Apple (AAPL) is scrapping its plans to build an electric car, according to a report from Bloomberg. The tech giant is reportedly moving many of the team members working on the car project to a team focused on artificial intelligence instead. Yahoo Finance Tech Editor Dan Howley says that generative AI is one of the three things Apple should spend its time and money on now. Watch the video above to find out what the other two are. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Stephanie Mikulich.
Bitcoin's (BTC-USD) rally continues this morning with the cryptocurrency hitting a fresh two-year high, topping $59 thousand. The latest surge adds to bitcoin's recent gains, with the asset up over 40% year-to-date. In the tech sector, Apple (AAPL) has reportedly abandoned its plans to get into the electric car business. The tech giant has been in the process of developing a self-driving, electric vehicle, but abandoned those plans and will move many of the employees involved in the project to their AI division, according to Bloomberg. Yahoo Finance trending tickers include Beyond Meat (BYND), Viking Therapeutics (VKTX), and Baidu (BIDU). Key guests include:9:40 a.m. ET - Scott Chronert, Citi U.S. Equity Strategist & Managing Director10:15 a.m. ET - Neil Blumenthal, Warby Parker Co-Founder and Co-CEO and Dave Gilboa, Warby Parker Co-Founder and Co-CEO10:30 a.m. ET - Aaron Ford, Nevada Attorney General10:40 a.m ET - Daniel Schreiber, Lemonade CEO11 a.m. ET - Yung-Yu Ma, BMO Wealth Management U.S. Chief Investment Officer
The top tech stocks, known as the Magnificent Seven - Amazon (AMZN), Apple (AAPL), Alphabet (GOOG,GOOGL), NVIDIA (NVDA), Meta (META), Microsoft (MSFT), and Tesla (TSLA) have all reported their latest quarterly results. Following the reports, analysts revised their earnings estimates for upcoming quarters. Yahoo Finance Markets Reporter Josh Schafer explains how the Wall Street's views on the Magnificent Seven may be evolving. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino