Streetbeat News

Partnerships

JPM

JP Morgan Chase & Co. and Mastercard Incorporated have launched their Pay-by-bank solution in the U.S. for billers for recurring payments. Verizon Communications Inc. plans to pilot the program in the coming months. The launch follows a successful first development stage of the partnership, which began in November 2022.

Portfolio Pulse from Nabaparna Bhattacharya

October 20, 2023 | 4:25 pm

META

SHOP

Facebook CEO Mark Zuckerberg announced he will be discussing 'All Things AI, Llama 2 and how Shopify is integrating them' with Shopify CEO Tobias Lütke at 2 p.m. ET.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:05 pm

AZN

DSKYF

MRK

Merck & Company, Inc. (MRK) and Japan's Daiichi Sankyo Co. Ltd. (DSKYF) have entered into a global development and commercialization agreement for three of Daiichi Sankyo's DXd antibody-drug conjugate (ADC) candidates for multiple types of cancer. Merck will pay Daiichi Sankyo $5.5 billion in the agreement, which has a total potential consideration of up to $22 billion. Daiichi Sankyo aims for at least $6 billion of revenue from its oncology business in the fiscal year ending March 31, 2026.

Portfolio Pulse from Nabaparna Bhattacharya

October 20, 2023 | 2:59 pm

GSK

GlaxoSmithKline (GSK) has entered into an exclusive license agreement with Hansoh for HH-20089. Under the agreement, GSK will obtain exclusive worldwide rights, excluding mainland China, Hong Kong, Macau, and Taiwan.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 2:49 pm

SFTBY

SYM

WMT

Symbotic Inc. (NASDAQ:SYM), a robotics warehouse automation company, has partnered with SoftBank and Walmart to create GreenBox Systems, an AI-powered logistics and warehouse joint venture. SoftBank holds an 8% stake in Symbotic and a 65% stake in GreenBox, while Walmart holds an 11% stake in Symbotic. Revenue from Walmart accounts for 90% of Symbotic's total revenue. Symbotic's sales grew by 77% in the most recent quarter, and orders for its existing warehouse-management systems have surged to $12 billion.

Portfolio Pulse from Aditi Ganguly

October 20, 2023 | 2:46 pm

South Korean battery manufacturer SK on Co. Ltd., a subsidiary of SK Innovation Co. Ltd., has raised approximately $944 million in May to expand its global production capacity. The company operates in the United States, South Korea, China, and Hungary, and aims to boost its production capacity to a minimum of 220 gigawatt-hours by 2025. SK on has secured over $3.3 billion in funding this year, surpassing its initial goal. The company also secured a loan of $1.5 billion from Hyundai Motor Co. and Kia Corp. and plans to use the credit to produce batteries for future Ford and Lincoln electric vehicles.

Portfolio Pulse from Aditi Ganguly

October 20, 2023 | 2:00 pm

BABA

BIDU

BYDDF

TCEHY

XIACF

This week's top China tech stories include EHang Holdings Ltd. partnering with local government Hefei to build flying cars, AI start-up Baichuan receiving $300 million in funding from investors including Alibaba, Tencent, and Xiaomi, Baidu's Ernie chatbot advancing in AI terms, Chongqing Changan Automobile Co. Ltd. investing in a new-energy vehicle manufacturing plant in Thailand, and J&T Global Express Ltd. raising $501 million for a listing on the Hong Kong Stock Exchange.

Portfolio Pulse from Daniel Harrison

October 20, 2023 | 1:58 pm

VLCN

Volcon Inc. (NASDAQ:VLCN) has announced the commencement of low-volume production and production validation testing for its flagship product, the Stag UTV. The company's manufacturer, GLV Ventures, is building production validation units of Stag LTD, one of four trim levels being offered. The company plans to make initial shipments of approved production units to the US Army Corps of Engineers as part of a recent collaborative research and development agreement. The Stag is showing promising results including 0-60 performance which has been recorded at the top of its class.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 1:27 pm

CVX

PXD

XOM

Exxon Mobil Corporation is reportedly planning to join a U.N.-led initiative that mandates more detailed disclosure of its global methane output. This move signifies a change in direction for Exxon, which has previously hesitated to undergo external assessments of its greenhouse gas emissions reduction initiatives. The decision is reportedly influenced by the Pioneer Natural Resources Company deal. Exxon and Chevron Corporation are part of the Oil and Gas Climate Initiative, a consortium of oil companies with self-imposed emissions targets.

Portfolio Pulse from Nabaparna Bhattacharya

October 20, 2023 | 1:27 pm

AAPL

BABA

HNHPF

NVDA

Nvidia Corp (NVDA) may benefit from the U.S. embargo on advanced artificial intelligence technology to China, as Chinese gamers now have to pay more than double for Nvidia's graphics card. The U.S. has imposed fresh sanctions to prevent China's military from accessing gear that can help develop advanced AI applications. Meanwhile, Nvidia is expanding collaboration with Apple Inc (AAPL) partner, Hon Hai Precision Industry Co Ltd (HNHPF), to develop AI-powered data centers, electric vehicle and robotics platforms.

Portfolio Pulse from Anusuya Lahiri

October 20, 2023 | 1:22 pm