NEW YORK — Amazon.com Inc.’s market value topped $2 trillion for the first time in afternoon trade on Wednesday.

The increase in Amazon’s stock market valuation comes just over a week after Nvidia reached $3 trillion and briefly became the most valuable firm on Wall Street.

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

Nvidia’s chips power numerous AI applications, so the company’s price has skyrocketed.

Amazon has also made significant investments in AI as the technology’s popularity has increased worldwide.

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

The majority of the company’s attention has been on business-oriented products, such as AI models and a chatbot named Q, which Amazon makes available to businesses that use its cloud computing unit AWS.

In April, Amazon CEO Andy Jassy stated that AI capabilities have reaccelerated AWS’s growth and that it was on track to generate $100 billion in annual revenue.

Amazon Crosses $2 Trillion In Stock Market Value For The First Time

Last year, the unit’s growth slowed as companies trimmed expenditures due to high inflation.

The digital behemoth has also invested $4 billion in Anthropic, a San Francisco-based AI business, to develop foundation models for generative AI systems. Amazon also creates and designs its own AI processors.

SOURCE – (AP)

Tesla has issued two recalls for the Cybertruck, the third and fourth since the model’s introduction late last year.

The most recent recall, which affects almost all of the almost 12,000 vehicles on the road, is for the truck’s massive single windshield wiper and a piece of plastic trim around the edge of the truck bed.

Tesla Is Recalling The Cybertruck Again, This Time Because A Piece Can Fly Off

A piece of black plastic trim that runs along the border of the truck’s sloped bed wall can become free and detach from the vehicle while driving.

“If the applique separates from the vehicle while in drive, it could create a road hazard for following motorists and increase their risk of injury or a collision,” according to materials released on the National Highway Traffic Safety Administration website.

Tesla Is Recalling The Cybertruck Again, This Time Because A Piece Can Fly Off

According to NHTSA papers, the problem arose when a portion of a Cybertruck went missing after being transferred to a distribution center by a car carrier truck. An examination discovered that the item had been improperly installed. Further inquiry revealed that other trim pieces had come free due to faulty installation. Some of these cases involved Cybertrucks that had been delivered to customers.

Cybertruck owners will be requested to bring their vehicles to a repair center, where the trim piece will be replaced or properly installed using “adhesion promotor” and pressure-sensitive tape. they will start alerting owners about the recall in mid-August.

The trucks are also being recalled due to a different issue with the electric motor that drives the truck’s single large windshield wiper. Some of the motors were damaged during testing, allowing an excessive amount of electrical current to flow through them and causing them to fail.

Tesla Is Recalling The Cybertruck Again, This Time Because A Piece Can Fly Off

Tesla has previously recalled the Cybertruck due to various concerns. The vehicles were recalled in April because the accelerator pedal might become stuck. In January, Tesla launched a software recall for 2.2 million cars, including Cybertrucks, because the warning lights’ lettering was too small to read. That issue was resolved with an over-the-air software upgrade.

SOURCE – (CNN)

Rivian and Volkswagen Group are launching a joint venture to develop car software, the firms announced on Tuesday.

As part of the agreement, VW would invest $5 billion in struggling electric vehicle manufacturer Rivian, including a $1 billion initial investment.

Rivian And VW Join Up To Design Vehicle Software

The two manufacturers did not disclose the name of the new joint venture business or its executive team. Rivian CEO RJ Scaringe announced during a conference call that the company would have two co-leaders, each reporting to one of the automakers.

“The way the joint venture has been configured as it’s a 50/50 joint venture that’s designed with two co-CEOs that report effectively in to both businesses,” according to Scaringe.

Scaringe said Volkswagen’s investments will offer funds to assist Rivian in expanding its manufacturing as it plans to develop a new factory in Georgia.

“This is important for us financially,” he claimed, “and one of the elements here is that it’s also implicit Rivian’s successes is important for Volkswagen Group’s success.”

Both businesses intend to launch new vehicles using the joint venture’s technologies before 2030.

Rivian’s fundamental vehicle software design will provide the new company’s software foundation. The company’s technology will comprise both user-interface software that controls the entertainment system and gauges and deeper vehicle software that interacts with the car’s motors. According to a joint release, Rivian will also contribute to the electric hardware designs that will power these devices.

VW already has its car software division, Cariad, which will continue to work, VW CEO Oliver Blume stated on a conference call. He said the new joint venture’s work would supplement, not replace, Cariad’s.

Scaringe stated on the call that the firms may collaborate on automobiles, although this is not currently planned. The companies will now collaborate primarily on vehicle software and computer systems.

Scaringe and Blume first discussed the joint business when visiting Porsche’s Experience Center in Atlanta, where Porsche owners and fans can test-drive Porsche automobiles and SUVs on a track.

“So, we had a lot of fun just talking about how aligned we both saw (cars),” added Scaringe. “But, quickly, that led to a serious conversation as to how can we look at working together.”

Blume is not only the CEO of the Volkswagen Group but also Porsche. Scaringe stated that he is a long-time Porsche lover and when he was S to restore cla
Rivian and Volkswagen Group are launching a joint venture to develop car software, the firms announced on Tuesday.

Rivian And VW Join Up To Design Vehicle Software

As part of the agreement, VW would invest $5 billion in struggling electric vehicle manufacturer Rivian, including a $1 billion initial investment.

The two manufacturers did not disclose the name of the new joint venture business or its executive team. Rivian CEO RJ Scaringe announced during a conference call that the company would have two co-leaders, each reporting to one of the automakers.

“The way the joint venture has been configured as it’s a 50/50 joint venture that’s designed with two co-CEOs that report effectively in to both businesses,” according to Scaringe.

Scaringe said Volkswagen’s investments will offer funds to assist Rivian in expanding its manufacturing as it plans to develop a new factory in Georgia.

“This is important for us financially,” he claimed, “and one of the elements here is that it’s also implicit Rivian’s successes is important for Volkswagen Group’s success.”

Both businesses intend to launch new vehicles using the joint venture’s technologies before 2030.

Rivian’s fundamental vehicle software design will provide the new company’s software foundation. The company’s technology will comprise both user-interface software that controls the entertainment system and gauges and deeper vehicle software that interacts with the car’s motors. According to a joint release, Rivian will also contribute to the electric hardware designs that will power these devices.

VW already has its car software division, Cariad, which will continue to work, VW CEO Oliver Blume stated on a conference call. He said the new joint venture’s work would supplement, not replace, Cariad’s.

Rivian And VW Join Up To Design Vehicle Software

Scaringe stated on the call that the firms may collaborate on automobiles, although this has yet to be planned. For the time being, the companies will collaborate primarily on vehicle software and computer systems.

Scaringe and Blume first discussed the joint business when visiting Porsche’s Experience Center in Atlanta, where Porsche owners and fans can test-drive Porsche automobiles and SUVs on a track.

“So, we had a lot of fun just talking about how aligned we both saw (cars),” added Scaringe. “But, quickly, that led to a serious conversation as to how can we look at working together.”

Blume is not only the CEO of the Volkswagen Group but also Porsche. Scaringe stated he is a long-time Porsche fan who used to rebuild ancient Porsche sports vehicles. Standard Porsche sports vehicles.

SOURCE – (CNN)