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If you’re tired of the same old version of “Shape of You” and want to see if AI can spice it up, has Spotify got good news for you: soon, Premium users can use AI to make remixes or covers of songs from Universal Music Group, the world’s largest music group. We don’t know which “participating artists and songwriters” this will include, so until we know the options, it’s hard to say if it’ll be worth paying extra for it.
Stocks finished Thursday in the green after wavering as traders digested war updates, with US Secretary of State Marco Rubio telling reporters there had been “some good signs” in talks.
🍿 Pop quiz:
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Quantum computing stocks soared on Thursday after the Trump administration signed a number of letters of intent to award a total of $2 billion in grants to nine quantum companies, in deals that also include equity stakes.
The following companies are part of the overall package, with respective amounts of funding reported:
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- IBM, finishing up 12% on the day, received $1 billion of the reported grant. GlobalFoundries, up about 15%, got $375 million.
- D-Wave Quantum (up 33%), Rigetti Computing (up 31%), and Infleqtion (up 31%), as well as the private Atom Computing, PsiQuantum, and Quantinuum, all won $100 million each, with Diraq awarded $38 million.
- For IBM, the largest recipient, the funds will be used to “build an American quantum chip foundry,” supporting the research and development efforts of a new IBM company: Anderon, set to be “America’s first pure-play quantum foundry,” according to IBM, which will match the federal funding dollar for dollar, plowing $1 billion into Anderon.
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The process of reaching these deals with the government included “a very rigorous technical evaluation over many, many months,” Infleqtion CEO Matthew Kinsella told Sherwood News. “Every quantum company I have spoken with throughout the supply chain applied and put in a proposal for this CHIPS Act money. So I view this as the US government having done a very, very broad overview of the quantum industry and selected the partners that they believe can execute.”
Rumors and reports of potential government support buoyed quantum computing stocks during September and October of last year, contributing to frenzied, options-fueled gains for many of its most well-known constituents.
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- Shares of the chip designer meandered Thursday after doing a whole lot of nothing following the release of fiscal Q1 2027 results on Wednesday afternoon, which included a conference call with CEO Jensen Huang and CFO Colette Kress.
- Since Nvidia unofficially kicked off the AI boom in May 2023, it’s had a one-day decline after earnings on four separate occasions.
- Three months after that knee-jerk sell-off, it has then rocketed higher, besting the S&P 500 meaningfully (in aggregate), too.
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The 24 hours following Nvidia’s earnings reports are increasingly a time when financial journalists feel pressure to engage in creative writing about lines on charts because there are often no compelling, reasonable stories to tell. You end up reading things like, “Nvidia’s earnings beat expectations, but the stock is selling off because they didn’t beat the highest expectations” — as if that makes a lick of sense or is a standard we apply to most securities.
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When the world’s most valuable company reports, it’s easy to miss the forest for the trees. Among S&P 100 companies? For the most recent quarter versus the same period a year ago, Nvidia’s revenue growth is better than all but one of them (Micron). It’s the fourth-cheapest based on price to (forward) earnings growth. It has the 13th-strongest earnings revisions year to date, bested only by other chip or AI-linked companies and a couple of oil companies. That’s the forest.
Read what Wall Street thought
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Tesla declared on X that its Full Self-Driving (Supervised) technology is “now available” in a number of countries, including its second-biggest market, China — news that prompted a fresh round of headlines. The thing is, while a limited version of Tesla’s supervised FSD has been available in China since last year, it’s not clear what has materially changed since CEO Elon Musk went to China last week.
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*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
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