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Luke Kawa7/9/25

Alibaba slumps after rival JD.com starts $1.4 billion program to boost its food delivery business

Shares of Alibaba are sliding after JD.com announced it would spend at least $1.4 billion to boost its nascent food delivery business, JD Delivery.

“JD.com’s new two-pronged food delivery inventive program underscores its goal to be the go-to platform for reputable brands, while fighting with Meituan and Alibaba’s Taobao Instant Commerce for volume,” Bloomberg Intelligence senior analyst Catherine Lim wrote.

For years, China has been the poster child for aggressive investment that leads to excess capacity — primarily when it comes to tradable goods (electric vehicles, for instance). So it’s perhaps unsurprising that Beijing may not look as kindly on the broadening of domestic, consumer-oriented services. A commentary in the state-run People’s Daily argued that there will be no “winners” in this campaign, and that this can lead to irrational consumption.

Earlier this year, Alibaba brought its food delivery and online travel services units under the umbrella of its core e-commerce unit, and before that, it added a rapid-delivery option for its Taobao Instant Commerce service.

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Western Digital Stock Rallies as Wall Street Raises Estimates

Western Digital rallies as Wall Street sees more gains ahead

Analysts responded to yesterday’s Western Digital earnings by rapidly ramping up price targets.

Matt Phillips1h

December rate cut odds creep lower with Federal Reserve hawks out in full force

A cacophony of hawkish commentary.

Federal Reserve To Make Highly Anticipated Interest Rate Announcement This Week

markets

J. Edward Moreno4h

Gene-editing stocks rally on Bloomberg report that FDA plans to fast-track approval process

Shares of biotechs working with gene-editing treatments rose after the industry’s top regulator told Bloomberg News that the Food and Drug Administration plans to publish a paper in early November outlining the agency’s new, faster approach to approving those treatments.

FDA Clears Way for Faster Personalized Gene Editing Treatments

FDA Clears Way for Faster Personalized Gene Editing Treatments

Amazon pulled off its monster quarter despite being left out of OpenAI’s tangle of deals

Amazon’s AWS revenue grew 20% year on year, and will hit $125 billion in capex for the year. CEO Andy Jassy said the 14,000 jobs cut weren’t about money, but about “culture.”

AWS re:Invent 2024

markets

Matt Phillips5h

Getty Images shares moon on licensing deal with Perplexity

Getty Images soared Friday after announcing a multiyear licensing deal with AI search company Perplexity AI. Reuters reports:

“Under the agreement, Perplexity will integrate Getty’s API technology into its AI platform workflows, enabling users to access premium visuals while improving image attribution. The collaboration is part of a wider trend of digital platforms signing licensing deals with AI content providers to expand content access while respecting intellectual property rights and generating revenue.”

Getty was up as much as 85% in the premarket trading session, but those gains are quickly dropping as holders rush to dump the stock, which has been a truly disastrous long-term trade.

In fact, Getty has had a pretty bizarre ride since it returned to the public markets on July 25, 2022, as part of a SPAC deal — in a previous life it had been publicly traded before being taken private in 2008. Within days of its return, Getty became a minor meme stock, spiking more than 250% before crashing a couple months later.

Since then, the stock’s trajectory has been abysmal. Prior to the announcement of the Perplexity AI deal on Friday, it was down 80% from its trading debut. No wonder people are trying to get out fast.

At last glance, those 85% gains in the premarket have been swamped by sellers, shrinking today’s gain for Getty down to 17%.

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