Stocks fell in the US due to a strong jobs report and rising interest rates. The unemployment rate dropped to 3.4%, and 517,000 new jobs were recorded in January. The S&P 500 rose 1.6% and the Nasdaq 3.3%, while the Dow Jones fell 0.3%.
In the Gulf, Dubai Financial Market reported a 41.7% increase in net profit to $40M for 2022. The UAE is set to launch its second crewed mission to the ISS on Feb. 26. Qatar's stock market dropped 0.9%, while Dubai's shares rose 0.5%.
- The?UAE, France, and India have?formed?a tripartite cooperation initiative?to collaborate on projects like solar and nuclear energy, combating climate change, and protecting biodiversity in the Indian Ocean.
- The three countries will work together on initiatives such as the?Mangrove Alliance for Climate, led by the UAE, and the Indo-Pacific Parks Partnership, led by India and France. They will also tackle issues like?single-use plastic pollution, desertification, and food security.
- The members have stressed defense cooperation, technology transfer, and stronger communication?on emerging threats like pandemics. In addition, the alliance will promote?cultural cooperation?through heritage promotion and protection.
As pioneers of technological advancement, this trilateral alliance will?drive global?sustainable projects, and organize events in the framework of the Indian presidency of the G20 and the UAE’s hosting of COP28 in 2023.
- The tech giant?Google (GOOGL) has invested?$300M in the?San Francisco-based AI startup,?Anthropic. Before investing in the ChatGPT rival,?Google parent Alphabet bought DeepMind in 2015, a London-based AI startup.
- Anthropic’s AI chatbot, Claude, will?combat harmful prompts?by explaining why they are threatening or fallacious. Moreover, the?deal gives Google a 10% stake?in the company, and Anthropic’s new round could bring the company’s total valuation to $5B. This news follows?Microsoft’s decision to invest $10B in OpenAI, the ChatGPT and DALL-E creator.
In recent years,?funding in the AI space has accounted for around 10%?of all venture funding, as the sector is witnessing strong interest from investors.
- On Friday, the electric truck and SUV maker Rivian (RIVN) announced that it is venturing into e-bikes,?and has contacted e-bike designers from major brands like Specialized. Rivian is developing its first model in-house, and its founder Scaringe has previously?filed to expand its trademark to cover electric bicycles.
- Furthermore, Rivian recently shared its plans to?lay off 6% of its workforce?to cut costs. In this regard, the Rivian e-bike can be useful as?electric bicycles are cheaper to develop and produce.?They also have?lower regulatory hurdles, so Rivian can reach the market faster with higher volume. This alternative to massive trucks and SUVs is also safe for urban populations and takes up less road space.
If the Rivian e-bike materializes, the company will join other companies like Porsche that have expanded into electric bikes.
