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Happy Presidentâs Day! The stock market is closed today:
đ ChatGPT releases new feature
đ Sonyâs profit margins are shrinking
đ Apple faces a major fine
CHATGPT: Video Is Here
OpenAI, the founder of ChatGPT, is now venturing into video with its new AI model, Sora. Sora resembles OpenAI's DALL-E, allowing users to create high-definition video clips from typed scenes, enhance still images into videos, and edit or complete existing videos. For example, if you typed in âA sunset at the beach with dolphins jumping in the background,â then a video of this would be created in seconds. This move signals video as the next big area for AI, amidst concerns over misinformation and the surge in AI-generated deepfakes, which have increased by 900% year over year.
Source: Investopedia
Currently, Sora can produce videos up to one minute long as part of OpenAI's goal for multimodal AI capabilities, blending text, image, and video generation. Sora has been tested by a limited group for safety and bias, with OpenAI planning to release a technical paper and develop tools to detect Sora-generated content, aligning with efforts to identify AI creations during political elections.
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SONY: Shrinking Profit Margins
Sony's stock lost $10 billion in value last week following a cut in its PlayStation 5 sales forecast, reflecting concerns over-ambitious targets and shrinking profit margins in its gaming division. The company lowered its PS5 sales outlook from 25 million to 21 million units for the fiscal year, causing a significant stock price drop.
Source: FT
Gaming division margins have notably declined to below 6%, a decrease from previous years' 12-13% margins, despite factors that should have improved profitability. Rising software production costs, such as the $300 million spent on "Spiderman 2," have also contributed to the financial strain.
APPLE: Faces Major Fine
Apple is poised to receive a âŹ500 million fine from the European Union for stifling music streaming competitors like Spotify on its platforms, marking its first penalty from the bloc. The fine follows findings that Apple violated competition laws by preventing rivals from advertising cheaper alternatives outside its App Store.
Source: The Week
This action is part of EU competition chief Margrethe Vestager's broader effort to curb Big Tech's dominance, which has included imposing significant fines on Google and ordering Apple to repay substantial tax advantages. The EU's decision stems from a Spotify complaint about Apple's restrictive App Store policies, which allegedly forced Spotify to increase its subscription prices.
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