Lots has happened this past week in the tech world! With GameStop sales being over $2 billion following the Roaring Kitty frenzy, Audi investing in electric vehicles in Mexico, China set to debut the Apple Vision Pro and more, there’s much to catch up on. So, let’s get started!
GameStop Sales Over $2 Billion Following Roaring Kitty Frenzy
Video game retailer GameStop announced on June 11 that it had completed an “at-the-market” equity offering, raising approximately $2.14 billion in gross proceeds. This announcement came just days after meme stock influencer Keith Gill’s first livestream in three years.
During the June 7th livestream, which attracted over 600,000 viewers, Gill, who played a pivotal role in the dramatic rise of GameStop’s stock in 2021, discussed the company and made jokes about memes, along with various disclaimers. The stock ended that session down nearly 40%. GameStop stated it sold the maximum 75 million shares registered under the program.
Audi Invests in Electric Vehicles in Mexico
German carmaker Audi plans to invest one billion euros ($1.08 billion) in electric vehicle projects in the Mexican state of Puebla, the state’s governor announced on June 11.
This investment is expected to create 500 new jobs, according to a statement from the Puebla government. Audi Mexico’s executive president, Tarek Mashhour, and Puebla Governor Sergio Salomon are aiming to transform the state into a tech hub for electric vehicles, the statement added.
China Set to Debut the Apple Vision Pro
Apple announced that it will launch its flagship virtual reality headset, the Apple Vision Pro, in China, Hong Kong, Japan, and Singapore on June 28. This marks the debut of the device in Asian markets, with pre-orders starting June 14.
The VR headset, which was first available in the U.S. four months ago, starts at $3,499. In China, one of Apple’s most important markets, the Vision Pro will be priced at 29,999 yuan ($4,190).
Apple will need to navigate China’s strict content regulations, as popular apps like Disney+ and Amazon Prime Video are not available in the country.
US Lawmakers Pushing for AI Regulation
California lawmakers advanced approximately 30 new measures on artificial intelligence aimed at protecting consumers and jobs, marking one of the most significant efforts to regulate the emerging tech.
The proposed bills include some of the nation’s strictest restrictions on A.I., addressing concerns from technologists that the tech could eliminate entire job categories, disrupt elections with disinformation, and pose national security risks. The measures, many of which have garnered broad support, seek to prevent A.I. tools from discriminating in housing and healthcare services and aim to protect intellectual property and jobs.
Apple Surpasses Microsoft as Most Valuable Company
On June 12, Apple surpassed Microsoft to become the most valuable company in the world, following its announcement of a major push into artificial intelligence during its developers conference keynote on June 10.
Apple’s market cap reached $3.3 trillion, surpassing Microsoft’s $3.2 trillion. Investors, excited by Apple’s extensive plans to integrate artificial intelligence across its family of tech devices, drove shares up more than 7% to a record high.
