Jack Ma's Ant Group Explores ChatGPT-Style Services, Cisco Launches Power-Efficient AI Chips, YouTube Preps For Shopping Channel Debut In South Korea: Today's Top Stories

Bloomberg

Jack Ma's Ant Group Explores ChatGPT-Style Services. Challenges Baidu with Investment in AI

• Alibaba Group Holding Limited's BABA fintech affiliate Ant Group Co is developing large-language model technology to power ChatGPT-style services.
• The Jack Ma-backed affiliate's "Zhen Yi" project involves a dedicated unit and will deploy in-house research.
• Ant invested nearly 20.5 billion yuan ($2.8 billion) in R&D in 2023, doubling the company's annual spending on such efforts versus 2019.

Uber Rival Bolt Taps AI Robots For Food Delivery

• Uber Technologies Inc UBER rival Bolt Technology OU will begin using robots to deliver customers' food orders under a new partnership.
• In 2023, the deal with Starship Technologies, created by two Skype cofounders, will see "thousands" of robots handling Bolt Food orders across multiple countries.
• The financial terms of the deal remain undisclosed.

 

Reuters

YouTube Takes on TikTok in South Korea, Preps Up For Shopping Channel Debut Amid Competition

• Alphabet Inc GOOG GOOGL YouTube looks to launch its first official shopping channel for live commerce in South Korea on June 30, marking its official shopping channel debut in any country.
• The new channel will start as a 90-day project and operate in Korean. 
• Initially, it will provide a live-commerce platform to companies and plans to livestream shopping content from about 30 brands.

Cisco Launches Power-Efficient Networking Chips, Takes on Broadcom and Marvell in AI Arena

• Cisco Systems IncCSCO on Tuesday launched networking chips for AI supercomputers that would compete with offerings from Broadcom Inc AVGO and Marvell Technology Inc MRVL.
• Five of the six major cloud providers are testing chips from its SiliconOne series.
• Cisco said the chips could execute AI and machine learning tasks with 40% fewer switches and less lag while being more power efficient.

Chinese Regulators Reprimand Starbucks And Shake Shack Over Privacy Breach

• Regulators in the Chinese financial hub Shanghai has reportedly summoned companies like Starbucks Corp SBUX and Shake Shack Inc SHAK for privacy breach.
• The cyberspace regulator of Shanghai City said the companies were called out for collecting personal information excessively.
• The report noted that of the three companies that were asked to mend the ways, Shake Shack and another have made basic improvements to address the issues.

 

Benzinga

Dollar Tree Targets Achieving $10+ EPS In 2026, Sees Future Cash Flow For Capital Allocation

• Dollar Tree Inc DLTR forecasts an EPS of $10 or more in the fiscal year 2026, expanding its footprint with significant available cash for capital allocation.
• "We have compelling plans in place to deliver expanded value assortment across multiple price points, enhance store standards for our customers, and add new technology and capabilities to accelerate progress with our supply chain and people development," said Chairman & CEO Rick Dreiling.
• Dollar Tree operated 16,419 stores across 48 states and five Canadian provinces as of April 29, 2023.

GSK's Recently Approved Vaccine Offers Long-Term Protection Against RSV in Older Adults, New Data Reveals

• GSK plc (NYSE: GSK) announced new data from the AReSVi-006 phase 3 trial evaluating the efficacy of a single dose of Arexvy (respiratory syncytial virus vaccine, adjuvanted) against lower respiratory tract disease (LRTD) in adults aged 60 years and older over multiple RSV seasons and after annual revaccination. 
• The results show that one dose of the vaccine is efficacious against RSV-LRTD and severe LRTD over two full RSV seasons. 
• A similar pattern of vaccine efficacy over two seasons was also observed in adults with underlying comorbidities and advancing age.

FDA Approves New Class of Oral Medicines for Children with Type 2 Diabetes

• On Tuesday, the FDA approved Jardiance (empagliflozin) and Synjardy (empagliflozin and metformin hydrochloride) as additions to diet and exercise to improve blood sugar control in children ten years and older with type 2 diabetes. 
• These approvals provide a new class of medicines taken by mouth to treat pediatric type 2 diabetes. 
• The FDA granted approvals of Jardiance and Synjardy to Boehringer Ingelheim.

Panasonic Energy, Mazda Discuss Battery Supply Partnership

• Panasonic Holdings Corporation PCRFY said Panasonic Energy and Mazda Motor Corp MZDAY would engage in talks for a battery supply partnership.
• Both parties look to leverage the demand for battery EVs and automotive batteries in a rapidly expanding market.
• The companies will commence discussions toward Panasonic Energy supplying Mazda with automotive cylindrical lithium-ion batteries manufactured at Panasonic Energy's plants in Japan and North America.

Mastercard's Green Initiative: Introducing a Global Strategy for Payment Card Recycling

• Mastercard Inc MA announced the establishment of a global framework for card recycling, including collection, transportation, and recycling.
• The company is asking its global network of partners to help put this in place, beginning in the United Kingdom with HSBC Holdings plc HSBC, which recently enabled card recycling at select branches.
• Under this strategy, Cardholders can drop off expired payment cards into secure, dedicated collection boxes within bank branches.

RTX Secures $1.15B Contract From US Air Force; Collins Aerospace Inks MRO Agreement With Envoy Air

• Raytheon Technologies Corp's RTX Collins Aerospace business has signed a FlightSense flight-hour contract with Envoy Air, an American Airlines Group Inc AAL subsidiary.
• Collins will provide maintenance, repair, and overhaul (MRO) services for various systems across Envoy's fleet of 128 Embraer E175 aircraft under the multi-year agreement. The financial terms were not disclosed.
• The Collins products covered by the contract are electric power, fire protection, and sensors.

Piaggio Unveils Vespa's Disney Mickey Mouse Edition: Tribute to Disney's 100th Anniversary

• Piaggio & C. SpA PGGCY PIAGF unveiled Vespa's Disney Mickey Mouse Edition in collaboration with Walt Disney Co DIS.
• The limited edition model is launched to celebrate Disney's 100th anniversary and has a matching helmet.
• Per the partnership, the company will launch Vespa Primavera 50cc, 125cc, and 150cc models in black, red, white, and yellow color combinations, representing Mickey Mouse.