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Today in the Market (4/5/2024)

Good Morning! On Friday, U.S. stocks concluded the day with gains as investors disregarded concerns after the analysis of robust monthly employment data, despite ongoing confusion on the Federal Reserve’s approach to reducing interest rates.

The S&P 500 witnessed a great gain of 1.11%, while the Nasdaq finished up by 1.24%. The Dow Jones had the smallest gain but was still solid by 0.80%.

NO LONGER FREE?

According to the Financial Times, Google (GOOG, GOOGL) is contemplating implementing fees for AI-driven search functionalities. This adjustment would be the first instance in which the corporation has imposed charges for search, indicating that even a very influential technology company is uncertain about how to address the competitive challenge posed by ChatGPT.

Don’t worry though… The standard version of Google would remain unchanged, but there is an option to get a premium membership for a search engine version that utilizes Google’s advanced AI technology, known as Gemini. AI chatbots have become popular as a substitute for Google because they can provide a comprehensive and detailed response to a query, eliminating the need to search through many pages of links.

Going forward! According to a former Google employee, using AI to operate a search engine is very costly owing to the immense computational resources needed. Also, an AI-driven engine has the potential to cause significant disruption in the advertising sector, making it more challenging for websites to attract visitors.

ADD IT TO THE LIST

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Johnson & Johnson (JNJ) is investing a significant amount of money, around $13 billion, in the acquisition of Shockwave Medical (SWAV). Shockwave Medical is a company that specializes in developing technologies specifically designed to facilitate the opening of blocked arteries, hence improving cardiac care. The healthcare conglomerate said on Friday that it would provide $335 in cash for every share of Shockwave. The overall transaction value includes the amount of cash obtained.

Why does Johnson & Johnson want the company? During a discussion with investors on Friday, Joseph Wolk, the CFO of J&J, said that the market for this particular technology is now in its first stages of expanding. He said that he saw opportunities for further expansion both domestically and internationally, and the firm anticipates that yearly sales will surpass $1 billion.

It is not their first rodeo, though! The agreement is being finalized almost a year after J&J announced its intention to allocate $16 billion for the acquisition of Abiomed, a business specializing in cardiovascular technologies. Both purchases are anticipated to strengthen J&J’s MedTech business, which focuses on medical devices.

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