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UPS Union Standoff
UPS union asked Biden not to interfere in case of strike, markets appear convinced the Fed can pull off a soft landing, high-earning retirement savers are losing some of their 401(k) tax breaks, Twitter’s cash flow is still negative after a 50% decline in ad revenue, and UBS will retain EY as auditor after its Credit Suisse takeover.
FTC vs ChatGPT
St. Louis Fed President Jim Bullard is stepping down, the US deficit jumped to $228B in June, a UPS strike would be perilous to US supply chains, Meta is releasing a commercial AI model, the FTC is investigating ChatGPT, a Stability AI co-founder got hosed on his equity, and Twitter is now sharing ad revenue with creators.
The Disinflation Print
Inflation cooled to 3%, fund giants are betting against the dollar, Musk launched a new AI company, remote work is killing office values, Domino’s will use Uber for food deliveries, Disney extended Iger’s contract through 2026, and ARK hit an 11-month high.
M&A Deals Are So Back
Microsoft and Broadcom’s respective acquisitions of Activision and VMWare highlight a revived M&A market, the EV market is struggling with price cuts, ByteDance is letting US staff sell shares, BoA owes $250M over junk fees, meme stocks are hot again, and a Blue Origin rocket engine exploded during testing.
100 Million Threaders
The Fed thinks higher rates are needed to reach inflation goals, Threads hit 100M users, Uber’s CFO stepped down, Flexport founder Ryan Petersen joined Founders Fund, Turkey approved Sweden’s NATO bid, the EU is investigating Ozempic after suicidal thoughts were reported, and The New York Times is dismantling its sports desk.
Gemini's DCG Lawsuit
US banks are set to report Q2 earnings this week, Biden and NATO are offering support, but not membership, to Ukraine, the Saudis were denied the chance to take a 40% stake in Credit Suisse, cash investments are reaching record highs amid recession fears, and Gemini is suing Digital Currency Group.
Scorching Hot Labor Markets
The US labor market was on fire in June, US VC funding declined 50% YoY in Q2, high-yield bond deals are back, Threads hit 30M downloads in its first 16 hours, UBS overhauled leadership in its wealth management division, the US is renewing its audit of NY-listed Chinese firms, and Japan’s base salary growth hit a 28-year high.
Zuck's Twitter Killer
Zuck launched his Twitter competitor: Threads (Give the Exec Sum team a follow at Litquidity and Jack_Raines 🤝), Fed minutes revealed more rate hikes ahead, BofA increased its dividend by 9% after a Fed stress test, UPS and Teamsters accused each other of walking away from contract talks, and ChatGPT showed its first decline in traffic since its launch.
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Taylor Swift’s tour is set to earn $1B+ in sales, the PCE index rose 3.8% in May, Credit Suisse private bankers were told to update resumes amid manager selections, Meta unveiled its Threads app to take on Twitter, and cocaine was found in the White House.
Affirmative Action Is Gone
The US Supreme Court ruled that Affirmative Action is unconstitutional, the US economy is firing on all cylinders, Morgan Stanley’s board is considering choices for a new CEO, Google is pulling its news service in Canada, Virgin Galactic completed its first commercial flight, and Shein filed for an IPO.
China's AI Chip Embargo
AI and chip stocks were down on news that the US may limit chip exports to China, US banks have increased sales of loan portfolios to private lenders, Apple stock hit a record high, the Biden-McCarthy deal failed to tame US debt, Teamsters want a final contract from UPS, and OpenAI was sued for theft.
UBS Is Going Lean
UBS is cutting half of Credit Suisse’s workers, A judge rejected SBF’s bid to throw out his fraud charges, Tesla charging tech is becoming the US standard, Google laid off staff from Waze, Costco is cracking down on membership sharing, PE firms are taking smaller deals, and Disney beat an investor lawsuit over its feud with DeSantis.