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The European-Mediterranean Seismological Centre reports a 5.7-magnitude earthquake in the Biobío region of Chile.The U.S. Geological Survey reported a 4.5-magnitude earthquake 5 kilometers south-southwest of Broley, California.May 10th - According to sources, Alibaba (09988.HK) is preparing to announce its integration plan between its AI platform Qwen and e-commerce platform Taobao. This move aims to drive shopping through conversation rather than keyword search. The integration will reportedly allow consumers to browse, compare, and purchase products by conversing with an AI assistant through the Qwen app, eliminating the need to manually navigate product listings. The Qwen app is expected to integrate with Taobao and Tmalls complete catalog of over 4 billion products and leverage a "skill library" capable of managing logistics and after-sales service. It will also provide shopping recommendations based on users order history and shopping preferences. Furthermore, within the Taobao platform, Alibaba will launch a Qwen-powered AI shopping assistant, incorporating tools such as virtual try-on and 30-day price tracking.According to a source familiar with the matter, Alibaba (09988.HK) is preparing to announce plans to integrate its AI platform Qwen with its e-commerce platform Taobao, a move aimed at driving shopping through conversation rather than keyword search.On May 10th, SK Energy announced that it will provide subsidies to its franchised gas stations to cope with high oil prices. SK Energy will reportedly provide up to 20 billion won per month to support 2,500 branded gas stations nationwide (excluding company-operated stations). SK Energy stated that this subsidy aims to ensure a stable supply of petroleum products and aligns with the governments policies on energy supply stability.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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