Weekly Market Update - 24 July 2023
Apple AI
Apple Inc. is quietly working on artificial intelligence tools that could challenge those of OpenAI Inc., Alphabet Inc.’s Google and others, but the company has yet to devise a clear strategy for releasing the technology to consumers. The iPhone maker has built its own framework to create large language models — the AI-based systems at the heart of new offerings like ChatGPT and Google’s Bard — according to people with knowledge of the efforts. With that foundation, known as “Ajax,” Apple also has created a chatbot service that some engineers call “Apple GPT.”
Source: Bloomberg
Wheat Futures
Wheat futures jumped after the Russian Defense Ministry said all vessels in the Black Sea heading to Ukrainian ports will be considered potential carriers of military cargo starting Thursday. Russian President Vladimir Putin won’t attend next month’s summit of BRICS leaders in Johannesburg in person, resolving a potential dilemma South Africa faced over whether to execute an International Criminal Court warrant for his arrest if he did come. Putin’s possible participation in the gathering was being closely monitored by Washington and its allies as they seek to isolate Moscow for its invasion of Ukraine.
Source: Bloomberg
Evergrande Group
China Evergrande Group posted combined losses of more than $81 billion over two years as the world’s most-indebted developer released its long-delayed results in a bid to resume stock trading.
The company reported a loss attributable to shareholders of 105.9 billion yuan ($14.8 billion) for the full year in 2022, adding to a 476 billion yuan loss for the previous year, the firm said in a Hong Kong stock exchange filing.
Releasing the financial statements helps Evergrande move one step closer toward resuming trading since being suspended in March 2022. It also gives offshore bondholders something more to digest as they consider the company’s debt restructuring proposal. Evergrande expects to apply to courts in late July to move ahead with the plan.
Source: Bloomberg