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Michelin Star Hotels
Mortgage rates are soaring, ChatGPT’s owner is exploring making its own chips, Jeremy Grantham says no one should invest in the US, China is becoming a no-go zone for executives, rising interest rates are making deficits matter, and the Michelin Guide will start ranking hotels.
Rishi Wants to Ban Cigs
Biden canceled $9B of student debt for 125k borrowers, the US is dealing with its largest healthcare walkout on record, US firms added their fewest jobs since early 2021, Britain may ban cigarettes for younger generations, Caroline Ellison is a central figure in SBF’s trial, and the Keystone pipeline restarted at half-capacity.
McCarthy Got Canned
Kevin McCarthy was ousted as House Speaker, credit markets wobbled during the most recent Fed speech, Amazon is using an algorithm to raise prices, Dalio feels cautious about US-China relations, Bill Gross says the surging 10-year yield could test 5% in the short term, and Netflix plans to raise prices after the actors strike ends.
Luxury Retailers Love US Real Estate
Gucci and Chanel are gobbling up US real estate, rising rates will likely affect bank balance sheets next quarter, Jamie Dimon predicted a 3.5 day work week for the next generation, the Russell 2000 turned negative for the year, Evergrande shares resumed trading, and Netflix is selling merch.
Student Loan Payments Are Back
Student loan bills are back, London is on pace to become Europe’s biggest stock market again, Ackman is looking for new SPARC deals, Biden signed a bill to keep the government open, Americans are still spending like crazy, Microsoft’s Nadella is testifying at Google’s antitrust trial, and small business bankruptcies are on the rise.
Ryan Cohen: $GME CEO
Ryan Cohen is now the CEO of GameStop, zero-day options are the majority of S&P options volume, Evergrande’s chairman is under surveillance, Meta’s new AI assistant was trained on public Facebook and Instagram posts, and senators are pushing for the release of Even Gershkovic.
Meta's Hot New Specs
Meta is launching smart glasses, ChatGPT now has internet access, Delta ’s CEO walked back recent SkyMiles changes, Costco’s CEO said more young people are getting memberships, the dollar surge is impacting forex, and Peloton has a new partnership with Lululemon.
Lina Khan vs. Amazon
The FTC sued Amazon for anti-competitive practices, OpenAI may be selling shares at a ~$90B valuation, McKinsey is paying $320M to settle more opioid lawsuits, the CIA is building an AI tool, China’s industrial profits continue to decline, and Target is closing multiple stores due to violence and theft.
What Can't ChatGPT Do?
Taylor Swift is the NFL’s newest star, the SEC collected Wall Street Whatsapp messages, hedge funds are cutting leverage fast, ChatGPT has new audio and image capabilities, taxpayers are footing the bill for Russian oligarch yacht maintenance, and movie stocks popped on potential news of a deal between writers and studios.
Lego Bricks Stay Oily
Lego is abandoning its effort to make oil-free bricks, Chinese gold buying is impacting bullion pricing, MS’s Zenter says the Fed is done raising rates for now, Unifor workers voted in favor of Ford contract, Thailand expects big investments from big tech companies, and Singapore is Japan’s top property investor this year.
IPOs Returning to Earth
Recent high-flying IPOs have seen their stocks return to their offer prices, 10-year yields hit a 16-year high, India-Canada tensions are growing, Apple is giving out smaller raises to its retail employees, the Saudi crown prince is pro-sportswashing, and UAW’s demand for a 32-hour workweek took a backseat in negotiation talks.
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.