investments and plans to obtain 350,000 H100 graphics cards from Nvidia. Fiscal Q4 earnings to be reported on Feb. 1. (CNBC)
10. U.S. crude oil rises 1% amid winter storm impact
U.S. crude oil prices surge 1% due to winter storms affecting domestic production. West Texas Intermediate (WTI) for March settles at $75.09, with an estimated 1 million barrels per day drop in production, notably in North Dakota. Geopolitical tensions in the Middle East and China’s economic measures contribute to oil price fluctuations. Analysts anticipate range-bound prices, barring significant Middle East supply disruptions. (CNBC)
