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Scorching Hot Labor Markets
The US labor market was on fire in June, US VC funding declined 50% YoY in Q2, high-yield bond deals are back, Threads hit 30M downloads in its first 16 hours, UBS overhauled leadership in its wealth management division, the US is renewing its audit of NY-listed Chinese firms, and Japan’s base salary growth hit a 28-year high.
Zuck's Twitter Killer
Zuck launched his Twitter competitor: Threads (Give the Exec Sum team a follow at Litquidity and Jack_Raines 🤝), Fed minutes revealed more rate hikes ahead, BofA increased its dividend by 9% after a Fed stress test, UPS and Teamsters accused each other of walking away from contract talks, and ChatGPT showed its first decline in traffic since its launch.
Affirmative Action Is Gone
The US Supreme Court ruled that Affirmative Action is unconstitutional, the US economy is firing on all cylinders, Morgan Stanley’s board is considering choices for a new CEO, Google is pulling its news service in Canada, Virgin Galactic completed its first commercial flight, and Shein filed for an IPO.
China's AI Chip Embargo
AI and chip stocks were down on news that the US may limit chip exports to China, US banks have increased sales of loan portfolios to private lenders, Apple stock hit a record high, the Biden-McCarthy deal failed to tame US debt, Teamsters want a final contract from UPS, and OpenAI was sued for theft.
UBS Is Going Lean
UBS is cutting half of Credit Suisse’s workers, A judge rejected SBF’s bid to throw out his fraud charges, Tesla charging tech is becoming the US standard, Google laid off staff from Waze, Costco is cracking down on membership sharing, PE firms are taking smaller deals, and Disney beat an investor lawsuit over its feud with DeSantis.
Adios, Noncompetes?
KPMG is cutting 5% of its US jobs, New York might ban noncompetes, Eli Lilly’s new weight loss drug is showing promising results, Apple is launching a new Apple Watch in the fall, Meta launched a VR subscription, Blackstone wants to sell half of its stake in the Bellagio, and Pickleball is causing a spike in health insurance costs.
Russia's Weekend Coup
A coup started (and ended) in Russia over the weekend, SpaceX is selling insider shares at a $150B valuation, Ozempic-like pills are coming, companies are trying a new strategy called “siloing” to stay in China, the UK wants to tame greedflation, Goldman is cutting 125 MDs, and Litquidity got a front page feature in the Financial Times!
Buffett's $50B Philanthropy
The US Navy detected the Titanic sub’s implosion days ago, US jobless claims held steady at a 20-month high, Meta is ending access to news on Facebook and Instagram in Canada, Japanese inflation is above the BoJ’s target, shares of startups are dirt cheap, TikTok’s COO quit, and Warren Buffett has given away $50B+ to charity.
Zuck v Musk Cage Match?
Zuck accepted Musk’s challenge to a cage fight, the FTC sued Amazon over ‘manipulative’ enrollment tactics, short bets against US stocks hit their highest level in more than a year, China unveiled a $72B tax break for EVs, and an ex-Goldman banker was convicted of passing insider tips to his squash buddy.
New Crypto Exchange Just Dropped
A new institution-only crypto exchange with big-name backers just launched, Tesla is winning the EV charging battle in Texas, vacant offices are piling up in Silicon Valley, Beijing is planning a new military training facility in Cuba, Ant Group is working on its own AI LLM, and Alibaba has a new chairman and CEO.
MJ is Cashing Out
A tourist vessel visiting the Titanic went missing, Intel is investing $33B in German plants, Alibaba has a succession plan, Virgin Galactic is launching its first commercial space tourism flight this month, Michael Jordan is selling his majority stake in the Hornets, and Airbus signed a record deal with IndiGo.