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ChatGPT Levels Up

OpenAI, Alibaba, Gamestop

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Good Morning!

Happy Tuesday! Let’s see what is moving the markets:

👉 ChatGPT new updates

👉 Alibaba earnings are here

👉Meme stock mania

CHATGPT: New Updates

OpenAI has introduced a new, more efficient, and affordable AI model called GPT-4o, enhancing the capabilities of its ChatGPT chatbot. During a recent livestream, the company showcased this updated model's ability to handle text, audio, and images in real-time, promising improvements in the coming weeks.

Source: CNBC

The demonstration featured real-time language translation, voice interactions, and even the chatbot singing, highlighting the model's new ability to provide audio responses instantly for smoother conversations. OpenAI also announced that premium features like web search and voice interaction would now be available to all users. The release of GPT-4o aims to keep OpenAI ahead in the competitive AI market. Despite some technical glitches during the presentation, OpenAI plans to roll out these updates to different user groups starting with premium subscribers.

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EARNINGS: Alibaba

Alibaba's shares fell after the company reported an 86% drop in net profit for the fiscal fourth quarter, totaling 3.3 billion yuan. The decline followed a year of major corporate restructuring and management changes, including appointing Eddie Wu as CEO. To reassure investors, Alibaba boosted its share buyback program to $25 billion through March 2027.

Source: Fox

Despite slow consumer spending in China, Alibaba saw slight improvements in its main e-commerce business and is expanding internationally to counter domestic challenges and rising competition. Revenue from Alibaba’s China e-commerce operations grew 4% year-over-year to 93.2 billion yuan, while its international commerce revenue surged 45% to 27.4 billion yuan. The company's cloud computing division grew 3% year-over-year to 25.6 billion yuan, as Alibaba shifts focus to AI-related products and public cloud services to drive future growth.

MANIA: GameStop and AMC

GameStop shares surged in Tuesday's premarket, continuing a meme stock rally sparked by Roaring Kitty's first online post in three years. GameStop's stock soared 150% after a 74% increase on Monday, while AMC jumped 110% following a $250 million equity raise.

Source: Medium

Other meme stocks like BlackBerry and Koss also saw significant premarket gains. The rally was reignited by a post from Keith Gill, aka Roaring Kitty, which has attracted over 23 million views. Gill previously led a surge in GameStop's stock against hedge fund short positions in 2020 and 2021. Despite past highs and recent lows, GameStop's recent surge caused significant losses for short sellers, with estimated losses reaching over $2.3 billion in May, as reported by Ortex Technologies. The short interest in GameStop is at its highest since 2022, echoing the January 2021 trading frenzy.

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