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Apple Defies Doubters
The iPhone maker’s [AAPL] market cap climbed over $215bn to $3.3trn on Wednesday, propelled by the warm reception of its artificial intelligence (AI) strategy, announced on Monday at its flagship WWDC developers’ conference. The stock closed Tuesday up 7.3%, at an all-time high of $207.15. The number of call options traded in Apple were at their highest level since 2021. The Apple Vision Pro will go on sale in China, Hong Kong, Japan and Singapore at the end of June.
EU EV Tariffs
Brussels has said that it will slap tariffs of up to 48% on Chinese-made electric vehicles (EVs) —comprising duties of 17–38% on top of the existing 10% — as of next month. Major firms including BYD [1211:HK] and Geely [0175:HK] will receive additional tariffs of 17–20%. Elsewhere, VinFast Auto [VFS] is moving ahead with its Asian expansion, Founder Pham Nhat Vuong told Bloomberg, while GM [GM] on Tuesday cut its annual EV production forecast.
AWS Expands in Taiwan
Amazon’s [AMZN] cloud computing unit Amazon Web Services (AWS) is to launch an infrastructure region (or cluster of data centres) in Taiwan by early next year in response to a “high demand for cloud services”, said Prasad Kalyanaraman, AWS Vice President of Infrastructure Services in a statement quoted by CNBC. Meanwhile, Amazon has put $1.4bn into its Housing Equity Fund, which will go towards building 14,000 affordable housing units in Seattle, Nashville and Washington.
GameStop: the Wild Ride Continues
The video game retailer [GME] has raised some $2.1bn from a share sale, driven by a rally prompted by Keith Gill, who goes by the ‘Roaring Kitty’ handle on YouTube. According to Bloomberg, GameStop has raised more than $3bn in the past month, with the latest sale of 75 million shares implying an average price of some $28.49 each. The company’s share price peaked this month at $48, but was hovering around $30 on Tuesday.
Boost For Oracle on Earnings
Shares in the software firm [ORCL] jumped 12.7% Wednesday morning in New York after it reported fiscal Q4 results. Revenue for its cloud segment (which includes infrastructure and applications) was $5.3bn, below a $5.5bn estimate, according to Seeking Alpha. Nevertheless, infrastructure revenue jumped 42% year-over-year to $2bn and application revenue was up 10% to $3.3bn. The firm also announced a new deal with Google [GOOGL], building on a similar deal with Microsoft [MSFT] at the end of last year.
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