Tesla’s new $1,670 electric quad bike for kids, Meta tries to release commercial AI model, YouTube Stars energy drink under FDA review: Today’s top stories

Financial times

Meta Platforms is trying to launch a commercial version of its artificial intelligence model

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

• Now Meta can compete with Microsoft Corp (NASDAQ:MSFT) supported Open AI 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 can be customized by companies.

Benzinga

Viasat reports an unexpected event during the placement of the reflector that affects the US satellite ViaSat-3

• Shares of satellite communications servicesrViasat Inc (NASDAQ: VSAT) tumbled in premarket trading Thursday.

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

• The company said it is working with its reflector supplier to thoroughly evaluate the development. It also said contingency plans are currently being refined to minimize the economic impact on the company.

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

• The Competition and Markets Authority (CMA), the British competition watchdog, has launched an extensive investigation into from Adobe Inc (NASDAQ: ADBE) $20 billion acquisition of figurea cloud-based design platform after Adobe refused to propose solutions to address regulator concerns.

• The deal, one of the largest acquisitions of a private software maker, must be completed in 2023.

• The CMA had previously expressed concerns last month that the merger could reduce choices for digital apps, websites and product designers. It also highlighted issues related to the supply of screen design software, a sector in which both entities are competitors.

Story continues

Pepsi shares trade after better-than-expected Q2 earnings

• PepsiCo Inc (NASDAQ: PEP) reported second quarter FY23 revenue growth of 10.4% year-over-year to $22.32 billion, surpassing analyst consensus of $21.73 billion.

• Frito-Lay North America net sales increased 14% year over year, Quaker Foods North America increased 1% and PepsiCo Beverages North America increased 10%.

ExxonMobil buys Denbury in $4.9 billion equity deal, boosts low-carbon solutions business

• Exxon Mobil Corp (NYSE: XOM) has announced an acquisition deal Denbury Inc (NYSE: DEN) for $4.9 billion, which is $89.45 per share as of its closing price on July 12, 2023.

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

• In 2022, XOM showed tentative interest in Denbury, which filed for bankruptcy in 2020.

Hyundai’s Kia plans $200 million expansion to Georgia facility

• kiaproperty of Hyundai Motor Company (OTC: HYMTF), is investing more than $200 million to transform its West Point, Georgia assembly plant.

• The automaker plans to assemble the 2024 three-row all-electric EV9 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 midsize 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

• Representatives of Medtron plc (NYSE: MDT) allegedly carried out a bribery scheme at a veterans’ hospital in Kansas.

• The scheme involved bribing hospital staff to buy Medtronic devices instead of competitors’ and to buy excessive supplies.

• The lawsuit is about 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 Raised Concerns

• The FDA is currently reviewing the concerns raised by the 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 reportedly 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 and 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 sets it against Microsoft Corp (NASDAQ: MSFT)-backed rival ChatGPT.

• Bard and ChatGPT are human-sounding programs that use generative artificial intelligence to talk to users and answer countless questions. Google has now also added new features to Bard, which are applicable worldwide.

US Labor Board is suing Amazon for negotiating deviations

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

• The NLRB’s general counsel is seeking remedies, including an order for Amazon to negotiate in good faith with the union representing more than 8,300 workers at the 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 aimed at kids ages 8 – 12.

• The bike will cost ¥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 and a battery life of 1.5 hours with a top speed of 8 kilometers per hour.

JD.com enters 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 such as ChatGPT from OpenAI.

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

• JD.com is launching the service, called ChatRhino, for use in areas such as e-commerce, logistics and marketing.

McDonald’s China Owners Seek Partial Exit

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

• Carlyle and Trustar plan to raise $4 billion from private equity funds for a portion of their stake in McDonald’s operations in Hong Kong and mainland China.

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

Nikkei

Sony proposes to increase R&D spending in its game business

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

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

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