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Apocalypse Now: NYC Edition
New York City currently looks like an apocalypse movie, Messi is taking his talents to South Beach, Bank of Canada raised rates to a 22-year high, US labor markets were resilient in May, Microsoft is offering OpenAI’s GPT models to government cloud customers, Manhattan apartment prices are through the roof, and Amazon is planning an ad tier for Prime.
Coinbase Got Clapped
The SEC continued its crypto crackdown by suing Coinbase, the PGA Tour and LIV Golf are merging, the BoE ended its corporate bond sale program, European VC funding keeps dropping, Sequoia is splitting into three, Jamie Dimon is *not* running for public office, and Sam Altman wants OpenAI to remain private.
Securities Fraud: Binance Edition
The SEC is suing Binance and its founder Changpeng Zhao, Apple revealed its new VR headset, UBS expects its Credit Debit Suisse acquisition to close as early as next week, CMBS delinquencies saw a large spike, Walmart topped the Fortune 500 list, and Mike Pence is running for president.
Saudi's Big Output Cut
Saudi Arabia is cutting its oil output, airlines are making bank this summer, China is cracking down on AI-driven fraud, McCarthy is proud of the debt ceiling deal, Apple has a mixed reality headset, Suncor is cutting 1,500 jobs, UBS might delay its results, and Airbus has a new 500 jet order.
Stop the Hikes
Congress passed the debt ceiling bill, the Fed is likely to pause rate hikes in June, Jamie Dimon hinted at a potential presidential run, corporate accounting manipulation is at a 40-year high, the CA bill to force Big Tech to pay for news is gaining momentum, and billionaire SPAC kings are getting sued.
Ackman Wants Dimon For Prez
Bill Ackman wants Jamie Dimon to run for president, the US debt ceiling bill passed House voting, American Airlines is appealing a court ruling that opposed its deal with JetBlue, Musk is the world’s richest person again, and Meta threatened to yank news content from California.
Trillion Dollar Chip Maker
The House is poised to vote on McCarthy and Biden’s debt ceiling proposal, Nvidia joined the $1T valuation club, Goldman is planning more job cuts, Twitter is now worth 33% of Musk’s purchase price, AI experts are worried about “extinction threats,” and Elizabeth Holmes is in prison.
Debt Crisis Averted
Biden and McCarthy appear to have reached a debt deal, dividends from the US’s biggest companies keep growing, corporate VCs are riding the AI wave, India once again has the 5th biggest stock market in the world, China rejected the US’s request to have defense chiefs meet, and Lazard named Peter Orszag as its new CEO.
ARKK Had Paper Hands
Cathie Wood sold Nvidia at the literal bottom, a US debt deal is starting to take shape, Treasury cash levels continue to dwindle, JPMorgan plans to lay off 1,000 First Republic employees, TikTok is testing an AI chat bot, and OpenAI is offering $100,000 grants for ideas on AI governance.
Italy's Big Pasta Crisis
Fed officials are split on more rate hikes, Microsoft filed an appeal against the UK’s block on its Activision acquisition, Meta started a new round of layoffs, Google’s CEO promised an AI pact, baby-formula makers are facing an FTC probe, Uber is stepping up its EV push in India, and pasta price increases are prompting crisis meetings in Italy.
Binance's Commingling Scandal
Binance (allegedly) commingled funds, there hasn’t been any progress on the debt ceiling, Apple inked a big deal with Broadcom, China opposes a US-Taiwan trade agreement, Microsoft beefed up ChatGPT and Bing, Musk said Twitter advertisers are back, and Branson’s Virgin Orbit is liquidating.
Meta's Billion Dollar Data Fine
Meta was fined over $1B by the EU, Biden and McCarthy are hoping to reach a debt ceiling deal soon, US firms are pulling forward bond deals amid debt ceiling concerns, PE firms are stepping up lending as banks pull back, and immigrants’ share of the US labor force keeps climbing.