CNBC Daily Open: Opec extends cuts, Nvidia showcases new chip

Published

1 year ago

June 3, 2024

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A photo illustration of the OPEC logo seen on a cell phone set against a green arrow in Brussels, Belgium on September 10, 2023.

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This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

OPEC+ extends cuts
OPEC and it allies agreed to extend official crude production cuts into 2025 amid lackluster demand. A smaller group from the alliance, including Saudi Arabia and Russia, will also extend voluntary cuts of 1.7 million barrels per day. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said OPEC+ wants concrete rate cuts before factoring in the potential impact on energy demand. Separately, oil giant Saudi Aramco began a massive share sale to raise around $12 billion to fund the country’s continued attempts to diversify its economy.

New AI chip Rubin
Nvidia unveiled its next generation artificial intelligence chip, Rubin, a mere three months after launching its Blackwell model. This accelerated pace of development comes as competition intensifies from AMD and Intel and tech giants like Microsoft, Google and Amazon invest in their own AI chip designs. Rubin, slated for a 2026 rollout, will feature new graphics processing units, central processing units and networking chips.

Dow posts best day in 2024
The Dow Jones Industrial Average was up more than 550 points after the Federal Reserve’s preferred inflation measure cooled. Salesforce and UnitedHealth gave the Dow the upward momentum. The S&P 500 added 0.8%, while the Nasdaq Composite ticked lower as Nvidia and Tesla declined. The S&P 500 and the Nasdaq posted losses for the week, ending a five-week winning streak. For the month, the Dow was up 2.3%, the S&P gained 4.8% and Nasdaq climbed 6.8%. With inflation matching economists expectations, the yield on the 10-year Treasury dipped to 4.501%.

Ackman to raise $1 billion
Billionaire investor Bill Ackman is selling a 10% stake in his hedge fund, Pershing Square, at a $10.5 billion valuation. The firm hopes to raise $1.05 billion through this sale. This move is intended to pave the way for an initial public offering. The sale is expected to attract new investors and provide liquidity for existing ones. Pershing Square had $18.6 billion in total assets under management as of the end of April.

Moderna gets RSV approval
The Food and Drug Administration approved Moderna’s respiratory syncytial virus vaccine for people over 60 years old. This is Moderna’s second product to enter the U.S. market and it is the first mRNA vaccine approved for a disease other than Covid-19. The vaccine is expected to compete with similar shots from GSK and Pfizer. It’s a crucial new revenue stream for Moderna amid declining demand for its COVID vaccine.

[PRO] Buying volatility

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The bottom line

Indian Prime Minister Narendra Modi is on course to win a rare third term, while South Africa’s ruling African National Congress lost its 30-year parliamentary majority. U.K. Prime Minister Rishi Sunak looks set for defeat in next month’s election.

As significant as these elections are, there is one that will have truly global resonance: the election of the leader of the free world in the world’s biggest economy. Last Thursday, a New York jury found former President Donald Trump guilty on all 34 felony counts of falsifying business records in his criminal hush money trial.

Shockwaves from the jury’s decision immediately rocked Trump Media & Technology Group shares, which fell 15% in extended trading. Trump owns about 65% of the company, a stake valued at approximately $5.7 billion. On Friday, the stock ended down 5%, valuing Truth Social’s owner at $8.7 billion. This valuation is entirely based on Trump’s brand and personal following.

According to the company, most of its 621,000 shareholders are retail investors. Its first filing as a public company revealed first-quarter losses of $327.6 million on less than $1 million in revenue.

“It’s a meme stock that has no fundamentals,” Art Hogan, chief market strategist at B Riley Wealth, told Reuters. “The valuation of that stock has always been a bit of a question mark. It certainly isn’t making any money and is trading almost at an unfathomable level.”

Trump’s megadonors shrugged off the verdict. Ahead of the decision, Blackstone CEO Steve Schwarzman told Axios that he planned to vote for Trump, and hedge fund executive and billionaire Bill Ackman is also likely to support Trump, according to people familiar with the matter.

While the verdict had little impact on the broader market, it did make global headlines and had social media abuzz. After all, Trump’s legal problems will not prevent him from running for president, and if his first term is any indication, world leaders will be wary.

His presidency saw a trade war with China, a destabilization of the Turkish lira and tweets warning OPEC about “oil prices getting high.” His pronouncement were, often, market moving events.

As earnings season winds down, attention will shift to May’s nonfarm payrolls report on Friday, which will shed light on the health of the labor market and the economy.

But strategists anticipate increased market volatility in the coming months as the 2024 election approaches, potentially becoming a significant market mover. “Without a near-term catalyst, stocks will continue to ‘chop around,'” wrote Wells Fargo equity analyst Christopher Harvey in a Friday note. “Politics remain a wild card.”

— CNBC’s Ruxandra Iordache, Natasha Turak, Brian Schwartz, Alex Harring, Sarah Min, Rebecca Picciotto and Annika Kim Constantino contributed to this report.

Environment

Florida rangers are now patrolling on electric bikes

Published

3 hours ago

August 15, 2025

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Florida rangers are now patrolling on electric bikes

Florida’s State Parks are stepping up their environmental and operational game, introducing a large fleet of powerful electric bikes to support park ranger patrols.

The Florida State Parks Foundation, under its sustainability-focused Greener Initiative, recently announced the expansion of e‑bike units across the state’s parks system. The fleet of Velotric Nomad e-bikes, each equipped with 750‑watt motors and with a claimed 65‑mile range, can offer a substantial 500‑lb payload capacity. They also feature 4″ wide fat tires optimized for riding on rough paths or off-road trails, making them ideal for park ranger patrols.

These e‑bikes are now being distributed to multiple locations throughout Florida, including Fort Clinch, Olustee Battlefield Historic, Rainbow Springs, Stephen Foster Folk Culture Center, and Suwannee River State Park.

According to Julia Gill Woodward, CEO of the Foundation, the overwhelming success of the first wave of e‑bikes prompted swift expansion. “The Greener Initiative has done incredible things to reduce our environmental footprint,” she noted, adding that it’s “even more amazing when Greener projects align with resources that support our rangers.”

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These additions bring the statewide fleet to 50 e‑bikes, funded via sales from the “Explore Our State Parks” specialty license plate. Starting in 2023, the Greener Initiative has rolled out a variety of efforts to make Florida’s parks cleaner and more efficient, including slashing emissions, cutting down on waste, lowering energy consumption, and enhancing the overall experience for visitors.

Electrek’s Take

I love this, and it’s a great example of how e-bikes are perfect for so many different patrol uses among park rangers, police officers, security companies, and other types of official fleet usage.

We’re seeing this more and more, and the reason is obvious: It works. E-bikes are a lot cheaper than alternatives like UTVs, golf carts, or “real” vehicles like cars and trucks. They require significantly less maintenance, and they’re a lot more fun too.

I just hope they mount some extra water bottle holders. I often ride in Florida, and in the summer, I can drink a gallon a day… on an electric bike!

Via: WCJB

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Environment

Meet the Lucid Gravity X: The electric SUV turned all-terrain beast

Published

3 hours ago

August 15, 2025

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Meet the Lucid Gravity X: The electric SUV turned all-terrain beast

Lucid’s most adventurous vehicle has just arrived. The Lucid Gravity can drive 450 miles on a single charge, comfortably fits seven, and is faster than the average sports car. Lucid promises the new X concept takes the electric family hauler to a new level.

Meet the Lucid Gravity X adventure-ready EV SUV

Lucid has been hyping the new model as “a bold new concept of electric exploration,” describing it as its most adventurous vehicle to date.

At Monterey Car Week on Friday, we finally got our first look at Lucid’s stunning new Gravity X concept. Based on the Lucid Gravity Grand Touring, which features an impressive up to 450 miles of EPA-estimated range, AWD, and a 0 to 60 mph sprint in just 3.4 secs, the X is designed to take you even further.

As Lucid put it, the X “advances this exceptional foundation, exploring what it would be like to push the limits further.

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The concept features a new look, lifted ride height, and added off-road elements for all on and off-road adventures. Lucid fine-tuned the front and rear ends to improve approach and departure angles. It also slapped all-terrain tires, protective skid plates, and tow hooks on it, just in case.

Like we first saw in the teaser, the X concept is equipped with an integrated crossbar with LED lights and a roof box.

Lucid says every detail on the new concept was intentional, from the Astral Drift satin paint to the topographical references to Big Spur and Death Valley on the hood.

The interior features upgrades, including premium leather seats, high-performance floor mats, and a microsuede steering wheel.

According to Lucid, the Gravity X, pronounced Gravity Cross, is “ready to go anywhere. Take on everything. And compromise nothing.”

Although it’s just a concept for now, the X gives us a glimpse into a future off-road Gravity trim. As we mentioned earlier this week, Lucid could be preparing to introduce a rugged new variant to compete with Rivian’s California Dune Edition R1S and R1T models.

What do you think of the rugged Gravity X Concept? Should Lucid bring it to life? It wouldn’t be surprising to see a new variant hit the market soon.

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Environment

Wheel-E Podcast: Bafang automatic shifting motor, 50 MPH scooter, more

Published

5 hours ago

August 15, 2025

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Wheel-E Podcast: Bafang automatic shifting motor, 50 MPH scooter, more

This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes new e-bikes from Heybike, the Priority Skyline launch, Segway’s new 50 MPH electric scooter, a Bafang hub motor with automatic shifting, and more.

The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the Wheel-E podcast today:

Here’s the live stream for today’s episode starting at 9:00 a.m. ET (or the video after 10:00 a.m. ET):

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