Today in the Market (10/13/2023)

Good Evening! On Friday, stocks concluded the session and the week with a combination of positive and negative outcomes. This occurred as major US banks opened the earnings season with optimistic profits, but investors remained vigilant due to the ongoing war in the Middle East. 

The Dow Jones was the only index to end the day in the green by 0.12%, while the S&P 500 and Nasdaq Composite ended the day in the opposite direction by 0.50% & 1.23%, respectively.

 

 

THE DEAL IS FINAL! FINALLY

Finally, Microsoft (MSFT) completed its acquisition of Activision Blizzard (ATVI), the creator of “Call of Duty,” for a total of $69 billion. This merger is the largest-ever consolidation in the gaming industry, as stated in the company’s regulatory filing. On top of that, Microsoft now ranks as the third-largest video gaming firm globally in terms of revenue, trailing behind Sony (SONY) and Tencent.

Here are the final details! The transaction was finalized on Friday after Microsoft’s successful resolution of the last obstacle presented by the UK’s Competition and Markets Authority (CMA). The antitrust authority expressed satisfaction with the concessions presented in the amended purchase agreement between Microsoft and Activision. These concessions address the regulator’s concerns over the potential unfair advantage Microsoft may get in the cloud gaming industry via the deal.

Some compromise had to be made, however! Ubisoft Entertainment SA, a French gaming firm, will have the rights to Activision’s cloud gaming material for a duration of 15 years under the revised agreement. This will guarantee the availability of the content on operating systems other than Windows. 

AI MAKES A BREAKTHROUGH!

Source: https://scrollprize.org/firstletters & This handwriting has been hidden for 2000 years.

Yesterday, two computer science students uncovered a word within a 2,000-year-old scroll burnt by the explosion of Vesuvius. The finding represents the most significant advancement so far in the Vesuvius Challenge, a competition aimed at interpreting the scrolls from ancient Herculaneum without causing any harm to them.

So what is the word they found? The competition revealed that two individuals using AI to separately discover the Greek term “porphyras,” which translates to “purple.” 

What else makes this interesting? The Vesuvius Challenge offers lucrative rewards of up to $700,000 for those who successfully locate letters or writing inside the scrolls. Due to the scrolls’ delicate nature, they are strictly off-limits for physical contact. Therefore, the process of deciphering the ancient text involves advanced technological methods.

So where did this all gain attention? This initiative gained significant momentum when Silicon Valley entrepreneurs Nat Friedman and Daniel Gross provided $1 million in funding.

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