The most important news from last week
Alphabet will combine AI research units
In an effort to compete with OpenAI's ChatGPT chatbot, Alphabet is merging Google Brain and DeepMind to intensify its research on artificial intelligence. Alphabet CEO Sundar Pichai announced that the newly formed division, led by DeepMind CEO Demis Hassabis, will focus on the bold and responsible development of general AI. The combined teams have already delivered notable projects, such as the transformer technology used in OpenAI's own work.
Movement of Alphabet stocks in the last five years. (Source: Trading Economics) *
Tesla raised prices, after lowering them 6 times
The US prices for its premium electric vehicles, Model S and X, were increased, although they are still 20% lower than the start of the year following multiple price cuts to stimulate demand. Tesla has been reducing prices worldwide, including up to six times in the US until as recently as Tuesday, to boost sales, particularly for its mass-market cars, the Model Y crossover, and the Model 3 sedan. The company's performance versions of Model S and Model X now cost $107,490, up from $104,990 earlier.
Chipmaking tool companies expect boom in China
Despite U.S. export restrictions on equipment used in producing advanced semiconductors, two chip manufacturing tool companies, ASML Holdings NV and Lam Research, anticipate a surge in sales to China later this year. This signals that China may be a larger customer for the industry than anticipated, as it has a strong demand for less-advanced chips used in electric vehicles. Although Lam's sales were lower than last year's, both companies reported earnings that exceeded analysts' expectations.
Lockheed and Rheinmetall will develop rocket launchers
Lockheed Martin and Rheinmetall have announced a collaboration to develop a German rocket artillery system that falls in the same category as Lockheed's HIMARS rocket launchers supplied to Ukraine. The HIMARS is a missile launcher that can fire several guided missiles in quick succession while mounted on a truck. Ukraine has had great success using the missiles, which have a range of up to 50 miles, to target Russian positions.
Chile plans to nationalize its lithium industry
Chilean President Gabriel Boric announced his intention to nationalize the country's lithium industry, which is the world's second-largest producer of the metal essential for electric vehicle batteries. The move is aimed at boosting the country's economy while protecting its environment. This decision would eventually lead to the transfer of control of Chile's extensive lithium operations from industry giants SQM and Albemarle to a separate state-owned company.
* Past performance is no guarantee of future results.
Sources: Trading Economics, Reuters, CNBC, Investing
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