Lots has happened this past week in the tech world! With artificial intelligence being called a leader in the tech market in 2024, major stock decreases for digital health companies, Waymo succeeding and inspiring mainstream adoption of autonomous driving, and more, there’s much to catch up on. So, let’s get started!
Artificial Intelligence Called Tech Market Leader in 2024
This year’s stock market rally has been nothing short of remarkable, with the Nasdaq experiencing an impressive 33% surge and other major U.S. indexes posting strong double-digit gains. At the heart of this upward momentum lies the transformative power of AI-driven innovation, which has become a significant force shaping the market.
Chipmaker Nvidia has emerged as one of the standout beneficiaries, thanks to its pioneering role in developing the advanced hardware essential for powering artificial intelligence systems. However, Nvidia is far from the only company riding the AI wave.
Digital Health Companies Stocks Decrease
While the Covid era fueled a boom for digital health companies, 2024 has been a year of reckoning.
Despite a 32% surge in the Nasdaq, which crossed the 20,000 mark for the first time this month, health tech companies largely struggled. Of the 39 public digital health companies analyzed by CNBC, around two-thirds have seen losses this year, with some even going out of business.
There were a few bright spots, such as Hims & Hers Health, which thrived thanks to the success of its new weight loss product and its involvement in the GLP-1 trend. However, these successes were the exception.
Waymo Succeeds and Inspires Mainstream Adoption
Despite General Motors’ decision to shut down its Cruise robotaxi business earlier this month, the U.S. is closer than ever to a driverless future.
For the autonomous vehicle industry, 2024 will be remembered as the year when at least one major U.S. tech player—Alphabet-owned Waymo—began to see signs of mainstream adoption and made significant progress toward commercial viability.
At stake is a significant share of the vast ride-hailing market, both within the U.S. and globally. According to research by Fortune Business Insights, the global ride-sharing market is expected to grow from an estimated $123.08 billion in 2024 to $480.09 billion by 2032.
Toyota Experiences Low Global Production
Toyota Motor reported a decline in global production for the 10th consecutive month in November, the company announced on Wednesday. However, its worldwide tech sales rose for the second month in a row, driven by strong demand in the United States and China.
The world’s largest automaker produced 869,230 vehicles globally in November, marking a 6.2% decrease compared to the same month last year, a sharper decline than the 0.8% drop seen in October.
Iran Revoked Ban on Google Play and WhatsApp
Iranian authorities have lifted the ban on Meta’s instant messaging platform WhatsApp and Google Play, marking a first step toward easing internet restrictions, according to Iranian state media on Tuesday.
The Islamic Republic enforces some of the world’s strictest internet controls, but its blocks on U.S.-based social media platforms like Facebook, Twitter, and YouTube are often bypassed by tech-savvy Iranians using virtual private networks.
