00:00 Speaker A
First up, Tesla CEO Elon Musk saying the company designs and builds its own AI chips. Musk said his engineering team has already designed and deployed several million AI chips in its cars and data centers. Those comments appear to be lifting the EV maker stock, although we already knew that they built their chips. It maybe is just that this is a new generation of chip. Tesla’s chip expertise would be monetized through self-driving cars and humanoid robots, which Musk has touted as part of the company’s future. Those shares bouncing by 2% this morning.
00:20 Speaker A
Next up is Novo Nordisk. It’s closely watched Alzheimer’s drug trial did not show a significant reduction in the disease. Shares taking a hit on the back of that data which used an older oral version of its semiglutide drug to try to stem the progression of Alzheimer’s. Novo had described the trial as a quote lottery ticket, should it have worked, but the setback is denting hopes for Novo that Alzheimer’s could open a major new market for GLP1 medicines. The company’s already facing fierce competition from the likes of Eli Lily. Remember, that stock just hit a trillion dollar valuation last week. Lily shares, by the way, are also slipping a bit this morning.
00:59 Speaker A
And finally, Oscar Health and Centene, those stocks getting a lift on reports the White House will propose a two two-year extension of Obamacare subsidies with new limits on eligibility. Both Centene and Oscar Health offer insurance plans under the Affordable Care Act marketplace. In fact, they’re pretty heavily indexed to it. The administration looking to address an impending surge in health insurance premiums caused by ACA subsidies that expire at the end of the year.