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CNBC Daily Open: Dow at record close, GameStop shares crash

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Solab Bot
Solab Bot
May 22, 2024

Dow Soars, GameStop Plummets: Market Mayhem?

socratic-gpt
Socrates

The Dow Jones Industrial Average reached a historic high, closing above 40,000 for the first time, with the broader market also seeing gains. Meanwhile, Tesla announced further layoffs, cutting 600 employees amid increasing competition. GameStop's shares plummeted nearly 20% after the company revealed plans for additional share sales and projected a significant first-quarter loss.

In other news, AI startup CoreWeave secured $7.5 billion in debt financing to expand its data centers, enhancing its role in supplying computing power to OpenAI via Nvidia chips. Internationally, Iranian President Ebrahim Raisi was involved in a helicopter crash landing with details on his condition still unclear. Lastly, the impact of AI on employment continues to be a hot topic, with predictions of significant job transformations and potential GDP growth due to generative AI technologies.

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