Dec 22nd, 2023 – Micron Technology (MU) shares climbed 8.6%, marking one of this week top performance among S&P 500 stocks, after the company reported better results than the ones expected. The semiconductor maker benefited from higher prices and strong demand for its artificial intelligence (AI) chips.
Carnival Corporation (CCL) shares added 6.2% when the cruise line’s loss was less than expected, and its revenue exceeded estimates as cruise demand remained steady.
Warner Bros. Discovery (WBD) and Paramount Global (PARA) fell 1.5% and 2.8%, respectively, following reports that the two entertainment giants are discussing a possible merger.
India is leveraging artificial intelligence (AI) to enhance climate models for improved weather forecasting amid escalating extreme weather events. Global warming has intensified weather clashes in the country, causing floods and droughts, leading to approximately 3,000 deaths this year. The India Meteorological Department (IMD) is employing AI to develop climate models, anticipating enhanced forecasts and advisories. With an expanded observation network, AI could provide higher-quality, lower-cost data for accurate predictions, crucial for India’s 1.4 billion people and its agricultural production.
Investors are turning to traditional gold as cryptocurrency market turmoil persists. The price of gold surpassed $2,000 per ounce, reaching its highest since May. Concerns over weakening consumer spending and legal issues in the crypto sector prompted a shift to gold, considered a “safe haven” asset. Bitcoin prices declined after the founder of Binance pleaded guilty to money laundering charges. Gold’s recent strength is also attributed to uncertainties about the Federal Reserve’s interest rate policies. Central banks globally increased gold purchases in Q3 2023, marking the second highest for any third quarter. The Fed’s consideration of continued restrictive monetary policy for inflation control adds to gold’s appeal.
Author: Diego Russo