Lots has happened this past week in the tech world! With Tesla shares dipping on Wednesday, the Temu app reporting great success in the United States in 2024, and more, there’s much to catch up on. So, let’s get started!
Tesla Shares Dip on Wednesday
Tesla shares plummeted over 8% on Wednesday, marking their sharpest decline since the stock surge triggered by Donald Trump’s election victory last month.
The stock closed at $440.13, though it remains up 75% since Election Day on November 5. Just last week, Tesla hit a record high, surpassing its previous peak from 2021. Before Wednesday’s drop, the stock had continued to climb, reaching a high of $479.86 at Tuesday’s close.
The Temu App Reports US Success in 2024
Temu, the e-commerce app owned by China’s PDD Holdings, has once again claimed the top spot on Apple’s list of most downloaded free apps in the U.S. iOS store, marking its second consecutive year at number one. This achievement underscores the significant success Chinese apps are experiencing in the world’s largest consumer market.
ByteDance’s TikTok secured third place on the list despite ongoing concerns about its future in the U.S., while fast-fashion rival Shein, a competitor to Temu, ranked 12th.
Waymo Begins Robotaxi Testing in Tokyo
Alphabet-owned Waymo announced on Monday that it will begin testing its autonomous vehicles in Tokyo in early 2025, marking the company’s first move toward international expansion.
While Waymo has not yet committed to launching commercial services in Tokyo, the robotaxi developer will collaborate with Nihon Kotsu, Japan’s largest taxi operator, and the taxi app GO to conduct tests using its Jaguar I-PACE vehicles on Tokyo’s streets.
China Continues to Challenge Starlink
SpaceX aims to expand its Starlink megaconstellation to up to 42,000 satellites, while China has similar ambitions, planning around 38,000 satellites across three low Earth orbit (LEO) internet projects: Qianfan, Guo Wang, and Honghu-3.
In addition to Starlink, the European-based Eutelsat OneWeb has already launched over 630 LEO internet satellites. Meanwhile, Amazon is developing a large LEO constellation called Project Kuiper, which will consist of more than 3,000 satellites. However, the company has only launched two prototype satellites so far.
Adobe Shares Fall 14%
Adobe shares dropped 14% on Thursday, marking their steepest decline since September 2022, following the software company’s release of disappointing revenue guidance.
In its fourth-quarter earnings report late Wednesday, Adobe projected fiscal first-quarter sales between $5.63 billion and $5.68 billion. This fell short of analysts’ average forecast of $5.73 billion, according to LSEG.
