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.
TSMC: A New Era?
As of Tuesday, CC Wei is both Chairman and CEO of Taiwan Semiconductor Manufacturing Co [TSM], the first person to hold both roles in some years. On his appointment, Wei reaffirmed the company’s commitment to artificial intelligence (AI) and prediction of 10% chip market growth in 2024. Elsewhere, Reuters reported that the firm had considered moving some of its chip plants away from Taiwan over tensions with China, but concluded that the move was impossible. This week’s Computex show continues in Taiwan.
Hitachi + Microsoft Join Forces on AI
Hitachi [6501:T] and Microsoft [MSFT] have further expanded their relationship, announcing a multi-billion-dollar partnership on generative AI. The three-year partnership will involve the Japanese firm integrating products including Microsoft Cloud and GitHub Copilot into Lumada, its core digital, software and services business. Elsewhere, Business Insider has reported that Microsoft is to lay off hundreds of employees from its Azure cloud business, impacting teams including Azure for Operators and Mission Engineering.
The Beginning of a Meme Stock Backlash?
According to the Wall Street Journal, Morgan Stanley [MS] subsidiary E*Trade, an electronic trading platform, may ban Keith Gill, also known as Roaring Kitty. This comes after Gill took out a $115.7m stake in Game Stop [GME] and ignited a meme stock frenzy after he shared a screenshot of the trade on Reddit [RDDT]. The move has given rise to concerns about stock manipulation. GameStop opened 73.7% higher Monday morning, but had drifted back down as much as 37.3% Tuesday afternoon.
Spotify Price Hike
The music streaming giant [SPOT] raised the price of its premium plan in the US on Monday, in its latest push to drive up margins. An individual plan has gone to $11.99 from $10.99 per month; a duo plan to $16.99 from $14.99; and a family plan to $19.99 from $16.99. The Spotify share price was up 4% in morning trading following the news. Its US revenue climbed nearly 11% in 2023, to €5.2bn.
Positive Results from New Skin Cancer Vaccine
Moderna [MRNA] and Merck [MRK] have announced that, in combination with cancer therapy Keytruda, their joint cancer vaccine showed improved survival in patients with a fatal type of skin cancer. The 157-patient, mid-stage trial showed a survival rate of 96%, compared with 90.2% with Keytruda alone, Reuters reported. Elsewhere, Johnson and Johnson [JNJ] must pay $260m to a woman who allegedly got mesothelioma, a cancer linked to asbestos exposure, from inhaling the company’s talcum powder, an Oregon court ruled on Monday.
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