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It's Over/We're Back, Sam Altman Edition
Sam Altman was fired, potentially rehired, then not rehired over the weekend, Wall Street is tired of ESG, Shakira is on trial for alleged tax fraud, Argentina has a new president, Bob Iger has had a roller coaster year at Disney, and former first lady Rosalynn Carter passed away.
Amazon is a Car Dealership
Amazon will soon allow auto dealers to sell cars on their site, Congress wants to expel George Santos after a House Ethics report, Cruise suspended their employee share program, Alphabet’s Pichai says China will be at the forefront of AI, and Jim Harbaugh accepted the Big Ten’s sign stealing suspension.
Starlink IPO Loading
SpaceX wants to IPO Starlink, Biden and Xi’s high stakes meeting began, UK inflation hit a two-year low, Microsoft is working on its own AI chips, US retail sales fell for the first time since March, UAW workers at GM’s largest plant backed the labor pact, and housing inflation is hitting consumers the hardest.
UFC 296: Capitol Hill
A US senator challenged a union boss to a fight in a senate hearing, the FDIC went overboard cos-playing toxic banking culture, China’s property slump is getting worse, Glencore is preparing to divest from coal, and Ken Griffin thinks Miami could usurp NYC as a finance hub.
Apple Makes Bank on Google's Search Deal
Google is paying a high price to remain the default search browser on Safari, Walmart and Target earnings offer clues to crucial holiday season, Biden and Xi announced a deal for China to crack down on fentanyl, Pfizer wants in on the weight loss drug gold rush, and United will not resume flights to Israel.
Santa Rally Inbound
Investors are poising for an end-of-year stock market rally, Goldman and Morgan Stanley have divergent rate-cut predictions, Biden and Xi are gearing up for a high-stakes meeting, Boeing is closing in on a major deal with Emirates, and ‘The Marvels’ disappointed in the box office.
China's Business Executives Keep Disappearing
Chinese business leaders keep disappearing, markets are pricing in an end to interest-rate hikes, the IRS announced new income tax brackets, former Apple designers launched a $700 Humane AI pin, a German startup is racing Google to make a universal translator, and WeWork’s stock doubled as the latest bankruptcy meme stock.
Big Bonuses for Former Freight Pilots
Warner Bros. Discovery had a tough earnings report, banks are cautious about underwriting IPOs, Israeli bond purchases are popular in the US, Caesars reached a deal with Vegas union to avoid a strike, American Airlines is offering $250k bonuses to former FedEx and UPS pilots, and Eli Lilly won FDA approval for a new obesity drug.
Microsoft's Road to $3 Trillion
Microsoft stock closed at an all-time high on OpenAI optimism, BlackRock’s model makers are betting on megacaps, big banks are cooking up new ways to unload risk, EV makers are using discounts to combat waning demand, and credit card balances hit a $1.08T record.
A GPT for Everyone
OpenAI’s newest AI lets users create their own GPTs, Bumble shares fell on news that its CEO was stepping down, Google’s app store power is being challenged in court, millions of retired Americans are not re-entering the workforce, Citi is considering deep job cuts, and Nike sued New Balance and Skechers.
Berkshire's Record Cash Pile
Berkshire is sitting on a record $157B cash pile, Musk released his ‘Grok’ AI to combat ChatGPT, Jack Dorsey is taking a more hands-on approach at Block again, Washington Post is projected to lose $100M this year, Tesla is raising wages for German workers, and bankers are looking for legal cover after backing $1.5T of ESG debt.
Sam Bankrupt-Fried
SBF was found guilty on all seven charges against him, Goldman promoted 608 to MD, Apple warned of a sluggish holiday quarter, the CEO of the National Association of Realtors stepped down, Bezos is moving to Miami, Wall Street titans fueled an Ivy League donor revolt, and Roku led a media stock rally.