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Good Morning!
Happy Friday! Have a great weekend:
👉Uber’s new partner
👉House sales rise
👉FDA approves vaccines
UBER: Partnership Deal
Uber and General Motors’ Cruise have entered a multi-year partnership to offer driverless rides through Uber starting next year. This move comes as Cruise works to revive its robotaxi business after a major setback in October 2023 when a driverless Cruise vehicle dragged a pedestrian in San Francisco, leading to leadership changes and layoffs.
Source: CNBC
Cruise CEO Marc Whitten and Uber CEO Dara Khosrowshahi expressed optimism about the partnership, emphasizing safety in their joint mission. Despite Cruise’s focus on relaunching its driverless service, details about the partnership and relaunch plans remain undisclosed.
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HOME: Sales Rose
According to the National Association of Realtors, closed home sales rose 1.3% in July from June, hitting an annual rate of 3.95 million. This is the first increase in five months, but they are still 2.5% lower than last year.
Source: Bankrate
The Northeast led gains, while the Midwest remained flat. Despite the uptick, home sales are still slow, though lower interest rates are improving affordability. All-cash sales made up 27% of July transactions. Inventory increased slightly, but prices kept climbing, with the median home price at $442,600, up 4.2% from last year. First-time buyers made up 29% of sales. With rates dropping, demand is rising, as Redfin reports a 4% increase in tour requests.
FDA: Approves Vaccines
The FDA has approved updated COVID vaccines from Pfizer and Moderna, targeting the KP.2 strain, a variant of the Omicron subvariant JN.1. These new shots are expected to be available soon, with Pfizer and Moderna beginning distribution in the coming days.
Source: Northwestern
The vaccines are approved for those 12 and older and authorized for emergency use in children six months to 11 years old. Despite a recent summer COVID surge, it's unclear how many people will get the new shots, as only 22.5% of adults received last fall’s booster. Novavax is still waiting for FDA approval for its version.
Chart of the Day
📊 Big Tech’s AI Spending War
Source: Carbon Finance
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Source: @wallstreetoasis
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