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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.
Microsoft x Activision Is Back (Probably)
UK regulators are expected to approve Microsoft’s acquisition of Activision, Tether increased its T-Bill holdings to $53B, Robinhood is facing regulatory probes, Tucker Carlson is staying on Twitter, Spotify removed thousands of AI-generated songs, and TikTok delayed fully opening a US shop.
Another Debt Ceiling Standoff
G-7 leaders are grappling with bank risks, the Metaverse could be a big player in the US economy in a decade, the US trade chief is meeting with China, wages are rising across England, the NYT signed a $100M deal with Google, and White House debt meetings failed to yield a breakthrough.
US Risk-Free Debt (Not)
America’s risk of a debt default is gathering steam, Charles Schwab began hedging interest-rate risks, PE firms are facing a new wave of portfolio company bankruptcies, buy now, pay later apps are rejecting users, IBM expects to replace ~8k jobs with AI, and retail traders are making risky bets on regional bank stocks (but who’s surprised??)
Buffett Sold Some Stocks
Buffett’s Berkshire was a net seller in Q1, the labor market doesn’t care about higher interest rates, the White House is scrambling to handle the debt ceiling dilemma, US regional bank shares have recovered slightly, China’s forex reserves hit $3.2T, and crypto is regaining momentum.
Tim Cook Saved the Stock Market
Regional bank stocks keep falling due to contagion fears, a pause in rate hikes might be around the corner, gold prices are approaching all-time highs, the FDIC plans to hit big banks with fees to refill deposit insurance, and Apple managed to once again support the global economy with another earnings beat.
Another Bank on the Brink
PacWest is the latest potential regional bank fatality, the Fed raised rates by 25 bps, tensions are rising in Russia after a projectile hit the Kremlin, Ackman warns that the US regional banking system is at risk, sovereign debt costs could double in two years as rates rise, and US private funds will face more disclosures.
Icahn Got Icahn'd
Regional bank stocks got rekt, US job openings fell for a third-straight month, the Chinese IPO market has been hot this year, Hindenburg is coming for Icahn, Australia’s central bank hiked rates by 25 bps, IBM expects AI to replace thousands of jobs, Chegg is getting clapped by AI, Ford cut its Mustang Mach-E prices, and the NYSE is delisting First Republic Bank shares.
Jamie Dimon Does It Again
First Republic became the second-largest-ever US bank failure, JPMorgan scooped up First Republic, Yellen said the US could default in a month, short bets against commercial REITs hit a post-Covid high, US ETF trading volume hit lowest level since Covid, Morgan Stanley plans to cut 3k jobs in Q2, and investors sued Adidas over its partnership with the one formerly known as Kanye.