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- Page 49
Archive
Amazon Pauses HQ2 Construction
China set a 2023 GDP growth target at ~5%, eurozone business activity is quickly recovering, home prices fell YoY for the first time in a decade, UK firms are ditching London listings for NYC, Twitter revenue is down 40% YoY, Linkedin co-founder Reid Hoffman is leaving OpenAI's board, and Amazon paused construction of its HQ2 in Virginia.
May the Salesforce Be with You
Salesforce beat earnings after activist investor pressure, US high-yield corporate bond performance declined in February, fewer US firms see China as an investment priority, Senate overturned a federal rule on ESG investments, Vanguard closed its UK financial advice arm, Eli Lilly is slashing insulin prices, and Litquidity just dropped it's 2023 sell-side compensation report (more info below).
Japanese bankers get a pay bump
Amazon employees will be able to use company stock as collateral for mortgages, BAC expects the Fed to raise rates to 6%, Mastercard paused its crypto push, UK grocery inflation hit 17%, Bain Capital Ventures raised $1.9B for new funds (#proudscout), and Japanese banks are bumping up salaries for new college grads.
Blackstone's CEO took home a fat bag
The US DOE now says that Covid-19 likely originated in a lab, the DOJ is preparing an antitrust suit to block Adobe's Figma acquisition, the PCE index rose by 5.4% in January, S&P 500 earnings beats are at a 15-year low, Jamie Dimon thinks US interest rates will hit 6%, and Blackstone's Steve Schwarzman took home $1.26B in 2022.
Stripe Shares for Everyone
Goldman is pitching Stripe's latest fundraise to their richest clients, Morgan Stanley is getting into the ETF game, US average mortgage rates are up for the third straight week, Google asked employees to share desks to cut costs, Coinbase launched a layer 2 blockchain, and Ozy Media was charged with fraud.
ChatJPM
The US housing market declined by $2.3T in 2H 2022, mortgage applications are at their lowest level since 1995, Russia plans deep oil export cuts in March, global debt saw its first annual drop since 2015, US worker strikes were up 50% last year, JPMorgan restricted staff from using ChatGPT, and Mercedes partnered with Google.
McKinsey Employees Got McKinsey'd
Business activity picked up across the US and Europe, Canada inflation slowed to 5.9% in January, investors are piling into high-grade corporate bonds, Goldman expects three ECB rate hikes this year, state and local governments are stacked with cash, McKinsey will cut 2k jobs, and TPG is returning to private debt.
VC fundraising bear market
VC fundraising hit a 9 year low, US consumers are missing auto payments at the highest rate in a decade, Amazon corporate workers are facing pay reductions due to falling share prices, Uber is introducing 25k EVs to India, Biden visited Ukraine, and crypto hedge fund Galois Capital unwound its positions and closed down shop after getting rekt by FTX.
Zuck's Copying Twitter
Happy President's Day. Hope y'all are enjoying the long weekend. We'll keep this edition brief! Meta is launching a paid verification subscription on Instagram and Facebook, Goldman and BofA expect three Fed rate hikes, China eased overseas IPO rules, Nestle predicts that food prices will continue to rise, Amazon ordered employees back in the office 3x per week, and Stripe needs to raise $4B.
Luxury Watches = Inflation Hedge
MoM PPI was higher-than-expected in January, the SEC charged Do Kwon with fraud, luxury Swiss watches outperformed stocks and crypto last year, investors U-turned on 2023 rate cut bets, WallStreetBets' founder is suing Reddit, Stripe expects to turn a profit this year, YouTube CEO Wojcicki is stepping down, and streaming surpassed TV as the US's leading form of media entertainment.