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Trillion Dollar Chip Maker
The House is poised to vote on McCarthy and Biden’s debt ceiling proposal, Nvidia joined the $1T valuation club, Goldman is planning more job cuts, Twitter is now worth 33% of Musk’s purchase price, AI experts are worried about “extinction threats,” and Elizabeth Holmes is in prison.
Debt Crisis Averted
Biden and McCarthy appear to have reached a debt deal, dividends from the US’s biggest companies keep growing, corporate VCs are riding the AI wave, India once again has the 5th biggest stock market in the world, China rejected the US’s request to have defense chiefs meet, and Lazard named Peter Orszag as its new CEO.
ARKK Had Paper Hands
Cathie Wood sold Nvidia at the literal bottom, a US debt deal is starting to take shape, Treasury cash levels continue to dwindle, JPMorgan plans to lay off 1,000 First Republic employees, TikTok is testing an AI chat bot, and OpenAI is offering $100,000 grants for ideas on AI governance.
Italy's Big Pasta Crisis
Fed officials are split on more rate hikes, Microsoft filed an appeal against the UK’s block on its Activision acquisition, Meta started a new round of layoffs, Google’s CEO promised an AI pact, baby-formula makers are facing an FTC probe, Uber is stepping up its EV push in India, and pasta price increases are prompting crisis meetings in Italy.
Binance's Commingling Scandal
Binance (allegedly) commingled funds, there hasn’t been any progress on the debt ceiling, Apple inked a big deal with Broadcom, China opposes a US-Taiwan trade agreement, Microsoft beefed up ChatGPT and Bing, Musk said Twitter advertisers are back, and Branson’s Virgin Orbit is liquidating.
Meta's Billion Dollar Data Fine
Meta was fined over $1B by the EU, Biden and McCarthy are hoping to reach a debt ceiling deal soon, US firms are pulling forward bond deals amid debt ceiling concerns, PE firms are stepping up lending as banks pull back, and immigrants’ share of the US labor force keeps climbing.
Debt Default Crunch Time
Biden and McCarthy are meeting today to try and avoid a debt default, Exxon is betting big on lithium, China has a $23T local debt problem, Blue Origin won a Nasa contract, Goldman thinks the Treasury will drop below its cash minimum in June, and China wants to rival the US with its own Starlink-like network.
DeSantis vs Disney
Disney is stopping Florida investments due to feud with DeSantis, China’s loans are hurting some of the world’s poorest countries, the US Supreme Court leaves internet company protections unscathed, Meta announced AI training, Lazard CEO Ken Jacobs is preparing to step down, and OpenAI is introducing ChatGPT for iOS.
Montana Banned TikTok
Montana banned TikTok, global debt is hitting record highs, the writers’ strike could impact Netflix and Disney content, Tesla might start advertising, Google is planning new AI models for ads and YouTube creators, and Meta is facing a record EU data security fine.
Altman Wants AI Regulation
Lyft’s CEO is stepping down, the Fed is debating a pause in interest rate hikes, Sam Altman wants AI regulation, the IRS is testing a free e-filing system, homebuilder sentiment has rebounded from negative territory, and China’s recovery is losing steam.
Burry Bought the Bank Dip
Late debt ceiling talks and plunging tax revenue have put pressure on Congress, CEO pay fell for the first time in a decade, Musk was subpoenaed over JPM’s ties to Epstein, Burry bought the bank dip, the US is buying more oil for its strategic reserve, and Sam Altman will testify before Congress.
Tiger Global Has Paper Hands
Tiger wants to offload some of its private investments, Twitter named a new CEO, Apple is testing new chips, emerging market currencies might be on the cusp of a rally, bean shortages are sending coffee prices through the roof, Argentina is hiking rates, and Sam Altman’s crypto startup is raising $100M.