On The Wire: Today's Top Stories In Finance & Tech

Your daily briefing of some of the most important stories from the crypto, finance, and tech space.

The daily news roundup from REX Wire

Welcome to your daily briefing, where we bring you stories from the forefront of finance, technology, and market analysis, sent directly to your inbox.

In today's roundup, we bring Ruby's weekly roundup of market news and events. The S&P 500 is breaking to all-time highs. OpenAI's revenues have topped $2 billion, but equity hedge funds are falling out of favor. And Starbucks and McDonalds are feeling a Palestine-related pinch.

OpenAI Surges Towards $2 Billion Revenue, Marking Historic Growth

OpenAI's revenue surpasses $2 billion, with growth fueled by ChatGPT's popularity. Backed by Microsoft, it aims to double this by 2025, despite high development costs. Its valuation soared to $86 billion, marking significant strides in AI technology.

OpenAI Surges Towards $2 Billion Revenue, Marking Historic Growth
Achieving a revenue run rate of $2 billion in December 2023, OpenAI eyes doubling this by 2025 amid AI boom.

Equity Hedge Funds Witness $150 Billion Withdrawal Amid Underperformance

Investors have pulled $150bn from equity long-short funds in 5 years, frustrated by their failure to beat market trends. The strategy's underperformance has led to significant client withdrawals, challenging the sector's future viability.

Equity Hedge Funds Witness $150 Billion Withdrawal Amid Underperformance
After underperforming for a decade, equity hedge funds see a shift as $150 billion exits, questioning the future of star stockpickers.

Global Boycotts Impact Starbucks And McDonald's Amid Israel-Hamas Conflict

Amid the Israel-Hamas conflict, Starbucks and McDonald’s face global boycotts, leading to significant sales impacts. Starbucks missed Q1 expectations, and McDonald's saw a decline in Middle East sales. Both deny political funding.

Global Boycotts Impact Starbucks And McDonald’s Amid Israel-Hamas Conflict
Boycotts hit Starbucks’ Q1 sales, McDonald’s feels the pinch in the Middle East; both companies clarify their non-political stance.

S&P 500 Hits Historic 5,000 Milestone, Led By Tech Titans

The S&P 500 reached a record high of 5,000, driven by tech giants like Nvidia and Meta, despite broader economic concerns and rising interest rates. While large caps thrive, the Russell 2000 and other stocks show mixed performance, highlighting market disparities.

S&P 500 Hits Historic 5,000 Milestone, Led By Tech Titans
S&P 500 index surpasses 5,000, led by gains in Nvidia and Meta, amidst a backdrop of rising interest rates.

Awkward Truths (Weekly Roundup)

The S&P 500 hits all-time highs and bitcoin breaks out as Craig Wright goes to court to settle, once and for all, his claim to be Satoshi. Check out some of the big stories and developments from this week in crypto.

Awkward Truths (Weekly Roundup)
Bitcoin decisively broke out of its trading range, with the S&P also making new highs.

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