Summary

Today on C2 Business, Nvidia becomes the most valuable public company, surging 3.5% past Microsoft. Steve Cohen plans a $1 billion AI-focused hedge fund launch. La-Z-Boy stocks soar 19%, Six Flags-Cedar Fair merger finalized. Surgeon General urges social media warning labels for mental health. Adobe faces lawsuit over subscription termination practices. McDonald’s ends AI drive-thru partnership with IBM.

For those who read...‍

What’s up business enthusiasts! Today is Wednesday, June 19th, my name’s Jake, and you are listening to C2 Business, brought to you by Just Bagels! In this episode, we will be hitting the latest in stocks, the U.S. Surgeon General’s war on social media (did I say war? I meant warning), a new lawsuit against Adobe, and McDonald’s abandoning its AI ambitions– that’s right, no robot Big Macs for you.

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Kicking it off with that Stock market news

• Nvidia jumped 3.5% Tuesday, officially beating out Microsoft as the most valuable public company, the MVC! Throughout 2024, Nvidia has grown over 174% as enthusiasm for AI continues to grow. Is it a bubble? Who’s to say? But I’m sure flag I’ve been along for the ride!
• Steve Cohen, playboy, billionaire, and hedge fund investor, just kidding about the playboy… I think? Plans to launch a new AI focused hedge fund, which is to be launched late this year or early next year. The firm will be focused on AI and AI-related technologies, and hopes to raise $1 billion. I wonder if Current2 would be worth a billion if we slapped AI on the front of it.
• La-Z-Boy stocks soared 19% after the company exceeded expectations in the fourth quarter. Cedar Fair and Six Flags shares also rose after the companies confirmed they would be officially completing their merger, which was announced in November, early next month. The new company will be named Six Flags Entertainment Corporation.

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A quick break from business to talk bagels Just Bagels Advertisements

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Back to business, let’s hit some of those stories we mentioned earlier

• The U.S. Surgeon General advised in an op-ed for the New York Times that social media platforms should have warning labels similar to those on cigarettes. He cited concerns about the growing adolescent mental health crisis and social media’s role in it, and appealed to lawmakers to take action. 
• The U.S. government sued Adobe earlier this week for hiding subscription termination fees and making it difficult for customers to cancel. The lawsuit focuses on two of their biggest applications — Photoshop and Acrobat — and their potentially harmful business practices.
• McDonald’s confirmed that they have ended their partnership with the International Business Machines Corporation to test AI supported drive-thru technology. The partnership has been ongoing since 2021, with AI related mishaps going viral pretty consistently over that period. McDonald’s drive through workers, your safe from the robots. For now…

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That’s all for this episode of C2 Business! Thanks for listening, and we will be back Friday with all the business news you might have missed! Send us a text and let us know what you thought of today’s episode, share it with your friend who plays with money in Robinhood but has no clue what’s going on in business, and thanks as always for listening to the easy way to follow the money.

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Bulletin Brief

S&P 500 climbs to another record close Tuesday as Nvidia’s market cap tops Microsoft (NBC)

Why I’m calling for a warning label on social media platforms (NYT)

US sues Photoshop maker Adobe for hiding fees, making it difficult to cancel (Reuters)

McDonald’s is ending its test run of AI-powered drive-thrus with IBM (AP)