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Today in the Market (9/7/2023)

Good Evening! On Thursday, the Nasdaq fell, mostly due to the decline of Apple (AAPL) shares. The tech giant’s stock continued to decrease after reports indicating that China has prohibited government officials from using iPhones and intends to expand this restriction to state-owned enterprises.

The Dow Jones was the only index to end the day in the green, up 0.17%. The S&P 500 and the Nasdaq Composite fell by 0.32% & 0.89%, respectively.

MORE CHARGING STATIONS!

Commencing in the first months of 2024, the hotel operator Hilton (HLT) intends to deploy a total of 20,000 Tesla universal wall connector plugs throughout 2,000 of its hotels in the U.S., Canada, and Mexico. Hilton claims this initiative would establish its electric vehicle charging infrastructure as the most extensive among hospitality companies. Hilton already has charging stations in 1,850 hotels worldwide.

So why the big push? According to Hilton, there is growing customer demand for EV chargers. The company has observed a significant increase in search volume on its website for EV charging services, which has experienced the highest rate of growth compared to other search categories this year. As a result, EV charging has risen from the fourth to the second-highest category in terms of converting searches into hotel stays.

However, there is a small catch… The Tesla Universal Wall Connectors used by Hilton are different from Tesla’s Supercharger Network. Tesla’s Supercharger Network provides accelerated DC charging capabilities, while the Hilton  chargers offer a more cost-effective, but slower AC charging option.

YOUR CAR KNOWS YOU BETTER THAN YOU THINK

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According to a recent analysis produced by the Mozilla Foundation, cars were determined to have the weakest privacy policy across all product categories examined.

How bad is it? According to the study, a comprehensive analysis of 25 automakers including Audi, Toyota, Mercedes-Benz, and Ford, revealed a failure to meet fundamental privacy standards. Tesla emerged as the brand with the lowest privacy score. This implies the vehicles you own with the services that come along with them (GPS or satellite radio) have the capability to gather various forms of data

So what? This data may include personal details such as contact information, racial background, immigration status, as well as any other personal data that may be gathered based on the individual’s travel patterns

It gets worse… The privacy policies of the majority of the main automakers lack the ability to opt out and fail to provide an encryption measure for protecting user data. It is worth noting that a total of 19 car brand firms explicitly state that they retain the right to sell user data to brokers, marketers, or dealerships

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