Hey there, readers! Today, we have some exciting news in the world of technology and finance. Let's dive in!
First up, there has been a leadership crisis at OpenAI, the Silicon Valley startup that developed key generative artificial-intelligence technology. More than 500 employees have threatened to leave the company if the current board doesn’t resign and reinstate former Chief Executive Sam Altman and former President Greg Brockman. However, Microsoft came to the rescue by hiring Altman and Brockman and opening its doors to more talent from OpenAI. This move has caused Microsoft shares to reach an all-time high.
In other AI news, Nvidia, the tech company that has bet big on artificial intelligence, is set to report its quarterly results. Wall Street analysts have sky-high expectations for Nvidia, with forecasts of sales reaching $16.2 billion and a profit of $7.2 billion. This would be a significant increase from last year's sales of $5.9 billion and earnings of $680 million.
Meanwhile, in the world of finance, Argentinian stocks listed in the U.S. experienced a jump after Javier Milei won the presidential election. Milei, a self-styled anarcho-capitalist, plans to adopt the U.S. dollar as the national currency. This news has positively impacted U.S. stocks, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all seeing gains.
Lastly, we have an interesting development in the smartphone market. Chinese handset makers like Huawei and Xiaomi are making a strong comeback, which poses a challenge for Apple in China. Xiaomi, in particular, is making a renewed push in the premium segment, which is Apple's bread and butter.
That's all for today's news roundup. Stay tuned for more updates!
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