📈 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

Author

Smart Owl
November 08, 2023

The Fast Five → 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.

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Here’s your 5-minute briefing for Wednesday:

BEFORE THE OPEN

As of market close 11/7/2023.

MARKETS:

  • US stocks rose again for their longest winning streak since November 2021

  • The Nasdaq led indices with a 0.9% gain

  • WTI prices fell over 4% to below $80/barrel due to demand concerns and a strong dollar

EARNINGS

What we’re watching this week:

  • Today: Arm Holdings (ARM), Walt Disney (DIS), AMC Entertainment (AMC), Twilio (TWLO)

  • Thursday: Tapestry (TPR)

  • Full earnings calendar here

NEWS BRIEFING

Biden, Xi also expected to hold face-to-face meeting at summit. US and China have stepped up talks on climate, nuclear weapons.

Neuralink has FDA clearance to start messing with people’s heads—and not just figuratively.

  • WeWork’s bankruptcy caps swift downfall for $47B standout (Read More)

  • BlackRock’s $100B model makers are betting on megacaps (Read More)

  • Microsoft closes at all-time high on fresh OpenAI-related optimism (Read More)

  • Big banks cook up new way to unload risk (Read More)

  • Group of Google contractors who work on Search and Bard win union vote (Read More)

  • Zero-coupon treasuries flew off shelves during October yield surge (Read More)

  • EV makers turn to discounts to combat waning demand (Read More)

  • Goldman moves to unload its GM credit card (Read More)

  • US crude oil prices fall below $78 a barrel to their lowest level since July (Read More)

  • Apple delays work on next year’s iPhone, Mac software to fix bugs (Read More)

  • Auto chip makers try to avoid a pileup (Read More)

  • Credit card balances spiked in the third quarter to a $1.08T record (Read More)

  • Salesforce CEO says Dreamforce is staying in San Francisco after reaching deal with mayor (Read More)

  • Chicago council approves putting mansion tax measure on ballot (Read More)

  • Optus network outage affects millions of Australians (Read More)

  • Google’s Waze will now warn you about roads prone to car accidents (Read More)

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DEALFLOW

M&A / Investments

  • Spanish Telecom Telefonica is seeking to buy a 28% stake in its German unit for as much as $2.2B in a bid to take the company private (Read More)

  • France-based investment firm Ardian acquired a $2.1B portfolio of PE investments in North America and Europe buyout funds from Canada's biggest pension fund, CPP Investments (Read More)

  • Columbia Asia, a Southeast Asian healthcare firm backed by TPG, emerged as the frontrunner to buy Malaysian private hospitals operator Ramsay Sime Darby Health Care for ~$1.5B (Read More)

  • BlackRock’s diversified infrastructure business will invest $550M of client money into Occidental Petroleum’s Stratos project (Read More)

  • Saudi Arabia’s PIF is in talks to invest at least $250M in Chinese EV maker Human Horizons at a $3B valuation (Read More)

  • India's Tata Group is considering selling a ~30% stake in the home appliances business of Voltas (Read More)

CRYPTO

  • Several ex-Cantor Fitzgerald execs launched a crypto lending platform with the expectation that it will serve operators of spot Bitcoin ETFs (Read more)

  • Robinhood plans to start EU crypto trading and UK brokerage operations in the coming weeks (Read more)

BULLISH BITES

💣 Explainer: Why WeWork failed, and what’s next

🤖 An AI just negotiated a contract for the first time ever — and no human was involved

🏝 In Uruguay, a tax haven with lots of beaches and little crime

🌟 Klarna’s financial glow-up is my favorite story in tech right now

😩 Gen Z, millennials have a much harder time ‘adulting’ than their parents did

DAILY SHARES

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