Moderna sheds about $24 billion as cancer vaccine data triggers 'sell-the-news' retreat - Reuters

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• Sources: OpenAI has cut its valuation target to $1.25T, down from the $1.4T valuation it pitched earlier this month, after facing resistance from some investors (Financial Times)

  OpenAI has lowered its valuation target to $1.25 trillion from $1.4 trillion, a move influenced by investor resistance, following discussions with stakeholders and potential investors. This adjustment reflects the company's ongoing efforts to secure funding and expand its reach.

  1 min read
• Commentary: Which G7 economy is the poster child for debt woes?

  The G7 countries are grappling with escalating debt crises, with France and the US on the brink of fiscal collapse, while Canada and Germany are shielded from market turmoil. The IMF warns of escalating deficits, predicting a 6% deficit by 2031, which could force at least one G7 country into crisis. Italy's high debt levels are offset by persistent primary surpluses, while the UK is likely to show budget slippage. The IMF emphasizes the urgency of fiscal reforms, noting that the crisis is predictable but the momen…

  3 min read
• S&P 500, Nasdaq end sharply lower as revived AI doubts ignite tech selloff

  The S&P 500 and Nasdaq ended sharply lower on Thursday, with the tech-heavy Nasdaq experiencing its steepest daily drop since early June. The decline was primarily driven by high-profile earnings reports, particularly those related to AI spending. Meta Platforms' earnings exceeded expectations, but the company's stock fell 7.0% due to cash outflows and plans to issue non-voting shares. Tesla's earnings were also positive, but the company's stock fell 3.1% despite the positive results. The Philadelphia Semiconducto…

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