Tesla’s New $1,670 Electric Quad Bike for Kids, Meta Seeks To Release Commercial AI Model, YouTube Stars’ Energy Drink Under FDA Review: Today’s Top Stories

Financial Times

Meta Platforms Seeks To Launch Commercial Version Of Its Artificial Intelligence Model

• Meta Platforms Inc (NASDAQ: META) stock is trading higher Thursday amid reports of the company bracing to launch a commercial version of its artificial intelligence model.

• Now, Meta can compete with Microsoft Corp (NASDAQ: MSFT) -backed OpenAI and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google in the race to develop generative AI.

• Meta released its language model, LLaMA, to researchers and academics earlier this year. Still, the new version will be more widely available and customizable by companies.

Benzinga

Viasat Reports An Unexpected Event During Reflector Deployment Impacting ViaSat-3 Americas Satellite

• Shares of satellite communications services provider Viasat Inc (NASDAQ: VSAT) plunged in premarket trading on Thursday.

• The Carlsbad, California-based company said late Wednesday that an unexpected event occurred during reflector deployment that may materially impact the performance of the ViaSat-3 Americas satellite.

• The company said it is working along with its reflector provider to conduct a rigorous review of the development. It also said contingency plans are currently being refined to minimize the economic impact on the company.

Adobe’s $20B Figma Deal: UK Competition WatchDog Launches In-Depth Investigation

• The Competition and Markets Authority (CMA), the U.K.’s competition watchdog, has launched a detailed investigation into Adobe Inc’s (NASDAQ: ADBE) $20 billion acquisition of Figma, a cloud-based design platform after Adobe declined to propose any solutions to allay the regulator’s concerns.

• The deal, one of the largest takeovers of a private software maker, has a targeted completion in 2023.

• The CMA had previously voiced worries last month that the merger could reduce choices for digital apps, websites, and product designers. It also raised issues regarding the supply of screen design software, a sector where both entities are competitors.

Pepsi Shares Trading After Better Than Expected Q2 Earnings

• PepsiCo Inc (NASDAQ: PEP) reported second-quarter FY23 sales growth of 10.4% year-on-year to $22.32 billion, beating the analyst consensus of $21.73 billion.

• Net revenue from Frito-Lay North America increased 14% Y/Y, Quaker Foods North America rose 1%, and PepsiCo Beverages North America climbed 10%.

ExxonMobil Buys Denbury In $4.9B Stock Deal, Boosts Low Carbon Solutions Business

• Exxon Mobil Corp (NYSE: XOM) disclosed a deal to acquire Denbury Inc (NYSE: DEN) for $4.9 billion, representing $89.45 per share as of its closing price on July 12, 2023.

• As per the deal, Denbury shareholders will receive 0.84 shares of XOM for each of its shares.

• In 2022, XOM expressed preliminary interest in Denbury, which exited bankruptcy in 2020.

Hyundai’s Kia Plans $200M Expansion To Georgia Facility

• Kia, owned by Hyundai Motor Company (OTC: HYMTF), is investing more than $200 million to transform Georgia’s West Point assembly plant.

• The car manufacturer plans to assemble the all-electric 2024 EV9 three-row SUV in the second quarter of 2024.

• The expansion is expected to create nearly 200 additional jobs in Troup County, with EV9 joining the Telluride, Sorento, and Sportage SUVs and the K5 mid-size sedan as the fifth model to be assembled at Kia Georgia.

CNBC

Whistleblower Lawsuit Alleges Bribery Scheme: Medtronic Denies Allegations of Kickback Scheme, Endangering Patients’ Lives

• Sales representatives from Medtronic plc (NYSE: MDT) allegedly operated a bribery scheme at a Kansas veterans hospital.

• The scheme involved bribing hospital staff to purchase Medtronic devices over competitors’ and to buy excessive inventory.

• The lawsuit centers on how patients are treated for peripheral artery disease at the Robert J. Dole Veterans Affairs Medical Center in Wichita.

Reuters

YouTube Stars’ Energy Drink Under FDA Review After Senate Majority Leader Raises Concern

• The FDA is currently assessing concerns raised by Senate Majority Leader Chuck Schumer about the high caffeine content in a popular energy drink called Prime Energy.

• The drink, founded by YouTube stars Logan Paul and KSI, is allegedly being marketed to children and teens.

• Schumer claimed that Prime Energy contains about six times more caffeine than a standard 12-ounce can of Coca-Cola.

Google Launches Artificial Intelligence Chatbot, Bard, In Europe & Brazil

• Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) Google is launching its artificial intelligence chatbot, Bard, in Europe and Brazil on Thursday.

• The move marks the product’s most significant expansion since its February launch and pits it against Microsoft Corp (NASDAQ: MSFT)-backed rival ChatGPT.

• Bard and ChatGPT are human-sounding programs that leverage generative artificial intelligence to converse with users and answer myriad prompts. Google has also now added new features to Bard, which apply worldwide.

US Labor Board Slaps Complaint On Amazon For Bargaining Anomalies

• On Wednesday, the National Labor Relations Board (NLRB) filed a complaint against Amazon.Com Inc (NASDAQ: AMZN) for refusing to bargain with a New York workers’ union.

• The NLRB general counsel is seeking remedies, including an order for Amazon to bargain in good faith with the union representing more than 8,300 workers at its JFK8 fulfillment center.

Bloomberg

Tesla’s New Product: A $1,670 Electric Quad Bike For China

• Tesla Inc (NASDAQ: TSLA) reportedly plans to sell Cybertruck-inspired electric quad bikes targeted at children aged 8 – 12.

• The bike will be priced at ¥ 11,990 ($1,670) and is expected to go on sale from Friday.

• The bike, Cyberquad, was first introduced as a concept in 2019.

• It has a range of 13 kilometers (8 miles) and a battery life of 1.5 hours with a top speed of 8 kilometers an hour.

JD.com Joins Domestic Race To Develop Artificial Intelligence Applications

• Chinese e-commerce platform JD.com Inc (NASDAQ: JD) joined the domestic race to develop emerging artificial intelligence applications like OpenAI’s ChatGPT.

• The Alibaba Group Holding Ltd (NYSE: BABA) rival showcased a large language model for enterprise use.

• JD.com will launch the service, called ChatRhino, for its use in areas including e-commerce, logistics, and marketing.

Owners Of McDonald’s China Seek Partial Exit

• Carlyle Group Inc (NASDAQ: CG) and Trustar Capital reportedly plan to exit part of their stakes in McDonald’s Corp (NYSE: MCD) operations in Hong Kong and mainland China.

• Carlyle and Trustar are planning to raise $4 billion from wealth funds for part of their stakes in McDonald’s operations in Hong Kong and mainland China.

• The move would provide a partial exit for the buyout firms after they bought the business six years ago, stated the report, citing people familiar with the matter.

Nikkei

Sony Proposes To Ramp Up R&D Spending In Its Game Business

• Sony Group Corp (NYSE: SONY) is trading higher on Thursday amid reports of the company proposing to ramp up R&D spending in its game business amid a broader R&D push by other Japanese electronics companies. It looks to hone technology in live service games and the metaverse.

• It will invest 300 billion yen (about $2.13 billion) into research and development for its game segment for FY24.

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