Carvana shares surged today on debt reduction plans. Apple is reportedly developing its own artificial intelligence to compete with OpenAI’s ChatGPT. Delivery service UPS and Teamster’s labor union are set to return to the negotiating table next week as workers’ strikes are feared to hurt the economy.
video transcript
– End time of Yahoo Finance Live. Here are some of the top news stories of the day. Carvana shares surged on the day. The company reached an agreement to reduce its debt by $1.2 billion. In a separate announcement, Calvana said it would sell up to $1 billion in shares to raise capital and restructure its business.
Apple is reportedly joining the AI battle, and Bloomberg reports that the tech giant is working on its own large-scale language model to rival ChatGPT and OpenAI, but the company doesn’t have a full strategy yet.
And UPS and Teamsters Union are returning to the negotiating table, with both sides releasing statements on Wednesday announcing that negotiations will resume next week, with the August 1 deadline looming. UPS said it was ready to raise wages, but stressed that a deal would need to be done quickly. Any disruption to UPS’s services could have a severe economic impact, with one group estimating that a 10-day strike could cost $7 billion.
