Netflix Gains Subs From Password Sharing Crackdown, Mark Zuckerberg Discusses AI at Latest Employee Met, Privacy Breach Risk in Nvidia's AI Technology Stirs Concern: Today's Top Stories
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Biotechnology: Pharmaceutical Preparations
Health Care
Major Banks
Finance
Financial Times
Privacy Breach Risk in Nvidia's AI Technology Stirs Concern Among Researchers
- Researchers found that an Nvidia Corp (NASDAQ:NVDA) artificial intelligence software feature is susceptible to manipulation leading to the compromise of private information.
- Robust Intelligence analysts found that the "NeMo Framework," which allows developers to work with a range of large language models, could easily break through so-called safety guardrails.
- After using the Nvidia system on their own data sets, it hardly took time for the analysts to get language models to bypass restrictions.
Benzinga
UBS Gets Help From Swiss Government To Cover CS Takeover-Related Losses
- UBS Group AG (NYSE:UBS) inked a loss protection agreement with the Swiss government, effective post-completion of the acquisition of Credit Suisse Group AG (NYSE:CS).
- As stated, the acquisition is expected to close as early as June 12, 2023.
- As per the deal, UBS will handle potential losses of the first CHF 5 billion, and if the amount exceeds, the Swiss government will cover losses of the next CHF 9 billion related to the emergency takeover.
NIO Stock Falls After Q1 Earnings - Here's Why
- NIO Inc (NYSE:NIO) reported first-quarter FY23 sales growth of 7.7% year-on-year to RMB10.7 billion ($1.56 billion), missing the consensus of $1.63 billion.
- Q1 vehicle deliveries increased 20.5% Y/Y to 31,041 units, down Q/Q by 22.5%.
- Vehicle sales declined by 0.2% Y/Y to RMB9.22 billion ($1.34 billion), and the vehicle margin contracted 1,300 basis points to 5.1% due to changes in product mix and increased battery cost per unit.
AstraZeneca Inks Over $2B Agreement For Cell Therapies Targeting Diabetes
- AstraZeneca plc (NASDAQ:AZN) has entered into a collaboration, exclusive option, and license agreement with Quell Therapeutics to develop multiple engineered T-regulator (Treg) cell therapies for Type 1 Diabetes (T1D) and Inflammatory Bowel Disease (IBD) indications.
- Quell will receive $85 million upfront from AstraZeneca, which comprises a cash payment and an equity investment.
- Quell is also eligible to receive over $2 billion for further development and commercialization milestones, plus tiered royalties.
- The FDA's Antimicrobial Drugs Advisory Committee has voted unanimously 21 to 0 that AstraZeneca plc (NASDAQ:AZN) and Sanofi SA's (NASDAQ:SNY) nirsevimab has a favorable benefit-risk profile to prevent respiratory syncytial virus (RSV) lower respiratory tract disease (LRTD) in newborns and infants born during or entering their first RSV season.
- The committee also voted 19 to 2 in support of nirsevimab's favorable benefit-risk profile for children up to 24 months of age who remain vulnerable to severe RSV disease through their second RSV season.
Wall Street Journal
Netflix Gains Subs From Password Sharing Crackdown
- Netflix Inc (NASDAQ:NFLX) stock is trading higher Friday amid reports of a subscription bump from the password-sharing crackdown.
- The streaming firm gathered more new subscriptions in the U.S. between May 25 - May 28, shortly after it informed users in the U.S. and overseas than in any other four-day period since Antenna began compiling such data in 2019.
- Netflix said over 100 million people worldwide watch Netflix content using borrowed passwords.
Google Eyes US Launch of News Showcase Amid Global Push for Tech Giant Reimbursements
- Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google said a long-delayed product that reimburses news publishers to feature their content will likely launch in the U.S. this summer.
- Google News Showcase is well-timed as various countries are amid legislation to seek reimbursement from publishers from technology companies, including Google and Facebook parent Meta Platforms Inc (NASDAQ: META), for featuring their content.
- In 2020, Google announced Showcase, launching it in over 20 countries except for the U.S. amid stalled efforts to negotiate with some publishers.
Bloomberg
Visa Nears Deal To Scoop Brazil Payments Provider Pismo
- Visa Inc (NYSE:V) is in advanced talks to acquire Pismo, a Brazilian cloud-based payment and banking platform provider.
- The American multinational financial services firm could announce a deal by June.
- Mastercard Inc (NYSE: MA) and Visa were among the firms contending to acquire Pismo, worth $1 billion in a sale.
- Reportedly in 2023, Visa offered to snap Pismo for $1.4 billion.
Reuters
Credit Suisse Looking To Sell Its China Securities Brokerage Business Due To UBS Takeover
- Credit Suisse Group AG (NYSE:CS) and its joint venture partner are looking for buyers for its loss-making China Securities brokerage business.
- At one point, Citigroup Inc (NYSE: C) showed interest in buying Credit Suisse Securities China (CSS).
- The decision reflects CS's takeover by UBS Group AG (NYSE: UBS).
- As per Chinese Securities regulations, one entity cannot hold two licenses for majority-owned brokerages.
Warren Buffett-Backed BYD Unveils New EV Brand
- BYD Company (OTC:BYDDY) (OTC:BYDDF) reportedly unveiled a new brand of electric vehicle (EV) named Fang Cheng Bao.
- The brand will include vehicles ranging from off-road to sports cars to cater to the needs of various consumers. The name in Chinese is translated as "Formula" and "Leopard."
- An SUV (sports utility vehicle), internally known as SF, is expected to be launched as the first model under the brand this year.
New York Post
What's Going On With Dish Stock Friday
- DISH Network Corp (NASDAQ:DISH) stock is trading lower Friday amid reports of its struggle to sell assets and battle insider speculation of a possible bankruptcy.
- By June, the struggling satellite-TV firm will likely meet its commitment to cover 70% of the U.S. with a 5G wireless network. However, sources increasingly doubt Dish's ability to finish its buildout.
- Reportedly, Dish's boss Charlie Ergen is desperate to sell some of the company's assets, trying to sell everything that is non-core and to finance financeable assets. Also, the merger Dish explored with fellow satellite provider DirecTV has stalled.
CNBC
- Meta Platforms Inc CEO Mark Zuckerberg discussed the company's artificial intelligence endeavors during a meeting with employees Thursday in the Hacker Square pavilion at the Menlo Park headquarters.
- Zuckerberg addressed Meta's recent layoffs but mainly focused on the company's projects in generative AI.
- Acknowledging the technology's breakthroughs, he disclosed plans to play an essential and unique role in the industry.
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