- Exec Sum
- Archive
- Page 17
Archive
UPS Union Strike Averted
UPS and the Teamsters union averted a strike with a new five-year plan, the Fed is set to raise rates to a 22-year high, Warren Buffett bought the dip in energy stocks, Google and Microsoft are paying big bucks in the AI race, TikTok is launching an e-commerce business in the US, and the luxury home market is slowing.
Credit Suisse Got Bill Hwang'd
Credit Suisse got fined $388M over Archegos collapse, MS’s Wilson turned more bullish, Twitter X is facing potential trademark issues, FDIC accused banks of manipulating deposit data, LVMH will sponsor Paris Olympic Games, and the US junk loan market hit its most downgrades since Covid.
RIP Twitter
Labor force participation for working-age Americans hit its highest level since 2002, hedge funds are competing for battered commercial real estate, Twitter is rebranding as ‘X,’ Taylor Swift’s tour is stimulating the economy, ‘Barbenheimer’ had a blowout weekend, Alibaba is not joining Ant Group’s share buyback, and Spotify might raise its premium prices.
Blackstone Joins the Trillionaire Club
Blackstone hit $1T AUM, the Fed launched its instant payments system, housing’s recession may have already happened, Sergey Brin is working on AI tech at Google, Sternlicht is looking for bargains after the Fed raised rates, North Korea breached a US tech firm to steal crypto, and TSMC delayed the start of its Arizona factory.
Nadella Got PAID 💰
Nadella has made $1B+ in Microsoft comp, UPS and the Teamsters union have returned to the bargaining table to avoid a strike, Nasdaq dropped its plans for a crypto custodian business in the US, Microsoft and Activision extended their window for closing their deal, and there’s no word from the US soldier who crossed the border to North Korea.
Meta Enters the AI Wars
Meta released a commercial version of its open-source AI, Yellen sees disinflation pressures working their way through the labor market, Taco Bell won its ‘Taco Tuesday’ trademark dispute, Morgan Stanley’s CEO predicts the bank will eventually hit $20T in AUM, and a US soldier is being held in North Korea after crossing the border.
BlackRock's Newest Board Member
BlackRock added Saudi Aramco’s CEO to its board, Goldman cut its probability of a US recession, the ECB expects a July rate hike but hasn’t made a decision on September, Apollo Global wants to target the world’s top family offices, Ford is cutting its F-150 prices, FedEx has a new CFO, and Netflix is well-positioned in the Hollywood strikes.
UPS Union Standoff
UPS union asked Biden not to interfere in case of strike, markets appear convinced the Fed can pull off a soft landing, high-earning retirement savers are losing some of their 401(k) tax breaks, Twitter’s cash flow is still negative after a 50% decline in ad revenue, and UBS will retain EY as auditor after its Credit Suisse takeover.
FTC vs ChatGPT
St. Louis Fed President Jim Bullard is stepping down, the US deficit jumped to $228B in June, a UPS strike would be perilous to US supply chains, Meta is releasing a commercial AI model, the FTC is investigating ChatGPT, a Stability AI co-founder got hosed on his equity, and Twitter is now sharing ad revenue with creators.
The Disinflation Print
Inflation cooled to 3%, fund giants are betting against the dollar, Musk launched a new AI company, remote work is killing office values, Domino’s will use Uber for food deliveries, Disney extended Iger’s contract through 2026, and ARK hit an 11-month high.
M&A Deals Are So Back
Microsoft and Broadcom’s respective acquisitions of Activision and VMWare highlight a revived M&A market, the EV market is struggling with price cuts, ByteDance is letting US staff sell shares, BoA owes $250M over junk fees, meme stocks are hot again, and a Blue Origin rocket engine exploded during testing.