Bloomberg Money Minute: SEC Probes AppLovin, AMD Partners With OpenAI, Costco Sells Weight Loss Drugs

SEC Probes AppLovin

• 🔍 The SEC is investigating AppLovin, a mobile advertising tech firm, for alleged violations of platform partner services agreements.
• ⚠️ The probe focuses on AppLovin's data collection practices and how they were used to push more targeted ads.
• 📉 Following this news, shares of AppLovin experienced a 14% drop.

Market Performance and AI Investment

• 📈 Wall Street saw a record-setting day, with the Nasdaq and S&P 500 reaching all-time closing highs.
• ⚡ This market surge was significantly driven by increased investment in Artificial Intelligence.
• 💰 Chipmaker AMD is entering a partnership with OpenAI, a deal anticipated to generate tens of billions of dollars for AMD.
• 📊 The Dow closed 63 points lower, while the tech-heavy Nasdaq rose 1.67% and the S&P 500 added 24 points.

Costco and Weight Loss Drugs

• 💊 Costco is now offering the GLP weight loss drugs, Wegovy and Ozempic, at its in-store pharmacies.
• 💲 A one-month supply of these medications is available for $499.