Tech Stocks Storm Back
The Nasdaq Composite is back in action as the end of the month approaches.
The tech-heavy index jumped 0.75% yesterday as some of its battered momentum names caught a bid. Meanwhile, the Dow Jones Industrial Average slipped into the red.
In honor of the Nasdaq’s fresh rally, let’s dive into some of the biggest tech stories that slipped through the cracks this week.
First up: Apple is jumping back into the autonomous driving game.
Apple just bought Drive.ai, the California based autonomous taxi company. Drive.ai was just on the brink of dying before an eleventh hour bid by Apple, Axios reports. The purchase price was not disclosed.
In addition to buying the company, Apple also hired several former Drive.ai engineers. Prior to the buyout, Drive.ai’s fleet of orange Nissan vans operated solely in Texas and were given the less than glamourous task of either driving people to Cowboys games in Arlington or moping around local business parks, per Axios.
Apple has not announced what it’s going to do with the acquisition but it’s likely to be more exciting than a tiny sonar-equipped van sadly puttering around a suburban parking lot.
While Apple gets deeper into the transportation game, can Tesla Inc. (NASDAQ:TSLA) survive?
When we last checked in with Tesla back in May, shares had just cracked below $200 for the first time since 2016 — and the situation was beginning to look desperate as the stock posted its fourth-straight week of losses.
This week, Tesla shares are consolidating after a quick rally off their lows near $175. The stock will now need to clear its downward-sloping 50-day moving average for the comeback rally to continue.
What’s Elon Musk doing as the drama plays out?
In a series of tweets that included a picture of the Moon labelled “Occupy Mars,” the wayward Tesla CEO stated that is other venture, SpaceX, will be accelerating Starship development.
Why? To build the Martian Technocracy, of course.
The new Starship vessel is SpaceX’s answer to interplanetary space travel, according to Business Insider. If Elon’s dubious-at-best tweets are any indication of the truth, he’ll start accepting Mars voyage reservations after Starship’s maiden orbit around earth.
Good luck with that, Elon.
In other news, California Governor Gavin Newsom is not happy with social media networks.
Newsom issued a stern warning to his state’s social media empires, claiming that upcoming regulations will “steamroll” their businesses if they don’t get their act together, reports Business Insider.
Governor Newsom is upset with social media companies allowing blatantly false information to spread without any intervention from the network itself. Specifically, he mentioned in an interview with Axios, a falsified video of Nancy Pelosi that Facebook did nothing about. We will see what the future holds and how legislation will help curb the tide of false info online.
But these “deepfake” videos are only getting better. I’m not sure what can be done to stop them, but it wouldn’t surprise me to see federal and state legislators jump into the fray before the 2020 election.
Speaking of fake videos, there’s a new fight brewing against fake meat.
Sandwich chain Arby’s has launched a new experimental weapon in the fake meat wars. It’s called the “Megetable” — a vegetable made from meat — and it’s worse than you’re picturing it:
Marrots, Arby’s mutant carrots made of meat.
Although they aren’t out in restaurants yet, Arby’s has been developing megetables for a few months now, reports Yahoo Finance.
The first crime against nature is called the Marrot. It’s a facsimile of a carrot made of turkey that somehow still contains Vitamin A.
Why create these mutant meats? Arby’s executive chef, Neville Craw has a less than satisfactory answer for Yahoo Finance: “It’s kind of a way of creating something for people who like proteins more than liking vegetables to ease into the vegetable community and kind of enjoy vegetables without having to eat them…”
I think what Craw meant to say is Arby’s is desperately clamoring for some publicity as the fake meat craze takes off…
Either way, the trendy foods landscape is getting confusing. Real meat companies are making fake vegetables and vegetable companies are making fake meat.
I give up trying to figure it all out.