Facebook Memoir Spotlights Meta's About-Face on China
Welcome to Tech In Depth, our revamped daily newsletter with reporting and analysis about the business of tech from Bloomberg's journalists around the world. Today, Riley Griffin reports on the fight between Meta Platforms Inc. and former employee Sarah Winn-Williams over her book, Careless People.
Alibaba and BMW team up: Alibaba and BMW will work together on AI-infused cars in China. The partnership gives Alibaba an opportunity to monetize its artificial-intelligence products, while BMW hopes that using locally developed technology will help it catch up to Chinese automakers dominating a key market.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
US Recurring Jobless Claims Jump to Highest Since End of 2021
(Bloomberg) -- Recurring applications for US unemployment benefits rose to the highest since the end of 2021, adding to evidence that it is taking unemployed Americans longer to find a new job. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? Continuing claims, a proxy for the number of people receiving benefits, advanced to 1.96 million in the week ended May 31, according to Labor Department data released Thursday. That was above all estimates in a Bloomberg survey. Meanwhile, a measure of new filings that smooths volatility climbed to the highest since August 2023. The spike in recurring claims coincides with a slowdown in hiring, suggesting that out-of-work people are struggling to find employment. However, the report covers periods that included Memorial Day and the start of summer school breaks in some states, which tends to make the data more volatile. Federal Reserve officials are widely expected to hold interest rates steady at their meeting next week, as they wait to see how President Donald Trump's policies affect the economy. Job growth slowed but remained healthy in May, while inflation data released this week showed limited impact from tariffs so far. In a separate report Thursday, US producer price inflation remained muted in May across the board, another sign that higher levies have yet to result in higher prices for consumers and businesses. Treasury yields and the dollar fell after the economic data. What Bloomberg Economics Says... 'Employers are cautious about growth prospects, leading to a relatively weak hiring rate and making it difficult for those who lose jobs to find new ones.' —Eliza Winger To read the full note, see here The claims report shows initial filings were unchanged last week, slightly above forecasts. But the four-week moving average of new applications, a metric that reduces fluctuations, rose to 240,250, the highest since August 2023. Before adjusting for seasonal factors, initial claims also rose last week. California, Minnesota and Pennsylvania saw the largest increases. --With assistance from Nazmul Ahasan. (Adds chart.) American Mid: Hampton Inn's Good-Enough Formula for World Domination New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Cathie Wood Says Trump Era Is Reviving Corporate Risk Appetite
(Bloomberg) — Corporate America is regaining its appetite for risk as expectations build around Donald Trump's push for deregulation and tax cuts, according to ARK Investment Management founder Cathie Wood. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? Speaking on Bloomberg's Trumponomics podcast during the Founders Forum Global conference in Oxford, Wood said major US firms are ramping up capital spending in response to a more business-friendly policy outlook. She cited Meta Platforms Inc.'s (META) reported investment in the AI startup Scale AI as one sign of that shift. 'We are seeing massive capital spending out of these companies,' she said. Wood argued that the dominance of megacap tech stocks in recent years reflected a flight to safety, as investors favored firms that were hoarding cash amid regulatory uncertainty by the Biden administration. That mindset, she said, appears to be fading. 'The investor base in those companies — they were looking for safety,' she said, speaking alongside Bloomberg Editor-in-Chief John Micklethwait. 'This doesn't feel as safe any more. So I think there's a rebalancing.' ARK's $6.3 billion Innovation ETF, which focuses on so-called disruptive technologies, is up nearly 12% this year, outpacing the S&P 500 (^GSPC). Still, the fund has underperformed the broader market over a longer horizon. Wood reiterated her bullish stance on Tesla Inc. (TSLA), the ETF's largest holding, calling it 'the largest AI project on earth' due to its autonomous driving ambitions. ARK has added to its Tesla stake after trimming it earlier this year. While high equity valuations have prompted some rotation out of US stocks, Wood said the dollar may resume its long-term rally as corporate risk-taking returns. American Mid: Hampton Inn's Good-Enough Formula for World Domination New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
an hour ago
- Forbes
China Market Update: Risk Off Night On Middle East Tensions & Trump Tariff Saber Rattling
CLN Despite a weaker US dollar, Asian equities were off overnight on growing chatter of a coming Middle East crisis and Trump's tariff threat reiteration. On the former, Mainland media noted that the International Atomic Energy Agency Board of Governors stated Iran had 'failed to comply with its nuclear safeguard obligations' for the first time in twenty years. No idea if there is any connection with the Israel-Iran concerns. On the latter, Chinese company JL MAG Rare-Earth stated it 'had obtained export licenses issued by national authorities for exports to destinations including the US, Europe, and Southeast Asia.' This follows last Saturday's Ministry of Commerce license approval, as May rare earth exports increased 23% MoM and 2.3% YoY. Hong Kong underperformed as growth stocks favored by foreign investors were hit. Interesting to see the US dollar lower versus every Asian currency except India, while favored Hong Kong growth stocks were hit, with Hong Kong's top ten most heavily traded by value all down for the day. Alibaba -3.21% despite Ant filing for a Hong Kong stablecoin license, while Tencent -1.54% on chatter it will buy South Korea's Nexon Games (225570 KS) for $15B. Hong Kong and Mainland healthcare stocks rebounded after I jinxed them yesterday by noting their recent outperformance. Precious metals had a good day in both Hong Kong and Mainland China. Auto/EV/Hybrid was weak on news, several cities have suspended used car purchase subsidies following reports that dealers were selling new cars as used to garner the subsidies. The Ministry of Commerce and the Ministry of Foreign Affairs held separate afternoon press conferences reiterating the progress made in London in US-Sino relations. They did reiterate that the London meeting confirmed what Trump and Xi had outlined in their June 5th phone conversation. After their underlings screwed up the Geneva trade agreement, the two bosses had to get involved which must be frustrating for them. Reminds me of my wife's frequent lament on household and child tasks, 'I do everything!' My reply is, 'How can you be doing everything, if I'm doing everything!'. YTD Mainland investors have bought $87B of Hong Kong stocks via Southbound Stock Connect versus $102B for 2024. With that said, Tencent has seen net selling since April 23rd, while Alibaba has seen choppy/leaning outflow since early May. Even Kuaishou has seen net outflows in the last week. Xiaomi has seen only two small net buy days since early May. Meituan has bucked the trend despite a very small net sell today. What gives? One factor is that Hong Kong's rebound has led to more capital raising as companies like CATL have been relisted in Hong Kong. Today, Horizon Robotics sold 681mm shares, raising $601mm via private placement. The money needs to come from somewhere to fund those purchases, so the more heavily owned you are, the more likely the stock becomes a funding source. Investors aren't blowing out of these names, just trimming them. Tencent's percentage of shares owned via Southbound Stock Connect has declined 11.82%/1.087B shares on April 24 to 11.13%/1.023B shares today. Alibaba's shares owned via Southbound Stock Connect went from 8.81%/1.682B shares on April 28 to 8.63%/1.646B shares today. Net net, no reason to freak out, IMO. Live Webinar Join us Tuesday, June 17, at 10 am EDT for: Carbon Update: EU Market Momentum & California's Legal Landscape for Investors Please click here to register New Content Read our latest article: Navigating Global Crosswinds: Carbon Markets Respond to Tariff Tactics and Executive Orders Please click here to read Chart1 Chart2 Chart3 Chart4 Chart5 Chart6
