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Big Bonuses for Former Freight Pilots
Warner Bros. Discovery had a tough earnings report, banks are cautious about underwriting IPOs, Israeli bond purchases are popular in the US, Caesars reached a deal with Vegas union to avoid a strike, American Airlines is offering $250k bonuses to former FedEx and UPS pilots, and Eli Lilly won FDA approval for a new obesity drug.
Microsoft's Road to $3 Trillion
Microsoft stock closed at an all-time high on OpenAI optimism, BlackRock’s model makers are betting on megacaps, big banks are cooking up new ways to unload risk, EV makers are using discounts to combat waning demand, and credit card balances hit a $1.08T record.
A GPT for Everyone
OpenAI’s newest AI lets users create their own GPTs, Bumble shares fell on news that its CEO was stepping down, Google’s app store power is being challenged in court, millions of retired Americans are not re-entering the workforce, Citi is considering deep job cuts, and Nike sued New Balance and Skechers.
Berkshire's Record Cash Pile
Berkshire is sitting on a record $157B cash pile, Musk released his ‘Grok’ AI to combat ChatGPT, Jack Dorsey is taking a more hands-on approach at Block again, Washington Post is projected to lose $100M this year, Tesla is raising wages for German workers, and bankers are looking for legal cover after backing $1.5T of ESG debt.
Sam Bankrupt-Fried
SBF was found guilty on all seven charges against him, Goldman promoted 608 to MD, Apple warned of a sluggish holiday quarter, the CEO of the National Association of Realtors stepped down, Bezos is moving to Miami, Wall Street titans fueled an Ivy League donor revolt, and Roku led a media stock rally.
Interest Rates Holding Steady
The Fed is holding rates steady, JPMorgan is seeking out a private credit crunch partner, The US and European economies are diverging, China agreed to an arms-control talk with the US, top MBA programs are enrolling more women than men, and Toyota gave US auto-factory workers a pay bump.
We(NoLonger)Work
WeWork is filing for bankruptcy, a federal jury found realtors liable for $1.8B in damages after conspiring to keep commissions for home sales high, Alphabet and Match settled Google Play antitrust claims, Druckenmiller is betting big on 2-year notes, Musk says Tesla is planning to make 200,000 Cybertrucks per year, and orange juice futures hit an all-time high.
Wall Street Loves NYC Pensions
Wall Street made bank in fees from NYC pensions, the US cut its quarterly borrowing target to $776B, Meta paused ads for users under 18 in Europe, Google’s CEO defended their Apple search partnership, Biden is looking to cut AI risks with an executive order, and X claims that it’s worth $19B one year after Musk’s acquisition.
Google's Newest AI Bet
Google invested $2B in OpenAI competitor Anthropic, the US Treasury is likely boosting auction sizes as the budget deficit worsens, Asian central banks could hike rates more, Ken Griffin flew Citadel’s Asia-based staff to Tokyo Disney, and Two Sigma had a big trading scandal.
Taylor Swift Billionaire Club
Taylor Swift is now a billionaire thanks to her Eras tour, the US economy had a blockbuster Q3, BlackRock thinks private debt will double by 2028, Fidelity wants to expand its reach in the ETF market, WeWork’s creditors are fighting for control of the company, and Apple might face a watch import ban.
New Morgan Stanley CEO on Deck
Morgan Stanley named Ted Pick as the bank’s next CEO, Biden is embracing AI as a national security tool, Alphabet’s stock had its worst day since March 2020, Ford and UAW neared a tentative labor deal, X rolled out audio and video calling, and demand continues to slow for electric vehicles.
FTX Wants to Restart Trading
FTX is considering proposals from three bidders to restart its crypto exchange, Jamie Dimon ripped central banks for being 100% wrong on their forecasts, the BoE is likely to hold its rates steady, Microsoft’s earnings growth accelerated, and China’s property crisis is upending tens of thousands of lives.