Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
WeWork Gives Notice
Desk-renting start-up WeWork [WE], which once hoped to revolutionise the world of office real estate, has filed for bankruptcy. Co-founded by Adam Neumann, WeWork was backed by Japan’s SoftBank [SFTBY] to the tune of over $5bn, but it has struggled to keep up with rent payments, as workers increasingly returned to offices after the pandemic work-from-home peak; the firm currently has more than $13bn in lease obligations.
Nintendo Beats on Profit, Falls Short on Forecast
Helped by the yen’s recent weakness, Japan’s Nintendo [NTDOY] reported quarterly operating profit of ¥94.5bn and revenue of ¥334.9bn, both above analyst consensus. The firm now expects operating income of ¥500bn, up from ¥450bn, but lower than analysts’ ¥529bn, reported Bloomberg. Elsewhere, Chen Shaojie, founder and CEO of the Tencent-backed [TCEHY] game-streaming site DouYu [DOYU], has been detained by Chinese authorities, sources told the Financial Times.
Telefonica Seeks Full Control of German Unit
Spanish carrier Telefonica [TEF] could spend as much as €2bn to buy the outstanding 28.2% stake of its German unit, Telefonica Deutschland [O2D:DE]. Telefonica’s Madrid shares [TEF:MC] fell as much as 3% on the news, while shares in the German unit were up by as much as 42%. The move makes sense, wrote ING telecommunications strategist Jan Frederik Slijkerman in a note seen by Bloomberg: “Telefonica gets better control over the asset and dividend leakage will be reduced.”
US Army Contract for Intel?
The Wall Street Journal reported that Intel [INTC] is set to receive billions of dollars in funding from the US government, to go towards chip-building facilities that will meet the needs of US military and intelligence. Designated a “secure enclave”, the facilities will be a major part of the US army’s attempts to reduce dependence on chip imports. The funds will come from the $53bn Chips Act, passed last year.
The Evolution of ChatGPT
“We believe if you give people better tools, they will do amazing things. Eventually you’ll ask a computer for what you need and it will do all these tasks for you,” said OpenAI CEO Sam Altman on the firm’s launch of custom versions of ChatGPT, which can be adapted to different applications. The chatbot is to become a digital platform, much like Apple’s [AAPL] App Store. The firm says ChatGPT currently has 100 million weekly users.
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