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General Motors (GM) deepens its partnership with Nvidia (NVDA) as it looks toward next-gen vehicles. (00:23) Xiaomi (OTCPK:XIACF) said to mull expansion of second EV factory in Beijing amid surge in demand. (01:29) Starboard reportedly set to launch proxy fight at Autodesk (ADSK). (02:55)
This is an abridged transcript.
General Motors (NYSE:GM) expects to see even more benefits from its long partnership with Nvidia. The Detroit automaker said it will collaborate on next-generation vehicles, factories and robots using AI, simulation and accelerated computing.
In particular, the companies will work together to build custom AI systems using NVIDIA accelerated compute platforms.
GM will also build next-generation vehicles on Nvidia’s (NVDA) Drive AGX platform, which is based on the Blackwell architecture.
A key initiative will be continuing to use Nvidia’s (NVDA) “Omniverse with Cosmos” for optimizing factory planning and robotics use cases.
“AI not only optimizes manufacturing processes and accelerates virtual testing but also helps us build smarter vehicles while empowering our workforce to focus on craftsmanship. By merging technology with human ingenuity, we unlock new levels of innovation in vehicle manufacturing and beyond,” highlighted GM (NYSE:GM) CEO Mary Barra.
Financial terms of the partnership between Nvidia (NVDA) and General Motors (NYSE:GM) have not been disclosed since the companies started working together over four years ago.
Xiaomi Corp (OTCPK:XIACF) (OTCPK:XIACY) is reportedly expanding the size of a planned second electric car factory in Beijing.
The company, better known for its smartphones, started construction of a second factory last year on a 53 hectare (131 acre) parcel of land in the capital’s Yizhuang district that it bought for 842 million yuan ($116 million). Production at that facility is set to start mid-year, Bloomberg reported.
Xiaomi Corp (OTCPK:XIACF) has raised its full-year target for electric vehicle deliveries to 350000, founder Lei Jun said on Tuesday.
Xiaomi also plans to add 5,000 more stores in China and build 20,000 Xiaomi home stores this year, in addition to building 500 overseas stores expanding to 10,000 Xiaomi home stores overseas, Lu Weibing, partner, president of Xiaomi Group said in a post-earnings conference call.
The company’s market share for mobile in China has increased from 5.2% in 2020 to 10.3% in 2024.
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Starboard Value is set to launch a proxy fight against Autodesk (NASDAQ:ADSK), The Wall Street Journal reported, citing people familiar with the matter, and is expected to push for an overhaul of the design software maker’s board.
Starboard, which has a $500M stake in Autodesk (NASDAQ:ADSK), plans to nominate a minority slate of director candidates ahead of the company’s annual shareholder meeting.
The activist has been pushing Autodesk (ADSK) to improve margins and make board changes, amid concerns over its stock underperformance and accounting issues. ADSK has declined 11.4% this year.
Autodesk (ADSK) last year launched an accounting probe after disclosing that it’d continued a controversial sales strategy through 2023, in which discounts were offered to customers willing to pay in advance for multi-year contracts.
Starboard believes the company hasn’t held anyone accountable for the accounting issues, and is also concerned by its operational performance and full-year outlook, WSJ reported. The hedge fund previously called on Autodesk (ADSK) to hold its management and CEO Andrew Anagnost accountable.
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Catalyst watch:
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Notable investor events include Quest Diagnostics’ (DGX) Investor Day and Vertex’s (VERX) Investor Day.
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The two-day Bank of America Global Industrials Conference will include presentations by Parker Hannifin (PH), CACI International (CACI), and Allegion (ALLE).
Now let’s take a look at the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in the red. Crude oil is up 1.3% at $68/barrel. Bitcoin is down 0.8% at $82,000.
In the world markets, the FTSE 100 is up 0.4% and the DAX is up 1.7%.
The biggest movers for the day premarket: CARGO Therapeutics (NASDAQ:CRGX) +18% – Shares soared after the company announced a 90% workforce reduction and the suspension of development for both CRG-023 and its allogeneic platform.
On today’s economic calendar:
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7:00 am MBA Mortgage Applications
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10:30 am EIA Petroleum Status Report
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2:00 pm FOMC Announcement
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2:30 pm Chairman Press Conference
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