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Daily's Pre-Market: JetBlue, AI, AMD, Burger King, and Elon Musk.

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Jan 17, 2024
  • 2 min read
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Judge blocks JetBlue-Spirit merger after DOJ’s antitrust challenge

  • A federal judge blocked JetBlue Airways’ purchase of budget rival Spirit Airlines after the Justice Department sued to stop the merger.

  • The DOJ had argued in its lawsuit the deal was anti-competitive and would hurt consumers.

  • JetBlue and Spirit said in a joint statement that they disagreed with the ruling and were evaluating next steps.


Microsoft CEO Satya Nadella says global consensus on AI is emerging

  • Microsoft CEO Satya Nadella said he feels there is a need for global coordination on AI and agreeing on a set of standards and appropriate guardrails for the technology.

  • Microsoft is a major player in the race among big U.S. technology companies toward artificial intelligence and has put billions of dollars into OpenAI, the firm behind the popular AI chatbot ChatGPT.

  • Nadella said he’s unsure if a global agency for regulating AI is possible, but added that he sees countries talking about applying safeguards to AI in the same way.


AMD shares jump 7% and head for highest close since 2021 on AI chip demand

  • AMD shares are trading at their highest since reaching a record in November 2021, and are about 3% below their all-time high.

  • Tom O’Malley, an analyst at Barclays, raised his price target on the stock to $200 from $120 in a note on Tuesday.

  • He said AMD could post $4 billion in AI chip sales this year and cited strong demand for the MI300, the company’s highest-end machine learning chip for servers.


Burger King owner Restaurant Brands buys chain’s largest U.S. franchisee

  • Restaurant Brands International will spend about $1 billion to buy the largest U.S. franchisee of Burger King.

  • The acquisition comes more than a year after Restaurant Brands unveiled its turnaround strategy for Burger King U.S.

  • Restaurant Brands plans to remodel 600 of Carrols’ Burger King locations rapidly over the next five years and then sell them back to franchisees.


Elon Musk wants more control of Tesla, seeks 25% voting power

  • Tesla and SpaceX CEO Elon Musk is angling for 25% of voting control over Tesla. He currently owns about 13% of the company’s stock.

  • “I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control,” Musk wrote in a post on Monday.

  • Shareholders previously sued Musk and Tesla in Delaware alleging that Musk’s earlier, 2018 pay package was excessive, and the board authorizing it amounted to a breach of fiduciary duty.

 
 
 

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