AI, Microsoft and stock
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According to data from S&P Global Market Intelligence, the stock finished the month down 22%. As you can see from the chart below, the stock dipped through the first three weeks of the month before a late recovery in the last week of November. The big news in the quarter for Serve Robotics was its third-quarter earnings report.
Meta ( META) is reportedly set to make major cuts to its metaverse efforts, as the company continues to push deeper into the AI space. CEO Mark Zuckerberg is looking to reduce the budget for the metaverse unit by as much as 30%, according to Bloomberg. Meta stock popped more than 4% on the news.
The stock market sell-off restarted on Thursday. Markets whipsawed in afternoon trading as valuation concerns returned to the conversation.
That formula had driven strong growth in the business, but Innodata took a breather in the third quarter. Revenue rose just 20% to $62.6 million, though that still topped the consensus at $59.8 million. That was also a notable step down from growth roughly doubling in the first half of the year.
Nvidia has been subject to criticism over circular AI deals — as the leading AI chipmaker has invested in its own customers — with the famed "Big Short" investor Michael Burry recently betting on the company's decline and claiming the AI market is like the dot-com bubble.
B2B travel platform Global Business Travel (GBTG) is working with advisers to explore a potential sale amid higher uncertainty of stock performance and evolving industry competition,
“The market continues to [hit] record highs on the back of strong earnings and easing U.S.–China trade tensions,” said Mark Hackett, chief market strategist at Nationwide, who calls the current state of “steady growth without irrational exuberance” a ”Goldilocks environment.”
Midway through the third quarter of the Jets' Week 13 victory over the Falcons, Tyrod Taylor unloaded a long touchdown pass to second-year wideout Adonai Mitchell. The play went for 52 yards in the stat book but traveled 53 yards through the air from where Taylor released the pass, the longest offensive TD of the Jets' season.