Market Beats | Microsoft and Nvidia Invest in Robotics Firm; New York Community Bank Drops Another 20%; Dell Surges as AI Boom Boosts Stock Price; Boeing May Buy Back Aircraft Parts Division; JAB Sells $2.5B Dr Pepper Stake

—— New York Community Bank Drops 20%; Dell Surges with AI Growth; Microsoft, Nvidia Invest in Robotics Firm; Boeing May Buy Back Former Aircraft Parts Unit; JAB Sells $2.5 Billion Dr. Pepper Shares; Tesla Rolls Out More Incentives in China; Blackstone Fulfills $960 Million Redemption Requests

1. New York Community Bank Drops 20%

Today, New York Community Bancorp (NYCB) released a statement saying that there were significant flaws in the company’s loan risk tracking systems, and the company has written down $2.4 billion in goodwill from acquisitions made years ago.

NYCB stated that new CEO Alessandro DiNello will immediately take over from Thomas Cangemi.

Due to the numerous negative announcements, the bank’s stock price plummeted more than 20% today, and the year-to-date decline has now reached 63%.

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2. Dell Surges with AI Growth

Today, Dell Technologies announced revenues and profits that exceeded expectations, driven by strong demand for AI information technology devices.

Over the past year, Dell, which produces high-performance servers, has attracted significant investor interest because AI technology heavily relies on hardware support.

In the fourth quarter of the fiscal year, Dell’s infrastructure division earned $9.33 billion, surpassing analyst expectations but down 6% year-over-year.

Dell’s stock price has tripled over the past 12 months, as investors believe Dell will benefit from the AI boom.

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3. Microsoft, Nvidia Invest in Robotics Firm

On Thursday, AI humanoid robot startup Figure AI announced that it had secured $675 million in funding from tech giants Microsoft, OpenAI, and Nvidia, raising the company’s valuation to $2.6 billion.

Figure AI plans to use the funds to improve AI training, robot manufacturing, and hire engineers. Additionally, Figure AI will collaborate with OpenAI on the development of a new generation of AI models for humanoid robots.

Figure AI CEO Brett Adcock stated that the company aims to commercialize humanoid robots as soon as possible.

Brett noted that with this new funding round, Figure AI is poised to bring transformative change to humanity.

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4. Boeing May Buy Back Former Aircraft Parts Unit

Sources revealed that Boeing (BA) has hired an investment bank and is considering purchasing its former aircraft parts supplier Spirit AeroSystems.

Meanwhile, Spirit AeroSystems is also considering selling its Northern Ireland wing manufacturing unit for Airbus aircraft.

Boeing, Spirit, and Airbus have not commented. However, Spirit’s stock surged 19% this morning, while Boeing dropped 2.3%. Year-to-date, Boeing has fallen 23%, the worst in the Dow Jones Industrial Index.

In 2005, Spirit was spun off from Boeing and acquired by a private equity firm.

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5. JAB Sells $2.5 Billion Dr. Pepper Shares

Sources revealed that JAB Holding plans to sell 87 million shares of Keurig Dr Pepper Inc. at a price between $29.1 and $29.25 per share, a 2.2% to 2.7% discount from Thursday’s closing price.

JAB has notified underwriting investment banks that it may sell an additional 35 million shares, and Keurig Dr Pepper (KDP) has expressed interest in buying back 35 million shares.

After the sale, JAB will still hold 21% of KDP’s outstanding shares. JAB’s CEO stated that KDP remains one of the company’s most important investments.

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6. Tesla Rolls Out More Incentives in China

To compete with Chinese EV companies like BYD, Tesla plans to roll out multiple incentives in China.

Today, Tesla announced on Weibo that buyers of Model 3 or Model Y in stock before the end of March will receive a $1,030 insurance subsidy.

The company will also offer favorable loan terms and discounts on special paint options.

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7. Blackstone Fulfills $960 Million Redemption Requests

Today, Blackstone (BX) announced in a letter to investors that its $60 billion real estate fund, BREIT, fulfilled all redemption requests in February, marking the first time in over a year the fund did not impose a redemption cap.

In February, BREIT received a total of $961 million in redemption requests, which was 15% lower than the monthly cap.

Last year, Blackstone secured $4.5 billion from the University of California’s investment and also sold off hotels and self-storage properties to prepare for investor redemptions.

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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.