📈 Oracle Goes Nuclear

OpenAI seeks billions, ATL Fed Leader breaks the rules, Nvidia deals with hostile customers, BurgerFi bankrupt, Oracle flexes its AI muscle

Author

Evelio Silvera
September 12, 2024

Good morning.

⚡ The Fast Five → OpenAI seeks billions, ATL Fed Leader breaks the rules, Nvidia deals with hostile customers, BurgerFi bankrupt, Oracle flexes its AI muscle

And now…

⏱️ Your 5-minute briefing for Thursday, September 12, 2024:

MARKET BRIEF
Before the Open

As of market close 9/11/2024.

Pre-Market

  • Nvidia and Super Micro Computer shares rose 8.2% and 7.9%, respectively, among the best performers on the S&P 500 and the Nasdaq.

  • Campbell Soup shares fell 3.8%, among the biggest drops on the S&P 500. The company is looking to change its name to "The Campbell's Company.”

Fear & Greed

*UP 4 pts

Trends

  • Wall Street closes up on tech boost; inflation data dents hopes for big Fed rate cut

  • Fed expected to deliver quarter-percentage-point rate cut next week

  • US Futures Steady After Tech-Led Rally

  • Consumer Inflation Report Helps Buoy Equity Markets

WHAT WE’RE WATCHING
Events

  • Today: Department of Labor - Unemployment Claims, 8:30AM

  • Why You Should Care: Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy

Earnings Reports

  • Today: Adobe, Kroger, Signet

  • Tomorrow: VinFast Auto, SelectQuote

MARKET BRIEF
Headlines

If you had asked technology fund managers a few months ago about the big winner from the latest earnings season, I doubt anyone would have said Oracle.

Atlanta Federal Reserve President Raphael Bostic broke rules on investing “multiple” times from 2018 to 2023, an agency watchdog said, but it found no evidence he profited from inside information.

  • OpenAI Seeking $150 Billion Valuation in Funding Round (link)

  • The next big market for weight-loss drugs: children (link)

  • Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection (link)

  • PwC Slashes 1,800 Jobs in First Mass Cuts Since 2009 (link)

  • Dell says biz transformation continues. Translation: More layoffs (link)

  • Nvidia CEO Says Customer Relations Are ‘Tense’ Due to Shortages (link)

  • Housing is the main inflation problem (link)

CRYPTO
Fear & Greed

*DOWN 6 pts

Headlines

  • Slowing Inflation Growth Points to More Upside in Crypto (link)

  • Bitcoin price fell as the presidential debate began (link)

  • DEX wars heat up as Uniswap's dominance slips to 36% amid rising competition (link)

  • Are Ethereum Staking Yields Too High? (link)

DAILY SHARE
On the Socials