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Big Tech Bull Market
Tech giants led a green day in the market, the dollar had its largest drop in months against the yuan, Disney and Charter ended their dispute, Alibaba’s new CEO laid out strategic priorities, Jamie Dimon slammed regulators on their new capital requirements plans, and Cramer warned that Wall Street’s AI craze may be peaking.
Instacart Valuation Got SLASHED
Instacart is targeting an IPO and its valuation is low, Meta is developing a more powerful AI system, earnings estimates are rising, Biden doubt’s China’s ability to invade Taiwan, Daniel Zhang stepped down from Alibaba’s cloud business, and hedge fund hurt by oil’s last dip have levered up on crude.
New FTX Fraud Just Dropped
FTX’s Ryan Salame pleaded guilty to two criminal counts, Ryan Petersen cleared house at Flexport, Goldman’s Solomon sees a Wall Street rebound if tech IPOs outperform, ChatGPT traffic is down again for the 3rd month in a row, and the SEC is probing Ryan Cohen’s Bed Bath & Beyond trades.
Apple x Arm's Multi-Decade Deal
The Fed is set to double its economic growth forecast, Apple and Arm signed a chip deal that goes beyond 2040, China banned iPhone use for government officials at work, oil prices climbed on an expected US crude stock draw, and Roku’s stock jumped on layoff news.
Steady Rates in Canada
The FTC has a lawsuit set against Amazon later this month, the Bank of Canada plans to hold rates at 5%, Apple linked a new long-term deal with Arm, Musk borrowed $1B+ from SpaceX the same month as his Twitter acquisition, the FAA lifted a brief nationwide ground stop for United Airlines, and Facebook is getting rid of its “News” tab in Europe.
Trouble in the Desert
Thousands were stranded in Burning Man after a storm turned the desert into muck, investors are feeling antsy after a summer rally, Delta is the US’s top airline in several categories, Xi is skipping the G20 summit, diamond prices are in free fall, and another Binance exec left the company.
Banks Are Done with Work-From-Home
UBS had a ‘historic’ $28.8B Q2 profit thanks to its Credit Suisse acquisition, banks are getting tough on return-to-office laggards, confidence in the carbon credit market is decreasing, China is trying to boost its economy and currency, airline earnings outlooks are dropping, and NYC’s Pension CIO sees little impact from Wall Street’s ESG pullback.
(Credit Card) Rate Hikes Soon
US companies added 177k jobs in August, Amazon and Shopify struck a new deal, Biden wants more salaried workers to get overtime, Visa and Mastercard are ready to raise credit card fees, Google introduced generative AI to search in India and Japan, and Reid Hoffman is stepping back from his investment role at Greylock.
Bitcoin ETF Loading?
Stocks were up big yesterday, a US court overruled the SEC’s rejection of Grayscale’s bitcoin ETF, US banks may have to raise $70B in debt to match new risk mitigation guidelines, Vinfast’s stock performance stands out in a beaten down SPAC market, and Mullen sued Schwab and TD Ameritrade.
iPhone Supply Chain Issues
Apple’s iPhone supply chain is splintering under US-China tensions, OpenAI launched ChatGPT enterprise, Citadel vetted 69k intern applicants to find math geniuses, student loans are emerging from deep freeze, Google is selling maps data to companies building solar products, and 3M reached a roughly $5.5B earplugs settlement.
NYC's Big Migrant Crisis
Central bankers are preoccupied with post-inflation challenges, emerging market funding is getting creative as dollar bonds dry up, rising long-term rates loom over autumn on Wall Street, NY’s governor is under fire for NYC’s migrant crisis, China cut its stock trade tax, and India’s moon landing made history.
JPM's Leveraged Loan W
Fed officials see rates close to their peak, the China stimulus rally lasted just 10 minutes, JPMorgan won a ruling that leveraged loans aren’t securities, Apple is backing California’s right-to-repair bill, mortgage rates hit 7.23%, T-Mobile US is laying off 5,000 employees, and Zillow is offering 1% down payments to lure struggling homebuyers.