Apple's Record High Shares Following Partnership with OpenAI and Musk Dropping Lawsuit
- Apple's shares reached a new high after announcing collaboration with OpenAI.
- Elon Musk decided to drop the lawsuit involving OpenAI, prompting positive market response.
- Investors are optimistic about Apple's AI push and Musk's decision.
The Dow Jones Industrial Average fell by 120 points ahead of key inflation data and the conclusion of the Federal Reserve's meeting on Wednesday. Siri will get an upgrade with Apple Intelligence and the company will partner with OpenAI, giving users access to ChatGPT. General Motors trimmed its electric vehicles sales and production forecast as demand softened for the industry as a whole. GM Chief Financial Officer Paul Jacobson said the company now expects production of 200,000 to 250,000 EVs this year. Apple's stock performance has been outpaced by other major tech companies this year, with some analysts attributing this lag to the company's lack of a publicly articulated AI strategy. Real interest rates are high enough, and there are concerns about the U.S. government's excessive spending. Former Atlanta Fed President Dennis Lockhart mentioned that consumer price inflation data is unlikely to significantly impact the outcome of the Fed's meeting. Wall Street will be closely watching the Fed's decision and guidance on potential rate cuts.