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AI Gold Rush
OpenAI raised $300M, bitcoin is on a hot streak, 80% of S&P 500 firms have outperformed earnings estimates, SVB considered selling $20B of bonds in the months before the bank run, Lyft wants its employees back in the office, Hollywood is bracing for a writers’ strike, and JPMorgan acquired First Republic Bank.
EU Has New AI Roadblocks
The EU proposed new copyright laws for generative AI, PCE index growth slowed to 4.2% YoY in March, First Republic is working on a plan to prevent a government seizure, JPMorgan employees aren’t happy about Dimon’s RTO mandate, Clubhouse is cutting 50% of its employees, and J Pow got duped by a Zelenskiy prank.
Microsoft Got Blocked
The UK blocked Microsoft’s $69B purchase of Activision Blizzard, US business spending continued to fall in March, S&P 500 earnings are coming in better than expected, Biden said US chip subsidies weren’t designed to hurt China, First Republic is seeking more big bank help, and Disney sued Ron DeSantis.
First Republic Fire Sale
First Republic Bank’s stock fell by ~50% after the company reported $100B in net outflows, Biden will veto the Republicans’ debt bill if passed by Congress, US new-home sales hit a one-year high in March, Netflix is investing billions in South Korean content, and Binance.US terminated its deal to buy Voyager Digital.
Larry Fink Has Paper Hands
SVB’s CEO and CFO resigned, central banks are loading up on gold, Moody’s downgraded 11 regional banks, Norway’s wealth fund posted an $84B Q1 profit, Tiger Global’s $12.7B venture fund is down 20%, Credit Suisse posted a record $5B of outflows during March turmoil, and Larry Fink sold 7% of his BlackRock stake.
ESG Is So Last Year
Companies are laying low on ESG amid backlash, CDS on US Treasuries hit their highest level since 2011, First Citizens’ takeover of SVB isn’t going smoothly, home prices experienced their biggest YoY drop since 2012, IKEA is planning its biggest-ever US expansion, Meta is cutting 10% of its UK workforce, and SpaceX’s Starship exploded mid-flight.
Buy Now, Eat Later
Americans are using BNPL for groceries, McCarthy unveiled a $1.5T debt ceiling increase proposal, UK inflation remained above 10% in March, Oil exports from Russia’s western ports hit a four-year high, CS bankers compete to retain jobs after UBS takeover, Microsoft is developing its own AI chip, and Reddit will charge companies for access to its API.
Coinbase Might Go Global
Coinbase may relocate outside the US without changes to regulation, China’s GDP grew 4.5% YoY in Q1, US consumers are falling behind on payments, EU agreed to a $47B chip plan in response to US/Asia competition, McKinsey and Bain are delaying start dates for MBA hires, and US craft beer production remained flat in 2022.
Apple x Goldman Savings Account Collab
Apple and Goldman launched a savings account paying 4.15% interest, US manufacturing commitments keep climbing, BlackRock is helping the FDIC sell $114B of SVB and Signature Bank assets, US labor supply returned to pre-pandemic levels, US shareholder activism dropped 30% in Q1, and earnings season is off to a hot start.
Massive Earnings Week Inbound
It’s a big week for earnings calls as names like Goldman, Tesla, and Netflix report Q1 results, US money market funds are continuing to see heavy inflows, Yellen expects US banks to tighten lending, Musk is planning an OpenAI rival, and Ferrari has record orders into 2024.
Rental Market Cool Down
Rent inflation is cooling, Twitter partnered with eToro to let users trade stocks and crypto, Chinese exports surged in March, Amazon is facing 18 shareholder proposals this year, Apple tripled iPhone production in India, Sweden’s largest pension fund fired its CEO, and Bernard Arnault is now worth $210B+.