Sat, May 18, 2024

Alphabet Shoulders Nasdaq, Snap Stumbles | Wibest Broker

Alphabet: Alphabet website displayed on a modern smartphone.

Amidst yesterday’s Nasdaq slump, Alphabet announced its revolutionary research breakthrough “quantum supremacy.” The technology company leaped 16.43 points or 1.32% on Wednesday’s latter session.

Google said their achievement helped them do better with solving a problem than the world’s most powerful supercomputer. 

The quantum computer produced an answer in 3 minutes and 20 seconds. Comparably, the Summit supercomputer at the Oak Ridge National Laboratory in Tennessee would take 10,000 years to complete the task. 

Alphabet researchers see potential uses for the technology in machine learning, and materials science and chemistry. Cryptographers look forward to the supercomputer’s potential to secure online access to bank accounts. 

The Nasdaq 100 Composite broke free from its decline by 14.86 points or 0.19%. Alphabet staked a leadership claim on the technological sector, but IBM is a close rival.

The International Business Machines closed at 134.23 points on Wednesday.

Facebook Inc jumped 2.09%, or 3.81 points late Wednesday as speculations claim its cryptocurrency Libra can replace Chinese digital currencies.

Meanwhile, Snap Inc. stocks trekked low when it went down 1.35 points from battles with more popular competitions. 

Snapchat Might Be Going Downhill

Despite the growing daily user count, Snapchat still reportedly lost $228 million this quarter. The company plans to further globalize its market as an attempt to redeem its losses. 

The newer mobile app TikTok recently gained more than 700 million daily users – a number significantly higher than Snap’s 210 million.

Still, Snap Inc considered the leading Asian social media company as a “friend.” The sites have active developer and advertising partnerships. Snap Inc. CEO Evan Spiegel said the apps provide starkly different services, which meant they weren’t in direct competition. 

Additionally, the China-based social company’s power to keep users on their phones benefits Snapchat.

The company’s decline started from its confusing 2018 redesign. Snapchat separated users’ friends from brands in separate tabs. 

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