Economy

Summer Olympic Games in Paris
Parts of Paris a ghost town: "It's a disaster"

Many shops and restaurants in Paris had hoped that the Olympics would give a boost to business. But security measures with metal fences and police checkpoints have turned some areas of the city into "dead zones", writes the New York Times.

- It's a disaster, says restaurant owner Fabrice Pierret, who has seen sales cut in half.

To visit certain places, a special QR code is needed, which can only be obtained after a background check, something many tourists do not know. After the inauguration, the restrictions are expected to ease somewhat.

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The AI ​​hype fades on Wall Street: "The so-so-seven"

Wall Street fell heavily yesterday after Alphabet and Tesla failed to live up to the AI ​​boom, writes Bloomberg.

Alphabet's AI efforts contributed to higher-than-expected costs in the latest quarter, while Tesla postponed the launch of its self-driving "robotaxis."

- Investors are starting to realize that all the AI ​​investment right now is much more of a cost than a revenue generator, says Peter Boockvar at The Boock Report.

XTB's head of analysis Kathleen Brooks notes that the market is not impressed by the tech giants' partial year, which leaves the question of AI's profit potential unanswered.

Hargreaves fund manager Steve Clayton warns of further disappointments. He believes that 2024 could be the year when investors start referring to the Magnificent Seven as the "so-so-seven".

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Big fortunes for Arnault and Musk

Luxury giant LVMH founder Bernard Arnault has reduced his fortune more this year than any other billionaire on the Bloomberg Billionaires Index. In total, the net worth has decreased by 20 billion dollars, writes the news agency.

LVMH's stock took a big hit on Wednesday after a disappointing report that reflects the difficulties in the luxury consumer goods market. But despite the slump, he is still number three on the list and good for $187 billion.

Biggest decline in wealth in a single day is number one on the list for. During yesterday's run in Tesla, Elon Musk's fortune decreased by almost 22 billion dollars. But thanks to this year's price increases in the electric car manufacturer, the year is still in the plus for Musk.

Jensen Huang accounts for the biggest increase. The Nvidia founder has become a whopping $56.4 billion richer.

LVMH's stock fell 4.7 percent on yesterday's report, while Tesla plunged 12.5 percent.