The Market News Today: Apple Drops EV Project for AI Focus

1. Apple Cancels Self-Driving Electric Car Project Amid Shift to AI Focus

Apple reportedly abandons its plans for electric vehicles (EVs) after a decade ofspeculation. The project, never publicly acknowledged, involved thousands of employees. Many will transition to the tech giant’s artificial intelligence (AI) division. The move underscores a strategic pivot towards AI amid sluggish EV demand. While Apple explores new frontiers like its Vision Pro virtual reality headset, industry analysts emphasize the burgeoning market for AI in consumer electronics. The decision aligns with a broader trend of tech firms reallocating resources to high-growth areas. (BBC Business)

2. BlackRock’s iShares Bitcoin ETF Surges to $1B in Daily Volume, Shattering Records

BlackRock’s iShares Bitcoin Trust recently achieved a remarkable milestone by surpassing $1 billion in daily trading volume. This surge in activity propelled the fund to 11th place among all ETFs in daily trading volume and into the top 25 stocks overall. The fund, one of 10 approved U.S. spot Bitcoin ETFs, has dominated with $7.1 billion in inflows since its approval. On Monday, it represented 41% of the total volume across similar ETFs. This heightened activity in Bitcoin ETFs, including BlackRock’s, aligns with growing investor interest ahead of Bitcoin’s halving event in April, expected to reduce new Bitcoin supply, thereby increasing its appeal. Total spot Bitcoin ETF volume recently exceeded $3.24 billion, setting a new industry record. (DLNews)

3. Starbucks and Workers’ Union Agree to Negotiations in Historic Development

Starbucks and the union representing its US workers have agreed to engage in talks aimed at securing labor agreements, marking a significant breakthrough. The joint statement signals a shift from previous tensions since Workers United organized baristas in late 2021. With over 370 stores unionized, but no labor deals reached, the process has been contentious, leading to legal disputes. However, recent discussions have revealed a potential constructive path forward, including resolving ongoing litigation between the two entities. (The Guardian)

4. Goldman Sachs CEO Casts Doubt on US Economic Outlook

Goldman Sachs CEO David Solomon expressed skepticism about the US economy avoiding a recession despite apparent strength. Amidst robust GDP growth, a thriving job market, and soaring stock markets, concerns linger. Solomon cited softer consumer spending, geopolitical tensions, and potential delays in Fed rate cuts as factors contributing to uncertainty. With expectations for the Fed easing cycle pushed back and market conditions evolving rapidly, uncertainty prevails in the economic realm. (Business Insider)

5. China Expands State Secrets Law, Adding ‘Work Secrets’ Category

China strengthens national security by broadening the scope of its state secrets law to encompass a new category known as “work secrets.” President Xi Jinping signed off on revisions aimed at safeguarding confidential information, including unclassified data. Critics raise concerns over potential abuse and diminished transparency. The move comes amidst heightened global scrutiny of China’s security practices, impacting foreign business operations and adding complexities to the country’s economic environment. (CNBC)