{"id":11775,"date":"2023-05-21T16:04:38","date_gmt":"2023-05-21T20:04:38","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/this-week-in-tech-netflix-wows-with-big-subscriber-numbers-openai-ceo-nervous\/"},"modified":"2023-05-21T16:04:39","modified_gmt":"2023-05-21T20:04:39","slug":"this-week-in-tech-netflix-wows-with-big-subscriber-numbers-openai-ceo-nervous","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11775","title":{"rendered":"This week in tech: Netflix wows with big subscriber numbers; OpenAI CEO ‘nervous’"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

By Louis Juricic and Sarina Isaacs<\/p>\n

Investing.com — Here is your weekly Pro Recap on the tech headlines everyone is buzzing about from this past week: firm subscriber numbers at Netflix; Elon Musk’s about-face on advertising; sped-up merger talks between Western Digital <\/span><\/span> and Kioxia Holdings; OpenAI chief’s unsettling Senate testimony; and Alibaba <\/span><\/span>‘s subpar earnings.<\/p>\n

InvestingPro subscribers got these headlines in real-time, giving them a chance to rapidly readjust their portfolios. See for yourself by starting a 7-day free trial.<\/p>\n

Netflix reports strong ad-supported subscriber numbers<\/strong><\/h2>\n

Netflix (NASDAQ:) said on Wednesday that its new $7-per-month ad-supported tier has reached almost 5 million active users per month, representing a significant increase compared to the ~1M reported by third parties.<\/p>\n

The announcement was part of a larger presentation by management, which left analysts more positive on the company. Oppenheimer applauded the “ad tier progress,” and Evercore reiterated its Outperform rating as new updates show the ad-supported tier is \u201csteadily gaining traction.\u201d<\/p>\n

Netflix also said that ad-tier now represents 25% of new subscribers in respective geographies. The company\u2019s management told advertisers that its viewers are 4 times more likely to engage with an ad on Netflix than on the other streaming platforms.<\/p>\n

Hot tech news like this is posted in real-time for InvestingPro subscribers. Never miss another market-moving headline.<\/p>\n

Shares jumped 7.2% for the week to $365.36.<\/p>\n

Tesla’s Elon Musk to consider advertising <\/strong><\/h2>\n

During Tesla’s (NASDAQ:) annual shareholder meeting, Musk appeared to decide in real-time to try advertising its vehicles after years of resisting the idea. An investor at the meeting asked about a potential advertising campaign to teach more about the full TSLA story, to which Musk responded that Tesla will try out \u201ca little bit of advertising.”<\/p>\n

In response to this, Wedbush said:<\/p>\n

\n

We view this as a major positive for Tesla as many parts of the Tesla product portfolio are undervalued by the Street… many in the general public [do] not know about the affordability and capabilities of TSLA products. …We were very pleased to see the change in stance around advertising with Musk and overall.<\/p>\n<\/blockquote>\n

Tesla shares gained 7.5% for the week to $180.14.<\/p>\n

\"InvestingPro\"
<\/strong><\/p>\n

Western Digital ramping up merger talks<\/strong><\/h2>\n

Western Digital (NASDAQ:) and Kioxia Holdings Corp are speeding up merger talks and discussing a deal structure as both companies continue to be pressured by a slump in demand for memory products, Reuters reported.<\/p>\n

Excess inventory amid weak demand in the memory market hit both companies hard, and they believe that a single entity would be better positioned to compete against rivals like Samsung Electronics (OTC:).<\/p>\n

The merged entity would be 43% owned by Kioxia, 37% by Western Digital and the rest by existing shareholders of the companies, Reuters added.<\/p>\n

Benchmark reiterated a Hold rating on Western Digital, noting, “While the devil will be in the details, due to the current depressed memory market, short-term we see modest upside from such a deal with most of the value coming from the HDD unit spin-out.”<\/p>\n

Shares rose 7.3% for the week to $38.32.<\/p>\n

OpenAI chief ‘nervous’ about AI election interference<\/strong><\/h2>\n

CEO of Microsoft (NASDAQ:)-backed OpenAI, Sam Altman, said he is “nervous” about the potential for artificial intelligence to interfere with elections at a Senate panel on Tuesday – and said the U.S. should mull rules, licensing and testing requirements for AI development.<\/p>\n

Sen. Cory Booker (D) said of AI, “There’s no way to put this genie in the bottle. Globally, this is exploding.”<\/p>\n

In response to Sen. Mazie Hirono’s (D) mention of an AI-generated video of former President Trump being arrested, Altman said creators should make clear when an image is generated rather than factual.<\/p>\n

Altman also said companies should be able to protect their data from being used for AI training – but that public materials on the internet should be left open for these purposes.<\/p>\n

Microsoft shares were up 3% for the week to $318.34.<\/p>\n

Alibaba posts disappointing earnings<\/strong><\/h2>\n

Hong Kong-listed shares of e-commerce giant Alibaba Group (NYSE:) (HK:) sank on Friday as a slowing economic rebound and growing competition in China, its biggest market, spurred .<\/p>\n

The firm logged revenue of RMB208.20 billion ($1 = RMB7.04) for the three months to March 31, lower than analyst estimates of RMB210.3B. Its revenue for the year to March 31 also rose just 2% to RMB868.69B, its worst pace of growth since the company listed in 2014.<\/p>\n

Alibaba\u2019s Chinese direct sales, which make up the biggest portion of its revenue, fell 1% in the quarter, as consumer spending in China continued to struggle despite the lifting of anti-COVID measures.<\/p>\n

Alibaba’s New York-traded ADRs were down 3.7% for the week to $83.98. Its Hong Kong-traded shares sank 1.6%.<\/p>\n

In fast-moving markets, every second counts – and InvestingPro subscribers are always one step ahead with lightning-quick updates.<\/p>\n

Start your free 7-day trial now.<\/p>\n

Senad Karaahmetovic, Michael Elkins, and Ambar Warrick contributed to this report.<\/em><\/p>\n

\"InvestingPro
<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. By Louis Juricic and Sarina Isaacs Investing.com — Here is your weekly Pro Recap on the tech headlines everyone is buzzing about from this past week: firm subscriber numbers at Netflix; Elon Musk’s about-face on advertising; sped-up merger talks between Western Digital and Kioxia Holdings; OpenAI chief’s unsettling Senate testimony; and Alibaba ‘s […]<\/p>\n","protected":false},"author":1,"featured_media":11776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-11775","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nThis week in tech: Netflix wows with big subscriber numbers; OpenAI CEO 'nervous' | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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