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GameStop Is Ryan Cohen's Hedge Fund
GameStop is letting Ryan Cohen use company cash to buy stocks, KKR is buying up risky debt, gas prices keep dropping, mortgage rates have fallen for the 6th straight week, Spotify is losing its top marketer amid restructuring, Amazon is testing a grocery subscription service for its Prime members, and JPMās Kolanovic says to opt for cash or bonds over stocks.
It's Taylor Swift's World and We're All Living in It
Taylor Swift was named Timeās Person of the Year, traders are betting the ECB will cut rates to 2.5%, McKinsey shrank its new partner class by 35%, AMD debuted a new chip to compete with Nvidia, Google opened access to its Gemini AI model, and unicorn valuations are shrinking.
Apple $3 Trillion Club
Apple joined the $3T club, job openings hit a two-year low, the Supreme Court is wary of remaking income tax, WaPo journalists plan a 24-hour strike, Biden says he might not have sought reelection if Trump werenāt running, Wall Street CEOs are headed to Washington, and Airbnb named its CFO to new chief business officer role.
Spotify's Heavy Job Cuts
Spotify cut 17% of its staff, OpenAI rival Mistral is close to raising ~$500M, US Bank is issuing $2.5B of auto credit-linked notes, the US leads a coalition to triple nuclear power by 2050, Birkenstock topped its IPO price, Virgin Galactic shares plunged on news that Branson would not invest more, and Starbucks shares are headed for a record losing streak.
Uber Is Joining the S&P
Uber is joining the S&P 500, Apple is looking to replace Goldman with Chase as its credit card partner, goods deflation is good, Metaās AI chief doesnāt think AI super intelligence is coming anytime soon, UBS is expanding its presence in the US, and bitcoin is above $40k again.
Brian Armstrong is the Last Man Standing
Coinbaseās stock has been on a tear, X faces more advertisers fleeing, Google is pushing for anti-trust action vs Microsoft in the UK cloud market, Citadel and its peers are piling into the same trades, Tiger Globalās biggest venture fund has 18% loss after markdowns, and Cathie wood had her best month ever despite waning fanbase.
Alibaba Got Dethroned
Elon Musk fired shots at Bob Iger, Henry Kissinger died, former bankers are printing money in private credit, OPEC+ is mulling oil cuts, PDD passed Alibaba in value, Microsoft secured a non-voting board seat at OpenAI, and Nikki Haley is getting some presidential buzz.
Rest in Peace, Charlie Munger
Charlie Munger passed away at 99, Mark Cuban is selling the Mavs, the Cybertruck is a production nightmare for Tesla, Iger played down Disneyās asset sales, Ivy League presidents were called before Congress on antisemitism concerns, Amazon announced an AI chatbot, and Goldman says the recent drop in volatility is good for hedging.
The Buy Now, Pay Later Economy
Shoppers love BNPL, investors see interest rate cuts coming soon, higher mortgage rates are weighing on new home sales, Blackstoneās CEO is eyeing RE deals in Europe, Amazon is the biggest delivery company in the US, and KKR sees private credit in Asia outperforming.
US Shoppers Love Black Friday Deals
The NFLās Black Friday game on Amazon Prime is a warning sign for traditional TV, investors are holding record cash sums, UBS upgraded big infrastructure investments, airlines braced for busy post-Thanksgiving airports, online Black Friday shopping hit a record high, and Gazprom gas exports to China hit a record high.
Nomura's Private Credit Push
Nomura wants a piece of the private credit pie, OpenAIās rivals are trying to capitalize on its turmoil, Barclays could slash 2,000 jobs, Nvidia delayed the launch of its China-focused AI chip, asset managers are quietly adding āESGā to their defense portfolios, and Congress is facing a retirement surge.
Everything Is Priced In
Nvidiaās 200% revenue growth was priced in, Tiger Globalās Scott Shleifer stepped down as head of private investing, McKinsey is facing wide-ranging headwinds, Warren Buffett donated more Berkshire stock, OpenAI is still courting Sam Altman, and Argentinaās Milei has been greeted by a mix of hostility and support.