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Posted On:
23-02-2024

Reddit strikes $60 million deal allowing Google to train AI models on its posts

he arrangement, announced Thursday and valued at roughly $60 million, will also give Reddit access to Google AI models for improving its site search and other features. Reddit has struck a deal with Google that allows the search giant to use posts from the online discussion site for training its artificial intelligence models and to improve products such as online search. The arrangement, announced Thursday and valued at roughly $60 million, will also give Reddit access to Google AI models for improving its site search and other features. Separately, the San Francisco-based company announced plans for its initial public offering Wednesday. In documents filed with the Securities and Exchange Commission, Reddit said it reported net income of USD 18.5 million — its first profit in two years — in the October-December quarter on revenue of USD 249.8 million. The company said it aims to list its shares on the New York Stock Exchange under the ticker symbol RDDT.
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Posted On:
23-02-2024

Nvidia nears $2-trillion valuation after adding record $277 billion in stock market value

Nvidia's one-day increase in stock market value was the largest in Wall Street's history, easily beating a record $196 billion gain by Meta Platforms on Feb. 2 after the Facebook parent declared its first dividend and posted robust results. Nvidia added $277 billion in stock market value on Thursday, Wall Street’s largest one-day gain in history after the heavyweight chipmaker’s quarterly report beat expectations and reignited a rally fueled by optimism about artificial intelligence. The company’s stock soared 16.4% to close at $785.38, a record-high close, lifting its market capitalization to $1.96 trillion after its January-quarter report late on Wednesday showed demand for its specialized chips used in AI computing continued to outpace analysts’ already-high expectations. The Santa Clara, California-based company’s results fed new fuel to a global rally in technology stocks linked to AI, propelling the S&P 500, Europe’s STOXX 600 and Japan’s Nikkei share average to record highs.
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Posted On:
24-02-2024

Gold price jumps on softening US dollar, Middle East crisis

After losing for two straight weeks, gold prices finally logged a modest 0.75 percent gain in the week gone by. Gold futures contract on the Multi Commodity Exchange (MCX) for April 2024 expiry finished at ₹62,325 per 10 gm level on Friday. In the international market, spot gold price ended at 2,035 per ounce levels, logging an impressive 2.15 percent rise from its two-month low of ₹1,992 levels that it had touched at the end of the first fortnight of February. According to commodity market experts, gold prices are finding support from the softening US dollar and the Middle East crisis. They said that the US Fed minutes released last week didn't signal any timeline for interest rate cuts and re-iterated the challenge of achieving the target of a 2 percent inflation rate. Hence, gold prices are expected to remain sideways. However, they maintained that geopolitical tension and the US dollar rate would continue to dictate the yellow metal rally.
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Posted On:
24-02-2024

Ambuja Cements hits new high; here's why stock has rallied 46% in 3 months

Shares of Ambuja Cements hit an all-time high of Rs 608.50, up 3 per cent on the BSE in Friday’s intra-day trade, amid the ongoing rally. The stock of Adani group company surpassed its previous high of Rs 598 registered on December 9, 2022. In past three months, the market price of Ambuja Cements has outperformed the market by surging 46 per cent, as compared to 11 per cent rise in the S&P BSE Sensex. The stock has recovered 88 per cent from its 52-week low of Rs 324.30 touched on February 28, 2023.
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Posted On:
24-02-2024

Two Adani Group companies among bottom 10 stocks bought by mutual fund houses in H2 2023

Adani Group’s two companies were among the bottom 10 large cap stocks when ranked on the basis of percent change in the average market cap during July-Dec 2023, shows Geojit’s report titled Fund Kaleidoscope, A wide-angle view on the Indian Fund Industry, Dec 2023 edition. These two Adani Group companies are Adani Total Gas and Adani Energy Solutions. The other stocks in the bottom ten included Vedanta, SRF, Hindustan Zinc, Kotak Mahindra, Hindustan Unilever, RIL, SBI Cards and Infosys.
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