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.
ARK Selloff Prompts Ginkgo Rout
After Cathie Wood’s ARK Innovation ETF [ARKK] and ARK Genomic Revolution ETF [ARKG] between them sold some 41.6 million shares in Ginkgo Bioworks [DNA], on Tuesday the biotech’s share price fell to its lowest point since its IPO in 2021. ARK had previously been a key supporter of the firm, Seeking Alpha detailed. Elsewhere, the Agnelli family’s Exor [EXO:AS] has raised its holding in medical device manufacturer Royal Philips [PHG] to $4.2bn, taking its stake to 17.5%.
The Chip Test Stock Riding the AI Wave
Japan-based Advantest [6857:T] is the world’s biggest supplier of test equipment for the semiconductor industry. As such, its fortunes have been boosted by the artificial intelligence (AI) boom: its stock rose more than 7% Wednesday after it announced higher-than-projected targets for operating profit. CEO Douglas Lefever told Bloomberg Television that the firm will continue to benefit as the increasing complexity of chips will require ever-more rigorous testing.
Autonomous Driving: Latest News
Alphabet’s [GOOGL] Waymo announced on Tuesday that its autonomous ride-hailing service, Waymo One, is now available to the public in San Francisco. The company has reported approximately 300,000 sign-ups since it first opened a waitlist in the city. General Motors [GM], meanwhile, has hired former Amazon [AMZN] executive Marc Whitten to head its own autonomous driving unit, the beleaguered Cruise.
Electric Vehicles: Movers and Shakers
Volkswagen [VOW:DE] shares fell Wednesday, the day after the automaker announced it was to invest up to $5bn in a joint venture with Rivian [RVN], sending the EV maker’s shares up 50%. Elsewhere, a filing with the Hong Kong stock exchange showed that Warren Buffett’s Berkshire Hathaway [BRK-B] has further trimmed its position in BYD [1211:HK], reducing its stake to 6% on 19 June. Tesla [TSLA] is recalling most of its Cybertrucks in the US over issues with their windshield wipers and exterior trim.
When Will NuScale Turn a Profit?
The share price of NuScale Power [SMR], a US firm that designs small modular nuclear reactors, has more than tripled year-to-date, closing at $10.97 on Tuesday. Nevertheless, Seeking Alpha cautions, there are a number of questions marks hanging over the firm — for example, regarding whether it will be able to turn a profit in the next three years, or when the FEED-Phase II of the RoPower Nuclear contract will get the go-ahead.
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