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Today in the Market (3/3/2023)

Good Evening! Stocks in the United States rose on Friday, capping off a strong week, while bond rates fell slightly from their recent highs.

The S&P 500 was up 1.61%, while the Dow Jones rose 1.17%. The Nasdaq Composite rose about 1.97%.

AI SURGE

C3.ai (AI) shares rose as high as 32.66% in trade on Friday after the business released its fiscal third-quarter 2023 financial results. Let’s see those results!

  • Revenue: $66.67 Million vs. $64.49 Million Expected
  • Earnings Per Share: ($0.06) vs. ($0.22) Expected

Why is this company important? Meta Platforms (META) said that it would install generative AI in its popular apps: Instagram, Facebook Messenger, and WhatsApp. AI has also expanded ties with Amazon.com’s Amazon Web Services for several industries, including local government offices

A lot needs to be done… The company’s goal of being cash positive and adjusted profitable by the end of the fiscal year 2024 lifted the stock, but investors feel that execution is critical to regaining Wall Street’s trust moving into 2023.

BIG PRICE DROP

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Meta’s (META) VR headsets are receiving a significant, but maybe inevitable, price decrease, owing to the fact that buyers aren’t purchasing as many as expected. In turn, making Meta finishes up 6.41%.

So how much is the decrease? The business announced today that it is lowering the price of its still-new Meta Quest Pro from $1,499.99 to $999.99. That’s an approximately 33% decline for the Meta Quest Pro, which was promoted at launch as being oriented toward corporations. A significant drop from the pomp with which it was introduced in combination with assistance from Microsoft (MSFT) and Accenture (ACN).

However, it’s not just Meta that is struggling… Consumer interest isn’t just a Meta issue; according to NDP research. The VR market, along with the games industry as a whole, had its 2022 sales decline 2% year on year to $1.1 billion. Yet, the business has failed to retain new headset users engaged in the device.

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