Early one today as I won’t be around near the close. QQQs hovering around flat while yields tick down 6-8bps across the curve (10-year now below 4.5%) and market now pricing in 40bps worth of Fed cuts for the year (a slight shift in dovish direction). Market led higher by non-profitable tech while China Tech continued to outperform. Let’s get straight to the recap…
Internet
META +1% as Bloombreg reporting Meta Plans Major Investment Into AI-Powered Humanoid Robots (link):
Meta Platforms Inc., after pushing into augmented reality and artificial intelligence, has identified its next big bet: AI-powered humanoid robots.
The company is making a significant investment into the category — futuristic robots that can act like humans and assist with physical tasks — and is forming a new team within its Reality Labs hardware division to conduct the work, according to people with knowledge of the matter.
Meta plans to work on its own humanoid robot hardware, with an initial focus on household chores. Its bigger ambition is to make the underlying AI, sensors and software for robots that will be manufactured and sold by a range of companies, said the people, who asked not to be identified because the initiative hasn’t been announced.
The good: another moonshot to dream about. The bad: Reality Losses not stopping any time soon. Yipit was also out saying growth accelerated to mid 20s over the last two weeks, a big step up from early in the year and now tracking to mid teens Q1TD. Pair that with more mixed 3p reports for NFLX, GOOGL, and AMZN and no wonder stock won’t go down….Stock now up 9,037 straight days.
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