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“We Don’t See an AI Bubble”
Nvidia [NVDA] on Tuesday overtook Microsoft [MSFT], reaching $3.3trn to become the company with the biggest market cap in the world. Driven by the artificial intelligence (AI) boom, the stock has seen its share price climb 170% this year. Meanwhile, Taiwan Semiconductor Manufacturing Co [TSM] is closing in on $1trn. “The AI rally is supported by earnings and has more room to run, in our view. We don’t see an AI bubble,” Jean Boivin, Head of the BlackRock Investment Institute, said Monday in a note seen by Seeking Alpha.
Starliner Delayed
Boeing’s [BA] Starliner spacecraft has been delayed in its return to Earth from the International Space Station and will now come home on 26 June at the earliest, rather than 22 June as scheduled. This delay is principally attributable to thruster issues. Elsewhere in space, Rocket Lab’s [RKLB] share price rose 11% on news that it had signed a 10-launch deal with Synspective. Rocket Lab has been the only launch provider for Synspective since 2020, having successfully launched four missions for the Japanese Earth observation company to date.
Beijing Green Lights Autonomous Driving IPO
The Chinese securities regulator has approved the US IPO of autonomous driving start-up Momenta Global; the company aims to issue up to 63,352,856 ordinary shares on the Nasdaq or NYSE. Meanwhile, Reuters reported that Ferrari’s [RACE] first electric car will cost some €500,000. The automaker is set to open a plant that will produce the model, which it aims to launch late in 2025.
AI for Customer Service: a Use Case
US telecom Verizon [VZ] is to expand its use of generative AI in customer service, CEO Hans Vestberg said at the Future Talent Summit in Stockholm on Tuesday. The company already uses four generative AI programmes. It receives some 170 million calls a year; 80% of the time AI can determine why a given customer is calling, according to Vestberg. He estimates that the increased use of AI will lead to 100,000 customers staying with the company.
AI for Social Media: a Use Case
Snap [SNAP], Snapchat owner, on Tuesday launched its latest generative AI tech. This will allow users to deploy more realistic special effects, called ‘lenses’, when they film themselves on their phones, according to Reuters. A pioneer in augmented reality (AR) for social media, Snap also announced an upgrade to its developer programme, Lens Studio, which allows artists and developers to generate AR for Snapchat, as well as other websites and apps.
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