Mortgage rates higher, Rivian to use in-house AI chip over Nvidia’s

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It’s time for Yahoo Finance’s market minute.

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Tech heavy Nasdaq is in the red as Oracle weighs on stocks. The company’s cloud sales missed estimates and its massive spending plans have reignited concerns on Wall Street of an AI bubble.

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Meanwhile, mortgage rates rose slightly this week after the Federal Reserve’s latest interest rate cut. The average 30-year mortgage rate was 6.2% through Wednesday. That’s according to Freddie Mac data.

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That’s up from last week but still not far from year-to-date lows.

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And Walt Disney has struck a billion-dollar deal with Open AI. Disney has agreed to invest $1 billion in the startup and license its content for use on the video platform Sora.

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The deal marks the largest equity investment a major Hollywood studio has made in an AI model developer.

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And Rivian has unveiled an AI chip for autonomous driving. Rivian will use its in-house chips to replace Nvidia chips in the in future vehicles. Technology is part of a broader push by Rivian to eventually offer autonomous driving capabilities.

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And that’s your Yahoo Finance market minute.