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| 1 | | General Motors announced today that it plans to invest $500M in a plant in Texas to produce next-generation SUVs. The investment will pay for new tooling and equipment in Arlington Assembly's stamping, body shop, and general assembly area. More: - The advancements are being made to help GM produce the next lines of the gas- and diesel-powered Cadillac Escalade, Chevrolet Tahoe/Suburban, and GMC Yukon/Yukon XL SUVs.
- This investment shows that GM will continue to spend money on traditional automaking in order to fuel the funding for its electric vehicle business.
- On Monday, GM announced investments in plants in Michigan to help fund the next generation of heavy-duty pickups.
- The large SUVs are in high demand — sales of the full-size SUVs totaled more than 279,000 vehicles last year.
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What the numbers say: Nvidia is peaking as one of the top-selling stocks in the U.S. at the moment. The software company and chipmaker that is heavily linked to AI advancements is a sought-after stock, seeing its share price rise to the $400 level for the first time. It has seen a dramatic rise over the past six months as investors look to capitalize on its growth. Relevance: Nvidia has become a stock that many money managers have looked at after the company was valued at $1T. State Street, Fidelity, Amundi, Ameriprise's Columbia Threadneedle, and Loomis Sayles all cut positions in Nvidia in the first quarter of 2023 before a large push skyrocketed the stock. It has made fund managers load up on the stock again. The demand for the stock has risen with the demand for chips used in generative AI. More data: Nvidia is one of the top 10 most active U.S. stocks in terms of performance over the past month, growing 35.59%. Its YTD growth for performance has been 165.08%, according to Investing.com. Nvidia also just invested in generative AI startup Cohere. | | | |
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| 3 | | The wildfires in Canada have produced smoke that has reached from Alabama to New York and has caused air quality to deplete. This has caused a rise in the demand for N95 masks, widely used during the COVID-19 pandemic. More: - Doctors and medical professionals have recommended wearing N95 masks, which will filter out 95% of the smoke's tiny, airborne particles.
- New York Gov. Kathy Hochul has said 1 million N95 masks will be made available to the public in the state.
- Armbrust Americans, a manufacturer of the masks, has seen the demand for masks surge in the past week.
- Short-term exposure to the particles without a mask can cause irritation to the eyes, nose, and throat, can raise the risk of asthma attacks, and exacerbate cardiovascular conditions.
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| 4 | | During Meta's annual all-hands meeting, CEO Mark Zuckerberg laid out to employees how he plans to get the company back on track. After a year of layoffs and a failure to get virtual reality plans to gain traction, Zuckerberg explained to employees how Meta's work in AI would translate to the metaverse. More: - He said that the layoffs were made in hopes of "building a better technology company."
- He believed that the company was not shipping products fast enough during the pandemic when the staff had ballooned to over 80,000 employees.
- Meta plans to make improvements to Reels, Instagram's version of short-form videos, to rival TikTok videos.
- Project 92, the long-rumored social app that will act similarly to Twitter, was also spoken about.
- An AI assistant will help consumers across Meta's apps like WhatsApp, Messenger, and Instagram.
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| 5 | | In an effort to keep up with rival Uber, Lyft has focused on cutting costs and put its previous focus on a more environmentally friendly mode of transportation on the back burner. Uber, meanwhile, announced today that it would eliminate emissions and unnecessary plastic from its delivery service by 2040. More: - For years, Lyft was known as the more socially-conscious of the rideshare companies.
- It was more important to Lyft when it pushed for shared rides in 2014 to take more cars off the roads and reduce carbon emissions.
- In June 2020, Lyft committed to becoming the first ride-hailing company to reach zero emissions with a 100% electric fleet by 2030.
- But recent events may threaten Lyft's goals, as it laid off 1,000 employees in April, shortly after David Risher became the new CEO. One of those employees laid off was Paul Augustine, the company's head of sustainability.
- A Lyft spokesperson said the company does not plan to replace Augustine's role.
- "Our team is continuing the work to help pass smart policies in cities and states across the country that will enable us to achieve 100% EVs on the platform by the end of 2030," a Lyft spokesman said in a statement.
NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Uber. | | | |
| 6 | | Google announced that a long-delayed product that would pay news publishers to feature their content would launch in the U.S. this summer. Google News Showcase, the new product, comes as multiple countries are passing or considering passing legislation to help publishers get payments from technology companies like Google or Meta for featuring their content. More: - Showcase was initially announced in 2020 and has been introduced in more than 20 countries, but not the U.S. This was due to stalled negotiations with some publishers.
- Google said Showcase would feature 150 U.S. news publishers, including local and national outlets.
- It is unclear how much each publisher would be paid for the partnership.
- The New York Times recently signed a deal with Google worth $100M a year over three years. NewsCorp reached a deal in 2021 with Google worth around $100M.
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| 7 | | Quick Hits - One of "The 7 Best Startups You Can Buy on StartEngine Right Now" according to InvestorPlace is open for investment again — join their funding round before it closes.*
- Jack Daniel's Properties Inc. won a Supreme Court ruling against VIP Products, LLC and its "Bad Spaniels" toys.
- Tesla will open its charging stations to GM's electric vehicles.
- Nancy and Paul Pelosi donated 2,900 shares of Apple stock to Trinity College earlier this week.
- Try AI-powered project management in Notion to ship faster.*
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INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Editor | | Christopher Hachey is a freelance writer and editor based in the New York City area. He has spent most of the past 15 years in newsrooms covering all kinds of topics like sports, tech, business, finance, and commerce. He's now returning to his broadcast journalism roots by diving into podcasting news. Reach out to him at chris@inside.com | | This newsletter was edited by Aaron Crutchfield | |
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