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The US is planning to restrict Chinese companies from accessing US cloud-computing services from Amazon and Microsoft. The new rule would require US cloud-service providers to obtain government permission before offering services that use advanced AI chips to customers in China. This move is seen as an effort to close a loophole that may have allowed Chinese AI companies to evade export control regulations by using cloud services. The ban is the latest in a series of reciprocal measures taken by the US and China concerning semiconductors and other advanced technologies.

Portfolio Pulse from Bibhu Pattnaik

July 04, 2023 | 3:08 pm

AMZN

RIVN

Rivian Automotive's electric delivery vans, designed in conjunction with Amazon, have arrived in Europe. Over 300 vans will roll out in Germany in the coming weeks. These are Rivian's first vehicles in Europe. Amazon aims to have 10,000 Rivian vehicles in its fleet worldwide by 2030.

Portfolio Pulse from Anan Ashraf

July 04, 2023 | 2:02 pm

SFTBY

Masayoshi Son, CEO of SoftBank Group, predicts a future where artificial intelligence (AI) surpasses human intellect and is applied in every industry. He urged Japan not to get distracted by minor issues like electricity efficiency in AI development, as it could cause the country to lag in the global AI race.

Portfolio Pulse from Benzinga Newsbot

July 04, 2023 | 10:20 am

ARVL

Electric vehicle startup Arrival SA (NASDAQ:ARVL) has terminated its proposed merger with Kensington Capital Acquisition Corp V and plans to pursue alternate funding. The merger would have provided Arrival with up to $283 million for the development of its XL van. Arrival ended Q1 with $130 million in cash. The company has engaged TD Cowen and Teneo Financial Advisory for its new funding strategy.

Portfolio Pulse from Anan Ashraf

July 04, 2023 | 6:49 am

AMZN

GOOGL

MSFT

Microsoft Corporation's Indian arm is reshuffling its top executives, promoting several key figures. The move comes amid strong competition from Amazon and Google in the enterprise cloud space in India. The report also suggests that Puneet Chandok, former head of AWS India, may be joining Microsoft. Microsoft India's president recently emphasized the company's focus on expanding its presence in India, particularly in sectors such as banking and financial services.

Portfolio Pulse from Arpit Nayak

July 04, 2023 | 5:39 am

AAPL

META

Reliance Jio, a subsidiary of Reliance Industries owned by Mukesh Ambani, is set to launch a $12 internet-connected mobile phone, known as 'Jio Bharat'. The phone will come with Reliance's own video and music streaming apps, digital payment capabilities, and a camera. This move is seen as a significant step in widening access to the internet for customers in India. Previously, the company launched its first-ever VR headset, JioDive, and a BlueTooth tracking device, Jio Tag, both priced significantly lower than similar products from Meta Platforms Inc. and Apple Inc.

Portfolio Pulse from Ananya Gairola

July 04, 2023 | 4:00 am

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DOGEUSD

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Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin surged after BlackRock refiled its Bitcoin ETF application in the US. The new filing includes information that Coinbase will offer market surveillance to support the ETF. The global crypto market capitalization stood at $1.22 trillion, an increase of 1.19% over the last day. The US stock market also saw a modest increase on Monday.

Portfolio Pulse from Mehab Qureshi

July 04, 2023 | 2:46 am

ARKK

ARKW

CRSP

MTLS

QSI

TSLA

VERV

Ark Invest, led by Cathie Wood, sold 29,297 shares of Tesla (TSLA) through its Ark Innovation ETF (ARKK) and Ark Next Generation Internet ETF (ARKW), valued at $8.20 million. Despite this, Ark remains a net buyer of Tesla stock this year. Other trades by Ark include buying shares of PagerDuty (PD), Crispr Therapeutics (CRSP), Verve Therapeutics (VERV), Materialise NV (MTLS), and Quantum-Si (QSI).

Portfolio Pulse from Shanthi Rexaline

July 04, 2023 | 2:27 am

AEM

GDX

GLD

GOLD

NEM

Gold prices underperformed in the first half of 2023, with the SPDR Gold Trust (GLD) up by 5%, compared to the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust Series 1 (QQQ) which were up by 16% and 38% respectively. However, the VanEck Gold Miners ETF (GDX) is trading at a significant discount, attracting value hunters. Large-cap gold miners included in the GDX, such as Newmont Corporation (NEM), Barrick Gold Corp. (GOLD), and Agnico Eagle Mines Limited (AEM), are showing attractive valuations according to common stock metrics.

Portfolio Pulse from Piero Cingari

July 03, 2023 | 8:46 pm

CSGP

CoStar Gr Inc.'s (NASDAQ:CSGP) stock price is currently at $87.51, after a 1.67% drop. However, the stock has spiked by 6.32% over the past month, and by 41.44% over the past year. The company's P/E ratio of 97.81 is higher than the aggregate P/E ratio of 31.94 of the Professional Services industry, suggesting that the stock might be overvalued.

Portfolio Pulse from Benzinga Insights

July 03, 2023 | 8:06 pm