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New Dall-E Next Month
The Fed left rates unchanged but signaled for another rate hike this year, OpenAI says a new Dall-E iteration is coming next month, Klaviyo’s founders are billionaires after a strong IPO, DeSantis shrugged off Ken Griffin’s criticism of his Disney fight, and SpaceX sued the Justice Department.
SBF's Parental Lawsuit
FTX is suing Sam Bankman-Fried’s parents, the US national debt hit $33T, Disney wants to invest $60B in its parks and cruises, Amazon is hiring 250k employees for the holiday rush season, stock buybacks are surging in Hong Kong, a Google exec claims they lost map traffic due to an Apple Maps switch on iPhones, and NYC’s transit network got a positive outlook from Moody’s.
$100 Oil Soon?
Oil prices are approaching $100/barrel, debris of the missing F-35 fighter jet may have been found in South Carolina, negotiation talks resumed in Detroit as UAW threatened to widen its strike, Morgan Stanley got sued by PE firms for $750M, and Salesforce is rehiring former execs.
Big VC Losses on Instacart
Sequoia and a16z are taking big losses on their Instacart investments, Brazil wants rich nations to pay for the global energy transition, Hollywood never figured out the streaming model, France may sell fuel at losses to curb inflation, a White House team is headed to Detroit to resolve the UAW strike, and Erdogan wants Musk to build a Tesla factory in Turkey.
More European Rate Hikes
The ECB delivered a 10th rate hike, August wholesale inflation rose 0.7%, Brookfield’s CFO said private credit and banks can co-exist, cocaine is set to surpass oil as Colombia’s main export, Disney is cutting streaming targets for Disney+, and NASA is studying UFOs with AI.
Mexico's UFO Investigation
Mexico’s Congress is holding a hearing on UFOs, the Fed is on alert for one more possible hike, Goldman fired its transaction banking chief, Howard Schultz stepped down from Starbucks’ board, UAW and automakers remain ‘far apart’ in contract negotiations, and X Corp. is settling lawsuits over mass layoffs.
RIP to the Jets' Rodgers Era
Aaron Rodgers’ season is over after four plays as a Jet, Google argues that it hasn’t exhibited anti-competitive practices, central banks are thinking higher rates for longer to fight inflation, AI is reshaping iPhones and Apple Watches, Ford plans to double its F-150 hybrid pickup production, and BP’s CEO quit over work relationships.
Big Tech Bull Market
Tech giants led a green day in the market, the dollar had its largest drop in months against the yuan, Disney and Charter ended their dispute, Alibaba’s new CEO laid out strategic priorities, Jamie Dimon slammed regulators on their new capital requirements plans, and Cramer warned that Wall Street’s AI craze may be peaking.
Instacart Valuation Got SLASHED
Instacart is targeting an IPO and its valuation is low, Meta is developing a more powerful AI system, earnings estimates are rising, Biden doubt’s China’s ability to invade Taiwan, Daniel Zhang stepped down from Alibaba’s cloud business, and hedge fund hurt by oil’s last dip have levered up on crude.
New FTX Fraud Just Dropped
FTX’s Ryan Salame pleaded guilty to two criminal counts, Ryan Petersen cleared house at Flexport, Goldman’s Solomon sees a Wall Street rebound if tech IPOs outperform, ChatGPT traffic is down again for the 3rd month in a row, and the SEC is probing Ryan Cohen’s Bed Bath & Beyond trades.
Apple x Arm's Multi-Decade Deal
The Fed is set to double its economic growth forecast, Apple and Arm signed a chip deal that goes beyond 2040, China banned iPhone use for government officials at work, oil prices climbed on an expected US crude stock draw, and Roku’s stock jumped on layoff news.
Steady Rates in Canada
The FTC has a lawsuit set against Amazon later this month, the Bank of Canada plans to hold rates at 5%, Apple linked a new long-term deal with Arm, Musk borrowed $1B+ from SpaceX the same month as his Twitter acquisition, the FAA lifted a brief nationwide ground stop for United Airlines, and Facebook is getting rid of its “News” tab in Europe.