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Happy Wednesday Zingernation!
Today was another roller-coaster day for the overall markets. All major indices opened higher, before dipping after the Federal Reserve confirmed a .75% rate hike. Then, the markets shot back up again as Fed Chair Jerome Powell took the podium and spoke about the rate hikes. Ultimately, the overall markets finished higher, with the S&P 500 closing up 1.46%.
1. Elon Musk Sees These Two Tesla Competitors Heading Toward Bankruptcy
What Happened: The billionaire entrepreneur said that the two firms need to cut costs dramatically to stay out of danger. “Unless they cut their costs dramatically, they are in deep trouble and will end up in the cemetery like every other company (automotive) with the exception of Tesla and Ford," Musk said in an interview on Tesla Owners Silicon Valley’s YouTube channel.
Why It Matters:
Musk has previously taken shots at Rivian and Lucid's valuations. Rivian counts Amazon.com Inc and Ford as its two biggest investors. The two EV startups scored high valuations when they went public last year, higher than legacy rivals GM and Ford, but those have gone downhill recently.
2. Post-Tinder Social Networking Apps For Global Gen Z Users Seem To Be Emerging
What’s Happening:
Social networking platforms have forever changed the way people communicate with one another. Meeting someone new, staying in touch, and developing relationships often entails an online component nowadays — especially for younger generations. It’s safe to say that social networking is here to stay, even as the platforms in use are constantly evolving.
Why It Matters:
Other platforms like the audio and video social matrices from NewBorn Town Inc. (HKG: 9911) including MICO, YoHo and Yumy, may show promise to be the beginning of the post-Tinder social networking era — one that emphasizes interesting content and real-time audio and video interaction experience.
3. Why Nio's Stock Is Taking Off Today
What Happened: Nio shares are trading higher Wednesday amid its virtual product launch event featuring the company's new ES7 SUV. The ES7 pricing starts at 468,000 yuan ($69,700) for 75-kWh battery capacity. The 100-kWh battery model is priced at 526,000 yuan.
Why It Matters: The Nio ES7 offers superior driving performance, increased visual appeal and an overall luxury experience. The SUV comes with Nio's Digital System product, which includes a smart hardware and computing platform. The ES7 will also feature the latest autonomous driving package from Nio.
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