Conway Gittens reported from the New York Stock Exchange, providing insights on the day’s market activities for TheStreet. The report noted minor movements on Wall Street Friday, following significant gains earlier in the week. Market attention was particularly focused on Apple due to the first sales day for the new iPhone 16, amid concerns resulting from lower-than-expected online pre-sales.
Key topics covered this week included Huawei’s response to Apple’s iPhone 16 with the introduction of the first trifold phone, an increase in theft by crypto criminals, a prediction that Bitcoin could reach $420,000 by 2030, and widespread agreement among state attorneys general that social media poses significant issues.
Looking ahead, investors are anticipating quarterly updates from Costco and Micron Technologies. Additionally, data on home prices, home sales, and consumer inflation will be of interest.
In other developments, the site of the worst nuclear accident in American history, Three Mile Island in Pennsylvania, is set to be reopened to provide exclusive nuclear power for Microsoft’s artificial intelligence business. Although the site was fully decommissioned in 1999, plans are underway to reactivate one of its nuclear reactors by 2028, pending approval from the Nuclear Regulatory Commission. The other reactor, which experienced a partial meltdown in 1979, will not be reopened.
Joe Dominiguez, CEO of Constellation Energy, the company that owns the nuclear facility, emphasized the necessity of abundant, carbon-free, and reliable energy for critical industries, including data centers, which nuclear plants can provide consistently.
Despite the advantages of nuclear power, such as generating substantial energy without carbon emissions and not being restricted by weather conditions like wind or solar power, it remains controversial due to the long-term management of its toxic waste.
Tech giants such as Microsoft are increasingly seeking new power sources to support continuous operation of data centers and AI functions, viewing nuclear energy as a feasible option. The financial terms of this 20-year agreement remain undisclosed, but Constellation projects the creation of 3,400 jobs and an economic boost of $16 billion for Pennsylvania.
The report concluded with Conway Gittens from TheStreet, signing off from the New York Stock Exchange. For further related news, readers can access additional content through provided links.