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The Buy Now, Pay Later Economy
Shoppers love BNPL, investors see interest rate cuts coming soon, higher mortgage rates are weighing on new home sales, Blackstone’s CEO is eyeing RE deals in Europe, Amazon is the biggest delivery company in the US, and KKR sees private credit in Asia outperforming.
US Shoppers Love Black Friday Deals
The NFL’s Black Friday game on Amazon Prime is a warning sign for traditional TV, investors are holding record cash sums, UBS upgraded big infrastructure investments, airlines braced for busy post-Thanksgiving airports, online Black Friday shopping hit a record high, and Gazprom gas exports to China hit a record high.
Nomura's Private Credit Push
Nomura wants a piece of the private credit pie, OpenAI’s rivals are trying to capitalize on its turmoil, Barclays could slash 2,000 jobs, Nvidia delayed the launch of its China-focused AI chip, asset managers are quietly adding ‘ESG’ to their defense portfolios, and Congress is facing a retirement surge.
Everything Is Priced In
Nvidia’s 200% revenue growth was priced in, Tiger Global’s Scott Shleifer stepped down as head of private investing, McKinsey is facing wide-ranging headwinds, Warren Buffett donated more Berkshire stock, OpenAI is still courting Sam Altman, and Argentina’s Milei has been greeted by a mix of hostility and support.
Milei Likes the US Dollar
Microsoft is willing to let Altman rejoin OpenAI, Citi cut more than 300 senior manager roles, Amazon launched free AI classes to win a talent arms race, OpenAI employees threatened to quit if its board doesn’t resign, Argentina’s new president wants to replace the peso with the US dollar, and Musk sued Media Matters.
It's Over/We're Back, Sam Altman Edition
Sam Altman was fired, potentially rehired, then not rehired over the weekend, Wall Street is tired of ESG, Shakira is on trial for alleged tax fraud, Argentina has a new president, Bob Iger has had a roller coaster year at Disney, and former first lady Rosalynn Carter passed away.
Amazon is a Car Dealership
Amazon will soon allow auto dealers to sell cars on their site, Congress wants to expel George Santos after a House Ethics report, Cruise suspended their employee share program, Alphabet’s Pichai says China will be at the forefront of AI, and Jim Harbaugh accepted the Big Ten’s sign stealing suspension.
Starlink IPO Loading
SpaceX wants to IPO Starlink, Biden and Xi’s high stakes meeting began, UK inflation hit a two-year low, Microsoft is working on its own AI chips, US retail sales fell for the first time since March, UAW workers at GM’s largest plant backed the labor pact, and housing inflation is hitting consumers the hardest.
UFC 296: Capitol Hill
A US senator challenged a union boss to a fight in a senate hearing, the FDIC went overboard cos-playing toxic banking culture, China’s property slump is getting worse, Glencore is preparing to divest from coal, and Ken Griffin thinks Miami could usurp NYC as a finance hub.
Apple Makes Bank on Google's Search Deal
Google is paying a high price to remain the default search browser on Safari, Walmart and Target earnings offer clues to crucial holiday season, Biden and Xi announced a deal for China to crack down on fentanyl, Pfizer wants in on the weight loss drug gold rush, and United will not resume flights to Israel.
Santa Rally Inbound
Investors are poising for an end-of-year stock market rally, Goldman and Morgan Stanley have divergent rate-cut predictions, Biden and Xi are gearing up for a high-stakes meeting, Boeing is closing in on a major deal with Emirates, and ‘The Marvels’ disappointed in the box office.
China's Business Executives Keep Disappearing
Chinese business leaders keep disappearing, markets are pricing in an end to interest-rate hikes, the IRS announced new income tax brackets, former Apple designers launched a $700 Humane AI pin, a German startup is racing Google to make a universal translator, and WeWork’s stock doubled as the latest bankruptcy meme stock.