Market Minute: Activision Blizzard Fined, Recession Outlook Brightens & Apple's New iPhone

Here is a rundown of Cheddar News' top trending market stories of the day. 

RECESSION OUTLOOK

After Friday's historic jobs report, which showed the U.S. economy adding half a million new positions despite a slew of recent high-profile tech layoffs, recession blues are waning. Economist Larry Summers, former Treasury secretary under president Bill Clinton, told CNN's Fareed Zakariaha on Sunday that it is now more likely the Federal Reserve will pull off a "soft landing" (i.e. avoid a recession), even as he stressed that the economy is  not "out of the woods" yet. 

APPLE'S NEW IPHONE

Apple tracker Mark Gurman said the tech giant is currently deciding whether it will release a new, more expensive iPhone called "Ultra" in the near future, which could arrive on shelves as part of the iPhone 16 lineup in 2024.  Gurman speculated that this new model would actually be more expensive than the iPhone Pro and Pro Max models, which start at $1,099. 

TWITTER COMPETITOR 

Kevin Systrom and Mike Krieger, co-founders of Instagram, last week revealed details about their latest project: a social media app designed to compete with Twitter. Called Artifact, the entrepreneurs described the app as a "personalized news feed using the latest AI tech." Right now, the app is only accessible via invitation only, but those interested in a Twitter alternative can sign up for a wait list to eventually test out if Artifact is a serious contender. 

ACTIVISION BLIZZARD SETTLEMENT

Activision Blizzard, the company behind Call of Duty and Overwatch, has settled charges over its handling of workplace harassment and discrimination claims with a $35 million fine. The Securities and Exchange Commission released a statement saying the company was aware that it lacked sufficient procedures to address the problem and needed to be more proactive to collect and assess the complaints.  

More In Business

Dude, Where’s My Ranch? These Getaways Reinvent the Iconic Western Vacation

Did you know there's a big difference between a dude ranch and a working cattle ranch? Check out the new generation of ranches, and live out your cowboy dreams.

Spatial Computing Could Replace the Smartphone

CEO of Auki Labs Nils Pihl breaks down what spatial computing is and all of the possibilities for bringing computers into the real world.

The Fed’s Rate Cuts Will Be ‘Surgical’

Lara Rhame, FS Investments chief U.S. economist, discusses the recent market highs, how the job market is in a ‘good place,’ and why rates staying higher for longer might not be a bad thing.

Nvidia's Winning Streak Continues: Earnings Exceed Expectations

Expectations were high for Nvidia’s earnings — and they came in even higher. But when will the AI boom start to slow?

Google Suspends Gemini AI Chatbot From Generating Images of People

Researchers have found racial biases in AI models. Did Gemini over-correct itself?

Can De-Extinction Save the Planet? Colossal Wants to Try

Co-founder and CEO of Colossal Ben Lamm explains how the company is working to bring back extinct species and shares early details of the upcoming documentary from the ‘My Octopus Teacher’ filmmaker.

Only You Can Prevent Volkswagen Fires

Volkswagen is recalling hundreds of thousands of cars to fix a possible fuel leak that could start fires. Is your car affected?

Get Your Finances in Order With CBIZ

President and CEO of CBIZ Jerry Grisko breaks down the financial services company’s latest earnings results.

The Audio A.I. Company That Received a Nvidia Investment

Soundhound AI co-founder, president, and CEO Keyvan Mojaver discusses bringing its audio tools to cars and drive-thrus, plus why smaller companies may benefit from the A.I. boom.

‘Almost Every Company’ Is Planning to Use A.I.

Deiya Pernas, co-founder of Pernas Research, breaks down Nvidia’s blockbuster earnings, why energy is a sector to watch, and why the A.I. trend is far from over.

Load More