Today’s topics

• Luxury sector's significant role in France's trade

• Williams-Sonoma’s record $3.17M fine

• Lock screen ads: the future of Android

• 'Spider' formations on Mars

• Pfizer’s first gene therapy

  and more…

The Magnificent Seven rebounded strongly, driven by robust quarterly earnings from Microsoft and Alphabet that exceeded Wall Street expectations. By the end of Friday, they had collectively increased their market capitalization by $654 billion, marking the largest weekly gain since November. The S&P 500 was up 1%, the Nasdaq gained 2%, and the Dow Jones increased by 0.4% or 150 points, reflecting a boost from tech stocks.

Google has officially surpassed the $2 trillion market cap mark. Alphabet's market capitalization briefly reached $2 trillion in 2021, but it has now comfortably maintained that level for an entire day on Friday. This milestone follows impressive quarterly results that exceeded revenue and earnings estimates, along with the announcement of a new cash dividend program set at $0.20 per share. Additionally, the board of directors has approved stock repurchases of up to $70 billion.

Handbags are better than wine. LVMH now represents a larger portion of France's exports than the entire agricultural sector, including renowned products like French wine. A study by Asterès for LVMH revealed that the luxury group's global sales of handbags and perfumes contributed 4% to French exports last year, surpassing the agricultural sector's 3.2%. The €23.5 billion value of LVMH's exports underscores the luxury sector's significant role in France's trade balance.

Williams-Sonoma hit with $3.17 million fine for false labels. Williams-Sonoma faces a record $3.17 million civil penalty for mislabeling products as "Made in USA." The Federal Trade Commission (FTC) filed in federal court on Monday, seeking a judge's approval to impose the fine due to violations of a 2020 order concerning similar false claims. Previously, Williams-Sonoma had settled charges by paying $1 million to the FTC and reported full compliance with the order the following year.

Meta's New AI Chatbot Llama 3: Free but Unremarkable

Meta's new chatbot, powered by the Llama 3 language model and integrated across its apps, doesn't stand out in performance, often mimicking web search results without excelling in specific areas. But, hey, at least it’s free!

Lock screen ads: the future of Android. Glance, a Google-backed company specializing in lock screen content, is set to bring ads and other content to Android phones in the U.S. after finding success in India, Southeast Asia, and Japan. As it expands, Glance is collaborating with Motorola and Verizon and plans to feature content from major brands like CNN and the NBA on phone lock screens.

Boeing and NASA Proceed with Historic Crewed Launch of New Spacecraft

After numerous delays and setbacks in test flights, Boeing's Starliner spacecraft is poised for its first crewed launch. Scheduled to depart from Florida on May 6, the mission will transport NASA astronauts Suni Williams and Butch Wilmore to the International Space Station. This launch could mark a historic triumph for the long-troubled Starliner program.

Satellites capture 'spider' formations across Mars' Inca City. The European Space Agency's Mars Express orbiter has captured images of seasonal, spider-like features emerging through cracks on Mars' surface. These formations, resembling spiders, were observed in the area known as Inca City near the Martian south pole. The phenomenon occurs when spring sunlight heats layers of carbon dioxide ice accumulated during the Martian winter. The ice sublimates from solid to gas in the bottom layers, building pressure until it bursts through the overlying ice, which can be up to 1 meter thick, ESA explains.

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Medtronic Receives FDA Approval for Advanced Spinal Cord Stimulator

Medtronic announced on Friday that the U.S. Food and Drug Administration has approved its new Inceptiv™ closed-loop spinal cord stimulator. This implant is designed to alleviate chronic pain in patients who typically rely on opioids. The device delivers electrical pulses to the spinal cord to block pain signals before they reach the brain, aiding those with back, cervical, and nerve damage. Unlike previous models that provided constant stimulation, the Inceptiv™ can automatically adjust its intensity based on nerve fiber signals, thus preventing discomfort during sudden movements like sneezing, coughing, or laughing.

Pfizer’s first gene therapy. The Food and Drug Administration has approved Pfizer's first gene therapy, Beqvez, for adults with moderate to severe hemophilia B, a rare genetic bleeding disorder. This marks Pfizer’s inaugural gene therapy to receive approval in the U.S. Set to be available by prescription for eligible patients this quarter, the treatment comes with a substantial price of $3.5 million before insurance and rebates

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