Top Stories Tuesday, May 30: Amazon Delays Zero Emissions Goal, ChatGPT Makes Up Legal Cases, New CFO for Unilever and Nestle - Alibaba Gr Hldgs (NYSE:BABA), Daimler Truck Holding (OTC:DTRUY), London Stock Exchange Gr (OTC:LNSTY), SoftBank Group (OTC:SFTBY)

Benzinga

BHP Group Ltd BHP is collaborating with Microsoft Corp MSFT to use artificial intelligence and machine learning to improve copper mining.
The use of new digital technology to optimize concentrator performance at BHP’s Escondida operation in Chile is expected to improve copper recovery.
BHP estimates the world would need to double the amount of copper produced over the next 30 years, relative to the past 30 to meet the demand of decarbonization technologies.

Toyota Motor Corp TM and Daimler Truck Holding AG DTRUY concluded a memorandum of understanding (MOU) to combine their truck operations in Japan.
Daimler Truck and Toyota will equally invest in the (listed) holding company of the merged MFTBC and Hino.
MFTBC and Hino will merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production.

Former Goldman Sachs executive Raoul Pal made bullish predictions for Bitcoin BTC/USD, Ethereum ETH/USD, and Solana, anticipating a market cap of at least $10 trillion during the next bull market cycle.
What Happened: Pal believes that the cyclical and secular trends have converged to create a perfect opportunity in the market for ETH and BTC.
He notes that Ethereum’s resurgence has led it to prevail like Bitcoin in 2014-2016, and has predicted that ETH is poised to land at $3,600 by October, while Solana’s continued growth has made it look much like Ethereum did in 2019.

Unilever PLC UL announced the retirement of its CFO, Graeme Pitkethly, effective by the end of May 2024.
The company’s Board is proceeding with a formal internal and external search for his successor.
Unilever’s Chief Digital and Commercial Officer (CDCO) and member of the Unilever Leadership Executive (ULE), Conny Braams, has decided to leave the company in August 2023.

Nestle SA NSRGY announced the departure of its CFO and Executive Vice President, François-Xavier Roger.
The packaged food company named Anna Manz as the replacement.
Manz is presently working as CFO and a member of the Board at London Stock Exchange Group PLC LNSTY and will assume the new role as soon as she is released from her present duties.

Shares of electric vehicle maker Tesla, Inc. TSLA were seen extending their gains in premarket trading on Tuesday, as the market reopens after a long weekend on account of the “Memorial Day” holiday.
In pre-market, the stock rose 2.45% to $197.92, according to Benzinga Pro data.
Reports that Tesla CEO Elon Musk is in China to have discussions with senior
government officials in the country and visit the Giga Shanghai plant, a vital cog in Tesla’s wheels, could also be driving shares higher.

In a startling turn of events, a lawyer’s use of OpenAI’s chatGPT for legal assistance has backfired as the AI-powered chatbot fabricated nonexistent cases.
What Happened: In a bizarre case surrounding Mata Vs. Avianca, which involved a customer suing the airline for a knee injury caused by a serving cart, the use of chatGPT took a surprising turn.
Mata’s lawyers objected to Avianca’s attempt to dismiss the case and submitted a brief containing numerous purported court decisions generated by the AI-powered chatbot.

Reuters

Cathay Pacific Airways Ltd CPCAY reportedly plans to renew a portion of its fleet of dedicated 747 cargo jets.
Cathay Pacific is close to placing an order worth around $2 billion for Boeing Co BA 777-8F freighters as it embarks on the partial renewal of a fleet of dedicated 747 cargo jets, reported Reuters, citing industry sources.

Toyota Motor Corp’s TM April 2023 global sales and production were up year-on-year due to a rebound from the pandemic-induced semiconductor crisis.
The global sales rose by close to 5% in April Y/Y, thanks to robust demand for hybrids and gasoline-powered cars in Japan and China.
The automaker also reported better overseas sales of battery electric vehicles (EVs).
Toyota in April sold 800,863 vehicles globally, including its luxury Lexus brand, up by 4.9% Y/Y, Reuters reports.

Business Insider

Amazon.Com, Inc AMZN recently delayed its pledge to make 50% of its shipments net-zero carbon by 2030.
The company disclosed plans to defer its carbon emission goals across all its operations by 2040, a decade later than the 50% goal, which was called “Shipment Zero” at the time.
Reportedly, the company had immensely underestimated its carbon footprint. At the time, an Amazon spokesman reiterated the company’s commitment to cutting emissions, including ordering a fleet of electric delivery vans and buying renewable energy for its electricity needs, Business Insider reports.

Bloomberg

Softbank Group Corp SFTBF SFTBY is betting on the artificial intelligence momentum to pique investor curiosity ahead of its much-anticipated initial public offering.
Arm technology enables many AI applications and will be fundamental to building the next wave of AI innovations, Bloomberg cites CEO Rene Haas at the Computex trade show in Taiwan on Monday.
Arm launched two new products to boost smartphone performance, including the Arm Cortex-X4, its fourth-generation Cortex-X core, and the Arm Immortalis-G720, based on its fifth-generation GPU architecture.

Michael Burry’s bullish bets on stocks, including Alibaba Group Holding Limited BABA, followed stake boosts by other top hedge funds, including Moore Capital Management and Third Point LLC, in the first quarter.
Asia-based firms, including Simon Sadler’s Segantii Capital Management Ltd. and Alpine Investment Management Ltd., accounted for nearly half of Alibaba ADRs offloaded by the quarter’s top 10 most prominent hedge fund sellers, Bloomberg cites 13F filings.
The sole Asia-headquartered firm among the top 10 buyers was Hermes Li’s Aspex Management (HK) Ltd.

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Amazon Delays Zero Emissions Goal, ChatGPT Makes Up Fake Legal Cases, New CFO for Unilever and Nestle: Today's Top Stories