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Apple sued OpenAI, the former employees. (00:13) This strike could cost Hyundai. (01:32) Wall Street craves CAKE. (02:31)
This is an abridged transcript.
apple (AAPL) filed a trade secret misappropriation lawsuit against OpenAI (OPENAI) and its former employees on Friday.
The case comes as OpenAI is also in the midst of pursuing its own line of AI-powered devices.
Apple alleges that OpenAI used former and current Apple employees to steal confidential hardware designs and confidential information about unreleased technologies, processes and products. It also reveals that the misconduct was orchestrated by OpenAI’s leadership.
Apple is seeking an injunction to prevent the two former employees from destroying any evidence and returning all confidential information. The company also sued for monetary damages related to the alleged theft.
This story changed over the weekend when Elon Musk jumped in. He called Sam Altman “Scam Altman” again. Altman replied that ″[T]here are many benchmarks that suggest the 5.6 sol is the best model in the world right now, but the most reliable way to say that elon has me hooked again,” Altman wrote in X.
5.6 sol is the new OpenAI model.
Hyundai Motor (HYMTF) workers began a three-day strike on Monday after wage negotiations with management ended without an agreement.
The union wants bigger bonuses, higher wages, and stronger job protections.
Workers at South Korea’s largest auto plant are walking off the job two hours before the end of their scheduled shift until Wednesday. Union leaders are expected to meet on Thursday to decide their next steps while continuing negotiations with management.
The union said, “Management has not made a responsible decision regarding our core demands, and has again betrayed the expectations of members regarding other matters related to wages,” adding that they will “go it alone.”
According to Yonhap News, the strike could cause production losses of more than 18.7B won per hour, which is about $12M.
Hyundai said it has little room to increase compensation after operating profit fell by about 19.5% last year.
Shares of The Cheesecake Factory (CAKE) hit a record high with the help of a bullish rating from Citi Research.
The restaurant’s recently launched mobile app, growing rewards program, and its freebie promotion “may be enough to bring The Cheesecake Factory back to good traffic,” analyst Jon Tower said in a note to clients.
Tower also cites a more engaging social media strategy, growing relevance to younger customers, and the re-emergence of malls as an entertainment destination will further increase strong same-store sales.
Citi Research rates The Cheesecake Factory (CAKE) as a Buy with a new price target of $90, up 18% from the previous PT.
What’s trending in Alpha search
SK Hynix slides 12% in Seoul as investors cap post-Nasdaq gains
SpaceX is off 35% from its post-IPO high one month after the record release
Which companies reporting earnings this week are showing the strongest signals?
Stock index futures are lower ahead of the opening bell. Tensions in the Middle East escalated after Washington and Tehran exchanged military strikes.
Crude oil was up 2.1% at $72. Bitcoin was down 1.1% at $63,000. Gold was down 1.2% at $4,071.
The FTSE 100 was little changed and the DAX rose 0.3%.
One stock on the big list of movers: SK Hynix (SKHYV) -10% – Shares fell after breaking the company’s first-ever Nasdaq ADR record of $26.5B.
Economic calendar:
